UofL leaders vow change after release of scathing financial audit

Reaction to UofL Foundation audit

LOUISVILLE, Ky. (WHAS11) -- The current University of Louisville board of trustees and the UofL Foundation board promise changes to how both operate after an audit outlines millions of dollars in excessive, unbudgeted or over-budgeted spending.

"The new leadership and the new board have committed to open and honest action and communication and we have already taken steps to review our policies and procedures," said Board of Trustees Chairman David Grissom.

He stopped short of making any remarks about specific audit details, but he's concerned.

"We asked for the forensic investigation in order to help uncover any activities that may not have been in the best interest of the foundation, the university or the many supporters of the university," Grissom said.

The report shows Jim Ramsey's office spent $800,000 a year for six years - for a total of $4.8 million - in foundation money to buy men's basketball and football game tickets. Those tickets, according to the report, were given to donors and alumni. 

Current UofL Foundation Chairwoman Diane Medley signaled an overhaul on how the foundation will spend its money in the future.  "As you know, we do have a new leadership team both internal and at the board level and that group is totally committed to moving forward in a positive way," she told reporters.

An example of over-budgeting, according to the report, included a $300-thousand payment - for three years - to a Louisville radio station for a radio show and advertising.  The report said it was not a reasonable rate.

RELATED: Audit on UofL Foundation released

Final AM Report 6.8.17 by Mary Lyons on Scribd

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