FAMU receives historic $237 million gift during graduation

FAMU, yesterday, received a $237 million gift from the Issac Batterson 7th Family Trust and Batterson Farms Corporation CEO, Gregory Gerami. The generous donation announced to  during university’s the 2 p.m. commencement ceremony at the Al Lawson Center on Saturday, marks a significant milestone in the history of the university.
 
According to the university, Gerami, who is said to be in his early thirties, delivered the keynote address at the ceremony, where he revealed the monumental contribution, marking the largest single gift in FAMU's 136-year history and potentially the largest gift ever received by an HBCU. Earlier this year, Spelman College in Atlanta received a groundbreaking $100 million donation, establishing a new benchmark for single gifts to HBCUs.
 
The gift will be used to support student scholarships, recruit and retain stellar faculty. About $100 million will go towards FAMU Athletics and will be used for initiatives including student-athlete endowment funds and a $24 million Galimore-Powell Athletic Fieldhouse project, which will expand the space to have club-level suites for corporate partnership meetings.
 
Vice President for University Advancement and FAMU Foundation Executive Director Shawnta Friday-Stroud said that Gerami and the family trust have already transferred stocks in the amount of $237,750,000 to the FAMU Foundation’s account, and the university holds certificates for those stocks.
 
The gift boosts FAMU's endowment from nearly $126 million to almost $400 million.