FAMU will share in another $1.05 billion in emergency stimulus funds designated specifically for historically Black colleges and universities (HBCUs), tribal colleges and other minority serving institutions (MSIs). The money was included in the CARE Act federal stimulus package which passed last month. The United Negro College Fund and Thurgood Marshall College fund advocated for the additional pot of money to help HBCUs/MSI institutions cope with the economic fallout from the coronavirus pandemic.
Yesterday’s announcement by the U.S. Department of Education on the distribution of more than $6 billion in emergency stimulus money to colleges did not include the funding contained in the HBCU/MSI set-aside.
Last Thursday, FAMU VP of Finance and Administration Alan Robertson told Trustees, that the university faces $12.8 million in losses in revenue, expenses, due to the COVID-19 pandemic. FAMU, along with other universities, is still trying to access the long-term financial implications of the COVID-10 pandemic.
FAMU has already implemented a hiring freeze.