University of Louisville Athletic Association

“University of louisville finance personnel and an outside firm prepared the return and a copy of the return was provided to all board members for review prior to filing.”

“If an item is presented to the board of directors (or any other policy board) for action, e.g., purchase of property, merging with another entity, buying services, etc., the board member will disclose his or her possible conflict of interest and must recuse himself or herself from voting. The board member also avoids participating in any decision or advocating for any decision of the board. In some circumstances, e.g., when the conflict of the board member places the board member in competition with the university, the board member will leave the board meeting during discussion or update on the action. Before any meeting of the various boards, an agenda is circulated to each member or director with descriptions of the action items. This allows sufficient time for any board member or director to alert the board about a potential conflict of interest. Past practice includes written disclosure by the board member outlining: (1) that a conflict of interest may exist; (2) the nature and extent of the conflict; and (3) the description and potential benefit, direct or indirect, to the member of the board. This information will be supplied to legal counsel and the entire board ahead of the meeting, and a copy of the information will be maintained in the board member's file.”

“The process for determining compensation of the organization's athletic director involved all of the following elements: - data gathering and analysis of compensation at comparably sized organizations along with benchmarking against other qualified officials in similarly situated positions; - review and approval by an independent personnel committee; - review and approval by the independent board of directors of the organization pursuant to feedback from the personnel committee; and - contemporaneous documentation of the compensation determination process by the personnel committee and the board of directors in each body's respective minutes.”

“The process for determining compensation of the organization's officers and other key employees involved all of the following elements: - data gathering and analysis of compensation at comparably sized organizations along with benchmarking against other qualified officials in similarly situated positions; - review and approval by the organization's athletic director and executive senior associate athletic director; and - contemporaneous documentation of the compensation determination process.”

“Copies of the organization's most recent forms 990 and 990-t are available upon request.”

“Copies of the organization's financial statements, articles of incorporation, and conflict of interest policy are available at www.louisville.edu or upon request.”

“Amounts reported on part vii and on schedule j include only compensation paid by the filing entity and its controlling parent, the university of louisville. The reported amounts do not include compensation paid by the university of louisville foundation, which is unrelated to the filing organization for form 990 reporting purposes.”

“Net change to prior period net assets resulting from adoption of gasb no. 65 "items previously reported as assets and liabilities" during the fiscal year. These changes resulted from the requirement in gasb 65 that debt issuance costs be recognized as an expense in the period incurred.”