The report, compiled by Louisville-based Strothman and Company at the behest of UofL President James Ramsey, requires full board approval before adoption and is expected to come before the board at its meeting July 10.
Ramsey requested the review last fall after learning about allegations of employee theft and misuse of funds.
The 15-page report included 17 broad recommendations that include standardizing financial controls, creating a Chief Financial Officer position, increased vendor scrutiny and expanded employee training programs. The full report is available here.
UofL’s administration agreed with 16 of the 17 recommendations, many of which already are being addressed. The lone disagreement was over a recommendation about control of procurement cards. Ramsey noted that UofL already has adequate procurement card controls in place.
Ramsey and trustees Chair Bob Hughes said they were pleased with the recommendations and look forward to their implementation over the next year. Both also stressed the importance of the audit in preventing future abuse and in reassuring the public that UofL is serious about its stewardship of public funds.
Our processes in the past needed to be strengthened, no question, Ramsey said. If someone breaks the law, we’re going to prosecute.
In other business, Ramsey gave the UofL Board of Trustees Compensation Committee an update on his annual goals for 2013-2014 and the university’s long-term strategy.
Under Ramsey’s leadership, the university achieved nine of 12 major goals in the past year, with two others still pending. Major accomplishments from the past year include the culmination of a $1 billion capital campaign; improved facilities such as the student recreation center and Ekstrom Library renovation; a streamlined structure on the Health Sciences Campus and continued growth in alternative revenue sources as a way to offset state budget cuts.
He also presented preliminary goals for 2014-15. The board will discuss those recommendations with the president at its retreat July 10 then set formal goals at its September meeting.