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Greg Postel: Ahead of audit results, interim UofL president vows 'more transparency'

Updated: Jun. 7, 2017 at 5:14 PM EDT
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LOUISVILLE, KY (WAVE) - Interim UofL President Greg Postel sent a letter to faculty and staff Wednesday, a day ahead of the release of the audit of the UofL Foundation.

In the letter obtained by WAVE3.com, Postel wrote that he was looking forward to being able to "close the door on the previous chapter for both the University and the Foundation."

In his predecessor's final two years at UofL, President Dr. James Ramsey -- who also served as president of the UofL Foundation -- found himself embroiled in multiple scandals, including the sex case involving the school's high-profile basketball program. Ramsey's resignation last year was the first step in Gov. Matt Bevin's sweeping reorganizations of both the UofL Board of Trustees and the UofL Foundation.

Less than two months after the shakeup, Neville Pinto was named interim president, but in December, he announced he was taking the top post at the University of Cincinnati, opening the door for Postel.

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Postel wrote in Wednesday's letter that the Foundation has "taken many steps to improve its operation and to ensure more transparency in its activities." Some of those steps include:

+ Ending the deferred compensation plan for future UofL executives
+ Prohibiting the University president from serving as Foundation president
+ Complying with Kentucky's open records law and responding to open records requests in a timely manner
+ Updating the Foundation website with clear financial information
+ Establishing a line-item budget with actual expenses matching actual revenues
+ Implementing new policies regarding gift agreements to ensure donations are spent according to donors' wishes and unspent funds don't get mixed with endowment funds
+ Adopting new travel, entertainment and expense policies
+ Appointing 12 new ULF board members

Postel closed his letter by vowing to share the audit with the UofL community following Thursday's Board of Trustees meeting.

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