Tulane awarded nearly $3.5M for hurricane expenses

New Orleans CityBusiness, Aug 31, 2007

A program sponsored by the U.S. Department of Education has awarded nearly $3.5 million to Tulane University to defray expenses related to the impact of the 2005 hurricanes.

The Hurricane Education Recovery Awards program, sponsored by the Department of Education, awarded the funds, which will also be used to provide grants to new students.

Tulane said its total financial loss from hurricanes Katrina and Rita is approaching $650 million, including damaged property, business interruption and damaged or destroyed research assets and art collections.

"To date, we have recovered approximately $300 million against these losses from insurance, FEMA and one-time government and foundation grants such as this one," said Tulane President Scott Cowen. "We are grateful to Congress and to the Department of Education for this award."

Cowen said receiving funds to cover remaining losses "remains our biggest challenge" and will be Tulane's highest financial priority for the next few years.

"Despite the considerable challenges we still face, I am very optimistic about Tulane's future. Thus far, our recovery has exceeded our expectations and we are well on our way to building an institution that is more focused, distinctive and academically superior than before the storm," he said.