Gainous Vows, "We'll Never Have to Go Through This Again"

FAMU President Fred Gainous

FAMU President Fred Gainous attempted to explain inconsistencies in the university's financial statements at a Dec. 1 news conference, saying, "It was inevitable that we would have to clear up some things. I think we have done an excellent job, considering the circumstances."

Surrounded by Love Collins, vice president for development; Patricia Green-Powell, vice president for student affairs, and Provost Larry Robinson, Gainous clarified news reports about a $1.8 million discrepancy in the statements.

It was not made clear in the reports whether the discrepancy was an asset or liability.

Gainous told reporters that the $1.8 million was a net asset for the university.

"We are still working together with the comptroller and the Office of the Solicitor General to determine that the money is a net asset rather than a liability," he said.

At the conference, Gainous did not specify where the surplus came from. He did say the administration was reviewing the situation.

The president also said that more than two-thirds of the student body had registered for the spring semester.

He assured reporters that student aid would not be affected, and said all students eligible for financial aid would receive it.

"The light at the end of the tunnel is that we'll never have to go through this again," Gainous said.

The university is still under a travel and expenditures freeze. Gainous denied rumors that he might resign.

"The fiber of this institution is still vibrant and strong," he said. "And we will do whatever it takes to make sure it remains that way."

DeAnna L. Carpenter, a student at FAMU, writes for The Famuan. She can be reached at [email protected].

Posted Dec. 6, 2003