Carnegie Corporation of New York Support for Hurricane Katrina Relief Will Focus on Both Short-Term and Long-Term Needs

CORPORATION LEADERS PLEDGE $1 MILLION IN RESPONSE TO URGENT APPEALS FOR THE PHILANTHROPIC COMMUNITY TO PROVIDE ASSISTANCE

The board of trustees of Carnegie Corporation of New York has voted to pledge $1 million toward assisting with immediate relief in the wake of Hurricane Katrina as well as addressing long-term needs that will become evident in the weeks and months ahead. Because for nearly a century the foundation has been dedicated to the cause of education and understanding, it is particularly concerned with the impact on educational institutions in the South's Gulf states in general and on higher education in particular as well as the effect on research archives and other resources that preserve the heritage of the region.

"As a national foundation with specific national and international programs, in recent years we have confronted enormous tragedies that have compelled us to make exceptions to our grantmaking focus," said Vartan Gregorian, president of Carnegie Corporation of New York. "This was the case after the September 11 terrorist attacks when we had to rise to meet our obligations as citizens of New York City and colleagues of our fellow citizens in Washington, D.C. It was also the case after the South Asian tsunami, when we had to rise to meet our obligations as citizens of the world. Now, after the catastrophe of Hurricane Katrina, we--along with our sister foundations nationwide--are attempting to meet our national obligations and help our fellow Americans who are suffering in the wake of this terrible disaster."

The Corporation will immediately provide $250,000 to the American Red Cross and $250,000 to the Salvation Army to help alleviate the great suffering that is taking place throughout the hurricane-devastated areas right now. In the weeks ahead, as unmet needs unfold, we will choose additional agencies to support in order to best respond to critical problems.

Carnegie Corporation of New York was created by Andrew Carnegie in 1911 to promote "the advancement and diffusion of knowledge and understanding." As a grantmaking foundation, the Corporation seeks to carry out Carnegie's vision of philanthropy, which he said should aim "to do real and permanent good in the world." The Corporation's capital fund, originally donated at a value of about $135 million, had a market value of $1.9 billon on September 30, 2004. The Corporation awards grants totaling approximately $80 million a year in the areas of education, international peace and security, international development and strengthening U.S. democracy.