Financial report discussed in UofL committee meeting

LOUISVILLE, Ky. – A report that examines financial practices at the University of Louisville got a thumbs up from members of the Board of Trustees Audit Committee at its July 2 meeting.

The report—compiled by Louisville-based Strothman and Company at the behest of UofL President James Ramsey—requires full board approval before adoption and is expected to come before the board at its meeting on July 10.

Ramsey requested the review last fall after learning about allegations of employee theft and misuse of funds.

Report recommendations include standardizing financial controls, creating a Chief Financial Officer position, increased vendor scrutiny and expanded employee training programs.

In other business, Ramsey gave the UofL Board of Trustees Compensation Committee an update on annual goals for 2013-2014 and the university’s long-term strategy.

Under Ramsey’s leadership, major accomplishments from the past year include the culmination of a $1 billion capital campaign; improved facilities such as the student recreation center and Ekstrom Library renovation; a streamlined structure on the Health Sciences Campus and continued growth in alternative revenue sources as a way to offset state budget cuts.

The full board of trustees will meet and hold its annual retreat July 10 in Paducah.