The announcement was made at a board meeting Thursday. The school is reporting an $8 million surplus after dealing with a deficit this same time last year.
Interim President Castell Bryant promised the trustees that the school would end the fiscal year deficit-free, and it appears she made good on her word.
"It's a strong indication that the interim president is leading the university in the right direction and because of that FAMU's future is extremely bright."
Despite the endorsement, by serving as interim president, Bryant is ineligible for the position of permanent president therefore that search continues.
To reach its budget surplus, the school did have to pull the plug on several sports and reduce some scholarships.