AG’s Office Reviewing Whether U of L Foundation Broke Law

Jun 13, 2017

Credit J. Tyler Franklin

Kentucky Attorney General Andy Beshear says his office needs more information in determining whether criminal activity occurred at the University of Louisville Foundation.

Beshear told reporters Monday that an audit found “gross mismanagement” at the foundation — the nonprofit investment arm of the university. He said more information is needed to know if that mismanagement “crossed the line into criminal” activity.

Beshear said his office would have jurisdiction if state dollars were taken or nonprofit rules were violated.

The audit released last week focused on the foundation’s finances during the time when James Ramsey doubled as the university’s president and foundation president. Ramsey left both positions last year.

U of L board of trustees Chairman J. David Grissom said last week that trustees would confer with legal counsel in deciding their response.