UofL Trustees won't sue Foundation, moving on audit

Future of UofL Foundation Audit

LOUISVILLE, Ky. (WHAS11) -- That highly anticipated forensic audit of the UofL Foundation could begin by mid-November following decisions Thursday at an unusual joint meeting of the University of Louisville Trustees and Foundation Board Members.

The situation revealed a unity rarely seen recently between the University’s governing board and fundraising arm.

Trustees passed a plan to officially recognize Dr. Neville Pinto as and pay him for being the interim University President.

The role will pay Dr. Pinto an additional $175,000 atop his base $480,000 academic salary. There are no additional bonuses, deferred compensation or car allowances unlike deals under his predecessor which have drawn the suspicion of Trustees.

Following the hire of a new president, Pinto will receive a 5-year contract extension upon his return to his role as head of the Speed School of Engineering.

The Trustees also agreed not to sue the Foundation, withdrawing a proposal that would have allowed Board Chair Dr. Larry Benz to sue the fundraising arm.

Benz said that it appeared the Trustees had their demands met by the Foundation Board and that the two groups were working “hand-in-glove”.

That was something Benz said he had not seen in his 6 years serving the University.

Dr. Benz then took part in a Joint Audit Committee meeting including Trustees and Foundation Board members.

They discussed an RFP for the forensic audit.

Committee Chair Diane Medley reported that 10 firms applied for the job. Committee members will begin ranking the proposals with an emphasis on experience, qualifications, timeline, method, and approach.

Medley suggested that the current timeline could lead to auditors beginning their work by mid-November.
 


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