Board of Trustees creates committee to decide next steps following audits of the UofL Foundation

The UofL Board of Trustees at a special meeting Aug. 10 approved a resolution creating a committee to decide the next steps after audits of the UofL Foundation found mismanagement, lack of oversight and excessive spending by previous leadership.

The Ad Hoc Special Litigation Committee’s membership consists of board Chairman David Grissom and trustees Raymond Burse, Sandra Frazier and James Rogers. The group is charged with determining what, if any, action to take as a result of the 2016 state audit of the foundation and the 2017 forensic investigation of the foundation. The forensic investigation was conducted by an outside firm, Alvarez & Marsal.

Grissom said after Thursday’s meeting that the Special Litigation Committee will make its decision in the next month. Grissom also is chairman of the committee. UofL interim President Greg Postel will serve as an ex officio, non-voting member of the committee.

The resolution says actions to be considered include, but are not limited to, “initiating litigation, effecting settlement with any party and resolving any issue” raised by the state audit or forensic investigation.

The measure also authorizes the committee to retain legal counsel and other professional advisers, and it calls on the group to keep the Board of Trustees advised “from time to time” of the actions it has taken or will take.