NCAA Creates Task Force to Distribute $60 Million From Endowment Fund
The NCAA announced on Tuesday the creation of an independent task force that will decide how and where the $60 million endowment fund will be distributed, with at least 25 percent of the endowment staying in the state.
Penn State was granted permission to appoint two members to the 10-person task force.
Penn State will pay the into the endowment, created out of the $60 million fine imposed by the NCAA sanctions, in installments of $12 million.
The endowment will benefit programs that support the prevention and awareness of child sexual abuse and offer victim treatment. Penn State President Rodney Erickson signed the NCAA's consent decree in July.
"Since July, Penn State has received input from a variety of sources with respect to the structure and operation of the endowment, which we have passed along to the NCAA," Erickson said. "The NCAA has determined that at least one-quarter of the annual disbursements from the endowment will be reserved for Pennsylvania organizations.
"However, recognizing that child sexual abuse is a national issue, the NCAA has determined that grants from the endowment will be available in other states as well. Penn State appreciates the commitments of the task force on this important endeavor that will help countless victims of child sexual abuse."
According to a news release, the consent decree, issued by the NCAA in the wake of child abuse charges against Jerry Sandusky, the NCAA mandated that Penn State "become a national leader to help victims of child sexual assault and to promote awareness across the nation."
Per Penn State, the NCAA task force is charged with:
- Developing and recommending the philosophy by which the endowment earnings will be employed;
- Defining the types of programs to benefit from the endowment;
- Establishing criteria used to obtain grants from the endowment;
- Developing investment and spending practices to sustain the endowment;
- Determining the financial and legal structure for holding assets;
- Identifying and recommending an independent third-party to administer and manage the endowment assets;
- Establishing appropriate reporting and accountability to monitor the performance and uses of the assets.
The NCAA said that at least 25 percent of the annual disbursements be used solely to benefit qualifying organizations in Pennsylvania. Pa. organizations also will receive the first round of funding released by the endowment. Under the terms of the consent decree, no Penn State programs are eligible to receive funding from the endowment, according to the news release.
Made of of 10 individuals, the task force will be chaired by University of California-Riverside Chancellor Tim White. The NCAA permitted Penn State to appoint two members. The university selected Dr. Craig Hillemeier and Nan C. Crouter to serve on the task force.
Other members of the task force include:
- Rita Hartung Cheng, chancellor of Southern Illinois University at Carbondale.
- Brian Gallagher, president and chief executive officer of United Way Worldwide.
- Jane Lowe, team director of Vulnerable Populations Portfolio, The Robert Wood Johnson Foundation.
- Harris Pastides, president, University of South Carolina.
- Bryan Samuels, commissioner of the Administration on Children, Youth and Families, U.S. Department of Health and Human Services.
- Pamela Shifman, director, Initiatives for Girls and Women, NoVo Foundation.
- Raymond Torres, vice president of the Annie E. Casey Foundation and executive director of Casey Family Services.