By Andrew Atterbury
Florida A&M University is putting an announced $237 million donation from a Texas hemp farming executive âon hold,â as the media and school leaders raise questions about the value and source of the gift.
President Larry Robinson announced the decision at an emergency meeting Thursday of FAMUâs fundraising foundation. Board members expressed grave reservations about the donation, which drew national attention as one of the largest ever for one of the countryâs historically Black colleges and universities.
The gift, which according to an agreement released by the school came in the form of millions of shares of stock, has already been transferred to FAMU, school officials said, so itâs unclear exactly how the university will move forward.
The alleged windfall donation to FAMU came from Batterson Farms Corporationâs Gregory Gerami and the Isaac Batterson Family 7th Trust and wouldâve almost tripled the schoolâs endowment, helping students and faculty for generations. But after the announcement was made â with major fanfare during a Saturday commencement ceremony â skepticism quickly quelled the celebration.
For one, Batterson Farms Corporation appears to be a relatively small outfit based in Texas selling hydroponic hemp farm products, leading some to question how its stocks could be worth millions. The doubts have been heightened by reports about Geramiâs past dealings, including a $95 million donation to Coastal Carolina University in 2020 that was terminated by school officials only weeks after it was publicly announced.
FAMU foundation members raised these points during Thursdayâs emergency meeting, while venting frustrations about how school staff transacted a nine-figure donation without telling them or the board of trustees. Some board members claimed to have learned about the donation from the universityâs press release or from friends after graduation. The board of trustees had already called a special meeting for next week to discuss the donation before Thursdayâs shock announcement.
âHow did we get this far without knowledge of the transaction or the donor?â asked Chekesha Kidd, a foundation member who is co-founder and CEO of Kinumi, a concierge service.