Four longtime University of Louisville Foundation board members resign
Four longtime board members of the University of Louisville Foundation resigned in recent days, the latest sign that the nonprofit organization is headed in a different direction after former president James Ramsey left last year.
LOUISVILLE, Ky. (WDRB) -- Four longtime board members of the University of Louisville Foundation resigned in recent days, the latest sign that the nonprofit organization is headed in a different direction after former president James Ramsey left last year.
Joyce Hagen, who was the board’s vice chairwoman; Margaret Handmaker; William Selvidge; and Salem George gave up their seats “in the last few days,” according to a press release from the foundation.
The 15-member board now has six open seats which will likely be filled by the end of the month, according to the foundation.
“While I am grateful for the service of the previous board members, I am equally excited about having new leaders for this board who can offer fresh ideas on tackling the challenges we face,” said Diane Medley, an accountant who became the foundation’s chairwoman last month, in the news release. “I am confident we will continue to have well-respected, high-caliber people serve on this board as we continue to reform the Foundation’s practices and restore stakeholder confidence.”
Medley did not immediately reply to an email asking whether she had asked the four directors to resign.
Selvidge, George and Hagen did not immediately return calls on Thursday. Handmaker said she was too busy to talk.
The foundation, a charitable organization, handles donations to U of L and manages the university’s endowment of about $715 million.
State Auditor Mike Harmon said the organization lacked effective oversight in a report issued in December.
The organization is undergoing a special “forensic” audit of its finances, which should be released this spring or summer. Two major donors have said they won’t continue giving until that type of review is complete.
Handmaker, Selvidge, George and Hagen were staunch defenders of Ramsey and the foundation’s multi-million-dollar compensation packages for him and a few of his closest aides.
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