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Oral Roberts University has come many miles in the last year. We have made progress in key areas to keep the mission of the university alive, but there are still tough decisions that have to be made to ensure we continue to provide a quality, whole-person education for our students.
The university is announcing a reduction in force of approximately 100 people in early 2009 as we continue to seek ways to reduce costs. Our annual budget must be balanced, and reducing costs through a re-organization is a necessary step. We are also pursuing options to enhance revenue, including increasing donor support and student enrollment. We realize the impact this decision has on each of our employees and want to do what we can to help everyone move forward. The university plans to offer job placement support for employees who will be affected by the reduction.
We are currently involved in a review and evaluation process to determine departments, positions, and individuals that will be included in the reduction. Once this process is complete, ORU will provide notice in mid-January, 2009 to the employees included in the work force reduction. These employees will continue to be employed by ORU for 60 days following receipt of this notification. Accordingly, no individual�s employment at ORU will terminate as the result of the reduction in force until mid-March, 2009.
We are committed to the long-term restoration of fiscal soundness. Like any business, a university cannot spend more revenue than it collects. We have a responsibility to all of you to be good stewards of our resources.
Within the last year, ORU was given its largest gift to date of $70 million from the Green family. An initial $8 million was given for operational expenses and $30 million was put toward ORU debt, which has helped reduce the debt from $55 million to approximately $17 million in less than one year.
The other $32 million is helping with long-deferred maintenance projects, increased financial aid for new and returning students, upgrades in technology and academic programs, and recruitment. Some of the funds were reserved for the shortfall caused by this year's projected operating deficit.
Please know that we are extremely grateful to each and every member of the ORU family for your support and passion for the vision of the university.
We ask for your prayers and patience as we determine the best course of action for our future and trust God to guide us moving forward.
In Him,
Board Chair Mart Green and Interim President Ralph Fagin
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Letter to the ORU Family
The university is announcing a reduction in force of approximately 100 people in early 2009 as we continue to seek ways to reduce costs. Our annual budget must be balanced, and reducing costs through a re-organization is a necessary step. We are also pursuing options to enhance revenue, including increasing donor support and student enrollment. We realize the impact this decision has on each of our employees and want to do what we can to help everyone move forward. The university plans to offer job placement support for employees who will be affected by the reduction.
We are currently involved in a review and evaluation process to determine departments, positions, and individuals that will be included in the reduction. Once this process is complete, ORU will provide notice in mid-January, 2009 to the employees included in the work force reduction. These employees will continue to be employed by ORU for 60 days following receipt of this notification. Accordingly, no individual�s employment at ORU will terminate as the result of the reduction in force until mid-March, 2009.
We are committed to the long-term restoration of fiscal soundness. Like any business, a university cannot spend more revenue than it collects. We have a responsibility to all of you to be good stewards of our resources.
Within the last year, ORU was given its largest gift to date of $70 million from the Green family. An initial $8 million was given for operational expenses and $30 million was put toward ORU debt, which has helped reduce the debt from $55 million to approximately $17 million in less than one year.
The other $32 million is helping with long-deferred maintenance projects, increased financial aid for new and returning students, upgrades in technology and academic programs, and recruitment. Some of the funds were reserved for the shortfall caused by this year's projected operating deficit.
Please know that we are extremely grateful to each and every member of the ORU family for your support and passion for the vision of the university.
We ask for your prayers and patience as we determine the best course of action for our future and trust God to guide us moving forward.
In Him,
Board Chair Mart Green and Interim President Ralph Fagin