Kentucky attorney general investigates university foundation

LOUISVILLE, Ky. (AP) – The Kentucky attorney general’s office has launched an investigation of the University of Louisville’s foundation, which has been beset by financial turmoil.

The Courier-Journal reports the university released a statement Thursday saying that it’s fully cooperating with the investigation. The university released a June 30 letter from the attorney general’s office asking for copies of emails between former president James Ramsey, former foundation secretary Kathleen Smith and chief financial officer Jason Tomlinson.

The attorney general’s department of criminal investigations has also asked for documents related to compensation and a $38 million loan to the real estate unit, as well as permission to meet with forensic auditors Alvarez & Marsal. Alvarez & Marsal’s June 8 report says the foundation burned through its endowment with overspending, bad investments and paying excessive compensation.