FRANKFORT, Ky. (AP) – An audit of the private investment arm of the University of Louisville has reported damaging and divisive relationships between board members that Republican Auditor Mike Harmon said “created a dysfunctional governing environment.”
Harmon released his examination of the University of Louisville Foundation on Wednesday.
The audit had eight findings, including that the foundation overstepped its authority by increasing the salary of former university President James Ramsey and a loan from the university to the foundation was made without the knowledge or consent of the board of trustees.
Interim University of Louisville President Neville Pinto said he agrees the foundation did not follow “best practices.” In a lengthy response, Ramsey strongly disagreed with many of the findings and said the audit was not necessary.
Copyright 2016 The Associated Press.