UNIVERSITY PARK, Pa. -- The task force charged by the NCAA to set up policies for the endowment being created from the $60 million NCAA-imposed fine against Penn State met Dec. 3 and reports that an administrator of the fund will be selected by spring.
At the NCAA’s 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.
As part of 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 across the nation. Specifically, the University will pay $12 million a year for the next five years into a special endowment created to fund programs for the detection, prevention and treatment of child abuse.
For more information from the NCAA about the Dec. 3 meeting and progress made, visit http://www.ncaa.org/wps/wcm/connect/public/ncaa/resources/latest+news/2012/december/task+force+sets+timeline+for+endowment+fund or go to http://live.psu.edu/story/63118.