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ORU moves to trim its debt
ALUMNI EXCITED
Ralph Fagin:
The interim president said 20 alumni on theEast Coast gave $1 million last weekend toward a newcampaign, while others say they are excited about ORU andalso intend to donate.
By APRIL MARCISZEWSKI World Staff Writer
Published:
2/14/2008 1:17 AM
Last Modified: 8/18/2008 11:50 AM
Complete Coverage:
Read the latest ORU stories, view the lawsuit and other documents and watch slide shows and video.
Trustees decide to spend about half of a $62 million gift to pay down the university's debt.
Oral Roberts University's new board of trustees has decided to spend about half of the $62 million donation from the Green family to pay off debt and about half to improve the university.
The board also has approved a new $25 million fundraising campaign.
The board's executive committee met last week but announced its decisions in a press release from ORU on Wednesday.
ORU will use $30 million of the donation -- including $7.5 million previously announced -- to pay down its $55 million debt. ORU had announced its debt as $52.5 million last fall, but part of the debt fluctuated based on ORU's income and its monetary needs, said spokesman Jeremy Burton.
This will leave ORU with $25 million in debt, according to the press release.
Trustees want to address that amount through the new fundraising campaign. For every dollar a do nor contributes to ORU projects -- such as scholarships, better employee pay, academic program upgrades and campus improvements -- the trustees
themselves have pledged to pay off a dollar of the debt, up to $25 million.
"Here's the beauty of this," said ORU Interim President Ralph Fagin. "A lot of times people don't like to give to the infrastructure (and) plumbing kind of stuff." So the board will pay down the debt while other donors "can give to items that will strengthen the university."
Twenty alumni on the East Coast gave $1 million last weekend toward the campaign, Fagin said; other alumni have told him of their excitement about ORU and their intentions to donate. Last weekend, 550 packed ORU's alumni homecoming banquet and pledged the most ever raised at the annual event -- more than $240,000, Fagin and Burton said.
Those anecdotes do not guarantee ORU will reach the $25 million goal, but "early signals are good," Fagin said.
The "Renewing the Vision" fundraising campaign is named in honor of ORU's "fresh start" and its plans to better implement founder Oral Roberts' original vision, he said.
In the past, "even though you had a lot of want-to, you didn't have a lot of can-do," he said.
Interest payments on ORU's long-standing debt have been a serious weight on the univer sity and a limit on its operations, he said.
Trustees set a goal for the fundraising campaign of getting 20,000 donors. ORU's campaign Web page proclaims, "You can play a part in securing the future of ORU." Besides financial gain, getting alumni involved with the university will help recruit students to the school that has undergone months of negative publicity, Fagin said.
The campaign will last through the end of the year.
ORU is planning a second fundraising campaign, to start in January or shortly thereafter, to last three or more years and to focus on ORU's long-term growth, he said.
Campus
improvements
:
The executive committee decided to use the remaining $32 million from the Green family for "campus renovations, technology upgrades, academic enhancement, financial aid for new and returning students, marketing and operations," the press release said.
About $10 million will go toward campus renovations, especially to dorms, Fagin said. The campus has up to $60 million in deferred maintenance.
About $1.5 million is targeted for scholarships, he said. Wireless Internet will be expanded on campus, and computers for student labs and for faculty will be upgraded.
Teams of trustees, administrators, faculty and staff are determining the details of how the money will be spent, Fagin said.
April Marciszewski 581-8475
april.marciszewski@tulsaworld.com
By APRIL MARCISZEWSKI World Staff Writer
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Report Comment
Truth
, Tulsa, Ok (2/14/2008 10:51:51 AM)
Cantees took her report to more than 1 old BOR a year before this hit the press. The BOR ignored Cantees. Now why would they do this?
Report Comment
Sarah R. Cooper
, Columbus, Ms (2/14/2008 10:52:36 AM)
I would like to hear something on lawsuits. Hope we don't have to face an ORU judge. Seems like Roberts' family have bought and paid for friend everywhere. Let justice be done. NO more funds from my family.
Report Comment
Sarah R. Cooper
, Columbus, Ms (2/14/2008 10:58:13 AM)
I hope that government will step in and stop this craziest, but we really can't trust anyone to do the right thing anymore. GREED$$$$$$$$$$. Richard should get himself real JOB.
Report Comment
ALUM
, (2/14/2008 11:00:25 AM)
The lawsuits brought us to where we are today. Because of them, there is hope of saving the university. It does not matter whether they are won or lost - they have already served their purpose.
Report Comment
anotherkeynote
, (2/14/2008 10:41:41 AM)
FIRE DAVID ELLSWORTH AND LEWANDOWSKI BOTH ARE CROOKS
Report Comment
Alan Pike
, (2/14/2008 11:31:11 AM)
28 Lawsuits:
Very well put!
---
The lawsuits brought us to where we are today. Because of them, there is hope of saving the university. It does not matter whether they are won or lost - they have already served their purpose.
Report Comment
SUSIE
, (2/14/2008 11:33:26 AM)
ORU does not have money for Richard's severance. They are working on their debt and pressing needs. Maybe Mr. Green doesn't mind giving Richard this package. My personal opinion is that they should have all considerations regarding a severance package ON HOLD until Richard is cleared.
Report Comment
Fifty Dollar Fine
, (2/14/2008 10:38:27 AM)
Seems as if many alumni are still the windup toy automations they were while at ORU.
Why in the world would ANYONE -- Green Correleones included -- give a nickel to a school with so many demonstrated ethical problems?
One born every millisecond...
Report Comment
Thrilled
, Broken Arrow (2/14/2008 10:26:20 AM)
I am so thrilled for ORU. I have literally dreamed of this day when the university can move forward with the potential of broad support among alumni. I will definitely be giving toward ORU to see it grow and pour into students' lives.
As for comments about Ralph Fagin, he is a man of very high character and integrity. Those that denigrate his name obviously do not know him.
Report Comment
70's
, (2/14/2008 10:14:36 AM)
To 'don't believe". Sorry dude, your time is up!!!!!!!!!
Did it ever occur to you that maybe R Fagin was dumped by RR and replaced by Lewendowski because he wouldn't do the dirty work of firing Prof's and Lewendowski would. Fagin is the one guy you can trust in all of this.
No doubt Ellsworth did some things RR wanted done. But no doubt he is probably responsible for holding the whole place together during the last few years of the 'Reign of Terror'. So bottom line we can thank him for doing what you couldn't have proven by your stupid lack of information.
Oh and by the way, if you have seen Fagin lately he looks like a different guy, what do you look like?
If you look like you sound UUUUGGGGHHHH!
Report Comment
SUSIE
, (2/14/2008 9:47:08 AM)
The 20 alumni on the east coast that gave 1 million . . . the severance package doesn't seem to bother them at all?
Report Comment
Fifty Dollar Fine
, (2/14/2008 12:30:58 PM)
oops - "The Moonies have been around since the 60s." = "The Moonies have been around since the *40s.*"
Report Comment
SUSIE
, (2/14/2008 9:43:51 AM)
SEE T.W. ARTICLE: "ORU'S BOARD IS DOWN TO BUSINESS" by APRIL MARCISZEWSKI - date 2/1/08 - below article COMMENTS: "ORU CHANGES" - QUOTE - "'ORU ADMINISTRATORS ARE WORKING ON A SEVERANCE PACKAGE FOR ROBERTS THAT THEY WILL PRESENT TO THE BOARD FOR CONSIDERATION', GREEN SAID."
Report Comment
EIEIO
, (2/14/2008 12:46:00 PM)
methinks $50 is very well acqainted with the thinking of the moonies.
Report Comment
Sam
, (2/14/2008 12:53:41 PM)
You make some good points and your arguments are compelling $50. It really is amazing that the rest of Christianity doesn't see ORU as a cult situation and march on it to have it closed down. The question is, what can be done to put a stop to the spread of this cancer and to get whoever in authority has to take action to see ORU closed for good?
Report Comment
Fifty Dollar Fine
, (2/14/2008 12:54:27 PM)
#38 EIEIO - "methinks $50 is very well acqainted with the thinking of the moonies."
Well again, I tell you the same thing I tell all the other presumptuous, ignorant christian rightwingers around here, if you have a question about me, ask me directly, instead of taking the coward's way out and making nutball statements for me to deny or confirm.
Report Comment
Don't Believe
, Tulsa (2/14/2008 8:37:20 AM)
To CHERMAN, BA,
Your right Dave Ellsworth is a "Flea" alright. Good one!
Although I think you meant "flee".
You must be one of those "WOF" crowd...which is just an acroymn
for....."Name it.....and I will "Claim It" (Richard Roberts).
Dave Ellsworth is GUILTY of ENABLING Richard Roberts.
Will see what the Audit reveals about Ellsworth.....and you can rest assured the IRS is going to get involved.....
RELEASE THE AUDIT-!!!!!!!!!!!!!!
Come on WHAT ARE YOU AFRAID OF?
The TRUTH?
Report Comment
Machiavelli
, Houston (2/14/2008 8:27:58 AM)
Ha Ha. My own #16. I meant "wireless internet." Perhaps "wireless interest" was how the "funneling" was done. Does anyone know about that, "wireless interest"?
Report Comment
Machiavelli
, Houston (2/14/2008 8:25:59 AM)
I may be wrong, but the articles to date give the impression that none of the Green's $62 million will go to the Roberts. We don't know what happened to the original $8, but that also seems to have been needed just to "keep the ship afloat," so to speak.
Now the remaining $62 million has been earmarked, $30 million to pay down debt, which will either show up on the next publicly available financial statement, or turn out to be false. The rest also, according to these articles, which are based on press released from ORU, is being used for dormitories, scholarships, wireless interest, etc.
It seems reasonable that Mr. "Transparency" Green, even if he doesn't want to deal with the "audit report" on "past problems," should be perfectly amenable to disclosing (eventually, I realize today is too soon!), where every cent of his $70 millio gift went.
As for Richard and Lindsay, don't they get to keep all the donations to OREA, so whatever is left over after they pay the TV bills is theirs?
Jerry Seinfeld to play Ralph Fagin. He's a cutie!
Report Comment
Cherman
, BA (2/14/2008 8:22:28 AM)
To M.S. #3 I love how the "Paul Revere's" raise "thought provoking / intelligent" questions, to which the answers are completely out of their control and realm of their responsibilty. How about people blogging you with: "There are key issues here with M.S., I heard that he/she cheats on his/her spouse and steals from the workplace." The response by most I dare say would be, "I don't know & I don't care. If it's true, it'll eventually come to light, by sources in the know and all can deal with it then." Brother, at least I get some exercise by rolling my eyes over what you "smoke blowers" have to "reveal".
On to more important things - - - Ellsworth, stand firm, man. Only the guilty flea when no one pursues.
Report Comment
Fifty Dollar Fine
, (2/14/2008 2:13:37 PM)
#39 Sam - "You make some good points and your arguments are compelling $50. It really is amazing that the rest of Christianity doesn't see ORU as a cult situation and march on it to have it closed down."
Sam -thanks for your compliments. It is my contention not that ORU needs to be shut down but it needs to become a real educational institution instead of a cult hub. As you suggest, this can only happen by the supporters making it into such.
My guess as re: the rest of Christianity, such as the Orthodox, Catholics, Jehovah's Witness, Mormon, Christian Science, mainline Protestants, etc is that they are too into their own thing to care.
The only people who can stop the insanity are, unfortnately, the ones involved with the insanity. Sadly, they are the ones who need a feeder school for their homeschooled, over-sheltered, cult-induced millieu.
Report Comment
M.S
, (2/14/2008 8:15:55 AM)
5 & 7
Re RR Severance package;
It would be good if there was a clear statement about this.
My son, an alumnus, would like to do his share, but not if one penny went to the Roberts family.
A simple statement by the BOT would clear this up.
Then, clear sailing!
Report Comment
Machiavelli
, Houston (2/14/2008 3:04:03 PM)
FIFTY DOLLAR FINE. What do you say the US has learned from the Weimar Republic? The only thing I know about the Weimar Republic was that it came after WWI (when Europe had kings and emperors and czars) and before Adolf Hitler and the Nazis, which ended in WWI.
Since I know you don't mind contributing to these reader comments, please contribute to my general knowledge and education by answering that question. Thank you very much and sweet-sixteen sips AFTER you reply!
Report Comment
Machiavelli
, Houston (2/14/2008 3:15:33 PM)
Fifty Dollar Fine. What does "They are about on minute 14" mean, which you responded to "They have been shunted aside in the presidential election."
I'm feeling extra cerebral today. Please indulge me. That's a nine-sip question.
Report Comment
Jerry
, (2/14/2008 8:05:52 AM)
I don't think enough is being said about the fact that the trustees are putting up the $25 million to cover that debt in matching funds. This money is coming from them out of their own fortunes. So often on these boards we watch as skeptics go on and on and on about how Christian leadership is greedy and dishonest. Here is a group of people doing something entirely self sacrificing and at a great cost. Thank you Trustees because your willingness to turn this school around at your own cost is worth of recognition and of our gratitude.
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