UofL acting to improve financial management

“We must immediately redouble our efforts to ensure that we are doing all we can to stop these harmful incidents,” Ramsey said.

The CPA firm will be asked to:

• Review financial controls for all departments and schools on the Health Sciences Campus and the new faculty practice plan
• Review all internal audits performed since 2007 to ensure recommendations have been implemented
• Recommend whether UofL needs more frequent and unannounced audits
• Review personnel qualifications and training of employees with financial management responsibilities
• Identify and review all bank accounts not authorized by the Board of Trustees
• Survey banks within a 50-mile radius to ensure no unauthorized accounts exist in the name of UofL or related entities

In another move aimed at improving the accountability and efficiency of UofL’s financial management, the university will move toward consolidating its core administrative services such as accounting, human resources and information technology. 

The consolidation is one of the preliminary recommendations suggested by a team of faculty, staff, students, trustees and community leaders who are working on the University of the 21st Century Initiative, an effort to position UofL as a higher education leader in coming decades. At its July retreat, the Board of Trustees reviewed the group’s consolidation recommendation and agreed with Ramsey’s call today to act immediately.

“While our written policies and procedures may be sound, we need to reduce the number of places where human or systemic breakdowns might occur,” Ramsey said.  “A more centralized approach should provide more efficient accountability for the resources that taxpayers, students, parents and donors entrust with us.”