Gregory Gerami : "Florida A&M Pauses $237.75 Million Donation Amid Validity Questions"

1. Florida A&M donation validity questions
2. Florida A&M $237.75 million donation pause.

Accident – Death – Obituary News :

By Victor Blackwell, Devon M. Sayers, Hyan de Freitas and Kara Nelson, CNN

(CNN) — Florida A&M University is halting a purported $237.75 million donation after questions arose about the actual value of the stock gift and the donor’s previous history of donations. FAMU President Larry Robinson announced the decision during an emergency school board meeting held in response to concerns raised by media reports and school leaders.

The initial announcement of the $237.75 million stock gift was met with excitement during FAMU’s commencement ceremony. Gregory Gerami, the CEO of Batterson Farms Corp., presented the donation, which was hailed as one of the largest personal contributions ever made to a historically Black college or university.

However, doubts soon emerged regarding the legitimacy of the gift. Politico reported that Batterson Farms Corp. is a relatively small company, casting doubt on the actual value of its private shares. Additionally, Gerami was previously linked to a failed $95 million donation to Coastal Carolina University, raising concerns about the authenticity of his philanthropic gestures.

At the emergency board meeting, members of the FAMU Foundation Board of Directors and the university’s Board of Trustees expressed frustration over the lack of transparency in the vetting process for Gerami’s donation. Vice Chair Deveron Gibbons called for an independent investigation to ensure the legitimacy of the transaction.

Board Chair Kristin Harper acknowledged the serious concerns raised about the gift and the oversight processes involved. The university released a statement asserting that due diligence had been conducted and the stocks had been transferred to a FAMU account. However, a non-disclosure agreement imposed by Gerami restricted officials from disclosing details to the governing boards.

Despite initial excitement over the transformative potential of the donation, FAMU now faces the task of restoring faith in its alumni and supporters. The university’s Special Board of Trustees has scheduled a meeting to further discuss the donation and address the concerns raised.

As questions linger about the true value of the gift and the transparency of the vetting process, FAMU remains committed to upholding its reputation and ensuring accountability in its fundraising efforts.