Oral Roberts University Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! === Finances === ORU's operating budget for 2007-08 was over $82 million. On January 14, 2008, ORU's board of regents voted unanimously to accept $62 million from the [[Mart Green]] family, the owners of [[Oklahoma City]]-based [[Hobby Lobby]], Mardel educational, and various Christian supply stores, an offer which included changes to the university's governing board. In October of that year, an ORU spokesman said the university was still $52.5 million in debt. The school accepted an additional $8 million from the Greens in November.<ref>{{cite web |website=Tulsa World |title=$62 million for ORU |last=Marciszewski |first=April |date=January 15, 2008 |url=https://tulsaworld.com/news/article.aspx?articleID=20080115_1__hThea88026|url-status=dead |archive-date=February 12, 2012 |archive-url=https://web.archive.org/web/20120212231352/https://tulsaworld.com/news/article.aspx?articleID=20080115_1__hThea88026}}</ref><ref>{{cite web |url=http://www.oru.edu/news/news_stories.php?site=oru&id=1058 |archive-url=https://web.archive.org/web/20110613203531/http://www.oru.edu/news/news_stories.php?site=oru&id=1058 |url-status=dead |archive-date=June 13, 2011 |title=News Stories β Oral Roberts University β A Christian College, based in Tulsa Oklahoma |publisher=Oru.edu |access-date=March 24, 2011}}</ref> Of the $82 million given to Oral Roberts University, approximately half went toward eliminating its debt. The remaining half was allocated to "campus renovations, technology upgrades, academic enhancement, financial aid for new and returning students, marketing and operations", according to the university website.<ref name="Renewing the Vision" /> In February 2008, the Renewing the Vision campaign was initiated in an effort to erase this debt. To free the university from its burgeoning debt, the board of trustees announced plans for a $25 million matching campaign,<ref name="Renewing the Vision">{{cite web|url=http://www.oru.edu/news/news_stories.php?id=821|archive-url=https://web.archive.org/web/20110613203233/http://www.oru.edu/news/news_stories.php?id=821|url-status=dead|archive-date=June 13, 2011|title=Renewing the Vision|access-date=September 20, 2014}}</ref> in which the board agreed to match dollar-for-dollar all donations.<ref name="Renewing the Vision" /> In addition to eliminating debt, funds from the Renewing the Vision campaign contributed to the 2008 summer campus renovations, as well as scholarships provided by the university.<ref name="Renewing the Vision" /> During the summer of 2008, $10 million went to campus upgrades and deferred maintenance. Many dormitories were extensively renovated and most other buildings received restoration and upgrades.<ref>{{cite web|url=http://www.oru.edu/news/news_stories.php?intNav=news&id=916|archive-url=https://web.archive.org/web/20110613203610/http://www.oru.edu/news/news_stories.php?intNav=news&id=916|url-status=dead|archive-date=June 13, 2011|title=Summer Renovations Recap 2008|access-date=September 20, 2014}}</ref> In January 2009, the university's presidential search committee recommended [[Mark Rutland]], President of [[Southeastern University of the Assemblies of God]] in Florida, to succeed Richard Roberts, which the trustees approved.<ref>Shannon Muchmore, [http://www.tulsaworld.com/news/article.aspx?subjectid=298&articleid=20090114_296_0_OralRo301798 "ORU has candidate for president,"] ''[[Tulsa World]]'', January 14, 2009.</ref><ref name="takesoffice">Shannon Muchmore, [http://www.tulsaworld.com/news/article.aspx?subjectid=11&articleid=20090701_11_0_TULSAO908452 "Oral Roberts University president takes office"], ''[[Tulsa World]]'', July 1, 2009.</ref> On January 14, Rutland confirmed that he had been offered the position and intended to accept it.<ref>{{cite web|url=http://www.theledger.com/article/20090114/NEWS/901140413/1410?Title=Oral_Roberts_Courts_Southeastern_s_Rutland|title=Oral Robert Courts Southeastern's Rutland|work=TheLedger.com|access-date=September 20, 2014}}</ref> The university began to implement the employment reduction plans, laying off 53 employees and cutting about 40 unfilled positions.<ref>[http://www.tulsaworld.com/news/article.aspx?subjectid=298&articleid=20090113_330_0_ORUemp571078 "ORU cuts positions, 53 laid off,"] ''[[Tulsa World]]'', January 13, 2009.</ref> On January 29, 2009, the Green family committed $10.4 million to additional campus renovations and upgrades to take place during summer 2009. Following Mart Green's contribution, the university's debt was reduced to $25 million.<ref name="oru.edu">{{cite web|url=http://www.oru.edu/news/news_stories.php?id=991&intNav=|archive-url=https://web.archive.org/web/20110613203248/http://www.oru.edu/news/news_stories.php?id=991&intNav=|url-status=dead|archive-date=June 13, 2011|title=Green Family Commits $10 million for Summer Renovations|access-date=September 20, 2014}}</ref> [[File:Prayer Tower on the campus of Oral Roberts University.jpg|thumb|right|upright|The [[Prayer Tower]]]] On April 15, 2009, Chairman of the Armand Hammer Foundation and university trustee [[Michael Armand Hammer]] made a $1 million donation to the school's Whole Person Scholarship.<ref>{{cite web|url=http://findarticles.com/p/articles/mi_m0EIN/is_1999_Sept_1/ai_55623393/|title=Oklahoma: Trustee gives $1 million to ORU scholarship fund|access-date=September 20, 2014}}</ref> As of June 3, 2009, donations and pledges had reduced the university's debt to $720,000.<ref>{{cite web|url=https://webapps.oru.edu/secure/alumniweb/renewingthevision_bf.php |title=Renewing the Vision|access-date=September 20, 2014}}</ref> On September 23, 2009, it was announced at the end of the university's chapel service that the school was debt-free.<ref name="debt-free">Justin Juozapavicius, [https://web.archive.org/web/20210510050402/https://hosted.ap.org/dynamic/stories/U/US_ORAL_ROBERTS_DEBT?SITE=OKTUL&SECTION=HOME&TEMPLATE=DEFAULT "Oral Roberts says it's debt-free after scandal"], [[Associated Press]], September 23, 2009.</ref> The announcement was made two days before Rutland's September 25, 2009 [[inauguration]] ceremony, held at the [[Mabee Center]].<ref>{{cite web|url=http://www.newson6.com/global/story.asp?s=11197038|title=Dr. Mark Rutland Becomes ORU's Third President|date=September 25, 2009|access-date=September 20, 2014}}</ref><ref>[http://www.tulsaworld.com/news/article.aspx?subjectid=11&articleid=20090926_11_A1_MarkRu117184 "ORU inaugurates leader"] ''[[Tulsa World]]'', September 26, 2009.</ref> In December 2010, ORU announced that the Green family would make another $10 million gift in 2011, to be used for renovations and technology improvements. The gift raised the Greens' total donations to $110 million.<ref>Bill Sherman, [http://www.tulsaworld.com/news/article.aspx?subjectid=19&articleid=20101217_11_0_TheGre168553 "ORU receives another $10 million donation"], ''[[Tulsa World]]'', December 17, 2010.</ref> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see Christianpedia:Copyrights for details). Do not submit copyrighted work without permission! Cancel Editing help (opens in new window) Discuss this page