Yesterday, word broke that not even the Jefferson County Attorney believes the University of Louisville Hospital (what is Mike trying to run for, anyway? he’s out there a lot lately) is in the dire financial state its leadership claims. Since we do nothing all day but foam at the mouth about bad investments and wasted money, our minds naturally got stuck on secretive University of Louisville Foundation investments.
While Burt Deutsch is rumored to run Foundation investments with an iron fist – and pushes secrecy further than ever before – little things like 990s can be a bit eye-opening. Click here (Warning: Massive PDF Link) to review one of the recent 990s for the Foundation.
We’ve been hitting the Kentucky Retirement Systems lately for investments on a percentage basis. Seems the UofL Foundation is at least twice as bad. Secret high fees in public-type funds? Check. And they’re the leading cause of kickbacks and corruption in most situations like this, it seems.
Dig into that 990 a bit. Hop down to page ten. They’re paying investment management fees totaling $5.7 million per year on $653 million in assets. They pay their investment consultant, Cambridge, twice as much as the KRS for about 1/20th the amount of assets.
Kentucky Retirement Systems
- KRS Assets: $14,777,000,000ish
- KRS Investment Fees: $57,327,000ish
- Amounts to roughly 0.0038%
University of Louisville Foundation
- ULF Assets: $653,000,000ish
- ULF Investment Fees: $5,700,000ish
- Amounts to roughly 0.0087%
No wonder so many people get up in arms when you try to poke holes through that gigantic veil of secrecy.
4 responses so far ↓
1 le gardien de but // Jan 12, 2012 at 5:20 pm
Again, some people belong in jail…
2 Novena // Jan 12, 2012 at 6:51 pm
“Good Comment, Le gardien”
Perhaps there will be a parade of Looaville tycoons joining Felner at the pen in Montgomery, AL. At least they will be able and willing to meet there–with nothing better to do. Not met since 2009? That is what we all call NON-ACCOUNTABILITY–the hallmark of the UofL Board as well.
3 CampusWitness // Jan 19, 2012 at 11:48 pm
Just Google U of L scandals and see how many pop up. Replay that news clip of Mark Hebert interviewing President Ramsey about the Felner scandal and how more than 30 complaints were filed that were ignored (although in reality they were covered up). Watch his eyes and his squirming with each question asked of him. He acted like Hebert offended him with his questions. That interview portrays the typical pattern of lies, curruption
4 CampusWitness // Jan 20, 2012 at 12:12 am
Sent before finished — continued from above.
That interview portrays the entire mentality and lack of leadership at our University. The money and power has gone to their heads and the political webs would give Washington politicians a run for their money. Some point in time someone from the outside will conduct a real audit or do a story on University waste just brace yourself.
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