We are told that state auditors have given FAMU the preliminary report of their findings and that the University has 30 days to respond. We are told, "it doesn't look good." Informed sources with knowledge of the report say, "the audit is not anywhere near ready to be released, it could take another month or so." Our sources would not reveal what the exact problems were, but did indicate that there are numerous problems with the FAMU audit.
University financial statements were handed in to state auditors in September. A look at the state auditor's website indicates that all universities, except FAMU, have received their final reports. See --> Auditors Website
Dates that each university received their final audit --- Florida Atlantic: 3/28/06; Florida Gulf Coast: 1/24/06; Florida International: 2/21/06; Florida State: 4/5/06 ; New College: 2/10/06; Central Florida: 2/24/06 ; Florida: 3/17/06 ; North Florida: 3/21/06 ; South Florida: 3/3/06 ; South Florida (St. Pete): 1/27/06; and West Florida: 4/7/06.
Given the magnitude of the problems with the FAMU audit, it is our understanding that FAMU's submission has garnered the attention of the full division (of universities).
Great work. Stay on top of this.
ReplyDeleteIf the auditors don't understand the new accounting system they are auditing then of course they are going to make FAMU look bad.
ReplyDeleteAnonymous said... @ 12:30 p.m.
ReplyDeleteIf the auditors don't understand the new accounting system they are auditing then of course they are going to make FAMU look bad.
The Auditor Generals Office use the federal certified principals of accounting. We just need to make sure we are in compliance with these practices.
I can already hear the litany of hilarous excuses from Bryant's defenders:
ReplyDelete(1) The state auditors don't understand FAMU's new accounting system. Since our new system is so technologically advanced and cutting edge, very few people actually have the knowledge to evaluate it properly;
(2) Let's just trust Dr. Bryant. She has everything under control. It doesn't matter how much her "surplus" number shrinks or how much she inflated the deficit numbers. Everything is fine.
(3) The state auditors are out to get FAMU! They are giving us bad reports because they secretly want to merge us with TCC or FSU!
(4) It's all Barney Bishop's fault! He telekinetically changed the numbers inside FAMU's books. That's why FAMU gave inaccurate information to the public and auditor general's office.
If FAMU receives another scathing audit, I wonder how it will reflect on KPMG's reputation. Didn't we hire them to help us get the numbers right? What happened?
ReplyDeleteIf this president can't get the financial situation right with an entire year's time, tens of thousands in consulting fees, a national auditing firm, and uncritical support her Board of Trustees, then there is something gravely wrong with her.
ReplyDeleteIt's like the child who still fails a school course aftering getting tutored everyday after school, extra help from teachers, extra time for turning in assignments, and professional prep classes.
Remember, Challis Lowe has a very close connection with KPMG. KPMG audited the books for her former company, Ryder (before she lost her job there).
ReplyDeleteSomeone should monitor that for potential conflicts of interest. That should be a particularly big matter for concern now that we're receiving less than favorable news about our university audit.
anonymous @ 6:42 p.m.
ReplyDelete"If this president can't get the financial situation right with an entire year's time, tens of thousands in consulting fees, a national auditing firm, and uncritical support her Board of Trustees, then there is something gravely wrong with her."
Especially since the board charged her with:
Bringing Financial Stability
Developing policies and procedures
Getting rid of a fake deficit
anonymous @ 6:35 p.m., why should KPMG care at the tune of $200,000 a month, plus 250 per hour for the consultants doing the books.
ReplyDeleteThey got their money.
We pump countless dollars into the "financial clean-up": money for KPMG, money for consultants, money for the president's bonus.
ReplyDeleteWe get back books that are not yet balanced and a terrible audit from the state.
Oh brothers and sisters, Ya been took! Ya been hoodwinked! Bamboozled! Led astray! Run amok!
there is no excuse that remains for "the Queen Bee". This audit better say that FAMU is all peaches and cream, and they just want to make sure they spelled "Soul Train" right.
ReplyDeleteShe has had free reign with our school's resources and over a year to get it straight. We've already seen the headlines about surplus', so this audit should be a formality.
The BOT has already said that Bryant has done very well, giving her a lofty bonus, a publication praising her efforts, and an extension to 2008; therefore it is same to assume that the next audit (now upon us) should be nothing but a further testament to the great job they claim she has done.
Anything else and it will be apparent that Bryant and the BOT have no clue in how to run the school and should be on the next thing smoking off our campus.
Bryant says that one of her goals is to leave FAMU in sound financial shape for the next president. We'll have to keep extending her contract and giving her a bonus until she achieves her goal.
ReplyDeleteHey, hey. Let's give Bryant the benefit of the doubt. She hasn't lied to us yet.
ReplyDeleteWait a minute. There was the time she said Phyllis Gray-Ray's exit was a "joint decision." But then, the termination letter came out. That wasn't true.
And then there was the time she said we had a $50+ deficit and $8 million surplus. Okay, that wasn't true either.
Oh well, I'm sure that Vanessa Byers and her Rattler's Den people will start an online petition to remove Bryant if FAMU receives another bad audit. After all, didn't they cite Fred Gainous' fiscal failures as one of the reasons that he needed to go?
I bet Bryant and her people will try and spin this some how by saying: "It's good that the Auditor General is taking extra time because it means he's saving the best for last!"
ReplyDeleteI dont understnad the anti- Castell rhetoric...is she that bad? Jesus!
ReplyDeleteUntil FAMU grows up and hires administrators with experience running real universities and not former Junior College administrators, FAMU will continue to be a second class school. Remember what they said? You cannot teach what you don't know.
ReplyDelete