By Kyeland Jackson —
After 18 months of investigation, Kentucky Auditor Mike Harmon’s audit found a slew of questionable practices between the University of Louisville and the U of L Foundation, U of L’s endowment manger.
Citing “serious weakness” in ULF’s governance, the audit found:
• Delays and inconsistencies in information provided, which, along with numerous open records violations, validated concerns of poor transparency;
• Poor segregation between the administrative operations between U of L and ULF, resulting in ineffective governance practices and management having too much influence without appropriate checks and balances;
• A dysfunctional governing climate due to excessive board conflicts;
• Endowment funds used for loans to ULF and an affiliate without appropriate notification to and approval of the U of L Board of Trustees;
• The appointment of an acting ULF Chief Administrative Officer without appropriate authorization from the ULF Board of Directors; and
• Compensation provided to the former U of L and ULF President greater than amounts approved by the U of L Board of Trustees.