FAMU President
Larry Robinson signed the Agreement for the FAMU Foundation (for the benefit of FAMU). Gregory Gerami signed the Agreement for the “
Gregory Gerami Family Foundation,” which is not a named party to the Agreement. It appears that nobody signed the Agreement for The Isaac Batterson Family 7th Trust, even though the Agreement says Gerami represents the Trust.
The entire transaction is likely a
tax fraud scam (in progress) that works as follows:
1. The scammer targets a financially unsophisticated university that unwittingly aids and abets his/her tax fraud scam.
2. The scammer makes a donation of millions of shares of stock in a private company to the targeted university.
3. The university is required to provide the donor with a completed
IRS Form 8283 for “
Noncash Charitable Contributions” that acknowledges its receipt of the "gift" and complies with the
applicable instructions for this tax form.
4.
Section B of the Form 8283 requires the donor to provide detailed information on the donated property, including: (a) the date it was acquired by the donor, (b) how it was acquired by the donor, (c) the donor’s cost or adjusted basis in the property conveyed, (d) the amount claimed for this charitable deduction, and (e) other relevant information.
5. The scammer is required to get a qualified and capable appraiser to sign the "
Declaration of Appraiser" section of the Form 8283. This declaration states as follows:
"I understand that a false or fraudulent overstatement of the property value as described in the qualified appraisal . . . . may subject me to the penalty under section 6701(a) (aiding and abetting the understatement of tax liability) . . . .".
6. Once the "
Declaration of Appraisal" has been signed, the university must formally acknowledge and attest to its receipt of the noncash charitable contribution.
It is not known whether The Isaac Batterson Family 7th Trust, Gregory Gerami, and FAMU completed an IRS Form 8283 for this $237 million "gift" or whether FAMU even submitted a completed and properly signed Form to the Trust. Likewise, it is not known who, if anyone, appraised the fair market value of the "gifted" stock in Batterson Farms at $237 million for the purpose of completing the required Form 8283.
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