State College, PA - Centre County - Central Pennsylvania - Home of Penn State University

NCAA Task Force Gives Penn State a Timeline for its $60 Million Endowment Fund

by on December 07, 2012 12:37 PM

A fund administrator for Penn State's $60 million endowment fund will be appointed by the spring, the NCAA task force announced after meeting on Monday. 

The task force also discussed policies that will be implemented once the endowment is set up. 

NCAA President Mark Emmert announced Penn State's sanctions in July, just over a week after former FBI Director Louis Freeh released his report. Penn State's sanctions, ultimately a result of the fallout from the Jerry Sandusky child sexual abuse case, include a loss of scholarships, a four-year post-season ban, all wins vacated between 1998 and 2011 and a $60 million fine. 

The fine, otherwise known as the endowment, will go toward the prevention and awareness of child sexual abuse. 

Per NCAA request, Penn State will set aside the first $12 million installment of the fine on Dec. 20 in a money market account, "to allow sufficient time for the task force to develop policy recommendations that will govern the endowment’s structure and operational philosophies," according to a press release

Penn State will pay $12 million a year for the next five years into a special endowment. The beneficiaries of the fund have not been announced.

 



Laura Nichols is a StateCollege.com news reporter and @LC_Nichols on Twitter.
Next Article
Penn State, State College Noon News & Features: Friday, Dec. 7
December 07, 2012 12:03 PM
by StateCollege.com Staff
Penn State, State College Noon News & Features: Friday, Dec. 7
Related Articles
Comments
Disclaimer: Copyright © 2014 StateCollege.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

order food online