The change came about in response to a highly influential donor, Tulsa philanthropist Mart Green, who offered a financial rescue of $70 million to the ailing institution on the condition that the university accept sweeping changes.
Green tells CBS News that the idea was to move away from an organization dominated by the founder to one of "shared governance." He also required that the university become a member of the independent Evangelical Council for Financial Accountability (ECFA), "I think it's important that we can say we are having someone from outside give a stamp of approval," Green told CBS.
Kenneth Behr who runs ECFA calls the new ORU board "a great step forward." Reached at a Colorado conference for non-profits, he told CBS, "I am hoping that what we are seeing is a groundswell of public donor insistence of financial integrity."
Last fall, the head of Oral Roberts University Richard Roberts who is Oral Roberts' son, stepped down amid a financial scandal and mounting debt.
Three of the former members of the ORU Board of Regents: Copeland, Hinn and Dollar run ministries that are under scrutiny by Iowa Republican Senator Charles Grassley who is digging into the finances of six top televangelists as part of a larger inquiry on non-profit institutions and their tax-exempt status.