Universities are required by federal law to include pledges
as part of their end-year fundraising total along with actual cash received.
The Thompsons pledged $5 million to FAMU in Fall 2014, so that counted toward the $5.8
million fundraising total in 2014-2015. But the Thompsons
are transferring the money to FAMU in installments of $1 million over five
years.
Each $1 million installment will count toward the FAMU
fundraising total for the year that it is given. FAMU counted last year’s $1 million
from Thompsons toward its 2015-2016 total ($6.4 million) and the latest $1
million toward its 2016-2017 total.
John W. Thompson is an alumnus of the School of Business and
Industry (SBI) and chairman of the Microsoft Corporation Board of Directors.
The $5 million donation was the result of a negotiating process led by SBI Dean
Shawnta Friday-Stroud and her team that followed the fundraising model of
founding SBI Dean Sybil C. Mobley. The negotiations took years to complete.
Thompson said one of the big reasons for the gift was his
desire to give back to the program that Mobley created.