Title: Florida A&M University Faces Questions Over $238 Million Gift Amidst Controversy

In a surprising turn of events, Florida Agricultural and Mechanical University (FAMU) found itself embroiled in controversy surrounding a generous $238 million donation. The historically Black public school was initially thrilled by the philanthropic gesture, but now faces scrutiny as doubts about the legitimacy of the gift arise.

The man behind the donation, Gregory Gerami, a self-proclaimed champion of sustainable agriculture and biodegradable hemp products in Texas, had no prior affiliation with FAMU. While initially hailed as a multimillionaire and a generous benefactor, questions about Gerami's wealth and credibility emerged, leading the university to sever ties with him and launch a third-party investigation into the matter.

Speaking at an emergency board meeting, FAMU President Larry Robinson expressed regret for the premature public announcement of the gift and acknowledged the signs that were overlooked. The university now finds itself grappling with accusations of lax internal controls and the need for a thorough examination of its donor vetting process.

Notably, this isn't the first time Gerami's name has been linked to a significant donation. Several years ago, he was associated with a $95 million pledge to Coastal Carolina University, but that agreement also fell through. Coastal Carolina University terminated the deal without explicitly mentioning Gerami's involvement, leaving room for speculation about his reputation as a benefactor.

FAMU, known for its esteemed status as one of the top-ranked historically Black colleges and universities, is one of approximately 100 HBCUs nationwide. While institutions like Howard University and Spelman College have received substantial support from wealthy donors in recent years, major gifts for many HBCUs remain rare due to underfunding and limited endowments.

Gerami's purported donation would nearly triple FAMU's existing endowment, positioning it alongside the levels achieved by wealthier universities like Harvard. However, doubts linger regarding whether the university will ever actually receive the funds.

According to FAMU, Gerami deposited illiquid stock holdings from his closely-held hemp company, Batterson Farms Corp., into the university's account. However, the valuation of these assets and their backing remain undisclosed. During a recent board meeting, FAMU officials admitted to not conducting an independent analysis of the shares' worth and highlighted a nondisclosure agreement as the reason for not informing board members.

Gerami presents himself as a self-made businessman, emphasizing his role in the Texas industrial hemp industry and his journey from foster care to success. However, concrete details about his net worth or the financial standing of his businesses are scarce.

Critics of the situation, such as Tillery Timmons-Sims, a board member of the Texas Hemp Growers Association and Chekesha Kidd, a FAMU Foundation board member, are calling for reform and increased transparency in the university's procedures for handling major donations.

As FAMU awaits the outcome of the investigation, the future of the $238 million gift hangs in the balance, leaving the university and its stakeholders with lingering uncertainty.