The latest Internal Revenue 990 for the FAMU Foundation shows that it has lost a total of $1, 363,337 in direct and indirect public support and government contributions. The 990 also shows a total decrease in net assets( line 18) of $2,050,577 for the latest year.
On December 31,20002 the net assest for the Foundation were listed at $64,207,317. By December 31, 2003 they increase by 26.96% to $81,520,182. By December 31, 2004 assets had increased to $96,674.999, by 18.59%. By June 30,2005 assets had fallen by -4.24% to $94,624,422. The decrease in assets occured while the Foundation had earned $376,795 in dividends and interest from its savings and holdings (lines 4 &5).
Is it me or does the losses coincide with Castell's hiring?
ReplyDeleteWhat can I say......."It is what it is."
ReplyDeletePlease READ THE 990! Up in the far right corner it reads: 2004 and the period Jan-June 2005, meaning that somebody forgot ... (ooops!) failed to file the report for 2004. The numbers are for finances up until June, 2005. CB came on board Jan 2005. Looks like the previous administration didn't get its IRS duties done on time. Oh yeah under the previous administration that late filing caused the foundation some penalty money. Something to the tune of $10 a day. You do the math. As the SPT already said: "The rarely discussed incompetence caused by the tradition of cronyism and protectiveness that plagues the culture at many historically black colleges. Many of FAMU's current problems have their roots in past administrations, whose presidents and their appointees hired their friends and acquaintances of friends rather than hiring the best person for the jobs. To add insult to injury, many of those involved in this practice defend their incompetent hires or remain silent until irreparable harm has been done."
ReplyDeleteClean the house, CB! Clean the house!
If your take on this is correct, then why is Ron Joe still over the Foundation? Didn't CVB immediately fire Love Collins and replace him w/ Ron Joe in January 2005?
ReplyDeleteAnonymous said... 8/23/2006 2:55 PM
ReplyDeleteGood try, however, the 2004 990's were filed. You can get a copy since they are open to public inspection. Dial up Ogden.
Anonymous said... 8/23/2006 2:55 PM
ReplyDeleteThank you for so eloquently presenting the facts are they relate to CastHell:
Many of FAMU's current problems have their roots in CastHell'sappointees (Austin, Manning, Hobbs, Greenleaf, McMillan, Bakker, June, etc. - you get the picture) hired their friends and acquaintances of friends rather than hiring the best person for the jobs. To add insult to injury, CastHell defend their incompetent hires or remain silent until irreparable harm has been done."
Clean the house, Let's fire CB! Clean the house, let's fire CB!
What's your point?
ReplyDeleteThese numbers are for the period July 2004 - June 2005, which means her regime was just getting started. She didn't have enough time to f*** up the Foundation's books THIS bad!!
Your bigger Questions should be to whoever was overseeing these books the ENTIRE year ...
(1) WTF kind of transfers or prior year corrections did the Foundation have do to warrant that $1.3M loss in Contributions?
(2) WTF do you have our $90M+ in assets invested in that's giving us returns as putrid a number for interest & dividends as THIS?
To blame her for any of this is a waste of time. Like #2 stated - "This is what it is!". We need to move forward, and start looking into and discussing just what we have our loot invested in, so that we garner a greater return for our investment.
Wasn't is Castell that said "The University had a $50 million deficit" when she arrived in Jan, 2005? I know she said it because I was in a meeting when she made the statement. Is she guilty? You decide!!!!!!!!
ReplyDelete>>>These numbers are for the period July 2004 - June 2005, which means her regime was just getting started. She didn't have enough time to f*** up the Foundation's books THIS bad!!<<<
ReplyDeleteDuring that very six month from January 1, 2005 to June 30, 2005, Castell had enough time to:
-Claim that FAMU had a $50M deficit that did not exist.
-Claim that FAMU had a $8M surplus that did not exist.
-Slash the recruitment program, resulting in less students, and thus, less state dollars for enrollment.
-Tear apart the research division, resulting in less research contracts and grants for FAMU.
And you claim: "She didn't have enough time to f*** up the Foundation's books THIS bad!!"
Bryant began undermining FAMU's financial stability the moment she walked through the door. And worst, she tried to cover-up this issue like all the rest of the financial damage she has inflicted upon this institution.
The question isn't IF Bryant has worsened FAMU's financial condition. The question is WHAT other lies and cover-ups will be exposed next?
GO RN!
>>>2004 and the period Jan-June 2005, meaning that somebody forgot ... (ooops!) failed to file the report for 2004. The numbers are for finances up until June, 2005. CB came on board Jan 2005.<<<
ReplyDeleteWhat in the hell are you talking about? You just contradicted your own statement.
Gainous was in office until December 31, 2004. Castell Bryant came in on January 1, 2005. The final six months of that foundation report were under Bryant's watch! She botched this financial reporting duty just like she botched her duty to turn in an accurate FY 2004-2005 report to the state!
PEOPLE! Pay attention and read carefully! Othwerwise you will get duped!
ReplyDeleteAnonymous @ 8/23/2006 2:55 PM jumps to a conclusion that can only be explained as terrified rationalization in hopes of somehow making things look better for Castell than they are. All the previous 990s were for the University's fiscal year -- July 1 - June 30. One of the first things Dr. B did (after firing a lot of good people) was change the University's fiscal year. You have 4 1/2 months after the close of your year to file a 990, and no-cost, no-penalty extensions are basically a gimme if you need one. But more importantly, the signatures seem to show that all the 990s for the past several years were filed on time. And in just quickly looking at them, one sees no obvious indications of any of the things that poster suggested happened.
What IS indisputable, though is that Castell Bryant came aboard in December 2004, fired Love Collins in February 2005, and the foundation's assets fell like a rock in the 6 months from December 31, 2004 to June 30, 2005. I think Anonymous 8/23/2006 2:55 PM has some crow to eat, and Dr. Bryant has some explaining to do.
You are correct, because this change affected the National Alumni Association as well. The BOT wanted all DSO to move to a fiscal reporting year.
ReplyDeleteI am still trying to figure out how did FAMU's direct public support hit an all time low of negative $264,480; indirect public support hit an all time low of negative $837,911 and government contributions hit an all time low of negative $260,946.
Can someone please explain these negative numbers? Damn, just when you think we can't have anymore deficits, another one pops up!
For one thing, Castell can't "change the fiscal year." It's not in her authority as interm president to do that. Fiscal year dates are mandated by the state legislature, not by individual presidents. Secondly, much of this stuff has historical roots dating back to the presidency of Fred Humphries. Fred Gainous just walked, unprepared, into a hornet's nest. After all, he was a community college chancellor, not the day-to-day CEO of a large corporation, which, these days, is all that a university is. Use to be that universities actually functioned as institutions of higher learning. But of course, everything changes and thus so has the culture and climate of today's universities. FredG & Co. simply exacerbated the financial problems of the uinversity by not being knowledgeable about what the underlining problems were in the first place. Finally, CVB & Co. rid themselves of all all things & people historical who were aware and thus could help, with a little bit of support theselves, to help figure a way out of this mess. But CVB came in with a brazen attitude--somewhat good, but mostly bad--and decided that it would be her way or no way. And thus we have this huge conglomeration of a mess on our hands. It will take more than a number of years to decipher out the good, the bad and the other from the pretty, lovely and just downright gorgeous. So much, so much, so much is at stake here. Let us keep our fingers cross that somewhere there's a strong, knowledgeable, sensitive academic person out there who wants to become president of FAMU and is will to take a chance on (and at) a university that once stood proud.
ReplyDeleteAmen to the commentator above me.
ReplyDeleteTo: 8/24 @ 1:50 AM and 1:53 AM
ReplyDeleteWe must all see the prior years (2002-2003)statements before making such an analogy. Remember, Fred Humphries left the University in 2001, and Lewis served in 2002 for six months. Gainous served for 2 and 1/2 years until September of 2004 when his wings were cut by this "Bowl of bag Apples" BOT. Then CVB came and the rest is a history of distruction. You must realize if FAMU was such a mess in prior years before CVB and the BOT, we were never exposed in such a negative light as we are today. Dummies are in charge now, we must make haste to first rid ourselves of that horrible BOT and the rest will fall into place. If we had a good BOT, we would not have a Castell Vaughn Bryant.
Go to
ReplyDeletehttp://www.famu.edu/OIR/FactBook/95-96/foundation.pdf page 6 and then look at http://www.famu.edu/OIR/FactBook/00-01/foundation.pdf page 6.
In 1987 the foundation's assets were $8-million and change. By 1999 they were $65,081,057 -- an 8-fold increase.
In the year ending December 31, 2003 total contributions were $11,364,253 and the change in net assets (that number Castell V likes to use to say she's making good) was $17,311,865.
Those same numbers for 2004 and 2005 are $14,677,710 (2004 donations), $15,154,817 (2004 change in net assets), -$1,363,337 (NEGATIVE!) (Jan-June 2005 donations) and -$2,050,577 (NEGATIVE!) Jan - June 2005 change in net assets). (These numbers are directly off the 990s.)
It sure looks like we went from having the foundation grow to the tune of $15-million a year to having it lose money. I have no idea what caused this, but I know the losses occurred after Castell Bryant became interim president and after she fired Love Collins. These numbers show that under Dr. B's reign we've turned around a nearly 2-decade old trend in a few months! This looks to me like something for the Auditor General or even Attorney General to investigate.