Bankruptcy, Closure, and Legacy Foundation
Due to serious financial problems and decreasing enrollment, Phillips filed Chapter 11 bankruptcy on April 1, 1998, and closed its doors four months later. The seminary survives as the Phillips Theological Seminary in Tulsa, Oklahoma, which also houses transcripts for alumni of Phillips University. The university was not affiliated with Phillips Petroleum, which was located in nearby Bartlesville, Oklahoma.
After the bankruptcy of the university in 1998, the liquidation of assets yielded $3 million in funds for the formation of the Phillips University Legacy Foundation (PULF), which awards annual scholarships to undergraduate students attending Disciples of Christ-related colleges and universities. The former campus was purchased in June 1999 by Northern Oklahoma College (NOC), a public college, for $6.1 million (split $1.9 million paid by the city of Enid, $800,000 by the Oklahoma State Regents for Higher Education, and $3.4 million by NOC). NOC, based in Tonkawa, Oklahoma, phased the entire property into use as a satellite campus.
Read more about this topic: Phillips University
Famous quotes containing the words legacy and/or foundation:
“What is popularly called fame is nothing but an empty name and a legacy from paganism.”
—Desiderius Erasmus (c. 1466–1536)
“In a country where misery and want were the foundation of the social structure, famine was periodic, death from starvation common, disease pervasive, thievery normal, and graft and corruption taken for granted, the elimination of these conditions in Communist China is so striking that negative aspects of the new rule fade in relative importance.”
—Barbara Tuchman (1912–1989)