LOUISVILLE, Ky. (AP) - The University of Louisville Foundation says it has placed its chief financial officer on paid leave, in a move revealed one day after the release of a blistering audit.
The foundation’s interim executive director, Keith Sherman, on Friday declined to discuss the action against Jason Tomlinson. Tomlinson has been a high-ranking official during a turbulent period for the University of Louisville’s investment arm.
The audit released Thursday said it found instances of the foundation overspending from the endowment. Auditors delved into details of a deferred compensation plan for administrators, and they were sharply critical of some foundation investments and spending decisions.
People were interested in these podcasts
UofL board of trustees Chairman J. David Grissom said the audit “paints a disturbing picture.”
Officials point to recent changes in the foundation’s governance and financial management.
Please read our comment policy before commenting.