October 25, 2007

Regents Chairman Says Oral Roberts University is $55 Million in Debt

Filed under: News — Volt @ 10:47 am

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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  1. Leave it to a bunch of religious charlatans to try and turn a sex and money scandal into a fund raising campaign.


    Comment by Volt — October 25, 2007 @ 10:48 am

  2. Maybe the wife should go out and use the skills she was practicing. After all her husband and father in law have been whoring for God for years.

    Comment by greyhawk — October 25, 2007 @ 4:03 pm

  3. If the model holds up to its pattern then the Roberts family will offer up for sale a DVD with proof that the Clintons are in fact responsible for the military suicides of late.
    The late Rev.Jerry Falwell used this tactic
    to smear Bill Clinton and more importantly
    raise roughly 60 million dollars for his failing Liberty College.
    I hate to admit it but I secretly admired the Son of a Bitch for his perspicacity in just what would sell a million copies to blue-haired granmas and what they would pay 60 dollars apiece for.
    That was marketing genius for you.

    Comment by Rainlander — October 26, 2007 @ 1:54 am

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