UofL releases audit of Foundation

The University of Louisville Board of Trustees received the forensic audit of the UofL Foundation on Thursday, June 8. The Board of Trustees will discuss the forensic investigation more fully at its meeting scheduled for June 15. The complete audit report is available at http://louisville.edu/president/financial-audit (alternate link).

UofL officials provided the following statements about the audit:

J. David Grissom, Chairman, UofL Board of Trustees

“Today the Board of Trustees received the forensic investigation of the UofL Foundation. That report has now been released to the public. We appreciate the hard work and dedication of Alvarez and Marsal in conducting a thorough investigation of the Foundation.

“We asked for the forensic investigation in order to help uncover any activities that may not have been in the best interest of the Foundation, the University or the many supporters of the University. The report paints a disturbing picture.

“Let me be perfectly clear: The activities highlighted in this forensic investigation happened under previous university leadership and under a previous Foundation board. The new leadership and new board have committed to open and honest action and communication, and we already have taken steps to review our policies and procedures.

“The Board has not yet determined what legal actions, if any, should be taken as a result of the forensic investigation conclusions. However, I would anticipate that the Board, after consulting with counsel, will, within the next couple of weeks, make that determination.

“As the Board of Trustees has just seen this report for the first time and because the forensic investigation speaks for itself, we will refrain from further comment until we have had sufficient time to digest its findings. We will discuss the forensic investigation more fully at our regular Board meeting on June 15.

Greg Postel, MD, President, University of Louisville

“As Mr. Grissom has stated, this audit reflects activity that happened under a previous administration and a previous Foundation board. This report should answer many questions about the past and close the door on a sad chapter in the university’s history.

“As I have said since I took this position in January, I am committed to being transparent and to operating above board. I also am committed -- and I think our recent actions confirm this -- to returning this university to solid financial footing. The steps we are currently taking will position us well for the future.

“I think it’s important to note that, while this audit and media coverage over the past months has been a distraction, it has not taken away from the outstanding education our students are getting at the University of Louisville. This is a tribute to those students and to the hard-working faculty and staff who have made sure all of us are keeping our focus on the students.

“Our students, faculty and staff are looking forward. I’m asking all our alumni, donors and friends to do the same. Let’s work together to continue our mission to make the University of Louisville the best metropolitan university in the United States.”

A video of these statements is available below: