Florida A&M University Foundation Board Puts $237 Million Donation on Hold

In a shocking turn of events, the $237 million gift to Florida A&M University from the Isaac Batterson 7th Family Trust and Gerami is now on hold. During an emergency meeting of the FAMU Foundation board, university president Larry Robinson announced the decision, citing new information that has come to light.

The meeting, held on Thursday evening, saw a motion for an independent audit of the foundation fail by just one vote. Board member Chekesha Kidd expressed surprise at the lack of transparency surrounding the donation, which was touted as the largest in HBCU history. She emphasized the need for the board to take a step back and assess the situation.

Robinson, during a Zoom call, explained that the decision to pause the donation was in the best interest of the university. The school will now investigate the value of the stocks donated by Gregory Gerami, the CEO of Batterson Farms Corp and a trustee of the Isaac Batterson Family 7th Trust.

The controversy deepened as it was revealed that Gerami allegedly increased the donation amount after learning of a $100 million gift to Spelman College. Questions have also been raised about the actual value of the stocks donated by Gerami, with estimates ranging from worthless to over $300,000.

The Florida A&M board of trustees has called for an emergency meeting to address the situation, which has cast a shadow over what was initially celebrated as a historic donation to the university. The public will have the opportunity to learn more about the unfolding situation at the upcoming meeting on Wednesday.