Florida's auditor general's office has released FAMU's final audit for the '04-'05 fiscal year. As a highlight, the audit points to the university's $2.7 million surplus and the fact that FAMU has a new system in place for keeping a close eye on incoming grant and research dollars.
Also, FAMU's financial reporting will now occur on a more frequent basis.
"Once Dr. Bryant hit the ground, she hit the ground running trying to find ways of implementing effectiveness and efficiency so she could affect FAMU's finances," says FAMU spokesperson Lanedra Carroll.
On the flip side of the audit's findings there were several instances of the university's financial statements not adequately supported by the accounting records.
As a result of key changes in university management and staff, the audit states FAMU has lost a considerable amount of institutional knowledge which has compromised its ability to operate at an effective level.
But FAMU was later given credit for its management changes. The audit states it is necessary to invest in the administrative infrastructure to ensure that the new financial management systems operate in an efficient manner.
Carroll says the university takes the findings seriously and is now preparing financial paperwork for the '05-'06 audit. This recent audit reflects the first six months of interim president Castell Bryant's term and the last six months of the previous administration.
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