The University of Louisville on Wednesday released a highly-anticipated audit examining the school’s financial controls.
Strothman and Company, a Louisville-based firm that is known for working with large governmental organizations, made 17 recommendations for changes. The recommendations including:
- Improved financial oversight
- Standardization of the school’s financial policies
- Improved controls over payroll
- A review of several bank accounts to determine whether they should be closed
For months, the university has clung to the report, calling it a draft and refusing to release it to the public.
On Wednesday morning, Bill Meyer, a partner at Strothman, gave a 45-minute presentation to the board outlining the firm’s recommendations and the school’s response. In only one instance did the university disagree with a recommendation. It wasn’t that the university didn’t have policies in place, it was that they weren’t always followed or consistently applied, Meyer said.
U of L President James Ramsey said he wasn’t surprised by any of the recommendations in the report and that the university would work hard to implement them. He said there was no delay in making the report public.
“It was a comprehensive report,” he said. “It involved two different audit firms. … I really don’t think it took that long. Audits take a long time. They say they interviewed 100 people and sent out letters to banks. These things just take time.”
We’ll have more on this developing story later today.
This story was reported by Louisville Public Media’s Kentucky Center for Investigative Reporting.