University of Louisville Foundation chief financial officer on paid leave
A day after a blistering audit was released, the University of Louisville Foundation said its chief financial officer, Jason Tomlinson, has been placed on paid leave.
LOUISVILLE, Ky. (WDRB) – A day after a blistering audit was released, the University of Louisville Foundation said its chief financial officer, Jason Tomlinson, is taking paid leave.*
Foundation interim executive director Keith Sherman confirmed the change Friday. He declined to say anything more.
It’s unclear exactly when Tomlinson went on leave, but he participated as normal in a foundation finance committee meeting on May 30.
Tomlinson is the second high-ranking foundation official from the administration of former U of L President James Ramsey to be sidelined as the foundation looks to regain control of its finances and improve its image.
Kathleen Smith, Ramsey’s longtime chief of staff, has been on paid leave with the foundation since September 2016. Her employment agreement runs through July 31.
Tomlinson, who was made CFO on a permanent basis in December 2015, is under contract to serve in the job until 2021. He earns a base salary of $260,000 annually, according to his contract.
Tomlinson was paid an additional $184,097 over seven years by University Holdings, the foundation shell company that borrowed tens of millions of dollars form the school's endowment. He earned as much as $41,766 from University Holdings in 2015, according to figures included in the audit released Thursday.
The foundation stopped payments by University Holdings after a new board took control last year.
In addition to that, Tomlinson had been promised an extra $500,000, plus interest and tax liability payments, if served out his contract, but the foundation scrapped its controversial deferred compensation in March.
*CORRECTION, June 14, 2017: An earlier version of this story incorrectly stated that Tomlinson was placed on paid leave. Foundation chairwoman Diane Medley said it was "mutually agreed upon" decision for Tomlinson to go on leave.