APNewsBreak: Once tens of millions in the red, Oral Roberts Univ. to announce it’s debt-free
By APWednesday, September 23, 2009
Oral Roberts University to announce it’s debt-free
TULSA, Okla. — Oral Roberts University is set to announce that the Tulsa evangelical school is finally debt-free after being tens of millions of dollars in the red.
School spokesman Jeremy Burton says school leaders plan to make the official announcement Wednesday morning during a student chapel service on campus.
ORU’s reputation was tarnished from a 2007 financial scandal that led to its president’s departure. Since then, it has worked to improve its image and cut its debt.
The university had cut its debt from $55 million two years ago to around $720,000 this past summer thanks to a matching gift campaign that hauled in more than $22 million.
New ORU President Mark Rutland has said he was planning a celebration when the school was finally in the black.
