TALLAHASSEE, Fla. (AP) - In a story April 2 about audit results for Florida A&M University, The Associated Press reported erroneously that the FAMU Board of Trustees ordered the state audits. The board only ordered the independent audit by Grant Thornton LLP.
A corrected version of the story is below:
Florida A&M receives findings of audits
Florida A&M University state audits found no deficiencies, but an independent audit had three findings on employee bonuses and a separate finding on renovations to the President's on campus home
TALLAHASSEE, Fla. (AP) - Florida A&M University state audits found no deficiencies, but an independent audit had three findings on employee bonuses and a separate finding on renovations to the president's home on campus.
Grant Thornton LLP, who conducted the external audit, found that two incentive payments were made from state E&G funds and an additional one from a restricted trust fund. They were later properly sourced and reimbursed from the FAMU Foundation.
In relation to renovations, the report found that one payment was not in compliance with the Board of Trustee's approval process because work started after President Elmira Magnum's hiring date. Any work over $10,000 after Magnum was hired had to be approved by the board.
The university's audit and compliance committee will meet on April 8 to discuss the findings of the report and hear recommendations from the staff. The audit was ordered during a Board of Trustees meeting last October.
