University of Louisville Foundation busted for borrowing millions from school's endowment

University of Louisville Foundation busted for borrowing millions from school's endowment

Drew Franklinabout 5 years

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Article written by:Drew FranklinDrew Franklin

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uofl The University of Louisville's scandalous ways continue with news that the school's foundation has withdrawn up to $60 million from the endowment it manages and given that money to its own real estate holding company, which has paid extra salaries to some university administrators. WDRB broke the story Thursday morning after a four-month investigation and it includes way more details than I can summarize for you here. In short, this is the shady business that went down: "For nearly nine years, the foundation has allowed its sub-organization called University Holdings Inc. to borrow from the endowment through a low-interest 'line of credit' that has few limitations or controls, according to a four-month WDRB News investigation." [WDRB] James "Bologna Head" Ramsey's hands are all dirtied up in the middle of the scandal. One instance was brought to light earlier this year, when it was reported Ramsey lent university cash to the UHI sub-organization to pay its debts to the university endowment. Of course, he was unavailable for comment for the WDRB's story. Read a whole lot more in the entire report here, including how the foundation is charging WDRB to produce its own financial records. That's funny enough in itself -- that the foundation cannot provide its records "with a push of a button" and the records must be "created manually." (Shouldn't those have been kept all along?) Meanwhile, Lamar Jackson is still on the cover of Sports Illustrated. Cards.

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