President’s office drained more than half its budget on philanthropy

By on September 29, 2017
Isaac Sanchez, interim president, Greg Postel

By Kyeland Jackson —

When U of L’s Foundation charted the operating budget for the president’s office, it budgeted $162,000 to be spent by August. Instead, Interim President Greg Postel’s office has spent twice that, with $377,000 spent on football and basketball tickets in July alone.

The ULF released reports detailing the spending Sept. 28. According to the report, Postel’s office spent $491,000 between tickets and the president’s football suite. U of L spokesperson John Karman said the costs were important to court donors.

“This expense plays an important role in our philanthropy efforts,” Karman said. “Hosting these events allows us the opportunity to build bridges with our high-level donors and potential partners who in turn contribute significantly to the success of the university.”

The foundation said it would monitor the operating budget alongside the president’s office going forward.

The university has struggled to retain donors as scandals and controversies cloud the school’s image. In its June meeting, the foundation said the donor numbers have dropped and donors are waiting for the university to correct itself. In its financial report released yesterday, the foundation said it’s received $5.4 million in gifts by June and the market value of its endowment grew by $5 million.

File Photo / The Louisville Cardinal

About Kyeland Jackson

Editor-in-Chief at The Louisville Cardinal.

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