I almost hesitated posting this because I felt it might look like I’m piling on African-American leaders for poor financial management. But this is news.
Miami Herald reports that auditors have found several problems at Florida A&M University:
• More than $39 million in university spending for fiscal year 2005-06 was never approved by the FAMU Board of Trustees and the state Board of Governors.• The university is missing 989 pieces of property worth $2.7 million, and the loss was never reported to police.
• Records of $1.8 million in athletic department ticket sales were ”inadvertently discarded” by a janitor who was cleaning the concession stand where they were stored.
• Departmental ledgers were out of balance by millions of dollars for financial aid transactions and student fees.
• More than 600 employees were not paid for work done in January or February.
• In a review of 30 communications charges, three phone calls made between the hours of midnight and 7 a.m. — and not approved by supervisors — totaled $6,500.
• Staffing shortages contributed to a tenfold increase in consulting costs, from about $870,000 in fiscal year 2002-03 to $10 million in fiscal year 2005-06.
Read article: Probe of FAMU’s missing cash urged