A University of Louisville (Ky.) Foundation trustee has requested an independent audit of the foundation and university over staff compensation and governance concerns.
“I have for some time been troubled by the lack of information that the board of trustees receives from the administration and chairman of the board. Various events — too numerous to list — have led me to be concerned about fulfilling my fiduciary and statutory responsibilities as a board member,” Trustee Steve Wilson said in a Wednesday letter to Adam Edelen, state auditor of public accounts.
Mr. Wilson added that trustees have been “unaware of certain compensation arrangements from the foundation to certain university administration members” that “should have been provided … in order for us to meet our fiduciary and statutory responsibilities.” Further details were not disclosed.
Mr. Wilson was not immediately available to comment on his letter.
Stephenie Hoeslscher, a spokeswoman for Mr. Edelen, said in an e-mail, “We are having internal discussions and are reviewing the matter.” An audit has not been launched.
The foundation manages the school’s roughly $1.1 billion endowment but operates independently of the university.
University president James Ramsey also serves as president of the foundation and is a member of its board of directors.
The majority of the 15-member board of directors, however, “are not members of the board of trustees or officers or employees of the university,” according to a statement on the foundation’s website.
A university spokesman referred questions to foundation officials. The foundation’s attorney could not be reached for comment by press time.