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Late this evening, Florida A&M University issued the following statement via FAMU Info:
Florida A&M University (FAMU) President Larry Robinson, Ph.D., today announced that the University is conducting a comprehensive assessment of the Division of Finance and Administration.
The assessment was prompted as a result of an audit follow-up that indicated auxiliary funds had been transferred to cover a shortfall in the athletic budget, which does not comply with a Board of Governors regulation. Since 2016, FAMU has been implementing a corrective action plan to address a previous transfer of such funds. While many elements of the corrective plan were implemented, the transfer of these funds to Athletics continued and was recently brought to the University’s attention.
“We are engaging in a comprehensive assessment of our finance office to ensure the highest levels of compliance and transparency,” said Robinson. “Like other state universities, we are working to put stronger controls in place so that every dollar of our budget is spent as intended and as dictated by the requirements. We are committed to complete accountability in our budget process, and these steps will help us achieve that.”
Associate Vice President of Administrative and Financial Services Archie Bouie will provide oversight of the Budget and Controller’s Office in the interim.
Check back for additional updates on this developing story.