LOUISVILLE, Ky. – Two prominent Louisville foundations have fulfilled earlier pledges to help offset the cost of the forensic investigation of the University of Louisville Foundation.
The James Graham Brown Foundation and C.E. and S. Foundation each have committed $1 million to cover most of the cost of the review. Both organizations requested an investigation of the foundation in September 2016 and offered to provide funding for the project.
“Our goal with this forensic investigation has been to restore the confidence of our donors in the UofL Foundation,” said J. David Grissom, chairman of the UofL Board of Trustees. “The James Graham Brown and C.E. and S. foundations have helped us take a giant step toward that goal with their substantial contributions. We appreciate their concern, their leadership and their financial support. We look forward to working with these two foundations, and we are committed to full transparency in satisfying the terms of these generous gifts.”
“The James Graham Brown Foundation is pleased with the continued progress of the University of Louisville Board of Trustees in re-engineering and revitalizing the governance, leadership and momentum of the university,” said Mason Rummel, the foundation’s president and CEO. “As we stated in our letter of September 2016, we welcome the opportunity to help offset the costs and expenses of the forensic investigation. It is our hope that a $1 million grant for this purpose will signal our support and appreciation of the hard work and commitment the university’s Board of Trustees has shown in the continued improvement of this important institution.”
“The University of Louisville is vital to our city and to the commonwealth of Kentucky,” said David Jones Sr., president of the C.E. and S. Foundation. “This forensic investigation is needed to restore the community’s faith in and support of the university and its foundation. Through this donation, the C.E. and S. Foundation hopes to ensure that the university can conclude its thorough investigation without creating a burden for Kentucky’s taxpayers.”
The forensic investigation, conducted by the firm Alvarez & Marsal, culminated in the June 8 release of a report that found mismanagement, overspending and excessive compensation at the foundation under previous leadership. UofL has spent nearly $2.2 million on the investigation, and significant reforms have been implemented.