By Keith Sherman
UofL Foundation Interim COO/Executive Director
LOUISVILLE, KY (WAVE) - As we enter the new year, The University of Louisville Foundation starts with a clean slate.
After 884 consecutive days of audits and investigations, we wrapped up last year with a complete clean bill of health.
While you have no doubt heard of the governance problems uncovered at the Foundation, you might have missed the news about our improvements.
In fact, we have implemented 27 key reforms, to achieve a best practice operation, with an eye toward rebuilding donor and community confidence in the Foundation.
Every day is better than the last, and we continue to hear from stakeholders that they are pleased with the steps taken to clean up the Foundation. The years of bloated compensation, unilateral decisions, and unwise spending policies have come to an end.
We have a new board of directors, a new executive director and a new approach. We've replaced the old ways with established best practices, conservative fiscal management, and a spirit of transparency.
Further, we are pleased with a restoration of the Foundation's relationship with the University itself, which had been strained.
In December, the Foundation and University signed an Agreement that bolsters the Foundation's primary purpose – to support the academic mission of the University of Louisville, and to help attract the best and brightest students.
In 2018, I hope you recognize a new UofL Foundation. One that is responsible, transparent, reformed, and sustainable.
Thank you for listening. Truly, there has never been a better time to invest in the University of Louisville.