FAMU: Financial Matters

Delays have held up paychecks for top administrators at FAMU. The numbers have been crunched, the paperwork filed and payday has arrived for nearly two-dozen FAMU executives.

"What we've seen about this university is the new and the old coming together and the new has prevailed, won't ever happen again," Dr. Fred Gainous says.

As of 5 p.m. Tuesday tens of thousands of university records were turned over to the state auditor general with an accurate financial statement for the university. That meant 19 Florida A&M executives, including President Gainous, could finally receive their paychecks.

"They are in compliance with Florida statues now we can do our audit," says Tami Torres.

And now FAMU can work on meeting future deadlines with a new enterprise resource planning system. It allows officials to look at financial statements weekly, even daily rather than on a monthly basis.

"The ERP system is just in time data find out where we are real data," Dr. Gainous says.

And that's something students can take to the bank. Gainous says students can use the new ERP system to access their own financial records as well. The Department of Financial Services says FAMU was the last school to come into compliance with state statutes.