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Oral Roberts University reportedly owes over $50 million

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Thursday, October 25, 2007

In the midst of accusations of wrongdoing, the Oral Roberts University (ORU) Board of Regents Chairman George Pearsons said the school owes over $55 million in debt. According to IRS records, ORU had about $76 million in revenue in 2005, and its operating budget for 2007-2008 was over $82 million. One former regent member said that the endowment approached $60 million at its peak, but a university spokesman said the current endowment exceeds $34 million.

In September Richard Roberts, who served as president since 1993, was accused of wrong-doing and stepped down temporarily last week. His father Oral Roberts returned to serve as a temporary president last week. On Monday night alumni, clergy from around the U.S., and the people fired held a rally at Morningstar Baptist Church asking for Richard to permantly resign. They say Robert's temporary leave of absence "isn't enough."

Sources

  • Oral Roberts University Lawsuit Collection — Tulsa World, October 2007
  • Oral Roberts Univ. 'struggling financially,' with more than $50M in debt, board chairman says — Associated Press, October 24, 2007
  • Regents chairman says ORU $55M in debt — Kalamazoo Gazette, October 24, 2007
  • Televangelism leads to insularity — Shelbyville Times-Gazette, October 24, 2007
  • Chairman Says ORU Over $50M in Debt — Washington Post, October 22, 2007


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Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

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Note that some listed sources or external links may no longer be available online due to age.

The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License
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