LOUISVILLE, KY (WAVE) - The UofL Foundation is making changes after a scathing audit that uncovered unchecked spending, and a lack of accountability.
A new rule prohibits University Presidents from also serving as the Foundation President, that was the case with Jim Ramsey.
The Foundation has also set limits for spending, with transactions over a certain amount requiring board approval. They've also established a line item budget for the first time in the Foundation's history.
Any transactions with UofL Athetics must be kept at arm's length. All will require board approval, and must be fully documented.