LOUISVILLE, Ky. (WHAS11) -- The University of Louisville Foundation Board is vowing to get to the bottom of how millions of dollars in endowment donations and deferred compensation to top leaders was spent, including questions of who approved that spending and where the money went.

"The report goes a long way leading us down the path of where we need to look which we very much appreciate, but there's more work to be done," said Foundation Board Chairwoman Diane Medley.

She does not dispute any of the report’s findings, calling it thorough. She announced a five-member committee made up of current Foundation board members to consider the audit with greater detail. She is promising a quick review. "They will be in charge of - if we need to hire an accountant or a forensic person to do further analysis - or if we need to speak to the A&M group, we need to do that. We are just being very cautious, careful and hopefully constructive about how we go about it without dragging our feet," Medley told WHAS11 News.

The committee will make recommendations to the entire board, including whether any charges could be filed. It's something Attorney General Andy Beshear is also exploring.

In a new twist, the attorney for Kathleen Smith, Jim Ramsey's Chief of Staff, is requesting to meet with the Foundation board to explain Smith did nothing wrong. Auditors found emails where Smith writes about 'obscuring' key information, keeping it from employees and reporters. Her attorney sent a letter to the Foundation saying the audit was a one-sided smear campaign against Smith. Medley says the board has not decided whether they want to talk to her.

"There's allegations in this report about certain actions that people took. We want to make sure we see the documentation first-hand that proves that one way or the other because we do not want to go out and instigate any litigation ourselves that is that is not well thought out," Medley said.