FLORIDA A&M UNIVERSITY INTERIM PRESIDENT DR. CASTELL BRYANT ANNOUNCES FINDINGS OF DRAFT AUDITOR GENERAL'S REPORT
TALLAHASSEE- -Florida A&M University (FAMU) Interim President Dr. Castell Vaughn Bryant announced today the findings of the draft Auditor General's Report.The State Auditor General Draft Report for fiscal year 2004-2005 was delivered to the university on Wednesday, June 21. Upon careful review President Bryant signed and returned the document today. President Bryant,
who was appointed interim president seven months into the fiscal year in January 2005, was fully aware of some of the findings the auditors highlighted and had already begun implementing solutions early on in her tenure.
"When I accepted the interim president position here at FAMU I was fully aware of the progressive steps we would have to take to continue providing the best education possible to our students," President Bryant said. "The findings that were presented to us come as no surprise. We look forward to continuing to take the necessary steps to improve the way our university manages our affairs."
The Auditor General indicated that the university's financial statements were presented fairly, in all material aspects. Highlights of the financial information include:
Revenues exceeded expenditures, increasing net assets by $2.7 million. Overall assets increased to $368.6 million.
Areas the university is already addressing that the Auditor General recommended improvements be made to were related to the new data processing and accounting systems that were implemented during fiscal year 2004-2005. The new data processing and accounting system findings are as follows:
Lack of adequate and experienced personnel in key fiscal areas. Interfaces between the subsidiary and general ledger systems. Various transaction postings, classifications and system reconciliations.
Under President Bryant's leadership the university has been committed to accountability and corrected many concerns of FAMU alumni including:
+ Closing fiscal year 2004-2005 with a budget surplus.
+ Covering $3 million deficit from fiscal year 2003-2004.
+ Correcting 16 audit findings noted by the Auditor General for the 2002-2003 fiscal year.
+ Correcting violations reported in a 2002-2003 audit by the U.S . Department of Education concerning FAMU's Financial Aid (Title IV) program.
+ Restoration of $11 million in National Science Foundation grant money.
The university has 30 days to respond to the inquiry, however the university intends to respond to the findings as quickly as possible in an effort to expedite the receipt of the final report.
President Bryant will present the audited financial statements at the next Board of Trustees meeting on Thursday, June 29.
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