We’ve been hitting the Kentucky Retirement Systems lately for investments on a percentage basis. Seems the UofL Foundation is at least twice as bad. Secret high fees in public-type funds? Check. And they’re the leading cause of kickbacks and corruption in most situations like this, it seems.
Dig into that 990 a bit. Hop down to page ten. They’re paying investment management fees totaling $5.7 million per year on $653 million in assets. They pay their investment consultant, Cambridge, twice as much as the KRS for about 1/20th the amount of assets.
It was interesting stuff. Extremely high for a fund that size, though not the highest.
What’s even more interesting: if you take a look at the 990 for the following year, the UofL Foundation reported $0 in investment management fees:
CLICK FOR PDF
After the $5.7 million figure we reported for the year prior.
Like a summer rainstorm, a downpour of activity is about to flood the banks of the Ohio River. [WDRB]
Because Louisville always needs to pay more taxes, right? Louisville Mayor Greg Fischer said Monday he will support the creation of a tax-increment financing district for a new University of Louisville research park in eastern Jefferson County. [C-J/AKN]
A Louisville man has been arrested after police say he was drunk and approaching children at a local swim club. Witnesses say Koven was also trying to pass out American flags to people and got aggressive if they said no. [WHAS11]
Today at 5:00, Papaw and Jerry will be downtown to participate in the Ohio River Bridges Debacle groundbreaking. [Press Release]
Shelbyville police have identified the body of a juvenile found in a creek Monday morning. Police say the body is that of a 15-year-old girl. [WLKY]
Jefferson County Attorney Mike O’Connell is rejecting a private ethics sanction from the Kentucky Bar Association. As a result he is facing harsher penalties and increased scrutiny from critics, who are openly recruiting former Commonwealth’s Attorney Dave Stengel to run against O’Connell next year. Translation: the good old boy network doesn’t like what he’s doing. That’s why people like Benham Sims are foaming at the mouth. [WFPL]
A hydrochloric acid leak continued to flow Sunday night. The leak came from a 500,000 gallon tank at Dupont Fluroproducts. [WAVE3]
A Lexington internal medicine and infectious disease specialist will head the American Medical Association. [Business First]
Most adults in developed countries favor gay marriage or some type of legal recognition for same-sex couples and think they should be able to adopt children, according to an international poll released on Tuesday. [Reuters]
If you watched Friday’s Comment on Kentucky, you didn’t learn anything about the special election in the 56th State House District. [Page One]
Looks like Jeffersonville is getting tired of its current crazy mayor. City Councilman Dennis Julius said Monday he will run for mayor of Jeffersonville in 2015. [News & Tribune]
A Kentucky judge is weighing whether a same-sex couple qualifies for the privilege of not testifying against a spouse in a slaying case in Louisville. [H-L]
A chance to taste great bourbon helped raise money for abused children. Bourbon by the Bridge offered premiere bourbon tasting, a jazz band and hors d’oeuvres. [WDRB]
When it comes to helping nature adapt to climate change, biologists say it’s all about resilience, or the ability of plants, animals or ecological systems to bounce back after disturbances. [C-J/AKN]
Changes are coming to the Lyndon Fire Protection District and it will have a huge impact on how long firefighters take to respond to emergencies. Beginning July 1, staff reductions will take place and it has sparked serious concerns from residents in Lyndon. [WHAS11]
Real life has been hard for Deric Lostutter. But with public attention focused on the shadowy worlds of government surveillance and online vigilantism, the tattooed rapper and computer geek from Winchester has become an unlikely celebrity. [H-L]
Anxious residents were still awaiting answers more than a month after four people were found dead in an Indiana home. [WLKY]
For years, Jefferson County Public Schools has tried a host of measures to turn around its lowest-performing schools and students — with limited success. [C-J/AKN]
Several years ago, if you spent the day in downtown New Albany, you wouldn’t have much to do. Store fronts were empty and there were only a few restaurants. [WAVE3]
Preservation Louisville is repairing a second shotgun house as part of its ongoing project called Save Our Shotguns, which looks to restore some of the thousands of shotgun homes that exist in Louisville. [WFPL]
A private jet that had former President George W. Bush on board made an emergency landing Saturday night. The Federal Aviation Administration said Sunday that the jet was flying from Philadelphia to Dallas, where Bush lives. The FAA said the plane was diverted to Louisville, Ky., after the smell of smoke was reported in the cockpit. No one was hurt. [HuffPo]
Junior Bridgeman, chairman and CEO of Bridgeman Foods Inc., reminisced this morning about the days of dining at the old Blue Boar Cafeterias, which originated in Louisville in the 1930s. [Business First]
Hoo boy, the Kentucky Democratic Republican Party and the Republican Party of Kentucky are really showing their rear end this week. [Page One]
Sales from the initial phase of the Neighborhood Stabilization Project yielded about $954,000 for continued improvements to housing stock in New Albany. [News & Tribune]
Four young men were still in the hospital Wednesday — one in critical condition — after the small plane they were in crashed at the Seneca Golf Course Tuesday night. A family member told WDRB that one of the victims was warned ahead of time not to go up in the air, and that the pilot was inexperienced. [WDRB]
Gannett, best known as the newspaper publisher behind USA Today, is making a big bet on TV: It is paying $1.5 billion, and taking on $715 million in debt, to acquire local station owner Belo Corp. What that means for Louisville: not much. Maybe worse station management. But not much. [All Things D]
The Kentucky State Fair Board released a report today on the structural stability of Cardinal Stadium. It’s recommended that the outer perimeter of the stadium’s grandstand area be roped off by at least 15 feet in the event of falling brick or concrete. [WHAS11]
Seven Counties Services has announced it will extend health insurance to same-sex domestic partners for its employees. Bring on the plethora of mouth-breathers losing their minds. [WFPL]
The University of Kentucky and GE Appliances are teaming up to collaborate on research projects that will bring new innovations in the field of major appliances. [WAVE3]
Filmmaker waited 18 years to release documentary about Gatewood Galbraith. Growing up in Louisville’s Bingham family, Chris Iovenko was always interested in politics and was plugged in to the Kentucky Democratic Party. [H-L]
The owners of a bar spent the night cleaning up a mess after a vehicle ran into the building. [WLKY]
Two organizations dedicated to improving downtown have signed a management agreement that brings them together as the Louisville Downtown Partnership. [C-J/AKN]
The Ohio River Bridges Debacle is all a bunch of puppies and rainbows funtimes for the local business paper. [Here, Here & Here]
The low bid for the construction of Big Four Station came in on target Wednesday morning. Louisville-based Wycliffe Enterprises Inc. was the low bidder of the four proposals opened Wednesday. The base bid totaled $4.2 million with an alternate bid for a fiber-optic enclosure that totaled $35,000. [News & Tribune]
If you missed it, Steve Beshear went to Canada and lied about solving Kentucky’s pension crisis. [Page One]
Harper Polling spent a couple days in Kentucky with a new survey showing huge support for immigration reform. The poll was conducted by a group on the left, one on the right and one in the center: the Partnership for a New American Economy, Alliance for Citizenship and Republicans for Immigration Reform.
63% said they strongly or somewhat support bipartisan immigration reform legislation being debated in Washington;
73% said they strongly or somewhat support a bill that includes a tough but fair path to citizenship;
61% of those polled are more likely to vote for an elected official who supports comprehensive immigration reform that includes a path to citizenship.
88% of those polled said it was very or somewhat important that the U.S. fix its immigration system this year.
Of those polled, 41% identified as Republicans, 50% as Democrats, and 9% as Independents.
An interesting quote from a release included with the poll:
“The future of Kentucky agriculture is extremely bright but will be significantly jeopardized without an accessible, affordable, and dependable labor supply, which hinges critically on successful immigration reform,” said Will Snell, Co-Director of the Kentucky Agriculture Leadership Program and an Agricultural Economist at the University of Kentucky.
If you want to take a look at the poll, click here (Warning: PDF Link).
A man was fighting for his life Wednesday morning after police say he assaulted two women in a south Louisville house. [WDRB]
This may be the dumbest waste of taxpayer dollars in the history of St. Matthews. The St. Matthews City Council is debating whether images of cars added to the windows of the MINI Cooper dealership on Shelbyyille Road are illegal signs. [C-J/AKN]
The man convicted of killing James Carroll in June of 2009 was back in a court room Wednesday morning for formal sentencing. [WHAS11]
A Franklin Circuit judge will rule soon on a motion by environmental groups to vacate an agreement between the Cabinet for Energy and Environment and Frasure Creek Mining to settle Clean Water Act violations by the financially strapped company. [Ronnie Ellis]
A 57-year-old Louisville man charged with the murder of his stepdaughter faced a judge Wednesday morning. [WLKY]
The Southern Baptist Convention approved a resolution Wednesday expressing its opposition to and disappointment in the Boy Scouts of America’s new policy allowing gay Scouts. Al Mohler and crew are obsessed with the gays. [H-L]
An investigation into possible threats against Bardstown police officers is now in the hands of the FBI. [WAVE3]
Of course Mike Moore wants to use Jeffersonville city property to allow a private developer to get rich. Because he clearly has less common sense than god gave a chicken. [C-J/AKN]
Kentucky education commissioner Terry Holliday drew headlines in February when he blasted Jefferson County’s low-performing schools for failure to improve, a situation he described as “academic genocide.” [Business First]
With nothing else to worry about, Congress cuts the food stamp budget. Hey, remember when the economy went to hell and one in ten workers were out of a job and millions of Americans lost their homes? [Wonkette]
The Kentucky Athletic Hall of Fame will induct seven new members [today]. They include three-time Kentucky Derby winning jockey Calvin Borel, former University of Louisville basketball star Pervis Ellison and tennis champion Julie Ditty. [WFPL]
The Charlestown Police Department is seeking any information on the whereabouts of 17-year-old Gwen Nichole Rubio who was last seen almost three days ago. [News & Tribune]
From this WFPL story about the Jefferson County Public Schools pension disaster:
In CERS alone, Hardin says the cost could range between $200 million to $500 million and the KTRS may be over $1 billion, she said Tuesday. As of this week, it’s unknown what percent of the unfunded liability JCPS and other school districts will have to begin paying off, but the state is trying to correct its reputation as having one of the worst pension systems nationwide.
Another major issue is leakage from the KTRS.
JCPS is the largest entity in CERS and KTRS, mind you. In KTRS, it’s by far the largest. The next tier includes Lexington-Fayette County Schools, the regional universities but not everyone at UK and UofL. Regional schools have teachers in KTRS but staff – instead of being in CERS like JCPS – are in the 27%-funded KERS.
EKU, as we’ve reported on Page One, is already playing games by cutting full-time staffers in the KERS. They’ve also cut their pension payments because those are based on active employees. That effectively shifts liability back to the state.
When schools make an effort to trim full-time teachers and replace them with part-timers in KTRS, that lowers payments to KTRS and shifts liability to JCPS and others. Those actions cut cash flow and accelerate the death spiral we’re seeing now.
And on a related note, get a load of this. Some crazy Pew lady says Louisville’s pension is in great shape. Mind you, Pew accept $6 million from the Arnold Foundation (Enron). And Greg Fischer accepted a grant from Arnold.
Seem disjointed? That’s because it is. We follow this several times per week on P1, so feel free to dig more there.
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