Florida A&M University Takes Swift Action to Address Audit Findings and Strengthen Financial Operations
Sarasota, Fla. –– Florida A&M University (FAMU) has taken intentional steps to address the issues raised during the Auditor General’s October 2024 Operational Audit, demonstrating a strong commitment to financial accountability, operational excellence, and audit readiness.
“I am proud to report that we have made meaningful progress on every audit finding, with two already corrected and the remaining partially corrected and actively being resolved,” said President Marva B. Johnson, J.D., during the Florida Board of Governors (BOG) meeting held Thursday. “Since day one, the financial and operational health of this institution has been my priority. Upon elevating Nichole Murry to acting Chief Financial Officer (CFO), she and her team took immediate action and corrected multiple issues raised at the BOG meeting back in June.”
This includes a comprehensive effort to resolve audit findings and implement sustainable improvements.
“We recognized a significant gap in talent and staffing within our Controller’s Office,” President Johnson shared. “To resolve this issue, we are in the process of bringing in a nationally recognized accounting firm to bolster our resources and strengthen our capacity to improve the institution’s financial performance and operational excellence for long-term sustainability.”
Below is the status of Florida A&M University’s financial updates:
Audit Findings and Progress
Finding 1: Special Purpose Investment Account – Corrected
FAMU revised its investment policies and procedures and submitted the required Board of Governors update on July 25. Monthly processes are now subject to audit validation.
Finding 2: Bank Account Reconciliations – Corrected
All prior fiscal year reconciliations were completed by August 20. The university partnered with Cherry Bekaert to provide additional support while hiring and training new staff. Enhanced review and sign-off protocols have also been implemented.
Finding 3: Prompt Vendor Payments – Partially Corrected
Older invoices have been cleared, and as of August 28, no invoices are over 100 days outstanding. Weekly tracking and escalation processes are in place, and a monthly scorecard is provided to the Board of Trustees Chair. FAMU will begin leveraging P-Cards for smaller purchases to reduce invoice volume.
Finding 4: Personnel Evaluations – Partially Corrected
Administrative and Professional (A&P) evaluations were submitted campus-wide by August 15.
FAMU transitioned from an overly complex automated system to a simplified manual process that enhanced clarity, speed, and efficiency. A complete reconciliation is scheduled for September 15.
Financial Statement Audit - Partially Corrected
In March 2025, the Auditor General’s Financial Audit confirmed that FAMU’s financial statements were presented fairly. A significant deficiency was noted regarding internal controls. In response, the university:
- Partnered with Cherry Bekaert (May 2025),
- Established review and sign-off protocols,
- Appointed Acting CFO Nichole Murry,
- Realigned the controller’s reporting structure, and
- Onboarded staffing resources, including three GA staff from a firm, an interim controller, an assistant controller, and a CPA audit staff member.
Athletics Audit Compliance - Partially Corrected
Finally, FAMU has charted an action plan to increase capacity within the Athletics Business Office.
FAMU Athletics has retained a business manager, hired two fiscal specialists, and will soon recruit a Senior Associate Athletic Director (AD) for Business Operations position to manage the business office. By filling these roles, the Athletics Business Office will have the talent necessary to deliver regularly required reports, including the annual BOT-required Financial Statement Audit, Internal Audits, and the NCAA Report Submission. Additional plans are in progress to further support the Athletics Business Office, including the hiring of a third-party firm.
These are the first steps in assessing and supporting Athletics as it institutes appropriate financial and accounting controls.
The Path Forward
FAMU is committed to resolving all outstanding audit issues, achieving clean audit opinions, and advancing the financial health and operational excellence of the institution. Next steps for the university include:
- Addressing staffing gaps in the Controller’s Office
- Enhancing internal controls and financial processes
- Leveraging third-party onsite support
- Maintaining clear milestones and oversight under CFO Murry’s leadership
Weekly progress reports are being provided to university leadership to ensure transparency and accountability.
Based on the findings from the 2023-24 audit, there is a high probability that the audit for 2024-25 will have findings that pre-dates leadership transitions. Measures are actively being implemented to make substantial progress and will continue to move the university’s financial and operational excellence forward.
“We are committed to strengthening our financial operations and ensuring full audit readiness,” said Acting Chief Financial Officer Nichole Murry. “Together, we are charting a path forward that includes more resources, greater accountability, and a heightened focus on sustainable improvement.”
Media Contact:
Alonda Thomas, Ph.D.
Vice President of Marketing and Communications
Alonda.Thomas@famu.edu
