LOUISVILLE, Ky. (WHAS11) – An independent audit of the University of Louisville Foundation is expected to be released on Thursday, according to officials.
The forensic audit is expected to reveal the extent of former President James Ramsey’s spending and money transfers toward the end of his tenure. Ramsey set it up so he could run both the University and the Foundation.
The audit has been underway for 6 months and has examined the Foundation’s real estate investments in building out its Shelby Campus and other purchases. It has also looked at the Foundation’s payments to various U of L employees.
The fallout from the bad publicity has hurt donations.