At the risk of sounding cold ...
1) The university is fully insured for its property losses.
2) Any money you send to Union University, will directly benefit the Southern Baptist Church and everything it stands for. Your mileage may vary on whether or not that's a good thing.
IMHO, the Red Cross is a much better organization to trust your money to. Through them, you can actually earmark your funds, directly to all of the tornado victims who need it. If some of the Union U students or faculty members need it, they have as much right to it as anyone.