… now features the comical board of trustee meetings that all schools going down the tube feature. The cronies want yet another big tuition increase so that they and the coaches can continue to live in the style to which they have become accustomed; a powerful faction of disgusted trustees wants them to stop doing this.
During the meeting, [one trustee] questioned how the university spends money, calling [the school president] and his administrative team “masters of financial obfuscation.”
The sharpest debate of the meeting was over a transaction [the president] approved last year in which the university loaned $38 million of its cash on hand to the University of Louisville Real Estate Foundation, a creation of the U of L Foundation, which [the president] also runs.
[Two trustees] questioned why the loan was not approved by the trustees and whether the money could be used to fund more pressing university priorities or to curtail tuition increases.
Jason Tomlinson, the foundation’s chief financial officer, told the board that the transaction is not a loan but a “receivable.” But U of L’s independent auditors called it a loan in the university’s annual financial statements…
[One of the trustees] blew up at Tomlinson, asking how he could tell the board the deal is not a loan when the document governing the transaction has a file name of “University Loan to FDN.docx.”
The U of Smell has gotten so comprehensively smelly (put Louisville in my search engine) that a strong faction of trustees now wants the school’s ridiculous president to leave. The president refuses to leave.
The stage is set; all the rest of us have to do is sit back and enjoy the show.
June 7th, 2016 at 12:12PM
Seems like the general student population is smarter than the people who run U of L….