FAMU Receives Unqualified Financial Audit With No Findings

Florida’s Auditor General David W. Martin released, today, the financial audit for Florida A&M University for 2007-2008 that shows no findings. The last time FAMU had a financial audit with no findings was in 2002.

University officials say the unqualified audit, the second since the tenure of FAMU President James H. Ammons, validates the work of FAMU’s administration and staff. Ammons said the unqualified audit also validates how the FAMU Board of Trustees is working to provide the kind of governance needed to make FAMU a world-class institution.

“We faced serious challenges in the area of finances that threatened our accreditation and the vitality and future of this university,” said Ammons. “Through the support and leadership of our Board of Trustees, the expertise and commitment of administrators and staff, and the support of alumni, we have been able to restore the public’s trust in our ability to handle our finances.”

The Chairman of the FAMU Board of Trustees C. William Jennings of Orlando said that he is very pleased about the progress that he sees at his alma mater.

“In 19 months we have seen tremendous progress,” said Jennings. “I believe that we have committed leadership at the top and administrators and staff who are professionals in every sense of the word. Florida A&M University is an institution that is critical to the survival of this state and nation. As a member of the Board, I am proud to see that we have been able to restore the public’s trust in our institution.”

According to Martin, the “results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.”

Teresa Hardee, chief financial officer and vice president for Administrative and Financial Services, said the auditor general’s report is reflective of what is expected of a public institution of higher education and any other entity that requires an audit.

“There is no reason why FAMU should not be in compliance with government auditing standards,” said Hardee. “It is our job to strive for fiscal integrity in all of our operations that are validated by our financial statements.”

This is the second announcement this week, which sent a strong signal that FAMU has dealt with its financial challenges. This week the Florida Board of Governors dissolved the Task Force on FAMU Finance and Operational Control Issues. The Task Force was created by the Board to monitor the university’s corrective action plan.

In a recent report to the Board on Wednesday, January 28 Ammons said that FAMU has corrected all of the weaknesses that led to the creation of the task force in 2007.