Justin Juozapavicius, The Associated Press, October 24, 2007
TULSA, Okla. — Oral Roberts University, which has been engulfed in accusations of lavish spending by its president, faces a crippling debt load, the evangelical school’s board of regents chairman disclosed Wednesday.
Regents Chairman George Pearsons told The Associated Press that ongoing maintenance costs and low financial support from donors have put Oral Roberts University $55 million in debt. University spokesman Jeremy Burton said Wednesday evening the actual debt figure is actually $52.5 million.
“Honestly, we’ve been struggling financially,” Pearsons said. “Really my goal and it’s a big one my goal is to obliterate the debt.
“It is the desire of the board to be able to manage our finances in such a way that we can start chopping off debt here and there.”
University president Richard Roberts has taken a temporary leave of absence while fighting a lawsuit claiming out-of-control spending, and his father, Oral Roberts, has returned to Oklahoma from California to take a greater role in guiding the school he founded in 1963.
The 5,700-student university is a product of Oral Roberts’ ministry, which grew from Southern tent revivals to one of the most successful evangelical empires in the country.
The university reported nearly $76 million in revenue in 2005, according to the Internal Revenue Service, and one former regent said its endowment once approached $60 million. Its endowment today exceeds $34 million, a university spokesman said. Its operating budget for 2007-2008 was more than $82 million.
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The Science They Hate Proves the ‘Doors’ of Perception are Shut to the Neocon’s ‘Stone Age Brains’
The sub-head of The Telegraph (UK) article “Did You See the Gorilla?” reads: “Our Stone Age brains may simply be unable to cope with the pace of modern life…”
But not all of us have ‘Stone Age brains’ as the article goes on to elucidate. In the various university experiments testing human perception, about half failed to notice what was going on, roughly similar to the Duke University experiments conducted decades ago to show the weakness of eyewitness testimony.
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