Report details major issues at University of Louisville Foundation

A new report on operations at the University of Louisville Foundation describes in devastating detail a series of excessive spending practices, unbudgeted expenses, unapproved actions, high executive compensation and unrecorded endowment losses. The foundation’s Board of Directors in many cases did not approve foundation activities or were not aware of them, according to the 135-page report, which was produced by an independent investigating firm and released Thursday. Foundation...