State auditor to review University of Louisville Foundation

LOUISVILLE, Ky. (AP) — Kentucky Auditor Adam Edelen says his office will review the University of Louisville Foundation following complaints about huge deferred compensation packages the foundation awarded top school officials.

Edelen said Thursday his office will examine the governance and oversight of the foundation.

He says the review also will include foundation actions and the current governance structure of the UofL Board of Trustees.

Edelen says he has heard from business and community leaders who believe the review will be constructive and ease tensions.

The review follows news reports that the foundation awarded million-dollar-plus deferred compensation packages to UofL President James Ramsey and his top aides.

UofL did not immediately respond to requests for comment.

The independently operating foundation manages $1.1 billion in assets, including property and UofL’s $842 million endowment.

 

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