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