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Florida A&M University Foundation (FAMU)
The Florida A&M University Foundation was established in 1966 to receive, invest, and administer private-sector contributions for the university.
Florida A&M University Foundation (FAMU)
The Florida A&M University Foundation was established in 1966 to receive, invest, and administer private-sector contributions for the university. Ken Neighbors chairs the board, with Donald Palm serving as interim executive director. The foundation's mission is to strengthen FAMU's academic appeal, though the underlying capital pool has not been publicly sized. The portfolio spans venture capital, hedge funds, private debt, domestic fixed income, and real estate. Direct holdings include agricultural land at the Brooksville Research Station and multiple residential and commercial properties in Tallahassee — notably the Light House at Brooklyn Yard and Brooklyn Yard vacant land. The foundation also maintains a hedge fund pool and a private debt portfolio, signaling an allocation toward absolute-return and credit strategies. Corporate partnerships with JPMorgan Chase and JLL underscore a fundraising apparatus that channels philanthropic and scholarship capital. JLL's endowed scholarship fund and JPMorgan's longstanding student-success programs are central to the donor ecosystem. With board members such as Lisa Rae LaBoo, CEO of Prosperity Investment Services, the foundation draws on institutional investment expertise. Partnership with UNCF through Project ACCLAIM aims to expand access to asset management careers. A notable 2024 reputational event — a fraudulent $237M stock donation attempt tied to donor Gregory Gerami of Batterson Farms Corp — was investigated and widely reported, underscoring the foundation's exposure to unstructured gift risk. Unlike a family office, the foundation operates as a state-university affiliated nonprofit governed by a board of trustees and foundation directors. Its structural differentiator is the fusion of a grant-making endowment with proprietary holdings in real assets and venture — functioning as a long-duration steward of university capital while courting high-net-worth alumni and corporate donors.
General information
Firm type
Endowment / Foundation
Year founded
1887
Location
Region
North America
Country
United States
City
Tallahassee
Corporate office
1601 South Martin Luther King Jr Boulevard, Tallahassee, FL 32307, United States
Additional offices
Brooksville Agricultural Research Station, Brooksville, FL
Principals
Kenneth M. Neighbors
Chair of the FAMU Foundation Board of Directors
Donald E. Palm, III
Interim Executive Director of the FAMU Foundation
Deveron Gibbons
Chair of the FAMU Board of Trustees
Lisa Rae LaBoo
Former Chair and current Board Member; CEO of Prosperity Investment Services
Sector focus
Frequently asked questions
Who runs investment decisions at the FAMU Foundation?
The foundation is governed by a board chaired by Kenneth Neighbors, with Donald E. Palm, III serving as interim executive director. Board member Lisa Rae LaBoo brings direct investment industry experience as CEO of Prosperity Investment Services. Day-to-day allocation is not detailed publicly, but governance rests with the board and its investment committee.
What real assets does the FAMU Foundation hold?
The foundation's physical portfolio includes the Brooksville Agricultural Research Station, residential properties like the Light House at Brooklyn Yard, and commercial office space at its headquarters in Tallahassee. It also stewards the Foster-Tanner Fine Arts Collection and related art assets.
How is the FAMU Foundation related to FAMU's Board of Trustees?
Deveron Gibbons chairs the FAMU Board of Trustees, which oversees the university itself. The foundation is a separate nonprofit corporation with its own board, chaired by Ken Neighbors. The two entities coordinate on philanthropic strategy and university advancement.
What happened with the reported fraudulent donation to FAMU?
In 2024, a stock donation valued at $237M from Gregory Gerami, CEO of Batterson Farms Corp, was announced and later investigated as fraudulent. The incident raised significant reputational and operational concerns for the foundation's gift-acceptance processes.
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