It’s a new beginning for Oral Roberts University.

Monday, the school’s board of regents accepted a donation of $62 million from businessman Mart Green and his family, and agreed in principle to make sweeping changes in how the Tulsa university is run.

“We are humbled and thankful for the board’s trust in this plan and their faith in us,” Green said in a statement.

Oral Roberts University, reeling from debt and allegations of misspending, announced yesterday that it is separating from the ministries headed by Richard Roberts, who has resigned from the college presidency.

“By unanimous decision of the board, it was decided that the university will take every step necessary to separate ORU and the Oral Roberts Evangelistic Association as a legal, financial, accounting and governance matter,” said George Pearsons, the regents’ chairman.

“However, the spiritual connection between the two organizations will remain.”

Unless significant board changes occur, however, the connections between the university and the ministries will go far beyond the spiritual realm.