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ORU Trustees Organize, Reduce Debt

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ORU's new Board of Trustees met for the first time on Wednesday and Thursday. The first order of business was to ratify new bylaws and receive the remaining $62 million donation from the Green family, an official act in Wednesday's chapel service that completed the transition from the former Board of Regents to the new Board of Trustees.

"The immediate financial crisis has been averted with this gift totaling $70 million. However, financial viability remains a challenge because of long term debt of $45 million and an estimated deferred maintenance cost of over $60 million," said Mart Green, chair of the ORU Board of Trustees. "The good news is we believe alumni and donor confidence is growing and fundraising efforts are now a central priority."

Other highlights of the organizational meeting included a briefing in shared governance from nationally renowned Christian higher education expert Dr. Robert Cooley, assignment of trustees to five newly formed governance committees, meetings with student and faculty leaders and an official board action on the recommendation from the finance committee to pay off approximately $7.5 million of university debt.

"The energy surrounding this university is exciting," said Dr. Ralph Fagin, interim president. "The students and faculty are engaged, trustees showed up eager to participate and alumni are calling to ask how they can help. It is a good time to be at ORU."

In a video message delivered to a faculty dinner Wednesday night, Oral Roberts blessed the transition to the new board of trustees and asked faculty to take ORU to a new level.

The next meeting for the ORU Board of Trustees is scheduled for April 16-17, 2008.