LOUISVILLE, Ky. (WHAS11) – The U of L Foundation has called for a special executive committee meeting Monday.
The news comes on the heels of the James Graham Brown Foundation threatening to cut off funding to the university unless officials hires a nationally recognized forensic accounting firm to review its finances. The James Graham Brown Foundation has provided more than $72 million in grants to U of L.
The organization released the minutes for the Labor Day meeting.
After the call to order, there will be an approval for complete financial examination and audit of the U of L Foundation.
According to the Courier-Journal, a letter was sent to the university Friday from Brown Foundation officials saying they were concerned that “expenditures may have been made that were not exclusively for the charitable and educational purposes of the university” or were not consistent U of L’s rules barring donors, members or trustees from personally profiting from the U of L Foundation.
The Courier Journal also says the Brown Foundation is disappointed U of L has not honored an open records request from Larry Benz regarding certain accounting records of the U of L Foundation as well as a $38 million loan made by the university to the foundation.
The special call meeting will be at 5 p.m.