UL Foundation Officers in trouble with IRS?

[DSmith21]

It seems the UL Foundation was paying its members at an obscene rate. In Dr. Ramsey's case, 5 times more than then next highest person at any other university foundation in the country. Now the IRS may hit Ramsey and others with big penalties. Keep in mind that this is only the UL foundation and does not include compensation for their jobs at the University.

"That premium pay could subject all four to IRS sanctions under a federal law that allows the government to impose higher taxes on non-profit executives who receive "unreasonable” pay, as well as the managers who approve such compensation.

An overpaid executive is liable for a 25 percent tax on the excess benefit, and penalties can go to 200 percent of the excess amount if it isn’t corrected within a year....."

http://www.courier-journal.com/stor...ation-officers-highest-paid-nation/552372001/

 

[Cardsstink]

L1C4 (Louisville first, corruption 4evuh.)

 

[KeepingItReal74]

L1C4 (Louisville first, corruption 4evuh.)

The House of Tards.

 

[YouKay]

If Ramsey avoids jail for all of this it's a travesty. And Jurich should be right behind him. This is a scandal of epic proportions in higher Ed. Also the Foundation Board members that approved this obscene salary should all be sanctioned.

 

[Blueblood22]

 

[TM2013]

Lmfao @ UNC and UL.......complete dumpster fires

 

[Deli owl]

Big surprise in store. Nothing on their board about it. Hmmmm

 

[Mojocat]

If Ramsey avoids jail for all of this it's a travesty. And Jurich should be right behind him. This is a scandal of epic proportions in higher Ed. Also the Foundation Board members that approved this obscene salary should all be sanctioned.

It's amazing really. This community is so owned by UofL that administrators there felt free to treat it like their own little piggy bank. Even now, the complaints are at a minimum. As long as they're winning games, no one cares much. As I've said repeatedly, this is the kind of thing you'd expect in some small backwater town where the football program means (and controls) everything. Shouldn't be happening in a town of 1.3 million people.

 

[DrH. Lecter]

Yep. Lets hope that the IRS investigator goes in with a bad attitude and sticks it to them.
.

 

[Patrickwhelan]

If Ramsey avoids jail for all of this it's a travesty. And Jurich should be right behind him. This is a scandal of epic proportions in higher Ed. Also the Foundation Board members that approved this obscene salary should all be sanctioned.

X2

 

[Ugoff]

Time for another 60 minutes piece.

 

[KeepingItReal74]

Time for another 60 minutes piece.

Agree. Even Rooney would have a hit piece for this.

 

[55wildcat]

 

[BBUK]

This is SEISMIC!!!

 

[ORCAT]

WHAT??????? These sorts of things go on at a higher institute of learning such as UL? I'm astounded!!!!!

 

[UKrazycat2]

 

[BigBlueManSouthCentralKY]

How can Jurich still have his job? Board protecting him.

 

[KeepingItReal74]

How can Jurich still have his job? Board protecting him.

Goodfellas.

 

[wromanp7]

Yep. Lets hope that the IRS investigator goes in with a bad attitude and sticks it to them.
.

I'd lay a fitty for Katina to seal the deal.

 

[bigbluelou]

Short of death, there isn't much bad that could happen to that gaggle of dick blisters that would seem unreasonable.

 

[KeepingItReal74]

I'd lay a fitty for Katina to seal the deal.

Katina already provided shelter for the HEADS.

 

[canebreak]

I have the solution.....raise tuition. Expand stadiums. Build arenas.

 

[Cindog28]

Lol. Thank you for such an entertaining off-season UofL. Your fans' tears are delicious.

 

[Poetax]

Lmfao @ UNC and UL.......complete dumpster fires

Hopefully the NCAA will grow a set and put out their fires and take away their NCs.

 

[St.PatterSoN-54-]

 

[56gregory]

It seems the UL Foundation was paying its members at an obscene rate. In Dr. Ramsey's case, 5 times more than then next highest person at any other university foundation in the country. Now the IRS may hit Ramsey and others with big penalties. Keep in mind that this is only the UL foundation and does not include compensation for their jobs at the University.

"That premium pay could subject all four to IRS sanctions under a federal law that allows the government to impose higher taxes on non-profit executives who receive "unreasonable” pay, as well as the managers who approve such compensation.

An overpaid executive is liable for a 25 percent tax on the excess benefit, and penalties can go to 200 percent of the excess amount if it isn’t corrected within a year....."

http://www.courier-journal.com/stor...ation-officers-highest-paid-nation/552372001/

I said it when this came out, (you are paying someone millions of dollars not on w-2's or 1099's and a board of directors doesn't even know who is being paid what, without a forensic audit), sooner or later the IRS will come calling!