The findings from the forensic audit of the UofL foundation were released on Thursday and it’s worse than anyone probably imagined. From extreme overcompensation to extreme overspending and plenty of bad financial decisions in between, the foundation drained its endowment and now it’s all out there for the world to see.
The entire 132-page report is a pretty long read for one person with a busy life such as yours, so I gathered some of the juiciest findings for you here on Kentucky-Sports-Radio-dot-com…
UofL’s IT department erased and repurposed Dr. Ramsey’s hard drive before the audit.
I’m sure it’s purely coincidence that UofL’s IT department bleached Ramsey’s computer clean right before the firm stepped in to conduct the audit.
“Nothing to hide here, just one big ol’ coincidence that we destroyed the hard drive as you came to investigate it. Unfortunate timing I guess.” – UofL Foundation, probably [Source]
Tom Jurich’s son was paid almost $800K by the foundation.
Mark Jurich, the son of Tom Jurich, received $791,000 in compensation from the UofL foundation.
Fun fact: Mark Jurich did not work for the foundation.
The audit says UofL’s payroll processing listed him in the Department of the President, but the university’s staff directory lists him as Senior Associate Athletic Director for Development since 2008. [Source]
The foundation paid $300,000 for a radio show. And it wasn’t even a good one.
As we expected (and knew all along), the UofL foundation funded its own propaganda on the radio with a $300K/year deal for a show and advertising. Of course that show
is was Captain Suntan’s show and it was created to counter KSR. Good job, good effort. [Source]
Kathleen Smith, Ramsey’s former aide, wasn’t afraid to play dirty.
Smith’s name is found all throughout the audit’s findings and she seems like a gangster. For example, she once asked, “How can we move our LLCs into something more obscure that would be difficult to find?” [Source]
She was all about hiding the paper trails, too. Check out this last paragraph:
Here's another where she tries to keep an email secret with Senior Associate AD Kevin Miller (last paragraph) pic.twitter.com/Cw0THTDtfF
— William Joy (@WilliamWAVE3) June 8, 2017
“We are so close to receiving benefit for the risk that we have taken over the years,” she wrote. [Source]
The foundation spent more than $800,000 of its endowment on season football and basketball tickets.
Holy cow those must’ve been good seats. I hope the Office of the President really enjoyed wasting all those donations on tickets to see the Cards. [Source]
Oh wait… It turns out they then sold those tickets:
Ramsey's office sold football / basketball tickets but no one knows to whom, where $ went pic.twitter.com/4Z5rb2XesQ
— Chris Otts (@christopherotts) June 8, 2017
But to who? And where did the money go?
No one knows.
The foundation invested $9.9 million in high-risk startup companies.
Those companies are currently valued at less than $2 million. [Source]
The spending is really insane.
The foundation used some of its endowment to buy a golf course.
ULF bought the Simpsonville golf course for the UofL Athletics Association. [Source]
Dr. Ramsey, Smith and former provost Shirley Willihnganz got PAID.
Over a 7-year period, Ramsey, Smith and Willihnganz made out quite nicely: pic.twitter.com/EUFypNauwm
— Joe Sonka ðŸ˜ (@joesonka) June 8, 2017
Almost $4.4 million over seven years for Kathleen Smith; $6.8 million for Willihnganz; and Ramsey took home $12.4 million.
There is still much more in the findings. Much, much, much more.