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

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The University of Louisville’s scandalous ways continue with news that the school’s foundation has withdrawn up to $60 million from the endowment it manages and given that money to its own real estate holding company, which has paid extra salaries to some university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.

Article written by Drew Franklin

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

22 Comments for University of Louisville Foundation busted for borrowing millions from school’s endowment



  1. J-Dub421
    9:53 am September 22, 2016 Permalink

    The level of financial corruption that has occurred at U of L under Ramsey is unparallelled in the college world.



    • DelrayCat
      10:43 am September 22, 2016 Permalink

      But it also pales in comparison to the con man Donald Trump using “other people’s money” in his charitable foundation pay off fines/legal fees/campaign donations for his businesses, as well as, to buy paintings of himself for himself. All illegal. I know I know….Benghazi!



    • Sentient Third Eye
      10:48 am September 22, 2016 Permalink

      How does that compare to the Clinton Foundation, where sold access to the Secretary of State in return for charitable contributions, then over 90% of the “charitable contributions” went to “administrative costs” that included paying for pretty much anything Bill, Hillary or Chelsea decided to buy. Not saying Trump isn’t dirty. You don’t get Trump/Clinton levels of money by being good or honest. But Trump is small potatoes in the corruption department compared to the Clintons, who are arguably the two most corrupt individuals in US political history.



    • J-Dub421
      11:16 am September 22, 2016 Permalink

      This is about U of L and their corruption. Stay on topic.



    • J-Dub421
      11:21 am September 22, 2016 Permalink

      Also, I don’t know where you got your information Sentient, but it is patently false.

      https://www.charitywatch.org/ratings-and-metrics/bill-hillary-chelsea-clinton-foundation/478



    • RealCatsFan
      11:43 am September 22, 2016 Permalink

      They both suck – grow a set and vote for Johnson.



    • CATandMONKEY
      11:57 am September 22, 2016 Permalink

      A vote for Trump or Clinton is a vote for the status quo and a vote against the American citizen. But we are conditioned from birth to believe only the Democratic or Republican parties have the answers. Neither party appears anywhere in the Constitution. ☺

      UofL is most definitely corrupt.



    • Sentient Third Eye
      12:03 pm September 22, 2016 Permalink

      I was actually going to vote Johnson until he declared war on the tenets of his own party by coming out in favor of big-government entitlement programs. He’s not a libertarian at all; just another progressive.



    • ukgrad83
      12:44 pm September 22, 2016 Permalink


    • J-Dub421
      2:02 pm September 22, 2016 Permalink

      Ukgrad83, the New York Post is a tabloid.



    • ukgrad83
      2:51 pm September 22, 2016 Permalink

      Yes it is, but it’s the IRS information that is important. The Clinton’s are just bad eggs all the way around.

      http://thefederalist.com/2016/09/16/clinton-foundation-spent-6-percent-charitable-grants-2014/



    • J-Dub421
      3:22 pm September 22, 2016 Permalink

      And again you are wrong. Also The Federalist is a right-leaning publication and hardly unbiased.

      http://www.factcheck.org/2015/06/where-does-clinton-foundation-money-go/



  2. secrick
    10:06 am September 22, 2016 Permalink

    Is there another University as corrupt as U of L. How can any one be a fan.



  3. Sentient Third Eye
    10:15 am September 22, 2016 Permalink

    As the picture indicates, there’s a load of crap at Louisville, but why does none of it ever hit the fan? Let’s see someone connected to at least one of the Louisville’s scandals be actually punished. Let’s see crooked money-men serve jail time.



    • secrick
      10:21 am September 22, 2016 Permalink

      Some one was, just as Karen Sypher.



    • Bluebloodtoo
      11:25 am September 22, 2016 Permalink

      Sentient – Didn’t you get the memo? Wealth and jail time are inversely related, the more you have of one, the less you get of the other.



    • RealCatsFan
      11:45 am September 22, 2016 Permalink

      Yep Blueblood, it’s the Great American Way.



  4. UKBlue1982
    11:21 am September 22, 2016 Permalink

    Baloney Head was also the state budget director that diverted pension fund contributions to meet the annual budget, creating a shortfall in the fund from which the state has never recovered.

    http://www.kentucky.com/news/politics-government/article44563599.html

    L1Crooks4



  5. ukkatzfan
    2:10 pm September 22, 2016 Permalink

    I took my hat off the other day for Ramsey retiring and riding off into the sunset without hanging around til replaced or taking a big payout. Guess he was hightailing it out of town before he was hung by the hangman’s noose. Now that the truth is out. Hope he rots in jail.



  6. scorpiocard
    2:53 pm September 22, 2016 Permalink

    Looking more and more everyday like Ramsey (and some others) may end up in prison. Athletic rivalries aside, U of L is a state university, so this stuff is bad for the entire state.



  7. BluKudzu
    4:39 pm September 22, 2016 Permalink

    Did I call it or what? When Ramsey resigned wanting nothing to do so, I asked what did they have on him to make him do that? I knew he was dirty. It is going to get bigger too I think, unlrss some deals are made for testimony.