It’s a continuing time of transition at Oral Roberts University since its president Richard Roberts resigned last November amid allegations of unchecked spending and illegal activities by him and members of his family.
Last Friday (Nov. 14), the Tulsa, Okla., school announced it had finalized a separation agreement with Roberts, son of university founder and evangelist Oral Roberts.
The university will pay Roberts his $223,600 annual salary for the remainder of his appointment term through November 2009. Morey Villareal of Villareal & Associates, the consulting firm aiding the university, said the agreement was “reasonable, consistent with competitive practices and will allow ORU to have a smooth leadership transition.”
But, in a cost-cutting move announced Monday, Board Chair Mart Green and Interim President Ralph Fagin said the school will reduce its staff by 100 positions in early 2009.
“We are committed to the long-term restoration of fiscal soundness,” they wrote in a “Letter to the ORU Family.” “Like any business, a university cannot spend more revenue than it collects.”
A gift of $70 million from the Green family – which is in the Christian retailing business – helped the school reduce its debt from $55 million to about $17 million within the last year. Some of the other funds have been used to make campuswide improvements.
As for the successor to Richard Roberts – who has denied wrongdoing – the search continues, with more than 130 candidates winnowed to four by a search committee.
