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$100 Million University Foundation Scandal

Nor are less-prominent schools the only ones with those problems; nationally recognized universities get mired in foundation scandals too. The University of Louisville almost filed a lawsuit against its own foundation in 2017. It was at risk of losing its tax-exempt status after audits revealed gross negligence and fraud with unjustifiable expenses generated by President James Ramsey and other Louisville officials. Over $100 million in foundation expenses were deemed “unbudgeted or excessive spending,” which ultimately led to Ramsey’s firing. The foundation reached an agreement with the school to preserve its tax-exempt status and avoid a lawsuit. Read the article at:

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