LOUISVILLE, Ky. (WHAS11) -- The University of Louisville Foundation is working to meet the recommendations of Kentucky Auditor Mike Harmon. The Board met Wednesday afternoon for the first time since the special examination was announced last week. The report was critical of how the University's financial arm operated under former President Doctor James Ramsey.

Harmon replied to a tweet by WHAS11 Political Editor Chris Williams stating that he was “pleased” to see the Foundation taking action.

Wednesday’s orientation included explanation of by-laws, a conflict of interest form and information about responding to open records requests.

The Foundation Board also announced they have settled a lawsuit with the Kentucky Center for Investigative Reporting. KCIR sued over unreleased documents. Board Chair, Brucie Moore, said the settlement included releasing documents and paying $15,000 in attorney's fees.

Moore also read from a prepared statement that admitted they would be working on the recommendations but that the organization’s positive impact on UofL was without doubt.

Interim Executive Director and Chief Operating Officer, Keith Sherman, described a process that will also focus on infrastructure and governance.

"We're going to take this one step at a time and do this very systematically and thoughtfully and strategically to make sure that we're well positioned to assure that the foundation is sustainable and can help the university for generations to come,” said Sherman.