The University of Louisville Foundation killed a deferred compensation program that provided about $20 million to a small group of administrators, weeks after its lawyer said the program was structured to conceal it from foundation employees.
Former University of Louisville President James Ramsey and about a dozen other university officials received compensation under the program. Those who are currently vested in the program will receive money that was promised to them, but any remaining funds will not be disbursed, according to Louisville Business First. Six university employees will be affected by the decision, which was announced Tuesday.
Earlier this month, the longtime attorney for the University of Louisville Foundation told the foundation’s board that the organization had created two limited liability companies to administer deferred compensation awards for “obfuscation purposes,” according to WDRB. He later said he regretted using the word “obfuscation” and said the intention was to keep a group of people who work at the foundation from accessing records, not to conceal the compensation from the public.