University of Louisville Magazine

SUMMER 2017

The University of Louisville Alumni Magazine: for alumni, faculty, staff, students and anyone that is a UofL Cardinal fan.

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S U M M E R 2 0 1 7 U o f L M A G A Z I N E | 5 F R O M T H E P R E S I D E N T DEAR READERS, The start of this summer admittedly has been a very difficult period for UofL. Two significant issues that have caused con- cern and questions among the university and the community, the forensic audit of the UofL Foundation and the NCAA in- vestigation, were addressed in one hectic week. In the spirit of openness and transparency, I want to make sure you are aware of the university's stance on these issues and how we are look- ing toward a fresh start. On June 8, the Board of Trustees received the results of the audit. The report, which discovered improper financial activity that occurred under a previous administration and previous foundation board, answered many questions about the past and started to close the door on a sad chapter in the university's history. We are considering our next steps as a result of the findings, and we are committed to operating aboveboard and to returning this university and foundation to solid financial footing. On June 15, the NCAA Committee on Infractions released its ruling concerning the men's basketball program. The committee accepted our self-imposed penalties but levied additional severe penalties. The entire UofL community is saddened by what took place. It never should have happened, and that is why the school acted to severely penalize itself in 2016. However, the NCAA ruling, which included vacating victories, loss of additional scholarships, heavy fines and the coach's suspension, went beyond what we consider to be fair and reasonable. We are appealing all aspects of the penalties. Despite these challenges, I want to reassure all of you that our university has not foundered in our mission. First and foremost, we remain dedicated to our students and the education they receive at the university. That mis- sion has not changed and will not change. There have been some positive developments, including the fact that our Board of Trustees approved a 2017-18 budget that freezes tuition for students for the first time in 16 years. Despite financial challenges including a $48 million shortfall, the university presented a balanced budget that will provide stability to our financial situation. Our students, faculty and staff are looking forward. I'm asking all of you — our alumni, donors and friends — to do the same. As part of the Cardinals family, we all know the true character of the University of Louisville. We are focused on the future, and we will not waver in our goal to be the best metropolitan university in the nation. Gregory C. Postel, MD Interim President For more information on the audit and the NCAA report, see pg. 24. Inside the Oval

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