1. Long-tailed keyword: transformative HBCU gift
2. Long-tailed keyword: HBCU gift misleading.
Accident – Death – Obituary News : NEW YORK — (AP) — Florida A&M University recently found itself at the center of a controversy surrounding a promised $237 million donation from Gregory Gerami, a 30-year-old entrepreneur. The donation, intended to be the largest-ever private gift to a historically Black college or university, was meant to provide a significant financial boost to the institution and its 9,000 students. However, after public backlash and concerns over the legitimacy of the donation, FAMU announced that the gift is now on pause.
Gerami, who described himself as Texas’ “youngest African American industrial hemp producer,” approached FAMU last fall with a proposal to donate 14 million shares in his industrial hemp company, Batterson Farms Corp. The company, founded in 2021, aimed to become a leading hemp plastics producer. However, doubts were raised about the value of the company and the shares, as little evidence suggested that the company was actively engaged in hemp production.
Kimberly Sue Abbott, a founding board member of Batterson Farms, expressed skepticism about the company’s operations and Gerami’s claims. She highlighted inconsistencies in the company’s website and the lack of concrete information about its activities. Despite Gerami’s assurances, questions remained about the true value of the shares and the viability of the donation.
The controversy surrounding Gerami’s donation has raised concerns about the due diligence process conducted by FAMU officials. While university advancement offices often receive stock donations, the lack of transparency and clarity in this case has sparked criticism. Some experts have pointed out that proper valuation and assessment of the shares should have been conducted before announcing the donation to avoid potential misrepresentations and public embarrassment.
In response to the ongoing investigation and scrutiny, FAMU has terminated its engagement with Gerami and announced that the donation is on hold. University officials have acknowledged their missteps in handling the situation and have pledged to conduct a thorough review of the donation process. The fallout from this incident has highlighted the challenges and risks associated with accepting large donations from unknown sources.
As the investigation continues and the future of the donation remains uncertain, FAMU and its stakeholders are grappling with the implications of this failed philanthropic endeavor. The incident serves as a cautionary tale for other institutions seeking major donations and underscores the importance of thorough due diligence in vetting potential donors..
– Transformative HBCU gift
– HBCU gift not what it seemed.
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