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Update: ORU promised $70 million
 
By STAFF REPORTS
Published: 11/27/2007  6:30 PM
Last Modified: 11/28/2007  9:21 AM



The latest on this story: An angel for ORU


Oral Roberts University has been promised $70 million by Mart Green, whose family started the Hobby Lobby and Mardel Christian Educational and Supply chain.

The gift comes with strings attached however.

Green said ORU will recieve $8 million immediately to meet pressing financial needs.

The remainder will come after a 90-day review of ORU's practices.

Green said that ORU must demonstrate ``good governance'' before the remaining $62 million will be given.

Meanwhile, the ORU regents have voted to separate the school from the Oral Roberts Evangelistic Association.

''This has truly been a great day for Oral Roberts University,'' said George Pearsons, chairman of the ORU board of regents.

During a two-day meeting that concluded Tuesday, the regents also accepted the resignation of Richard Roberts and decided to start a presidential search process that could last several months, Pearsons said.

''It was truly an amazing time,'' Pearsons said. ''Personally, I feel uplifted by all that has happened here.''

Pearsons said the regents voted unanimously to separate the school and the evangelistic association financially and legally.

The school and the association will continue to have a ''spiritual'' connection, he said.

Pearsons promised that faculty, staff, student, and alumni would be involved in the presidential search process.

By STAFF REPORTS

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Report Comment
wow, (11/27/2007 6:38:32 PM)
Thank the Lord!
Report Comment
longtimewatcher, (11/27/2007 6:40:36 PM)
This is a good start to rebuilding ORU. I think a few more steps to safeguard ORU from those who have brought it so low, and the alumni will feel safe in giving. And, we will love to do so.
Report Comment
Appreciative Alum, (11/27/2007 6:41:20 PM)
Stephen Mansfield for president.
Report Comment
curious georgette, (11/27/2007 6:41:44 PM)
What kind of input does a spiritual regent have? And will RR need to move from the compound?
Report Comment
longtimewatcher, (11/27/2007 6:42:56 PM)
not Stephen

How about Mark Rutland?

Report Comment
Frost, Cleveland, OH (11/27/2007 6:44:12 PM)
yay!
Report Comment
74, (11/27/2007 6:47:15 PM)
Carl, where are you? Can't wait for your take, and you won't even know the WHOLE story when you give your outstanding comments.
Report Comment
escott, Hooville,VA (11/27/2007 6:48:22 PM)
I beileve in miracles again. So forget that chapel talk before Turkey Day, and thank heavens we (alumni) didn't "shut our mouths," we've had a genuine revolution in ye ole Tulsa.
Report Comment
Alumnus, Tulsa (11/27/2007 6:49:06 PM)
This is EXACTLY what needed to happen. Kudos to the BOR. Now, continue to carry out this mission...
Report Comment
Smilin ORU grad, (11/27/2007 6:53:51 PM)
This is a very good day to be a grad of ORU! I love that the faculty will finally have a voice. They are the gems of the university.
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Comment, (11/27/2007 6:58:32 PM)
And it took this bunch of losers 2 days to decide this??????? Give me a break. That can be decided in 2 minutes. Now where's the REAL story that's been going on these past 2 days? Where's the preliminary audit report? Did they talk to the auditors and, if so, what's are they finding? Come on, BOR's, tell us the ENTIRE story of these past 2 days because it will be LONG time before this bunch of losers meet again.
Report Comment
Q, (11/27/2007 7:00:31 PM)
This is a good start. I am excited about the future of ORU now. I really wish they could begin to change the architecture though. I've always liked the old brick-style buildings for universities. But, overall, I really think this will re-ignite the vision of ORU being God's universtiy and help increase enrollment, and quality of education, in the long-term by separating from the ministry.
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Comment, (11/27/2007 7:02:26 PM)
Oh, I forgot. This bunch of losers were probably sitting around these past 2 days talking about how THEY can beat their own wraps w/Grassley. After all, they were all located under one roof and it was perfect time to plan strategy.
Report Comment
ORU alum from Detroit, (11/27/2007 7:03:56 PM)
This is a very good start...I have renewed hope.

and to #11--get your panties (or briefs) out of a knot!! Give them time, aight?

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escott, Hooville,VA (11/27/2007 7:04:12 PM)
Somebody tell us more about Mark Green? I like his strategy -- part of the money now - the bulk of it AFTER ORU does the audit and divorces (pun intended) itself from ORM

Oh the ironies.

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ORU Alum '07 -- SG, (11/27/2007 7:04:28 PM)
Hallelujah, thank you Jesus!

I am very happy with the BoR's decisions today, especially the one to separate the two entities. ORU NEEDS to be separate from OREA because of the inbreeding problems between the two organizations that have become troublesome--as we've seen recently. With the two separate and a new, academically-qualified president, hopefully ORU will begin to grow again after being stymied for far too long.

I know that Rhae Buckley has been a huge supporter of the Alum's in their cries for the school to be more transparent with how they use our money. I remember telling one professor that I wasn't going to give a DIME to ORU unless these glaring integrity issues were addressed. This is a great day for all ORU students and alum's.

Billy Joe will do well for us in the meantime, and I am proud of the faculty's commitment to bring in a leader who is well qualified for the job. Some might argue that the BoR are still a product of inbreeding, but I posit that ORU is a Christian school and should have some ministers on the BoR's; they have already proven that they can think independently of RR and the Roberts' family with today's momentous announcement.

Pearson's stated that the school would continue to have a "spiritual" connection, and the BoR have demonstrated that they are not going to allow this connection to adversely influence their decisions. In addition to the most prominent ministers, there are also 23 business regents who serve on the BoR. ORU is in better hands now that it has been in the past 14 years since RR took office. (Some might respond it is better than it ever was. I haven't been around that long to be able to say from first hand experience, but you argue the point if you want--that's your prerogative.)

I have followed this debacle closely over the past two months, and I still have friends at ORU--some of who are professors. As a result, I have a mix between inside and outside perspectives and this is the best development I have seen in this case. I must admit, however, that I am interested in reading the audit for purely selfish purposes, since it serves me no benefit--nor is it any of my business--to read of all the details of RR's alleged misdeeds.

Let us pray for ORU as they continue their voyage to stability, especially for Billy Joe and the team of administrators at ORU. God bless you all.

Report Comment
Laughs last, (11/27/2007 7:06:39 PM)
Let the healing begin! The 70 million will clear the debt, which had to have been at least a $2.5 million per year interest expense alone, plus allow for renovation and updating of facilities. Perhaps this will allow the Student Center to finally be built? Then the income from endowment can be added to CitiPlex revenue (if it is aggressively marketed and managed well) to secure the financial future of the university. I sincerely hope Oral will have more than a "showpiece" role in this transition. His lifetime of labor deserves that respect. Legal and financial separation should not mean complete divorce because the founding mission of ORU is tied to evangelistic charismatic ministry.
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br, tulsa (11/27/2007 7:08:28 PM)
hey number 11- have you ever been in a lawsuit? lawyers will always advise you to say nothing until the trial starts. please get a life
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Still No Opinion, Tulsa (11/27/2007 7:08:46 PM)
104. 11/27/2007 6:39:39 PM, John, Tulsa

JOHN I THINK YOU ARE RIGHT...THE REAL TRAGEDY HAS JUST BEGUN.

Do not think the accusers are going to get what they want and a vision and call from God has just been thwarted.

VERY SAD DAY!

Report Comment
Mike J, Denver (11/27/2007 7:09:35 PM)
Does this mean the begging on the TV show will stop?

What will they fill that 55 minutes of air time with? Not more unison-harmony songs I hope.

Report Comment
Comment, (11/27/2007 7:10:08 PM)
WHOA. $70M w/strings attached? Tells me that this Hobby Lobby guy knows something about what that preliminary audit report says. THAT tells me pretty much all anybody needs to know about how RR has been running that scam. And I wouldn't be surprised to learn down the road that Mart Green was the one who forced RR's hand in his resignation. If so, good for him.
Report Comment
ORU alum from Detroit, (11/27/2007 7:10:13 PM)
amen to # 16 and 17!!
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Machiavelli, Houston (11/27/2007 7:10:31 PM)
This sounds like good news. Where is Oral Roberts to object vocally and legally? If the bylaws say OREA is the parent of ORU, can the Board of Regents of the University really make this call?

The money part sounds very promising. Did the donor require a separation? I t sounds like he just wants good fiscal responsibility.

Time will tell, I suppose.

Report Comment
Comment, (11/27/2007 7:11:19 PM)
#14 - SHut up and use your stupid head in this.
Report Comment
qqq, (11/27/2007 7:14:35 PM)
Wow, I hope this is as good as it first appears. Thank you Mart Green!!
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