Florida A&M University (FAMU) has announced a series of actions to address findings from the Auditor General’s October 2024 Operational Audit. The university reported progress on all audit issues, with two already corrected and others partially resolved.
“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 a Florida Board of Governors meeting. “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.”
President Johnson noted efforts to address staffing gaps in the Controller’s Office by bringing in a nationally recognized accounting firm to strengthen financial operations.
Among specific audit findings, FAMU revised its investment policies and completed required updates for its Special Purpose Investment Account. Bank account reconciliations for prior fiscal years were finished by August 20, with additional support from Cherry Bekaert while new staff are hired and trained. The university also implemented enhanced review protocols.
To address prompt vendor payments, FAMU cleared older invoices, ensuring no outstanding invoices over 100 days as of August 28. Weekly tracking is now in place, along with monthly reporting to the Board of Trustees Chair. The use of P-Cards for smaller purchases will be expanded.
For personnel evaluations, administrative reviews were submitted campus-wide by August 15 following a switch from an automated system to a manual process. Full reconciliation is expected by September 15.
A March 2025 Financial Audit confirmed that FAMU’s financial statements were presented fairly but identified deficiencies in internal controls. In response, the university partnered with Cherry Bekaert, established new protocols, appointed Acting CFO Nichole Murry, realigned reporting structures within the controller’s office, and added new staff including interim roles and audit specialists.
In athletics compliance, FAMU retained a business manager and hired two fiscal specialists for its Athletics Business Office. Recruitment is underway for a Senior Associate Athletic Director for Business Operations as well as plans to engage a third-party firm for further support.
“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.”
The university has committed to ongoing oversight under CFO Murry’s leadership through weekly progress reports provided to leadership teams.
“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.”
FAMU anticipates that some future audits may continue to reflect legacy issues but says measures are being put in place for continued improvement in financial management.
