Two Louisville-based foundations have each committed $1 million to cover most of the cost of a forensic audit of the University of Louisville Foundation.
The Courier-Journal reports that the James Graham Brown Foundation and the C.E. and S. Foundation have fulfilled their pledges made nearly a year ago to help offset the cost of the audit, which has reached $2.2 million.
The auditors reported in June that UofL Foundation officials had mismanaged funds and paid themselves excessive compensation. The foundation serves as UofL's investment arm.
UofL Board of Trustees Chairman J. David Grissom said Tuesday the goal of the audit was to restore confidence in the UofL Foundation among donors. He says the financial support from the two foundations has helped officials take a "giant step" toward that goal.
