By Kyeland Jackson —
Diane Medley has officially been named the University of Louisville Foundation’s chair, with Mark Lynn elected as treasurer.
Brucie Moore was the foundation chair before Medley, but was deposed by Senate Bill 12’s order. The foundation’s meeting addressed recommendations by U of L’s Board of Trustees and term limits, now set on U of L administrators by the board of trustees.
“There should be limits for Keith (Executive Director Keith Sherman) and Jason (Chief Financial Officer Jason Tomlinson), in my opinion, and they can be temporary – they can be revisited 30 days from now or whatever – but it seems like it’s open-ended and it shouldn’t be open-ended across all parties,” Foundation board director Paul Carrico said.
The foundation approved, determining officers’ term limits as follows:
- Ronald Abrams: 6/30/19
- Paul Carrico: 6/30/19
- Salem George: 6/30/17
- J. David Grissom: 6/30/19
- Joyce Hagen (vice chair): 6/30/18
- Margaret Handmaker (secretary): 6/30/18
- Alice Houston: 6/30/19
- Mark Lynn (treasurer): 6/30/18
- Diane Medley (chair): 6/30/18
- Nitin Sahney: 6/30/17
- John Schnatter: 6/30/18
- William Selvidge: 6/30/19
Medley said two more members are expected to be named in the coming months.
Grissom, Medley, Sahney and Schnatter serve on U of L’s Board of Trustees, who increased oversight for foundation contracts Jan. 21. Those oversights demand foundation directors get approval from other directors for contracts and sales, with contracts above $400,000 requiring board approval.
Schnatter abstained from voting, citing the previous climate on the board.
“The goal here is nothing more than to make sure that our kids get a great education, and we’re obfuscating over to real estate. I think we’re taking our eyes off what’s in the best interest of our kids and the students, and have parlayed that into something that I’m not sure is really in their best interests,” Schnatter said.
Medley partially agreed with Schnatter.
“I do know that we need to look at do we have the right balance between securities, stocks, investments in real estate, etc. to make sure that we’re producing the safest, best return for people who have donated money so they can feel comfortable that they’re donating money to a sound institution,” Medley said. She also disagreed with Grissom’s Jan. 21 statement that the foundation was not moving fast enough.
A resolution for ULF to abstain from settlements with past and current employees, suggested by Grissom, did not pass, requiring notice a day before meeting. A resolution could be approved next meeting.
File photo / The Louisville Cardinal