UofL Trustees, Foundation Settle Their Differences

University of Louisville trustees say they have resolved their differences with the foundation serving as the school's investment arm.

The problems stemmed from reports of mismanagement and excessive spending by the foundation. UofL's Board of Trustees chairman David Grissom talked Thursday of a renewed partnership between the university and its foundation.

And it averts legal action by the university against the foundation. But Grissom said UofL and the foundation haven't "closed the book" on possible litigation stemming from problems at the foundation.

Trustees voted to resolve their differences with the foundation following a lengthy session behind closed doors. They also formalized changes to foundation policies and procedures to increase transparency and oversight of foundation budgeting, expenditures and investments.

A forensic audit released in June shed light on the foundation's mismanagement.