LOUISVILLE, Ky. (AP) – The University of Louisville Foundation says it has placed its chief financial officer on paid leave, in a move revealed one day after the release of a blistering audit.
The foundation’s interim executive director, Keith Sherman, on Friday declined to discuss the action against Jason Tomlinson. Tomlinson has been a high-ranking official during a turbulent period for the University of Louisville’s investment arm.
The audit released Thursday said it found instances of the foundation overspending from the endowment. Auditors delved into details of a deferred compensation plan for administrators, and they were sharply critical of some foundation investments and spending decisions.
UofL board of trustees Chairman J. David Grissom said the audit “paints a disturbing picture.”
Officials point to recent changes in the foundation’s governance and financial management.
Copyright 2017 The Associated Press.