The latest calculation of $720,000 of debt comes from the preliminary report of the Renewing the Vision campaign that began in February 2008 and ended in April.

Almost 16,000 donors gave more than $22 million in that time, according to a statement from the university.

“I am incredibly excited about the debt being reduced by such a significant amount,” board chairman Mart Green said in the statement. “Debt is one of the dragons that ORU needed to slay to ensure economic sustainability, and we are almost there. I want to thank all of the alumni and friends of the university who graciously gave to support the new ORU.”

At one point, ORU’s debt reached $55 million. The figures was revealed in November 2007 as the university reeled from a financial and administrative scandal. Former student and employees filed multiple lawsuits accusing then ORU President Richard Roberts of misspending university money to support his family’s lavish lifestyle.

All the lawsuits have been settled, dismissed or dropped from district court, and Roberts has repeatedly denied wrongdoing. He resigned soon after the scandal broke.

The ORU Board of Trustees launched the Renewing the Vision campaign with the goal of raising $25 million against the debt and help give the university a fresh start as it worked to find a new president and move beyond its trouble.

In January, trustees hired Mark Rutland of Southeastern University in Florida to lead