The University of Louisville Foundation supposedly exists to help move U of L into the top tier of public universities. But it appears it may have been more concerned lately with secretively enriching a select few on the University’s organizational chart.
If the Foundation has evidence to counter that suggestion, they’re sure keeping quiet about it. So quiet that even the University’s Board of Trustees has been kept in the dark – making it necessary for them to authorize legal action to force the Foundation to turn over financial records and submit to an outside audit.
Even without such an audit, we already know of at least one substantial loan from the University to the Foundation that was approved in virtual secrecy by then-President James Ramsey, as well as unexplained Foundation-funded extra pay for chosen members of Ramsey’s inner circle. So what other nuggets of impropriety might an impartial examination of the books bring?
This situation is creating chaos at every level of the University, especially among the students and faculty members who should be the true focus of any group claiming to have the good of the school at heart. Ironically, the organization that supposedly exists to enhance the University’s profile is instead soiling that profile in the minds of the public, and the sooner we get some much-needed transparency regarding its financial gymnastics, the better.
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I’m Bill Lamb and that’s my Point of View.