New president: University of Oklahoma shouldering $1B debt
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June 21, 2018
OKLAHOMA CITY (AP) — The University of Oklahoma is losing $36 million a year as expenses continue to outpace revenue, according to the school's incoming president.
Jim Gallogly met with the university's Board of Regents in Oklahoma City on Tuesday, The Oklahoman reported . He'll become the university's 14th president July 1.
Total debt is nearly $1 billion at the Norman campus, and debt service costs are almost $70 million a year, according to Gallogly.
"Our debt has more than doubled in the last 10 years as we've been on a building campaign," he said. "As a result of that, we have a beautiful...
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