LOUISVILLE (WHAS11) -- Facing a potential lawsuit, a former UofL Foundation Officer and chief of staff to former President James Ramsey has transferred nearly $800,000 worth of private assets.

Our news partners at The Courier Journal report Kathleen Smith and her husband have transferred five properties, including their personal home to Shell companies.

A recent audit shows the Foundation lost between $40 and $100-million because of overspending, mismanagement, and excessive compensation.

The Courier Journal reports the Foundation alone paid Smith nearly $3 million over three years.

While the Smiths made the transfers before the release of the audit, the university has said it may sue to get some of that money back.

Smith's attorney did not respond to the newspaper's request for comment.