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University of Louisville Foundation, University of Louisville Housing Board, and Ramsey meet to discuss finances, salary increases
By: Noor Yussuf
University of Louisville Foundation and the University of Louisville Housing Board of Directors met this past Fri.
At the meeting, the board approved the directors for ULH selecting Debbie Scoppechio as the Chairwoman. The board also approved the budget for the University of Louisville Foundation (ULF).
Michael Curtin, Assistant Treasurer for ULF, reported that the foundation has $989 million in total assets, with liabilities of $182 million. He also noted that the market value of the foundation’s endowment funds was $754 million as of December 2012. Curtin went further to say that “the foundation is in a very strong, stable position.”
President James Ramsey showed a year in review presentation. Reporting the University “has been on an upward trajectory.” Among the accomplishments were freshman scores, six-year graduation rates, baccalaureate and doctoral degrees awarded, number of students residing on campus, research expenditures, and endowed chairs and professorship.
The President also announced the construction of a new soccer stadium, and in early April the University will announce a $6.8 million grant from the National Cancer Institute.
The President also told the board to remember two numbers: $141.8 million and 141.1 million. “The $141.8 million represented funds transferred from UL Foundation to University programs; and $141.1 million represented state support for the fiscal year,” he said.
The board voted to give the President a salary increase to thank him for his hard work. The President’s current salary is $600,000 in total, both from the University, and the University Louisville Foundation. He will now get four percent salary increase and 25 percent contribution to his retirement account. In general, he will get four percent from $600,000 and $150,000 towards his salary.
ULF Chairwoman Debbie Scoppechio who is also a member of the Board of Trustees said, “The foundation as well as the Board of Trustees totally support Dr. Ramsey and we hope he keeps going for several more years. He’s the best we’ve ever had as President.”
The foundation also announced a request from ESPN to do a full feature documentary about the University of Louisville, and it has been approved. “We have a great story to tell and I think so many of the great things that are happening at the University of Louisville will have the opportunity to have a broader audience,” said Ramsey.
The President also announced the opening of the new student center on Oct. 18 during the homecoming week. The Board of Trustees will hold their meeting at the new student center on Oct. 10.
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