In 2008, the FAMU Foundation weathered America’s financial crisis much better than many other universities. However, the recession finally caught up with the foundation last year.The foundation’s net assets dropped from $114M in 2008 to $89M in 2009 for a loss of approximately $25M.
The decline comes after a period of rapid growth. In 2006, the endowment's principal expanded by $10M. The following year, it went up $15M.
FAMU Foundation Net Assets
2005: $94M
2006: $104M
2007: $119M
2008: $114M
2009: $89M
Source: FAMU IPEDS Reports.
2005, 2006, 2007 You mean the net assets of the FAMU foundation actually increased during the Bryant years. These numbers would indicate Dr. Bryant and Colonel Joe were better fund raisers than the good Dr. Ammons and Carla Willis. I guess Dr. Ammons is more interested in distributing the wealth of the university to the citizens of Tallahassee.
ReplyDeleteMy dog is a better fundraiser than Carla Willis.
ReplyDeleteCastell didn't do shit to help the FAMU foundation. The foundation started its biggest growth during the Humphries years. It continued to grow after that because it still had great board members who Humphries personally recruited. Castell tried to chase those people away.
ReplyDeleteIn case you haven't noticed the foundations at all the nation's major universities, including Harvard, took a major hit after the recession started.
3:09 Dr Byrant and Colonel were able to increase the net worth of the FAMU foundation even during the recession and the Ammons administration hasn't it's simple as that.
ReplyDeleteWhen are we going to see a capital campaign or some other attempt to raise endowment funds other than 50 dollar donations from our alumni.
The idiocy of "GodBlessCastell" lives on. Next you'll be talking about Castell's "$8M surplus."
ReplyDeleteCastell had nothing to do with the increase in net assets. The good people Humphries recruited to the foundation board were responsible for that. They did so in the face of outright hostility from Castell and her cronies.
University foundations all across the country saw declines in their net assets after the recession started. If Harvard couldn't prevent a drop in its net assets then there's no reason to expect FAMU to be an exception either.
The recession didn't take grip until December 2007 and is just beginning to turn around this year.
ReplyDeleteFor all you Carla Willis haters, you should know that with the recession we are just coming out of it is hard to identify anyone giving money away money in 2008 to even now.
Well the simple fact is the current administration has failed to increase anything but their compensation. You speak about Harvard losing endowment money during recession and that the recession started instanously Janurary 1st 2007 but the fact is the net worth of foundation increased under Bryant.
ReplyDeleteAs far as the 8 million surplus is concerned consider the tactics of the current administration. First project a tremens budget shortfall of 16 million which will result in layoffs of 200 faculty and staff. Then say that due to political manipulations which nobody can see or verify you have reduced it to 1.6 million. You are hailed as a superhero yet have not had to raise any funds.
Where are the Ammons supporters on the board now? Can't he reappoint the great fund raiders which where there under Humphries? Both Harvard's and other schools portfolios have bounced back as of 2010 why hasn't FAMU's.
ReplyDeleteFor all we know, FAMU's endowment has begun to bounce back since 2010. This article only covers 2005-2009.
ReplyDeleteAnd, anyone who thinks Ronald Joe was anything other buffoon needs their head examined.
Well if a so called buffoon can manage to increase the net worth of the FAMU foundation then how long will it take for Ms Willis to raise the net worth? The numbers seems to indicate that Ronald Joe was able to increase the net worth of the foundation during the recession and Carla Willis has not in 2 years. That is the simple fact. Just how long does a a great intellect like yours figure it will take to see a change in the net worth of the foundation which you could attribute to the Ammons administration?
ReplyDeleteThe net worth of the foundation increase DESPITE Castell. Castell did not get off her lazy tuff and raise any money for the foundation. The hardworking board members that Humphries recruited made good investments that paid off.
ReplyDeleteCastell came up with a phony $8M surplus and then used that as a justification to use foundation money to raise her salary. Ammons had to save the university's accreditation from the damage Castell inflicted.
If it weren't for Ammons, there would be no FAMU Foundation today because there would not be a FAMU.
Maybe it was Ronald Joe who was responsible for the net increase in foundation assets not Byrant. After all she was so busy, in your opinion destroying the university she might not have had time to focus on the foundation. The point is the net assets of the foundation increased under her watch and they are decreasing now despite new management at FAMU. When will the Ammons administration have to take responsibility for the foundation. Its been three years since Bryant was president. If accreditation is so important then when is SBI going to be accredited? is that even in the plan? Where are the hard working board members of the foundation now?
ReplyDeleteSBI is already accredited by SACS. Ron Joe is not responsible for the long years of good investments under the Humphries era that continued to bring money into the foundation.
ReplyDeleteIf Castell or any of her appointees had done any fundraising, they would have been able to cover the $10.4M deficit she created her first year.
Castell left FAMU on SACS probation and nearly killed the school. That is not an opinion. That is a fact.
SBI shares the regional accreditation associated with SACS as does every undergraduate department at FAMU. SBI does not have the specialized accreditation associated with business programs. The business program at Morehouse College, Howard, and Jackson State for example has a specialized accreditation by The Association to Advance Collegiate Schools of Business (AACSB). This program sponsors Beta Gamma Sigma (the honor society for AACSB-accredited business programs). What this means is that courses at Morehouse transfer to graduate business programs at Harvard, Columbia, or the London School of Economics. This accreditation means you do not have to repeat your undergraduate course offerings or take remedial courses at these institutions.
ReplyDeleteDr. Bryant demanded accountability from staff, cut extraneous programs, redistributed faculty resources at SBI and many other things. The staff and the legislature turned on her and sacrificed the accreditation of the school to drive her out.
Castell did not represent accountability when she claimed there was an $8M surplus although there was really a $10.4M deficit. She did not represent accountability when she got the only qualified state audits in FAMU's history.
ReplyDeleteThe legislature turned on Castell because she was mismanaging public money.
That what I mean by sabotage by the staff. Though the president is ultimately responsible it is the brilliant staff who prepares the audit collects the number and is supposed to be able to supply documentation. I guess if Bryant should have just fired all of the staff after the first qualified audit and started over she still would be president. The greatest misuse of public funds is continuing to pay people who can't do their jobs.
ReplyDeleteA much better plan is to claim there is a 16 million shortfall and then come in like a superhero and say it's only 1.6million. I bet you can count on there being no raises this year. In fact you can count on there being no raises for the next 5 to 10 years. That is a better use of public funds.
Can we all (just get along LOL!) agree that administrators--all of them--have their strengths and weaknesses. History will be the judge of both. I remain supportive of Dr. Ammons (really FAMU), but recognize we must hold him and all leaders accountable.
ReplyDeleteCastell said there was an $8 million surplus when there was really a $10.4 million deficit. That was an $18.4 million LIE!
ReplyDeleteAnd Castell hired the staffers who were responsible for the qualified state audits, including Grace Ali. She had no one other than herself to blame for the bad financial management.
The legislature has reduced FAMU's budget by more than $26 million since Ammons became president. Ammons had no control over that.
And the net worth of the foundation increased under Bryant. The only people to get a raise under Ammons will be his followers because the state reduced FAMU budget is that it.
ReplyDeleteThere will be no raises at FAMU until either the staff turns on Ammons like they did Bryant or go on strike.
9:27 AM, my employer is not going to give raises this year because of the economy. It's the economy stupid! Nobody's getting raises. Be thankful that you're still employed. Concentrate on doing the best job you can for FAMU and stop complaining on general principle.
ReplyDeleteThe net worth of the foundation increased DESPITE Castell's attacks on the board members who were handling the investments in a competent manner. Castell tried to roll back the progress but was unsuccessful because the foundation board stood up to her.
ReplyDeleteThe staff and faculty at FAMU hasn't gotten a raise within human memory. Now there have been one time bonuses maybe this year they will hand out food this year instead of raises to the base. Its the economy now, what was it four years ago and will it be the oil spill in the gulf in the future which prevents you getting a raise. I can only expect the administration will get more creative with whatever excuses they sell to you.
ReplyDeleteYour right it is the economy because at least when the economy was doing well people with real skills could sell real estate, sell avon products, hostess in a restaurant, adjunct at TCC or go work somewhere else for an increase in salary. Bottom line whatever the case if you want more money you will have to go somewhere else.
"The net worth of the foundation increased DESPITE Castell's attacks on the board members who were handling the investments in a competent manner. Castell tried to roll back the progress but was unsuccessful because the foundation board stood up to her."
This must be a plausibility argument not a statement of fact. Are not the people who manage the foundation investments still managing the investments? I know of no attack on any foundation board member by Dr. Bryant.
"I know of no attack on any foundation board member by Dr. Bryant."
ReplyDeleteYou probbably don't know about the qualified state audits and SACS probation, either. And you also probably believe that Castell created an $8M surplus, too.
Castell did plenty of things that did not make the newspapers. Her efforts to try and run off the strong foundation members Humphries appointed are common knowledge among the FAMUans who've been supporting the foundation for years.
Fortunately, the foundation board members stood up to her.
Well Ammons and the carpet baggers from NC have done things too. Like raising their salaries and leaving the little people and faculty to suffer with no raises in the last how many years? All the potential raise money go into employing their relatives and old cronies. Since there are so many FAMUans on this site maybe you can predict when you might expect the next raise to your base salary. No president builds their reputation or stature by raising the salaries of staff or faculty. So for those you you who read this blog and have not been hypnotized by this personality cult of Ammons I would suggest that you begin to support the institution and not waste your time and effort making excuses for Ammons. Every dollar raised by AMmons will go into scholarships, hiring new staff, buildings, and new programs. Not a penney will go into raises.
ReplyDelete