LOUISVILLE, Ky. -- Poor oversight and uncontrolled spending highlight the long-awaited audit of the University of Louisville Foundation.
The 132 page report offers a transparent look into how the foundation operated under former U of L President James Ramsey, saying the foundation board "lacked knowledge and oversight of certain significant transactions."
The audit uncovered several lines of credit the foundation opened with university subsidiaries totaling $52.2 million that those subsidiaries will "likely not be able to repay."
The audit found that the foundation paid an aggregate $10.3 million over appraised value on eight properties and says foundation officers failed to provide the board sufficient information related to the purchases. It also found that the foundation was paying $4.9 million in compensation to some U of L Athletics officials, including nearly $800,000 to fundraiser Mark Jurich, the son of Athletic Director Tom Jurich.
U of L board of trustee chairman David Grissom says the audit "paints a disturbing picture" and that the board will take the next couple of weeks to consider any legal action.
The auditing firm notes in its report James Ramsey declined to be interviewed in person when the audit was being prepared.
To read the full audit, click here.