For FAMU, another bad audit
Another audit. Another headache.
The latest draft financial audit for FAMU shows 13 problem areas, according to a report sent to FAMU yesterday by the state auditor general and released by FAMU this afternoon. The draft report covers FAMU finances for the 2005-06 fiscal year and is different from the operational audit that drew negative headlines and legislative anger a few months back.
"We anticipated some of these findings and we've already taken corrective action," FAMU President James Ammons said in a press release. "While this audit is in no way a reflection of our current work in these areas, it provides a glimpse of what the previous administration faced and how we must continue to steer clear of those pitfalls."
Many of the findings echo problems cited in the last financial audit, which covered the 2004-05 fiscal year, but a few are new. Among the auditor general's concerns: Errors in financial reporting, problems with reconciling bank accounts and misstatements in reporting capital assets.
"This is a part of my inherited past and we are being responsive and realistic," Ammons said in the statement. "While the results of this audit are somewhat of a set back publicly, they were expected. I am confident that the university will regain its financial credibility in future audits." FAMU has 30 days to submit a written response.
- Ron Matus, state education reporter