University of Louisville Foundation Engaging in Wasteful Spending
The University of Louisville Foundation has released a 135-page report outlining a series of wasteful spending practices. According to the independent investigating firm that authored the report, foundation officers repeatedly spent money on unbudgeted expenses and unapproved actions. Board directors were often kept in the dark on such actions, which prevented them from making informed financial decisions. Further, the report says that the foundation combined cash reserves, which made funding sources for certain transactions difficult to identify. J. David Grissom, chairman of the University of Louisville’s Board of Trustees, said legal action has not been ruled out, but he expects that determination will be made within the next couple of weeks.