Tulane University in New Orleans says it has sustained nearly $600 million in losses because of Hurricane Katrina. University president Scott Cowan says the losses are attributed to property damage, business interruption, and damaged or destroyed research assets and art collections. Tulane has recovered about $300 million against these losses from insurance, federal aid and one-time government and foundation grants. Meanwhile, the school’s endowment has surpassed $1 billion for the first time in its history, reaching that goal a year ahead of schedule. Tulane initiated its fund-raising campaign a few months before Katrina ravaged the campus.click here.