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Some of the juiciest findings from the audit of the UofL Foundation

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:

“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:

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.

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.

Article written by Drew Franklin

I can recite every line from Forrest Gump, blindfolded. Follow me on Twitter: @DrewFranklinKSR

43 Comments for Some of the juiciest findings from the audit of the UofL Foundation



  1. Luether
    8:21 pm June 8, 2017 Permalink

    Almost as corrupt as the DNC…



    • allwayzneedit
      11:28 pm June 8, 2017 Permalink

      And this is relevant, why?



    • 4everblue
      7:43 am June 9, 2017 Permalink

      Apparently Luether thinks only one political party is corrupt…..what an idiot! And no it is not relevant in any way.



    • ukkatzfan
      1:50 pm June 11, 2017 Permalink

      Sure DNC means dumb-a$$ north carolina.



  2. Tej
    8:34 pm June 8, 2017 Permalink

    Mindless comment but not unexpected from Luther.

    The audit reveals a very disturbing situation that UL should be embarrassed by. Will there be no consequences?



    • BigBlueSkyDog
      8:59 pm June 8, 2017 Permalink

      Sorry Tej. Hillary bleach bit all her servers. Smashed BlackBerrys too. Got away with every bit of it. Of course, if you’d ever watch anything beside the left wing cheerleaders on MSNBC, you might be a little more informed.



    • Squall Leonhart
      11:10 pm June 8, 2017 Permalink

      I agree it is out of place, but the comparison is definitely spot on. Corruption, deleting evidence, etc.



    • 4everblue
      7:47 am June 9, 2017 Permalink

      Good thing the Bush’s and Obama were saints….if you republican cheerleaders would get your head out of each others’s asses maybe you’d realize ALL politicians are corrupt, paid criminals. Do some research on your own instead of believing everything in mainstream media.



    • Sparkacus
      11:34 am June 9, 2017 Permalink

      Where do you get your news?



  3. Mathlete
    8:48 pm June 8, 2017 Permalink

    Guess we know which super secret ratings Captain Suntan kept winning… The highly coveted U of Littlebrother administration demographic



  4. 502CodeRed
    9:03 pm June 8, 2017 Permalink

    Stay obsessed, Appalachia. Yawn…



    • TBW3011
      10:16 pm June 8, 2017 Permalink

      Keep not caring about your tax dollars and a corrupt state university ass clown.



    • Squall Leonhart
      11:12 pm June 8, 2017 Permalink

      Well, if you’ve been okay with everything that has been revealed over the last couple of years, I guess yet another report of massive corruption wouldn’t bother you, would it?



    • Bluebloodtoo
      11:52 am June 9, 2017 Permalink

      Caring that a nationally accredited institution is lying, cheating, and stealing from the general public to the tune of tens of millions of dollars is called being a responsible citizen. It’s not even close to obsession.



    • jaws2
      2:49 pm June 9, 2017 Permalink

      CodeRed you FINALLY decided to show up after we whipped your useless ass in football? Good to see you again.



  5. AdamN
    9:46 pm June 8, 2017 Permalink

    There is so much stupid in this comment section. I mean really. Tej is the only one here that isn’t retarded. The 502 guy coming to a U.K. sports site to tell us we are obsessed is a bit ironic. Every day it seems, I lose more and more faith in America. Ok, I’m done with my rant.



    • AdamN
      9:48 pm June 8, 2017 Permalink

      My bad Mathlete, forgot to include you in the non-dumb-ass group.



    • RealCatsFan
      10:39 pm June 8, 2017 Permalink

      Yep, pretty sad. Bunch of mouth breathing knuckle draggers around here.



    • Squall Leonhart
      11:14 pm June 8, 2017 Permalink

      So you all consider willful ignorance to be a sign of wisdom and intelligence? Good luck with that. Your endorsement of Mathlete’s nonsensical comments are beyond ridiculous.



    • AdamN
      12:18 am June 9, 2017 Permalink

      Never made any claim about my level of intelligence… you did. Never made any claim about endorsing Mathlete’s comment… you did. The amount of replies you wrote tells me you just want to argue. Thank you for proving my point.



    • Mathlete
      6:25 am June 9, 2017 Permalink

      @squall – comment*. Up until now there was just the one. Sorry to hurt your feelings by making fun of your BFF Captain Suntan, but his asinine claims of winning in ratings demos deserved a shout-out now that we know definitively that the ULF was paying for his show.



  6. shelby
    9:55 pm June 8, 2017 Permalink

    So if tom jurich’s son got nearly 1 million dollars for doing nothing; how does tom keep his job? Are we supposed to believe he didn’t know or wasn’t complicit?



  7. TBW3011
    10:12 pm June 8, 2017 Permalink

    This should be fun. Can’t wait to hear Matt talk about the hard drive being erased and suddenly thinking that’s an issue.



  8. JustDanceKatina
    10:38 pm June 8, 2017 Permalink

    Kentucky Revised Statutes
    KRS 524.100 Tampering with physical evidence.
    (1) A person is guilty of tampering with physical evidence when, believing that an
    official proceeding is pending or may be instituted, he:
    (a) Destroys, mutilates, conceals, removes or alters physical evidence which he
    believes is about to be produced or used in the official proceeding with intent
    to impair its verity or availability in the official proceeding; or
    (b) Fabricates any physical evidence with intent that it be introduced in the
    official proceeding or offers any physical evidence, knowing it to be
    fabricated or altered.
    (2) Tampering with physical evidence is a Class D felony



    • Squall Leonhart
      11:15 pm June 8, 2017 Permalink

      Ah, but was there “intent”?



    • BigBlueMeade
      2:00 am June 9, 2017 Permalink

      Hardest thing to prove legally is intent



    • BGLawdog
      7:48 am June 9, 2017 Permalink

      I believe that the only element of this crime that is at issue is whether the audit is considered an “official proceeding” under the statute. Intent can usually be proven simply by proving reckless disregard. I’m admittedly ignorant regarding the facts of this audit. Was the government (I.e. IRS) performing the audit? If so, this is tampering. If not, the statute is inapplicable.



    • Mathlete
      8:04 am June 9, 2017 Permalink

      @BGLawdog – it was the state auditor’s office (across multiple administrations), and highly publicized. There’s zero chance they can argue they didn’t know about it



  9. memphis wildcat
    12:05 am June 9, 2017 Permalink

    As i started reading this post, i seriously though it was one of tomlin’s satirical posts…then i realized it was real. Unbelievable



  10. Angelo
    1:35 am June 9, 2017 Permalink

    My start up-could use $3 million, whom do i call… Sad fact is that US Congress people use their campaign $ to hire their entire family… So if they don’t spend it on re-election ads, spend it on the family… Perfectly legal.
    P.S. i have degrees form UK and UL



    • 4everblue
      7:53 am June 9, 2017 Permalink

      It’s legal because the US Congress makes the laws, doesn’t mean it’s ethical…Congrats on your degrees however that matters….



  11. Angelo
    1:43 am June 9, 2017 Permalink

    Was it donor $ or taxpayer $? No politician could be dumb enough to use taxpayer $…



  12. WizardWCN
    5:57 am June 9, 2017 Permalink

    can we drop the politics. this is a sports blog. tons of stuff going on without getting into politics.



    • 4everblue
      7:55 am June 9, 2017 Permalink

      What a novel idea, totally agree….thanks Mr. Wizard



  13. WizardWCN
    8:28 am June 9, 2017 Permalink

    WDRB’s eric crawford has a good report on it. I call for an audit at UK just to make sure this kind of book keeping is not going on there. The most profitable athletic program in America had the foundation buying, and building their sports venues, and paying their former coaches, and their AD, and his son. talk about a house of cards. More heads need to roll.



  14. nicky
    8:48 am June 9, 2017 Permalink

    “ULF bought the Simpsonville golf course for the UofL Athletics Association” Another genius move as a turnaround expert was parked out at Card. Club for a year in an attempt to salvage that money pit



  15. the ghost of Bill Hicks
    9:22 am June 9, 2017 Permalink

    Profits from secret ticket sales went to rent strippers and ceiling cleaner.



  16. CPACAT
    11:00 am June 9, 2017 Permalink

    With this report providing evidence of a total lack of ethics at the top echelons of the university, the athletics department, and the foundation; the NCAA should seriously consider whether this “tone at the top” (as we auditors call it) creates a significant lack of institutional control over athletics in relation to “Strippergate”. Propping up athletic revenues with $1M in ticket purchases, then selling some of the tix with no trace of where the cash went… Maybe that funded “Coach Mike” who provided so much of the funding for Katina? Maybe Mark Jurich is “Coach Mike”? Who knows.

    UoL (oL) used the foundation, its endowment and it’s one-sided deal with the YUM Center to artificially inflate the revenues streams of its athletic department. This was done to make the university more appealing as it was presenting itself as potential member of a major conference (ACC). In a business, this would be Financial Statement FRAUD! The ACC should definitely be concerned, as they were misled on vitality of UoL (oL) athletics.



  17. Bluebloodtoo
    11:47 am June 9, 2017 Permalink

    so… Jurich did or did not have sexual relations with that woman?



  18. jaws2
    2:55 pm June 9, 2017 Permalink

    Another typical day at uOFsmell in loserville. It’s a cesspool. The ACC could give a sh*t less. Just look at UNC.



  19. Penn Chaloaf
    5:37 pm June 9, 2017 Permalink

    KSR: There is a flaw in the software in regards to the LIKE button.