The 10-member committee met four days after Adams reimbursed the foundation $10,000 for a commencement reception he threw at his university home in 2002 when his son David graduated from law school.
The review was initiated by a small group of trustees in July, a month after Adams announced he would not extend athletics director Vince Dooley's contract, to much criticism. The trustees denied the review was connected with the Dooley decision.
The findings of a review of the foundation's records were presented to the committee during a closed-door meeting, said Jack Rooker, chairman of the foundation's board of trustees. They did not make a decision on the findings. The next meeting is Oct. 24.
Among the issues under review are the use of a chartered plane by Adams' office to carry university of Georgia administrators to the inauguration of President Bush and Adams' role in the university's agreement to purchase land for a study-abroad program in Costa Rica.
Adams has denied he misused the $10,000, but said in a letter to Jack Rooker, chairman of the foundation board, that he wanted to "avoid any appearance of impropriety with regard to use of Foundation funds."
