B-CU looking into possible $150M donation

11/13/2018

Gillum visits B-CU campus

photo by Augustinas Navickas

A blue bus bearing Andrew Gillum, the Democratic nominee for Florida Governor, stands outside the Mary McLeod Bethune Performing Arts Center while the candidate makes his pitch inside the facility. Gillum and several other Democrats running for o ce spoke to an estimated 500 supporters. including students and members of the community, as part of a statewide e ort to get out the vote on Nov. 6. Gillum has called for an increase in teacher salaries and restoration of voting rights, among other things. Democrats are hoping to turn the state of Florida "blue" this year

President Hubert Grimes will stay in his post as interim until a new leader is hired and

somewhere out west is an alumnus who is ready to put up $150 million to help save his or her

alma mater.

Both actions came at the end of a week of protest by students during the week of Oct. 15.

The protest, orchestrated by student government officials was in response to rumors that the

school's accreditation would disappear if Grimes was let go-a report that was later found to be

not true.

The possibility of a $150 million donation from an alumnus reportedly living in Texas was

revealed at the Board of Trustees meeting Oct. 19-the same meeting where a vote to fire

Grimes was defeated and a subsequent vow to work together between him and Michelle Carter-

Scott, chairwoman of the board of trustees, was announced.

Carter-Scott sent out a letter Oct. 22 that addressed the donation. In it she noted that David

Corbin, managing director for SMC Terminus Group, Inc., had been retained to review the

validity of the offer.

"If available those funds should be placed in an escrow account," she writes. "Once

verification is received, the board of trustees will convene and take action. As fiduciaries of

university assets, it is imperative that the board takes reasonable care and caution."

News of the proposed donation also suggested that the money would only be available if the

current board stepped down.

Corbin said the role of SMC Terminus Group, Inc is only to verify that the funds that have

been offered are available and that they don't come with any restrictions.

He declined to identify the donor but said the person does have a history with the university.

"An alumnus has suggested that they can provide the funds and want to make a contribution

to the institution," he said. "Our job is to verify that this is indeed possible and available."

SMC Terminus Group, Inc was founded in 2002 and its main service is to provide

comprehensive set of management consulting and financial advisory services to corporations

and governmental entities.

By Karen Romero