I got this letter in an email from the UofL Foundation:
Sultan,
Over the past two years, the University of Louisville and the University of Louisville Foundation have implemented sweeping changes in governance by prioritizing transparency and accountability. Today, we enter a new multi-year phase to achieve fiscal stability and growth. The Foundation has begun to restore academic accounts within the endowment that are underwater. These accounts provide prorated or in some cases no spending across campus.
The University of Louisville Foundation’s Board of Directors has unanimously agreed to invest $15 million into the Foundation’s Endowment, specifically making whole more than 90 underwater, state-funded “Bucks for Brains” accounts that required roughly $13 million to stabilize. The remaining $2 million has been spread evenly over the remaining underwater accounts, which are privately funded. State funded accounts do not receive pro-rated spending when they are underwater, where privately funded accounts do receive pro-rated spending in these situations.
The Foundation has recently refinanced outstanding debt on dormitory construction projects and identified other internal resources to make this $15 million investment possible.
Restoring the “Bucks for Brains” funding is important because it allows us to provide distributions from the state-funded accounts, which immediately creates as much as $4 million in additional annual funding that can be used to advance the University’s core mission: academics and research. None of this money will be spent on athletics.
As new leadership works diligently to rebuild trust, we want the community to know that UofL and the Foundation are working together and attacking the problem from every angle, including making strategic investments like this to ensure the best return on state and private donor investments.
While important work to restore trust in the Foundation remains, decisions like this move us closer to that goal. We hope that by highlighting these efforts it is clear to all Foundation donors and supporters that there has never been a better time to invest in the University of Louisville.
Sincerely,
Neeli Bendapudi
President
University of Louisville
Mr. W. Earl Reed, III
Chairmain of the Board
University of Louisville Foundation
University of Louisville
2301 S. 3rd St.
Louisville, KY
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Sultan,
Over the past two years, the University of Louisville and the University of Louisville Foundation have implemented sweeping changes in governance by prioritizing transparency and accountability. Today, we enter a new multi-year phase to achieve fiscal stability and growth. The Foundation has begun to restore academic accounts within the endowment that are underwater. These accounts provide prorated or in some cases no spending across campus.
The University of Louisville Foundation’s Board of Directors has unanimously agreed to invest $15 million into the Foundation’s Endowment, specifically making whole more than 90 underwater, state-funded “Bucks for Brains” accounts that required roughly $13 million to stabilize. The remaining $2 million has been spread evenly over the remaining underwater accounts, which are privately funded. State funded accounts do not receive pro-rated spending when they are underwater, where privately funded accounts do receive pro-rated spending in these situations.
The Foundation has recently refinanced outstanding debt on dormitory construction projects and identified other internal resources to make this $15 million investment possible.
Restoring the “Bucks for Brains” funding is important because it allows us to provide distributions from the state-funded accounts, which immediately creates as much as $4 million in additional annual funding that can be used to advance the University’s core mission: academics and research. None of this money will be spent on athletics.
As new leadership works diligently to rebuild trust, we want the community to know that UofL and the Foundation are working together and attacking the problem from every angle, including making strategic investments like this to ensure the best return on state and private donor investments.
While important work to restore trust in the Foundation remains, decisions like this move us closer to that goal. We hope that by highlighting these efforts it is clear to all Foundation donors and supporters that there has never been a better time to invest in the University of Louisville.
Sincerely,
Neeli Bendapudi
President
University of Louisville
Mr. W. Earl Reed, III
Chairmain of the Board
University of Louisville Foundation
University of Louisville
2301 S. 3rd St.
Louisville, KY
Update your email preferences
