Brief: Auditor to examine U of L Foundation

The Louisville Cardinal News

By Olivia Krauth–

Updated 1:04 p.m.

State Auditor Adam Edelen will examine the U of L Foundation, a nonprofit organization worth $1.1 billion, Edelen announced today.

The announcement comes after reports of large deferred payments for top U of L officials, which put President James Ramsey on the defensive at a special Board of Trustees meeting in May.

In that meeting, some board members requested an audit, leading Ramsey to say he felt his integrity was being attacked.

Edelen’s announcement also said he would be looking into “the existing governance structure of the University of Louisville Board of Trustees, and the actions of the Foundation.”

“On behalf of the University of Louisville Board of Trustees, we look forward to working with the State Auditor’s Office to review the relationship between the U of L Board of Trustees and the University of Louisville Foundation,” said Robert Hughes, chair of the ULF Board of Directors and the U of L Board of Trustees, in a statement. “Since recent questions arose in the media, we began action to clarify misinformation about the U of L Foundation and its importance in supporting the University of Louisville.”

 

 

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