The Florida Board of Governors asked for proof that the university had a plan to get its financial house in order. After a two and a half hour teleconference call, FAMU's Board of Trustees voted unanimously on its plan of action.
“I believe from this point on we have a new road map that will lead us to a different story with regard to management of accounting and fiscal practices,” says Dr. Fred Gainous, FAMU president.
FAMU came under fire after missing state deadlines for its financial statement, and $1.8 million from its budget.
FAMU trustee Randy Hannah says a complete upgrade in software from accounting to financial aid is a major part of the plan.
“You can have great people, students and faculty, but unless you have appropriate software, they're going to be handicapped,” says Randy Hannah, FAMU trustee.
Hannah says approval by the Florida Board of Governor's is crucial, but not the most important, and trustee Larry Rivers told us solving the $1.8 million discrepancy was a huge sigh of relief for university leaders.
FAMU will submit its plan of action January 22.