Monday, September 19, 2016

Under Ramsey, U of L endowment cratered - Andrew Wolfson, Courier-Journal

Under the leadership of University of Louisville Foundation President James Ramsey, the value of the university’s foundation – adjusted for inflation – dropped 19 percent, or $131 million, from 2006 through April this year. Experts say that decline raises questions about the endowment’s ability to serve the university in perpetuity – the goal of every endowment. The Courier-Journal’s review also found that Ramsey has repeatedly overstated the foundation's contribution to the university by falsely saying that it has given more money than the state in recent years. The newspaper also found that in a campuswide email in June that Ramsey omitted key information about the foundation's bond rating in a statement that former Securities and Exchange Committee staff lawyers say would be considered misleading if made by an officer at a public company.

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