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Grissom: Audit Of UofL Foundation Gives 'Disturbing Picture'

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The University of Louisville's board of trustees chairman says a new audit of the school's investment arm "paints a disturbing picture."

Board chairman J. David Grissom said Thursday that trustees haven't decided whether to take legal action as a result of the forensic audit of the UofL Foundation. Grissom predicted the trustees will make that decision in coming weeks, after consulting with legal counsel.

The school's trustees met behind closed doors for more than two hours Thursday to review the audit's findings. The board did not take any immediate action on the audit.

An accounting firm spent months reviewing the troubled foundation, which came under heightened scrutiny during the tenure of former UofL President James Ramsey.

UofL officials say the foundation has undergone big changes since Ramsey's departure.

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