August 31, 2007
Tulane University was awarded nearly $3.5 million this month by the Hurricane Education Recovery Awards (HERA) program sponsored by the Department of Education. The funds will be used to defray expenses directly related to damages resulting from Hurricanes Katrina or Rita, as well as to provide grants to new students entering the university in the post-Katrina era.
Tulane's cumulative financial losses from the hurricanes is approaching $650 million. This number represents losses from property damage, 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."
"The recovery of remaining losses is our highest financial priority for the next few years and remains our biggest challenge," said Cowen. "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."
Tulane University, New Orleans, LA 70118 504-865-5000 email@example.com