In a press release from Florida A&M University, the institution addressed the skepticism surrounding the $237,750,000 million endowment given by Gregory Gerami. Gerami is the founder of the hemp company Batterson Farms Corp and CEO of the Issac Batterson 7th Family Trust.
The money comes at a critical time after the Florida State Legislature only allotted about 25% of funds FAMU requested to support the various needs of the historically Black university.
FAMU’s response to the skepticism is below:
While Florida A&M University (FAMU) is still extremely excited about Mr. Gregory Gerami’s historic announcement of the Isaac Batterson Family 7th Trust, we are fully aware of the skepticism that sometimes comes with such a large gift.
As expected, some individuals in the public are and will continue researching Mr. Gerami. Please
know that FAMU has done its due diligence when it comes to this matter.
Additionally, Mr. Gerami has and continues to do his own due diligence on things that have been and are happening at FAMU.
While a non-disclosure agreement (NDA) we signed prevents us from disclosing many details, as was reported on May 4 – Mr. Gerami transferred $237,750,000 worth of stocks into our account last month. Mr. Gerami’s $237,750,000 stock transfer was received in the same manner in which we have accepted all other stocks donated to the University through the FAMU Foundation Inc. As with any non-cash gift received, such as cryptocurrency, real estate, and stocks, it will be converted to cash and recorded appropriately.
Again, we greatly appreciate Mr. Gerami’s and the Isaac Batterson Family 7th Trust’s generosity.
Our students will be the true beneficiaries of their most generous contribution.
