Oral Roberts University will lay off about 100 employees early next year, the university announced Monday.This action, along with steps to enhance revenue, are intended to help ORU be fiscally sound, school officials said.
"These are tough economic times for us all," Interim President Ralph Fagin said in a news release. "Like any business , a university cannot spend more revenue that in collects. We have a responsibility to the ORU family to be good stewards of our resources."
The employees losing their jobs will be notified in January and will then continue to be employed for 60 days. The university will offer job placement support for the employees.
ORU is no stranger to economic turmoil. It revealed it was $55 million in debt last year after a downward spiral beginning when the university was sued by three former professors for wrongful termination.
ORU received a $70 million donation from Yukon businessman Mart Green earlier this year.
About $30 million was put toward repaying the debt and another $32 million has gone toward long-deferred maintenance project, increased financial aids and technological upgrades.
"The annual budget must be balanced," Fagin said in the release. "Reducing costs through a reduction in force is a difficult but necessary step. We must make these tough decisions for ORU to achieve economic sustainability."
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