Funds for the Oil Spill Recovery Institute were authorized by the United States Congress through the Oil Pollution Act of 1990 (OPA’90) and amending legislation passed in 1996 and 2002. The Prince William Sound (PWS) Science Center, a non-profit research and education institution in Cordova, Alaska, administers the OSRI programs as directed by OSRI’s Advisory Board.
The PWS Science Center receives the interest earnings from a $35 million trust held by the U.S. Treasury and dedicated to finance the OSRI programs. The interest earnings are currently running about $800,000 per year and will continue as long as oil and gas exploration continues in Alaska. The original source of the $35 million trust fund was the Trans-Alaska Pipeline System (TAPS) fund which is now part of the National Oil Spill Liability Trust Fund.
Professional audits of the PWS Science Center’s financial records, including the OSRI program fund, are completed annually by a nationally recognized accounting firm. Copies of the audited financial statements are available on request to Penelope Oswalt, Finance Director, PWS Science Center, P.O. Box 705, Cordova, AK 99574, or e-mail firstname.lastname@example.org.