Ammons: Draft financial audit looks clean(er)
The Gradebook hasn't seen it yet, but FAMU president James Ammons told the university's trustees this morning that he has seen state auditors' latest draft report on FAMU finances - and he likes what he sees.
“We believe through our efforts we have improved the university’s financial status,” he said.
Ted Sauerbeck with the Florida Auditor General isn't releasing the draft, but he said Ammons' characterization is "accurate," and the final report could be released later this month.
Teresa Hardee, FAMU's interim chief financial officer, said the draft audit found seven areas needing improvement - vs 13 in the previous audit.
Hardee told trustees that auditors concluded account balances and related documents were a fair presentation of the university’s financial statement. That's a change from earlier audits that found unbalanced bank sheets and other problems.
FAMU officials said that they anticipate some negative findings because the audit period covers the time before Ammons arrived, when interim president Castell Bryant was in charge.
FAMU's financial management and leadership woes prompted accreditors to place the college on a six-month probation, and the accrediting body (SACS) meets in New Orleans next week to decide whether FAMU has fixed the problems enough to move toward reaccreditation.
Ammons says the state's preliminary is important proof for SACS that FAMU has corrected its problems.
On Friday, FAMU submitted the audit to SACS.
“We have done everything that we could possibly do to address their concerns and rebuild the fiscal integrity of FAMU,” Ammons said.