After being $55 million in debt, Oral Roberts University's (ORU) debt has been eliminated.
During a chapel service, the last week of September, ORU President Mark Rutland stated that the school had cleaned out its debt and thanked donors who help contribute to the debt-elimination campaign.
The billionaire Green family, who owns the Hobby Lobby craft supply store chain, has donated more than $80 million to the Christian university according to CBN news.
Mart Green, heir to Hobby Lobby, is currently on the board of ORU. "ORU must restore its broken trust, its battered reputation, and its beaten spirit," said Green.
"ORU's long-term debt was a major dragon to slay for future success. We can now move forward with confidence and continue to make this university the best it can be," said Mart Green, ORU Board Chair.
The school was founded in 1963 by evangelist Oral Roberts. In 2007, ORU was devastated by a financial scandal which led to the resignation of former President Richard Roberts who was entangled in a wrongful termination lawsuit. The lawsuit claimed the he and his wife used ORU resources to support an extravagant lifestyle.