A third-party administrator will be selected by the spring for the endowment created by the NCAA for its $60 million fine Penn State must pay, according to the NCAA's Child Sexual Abuse Endowment Task Force in charge of establishing policies for the fund.
The administrative organization will be in charge of managing the endowment, as well as distributing its funds to programs dedicated to the "detection, prevention and treatment of child abuse," according to a press release issued via Penn State Live.
Penn State will pay the fine in annual installments over the next five years. The task force met on Dec. 3 to continue finalizing its policy and structural recommendations for the endowment. It has requested that Penn State set aside its first $12 million payment on Dec. 20, pending the endowment's completion.
“Creating an endowment is more complicated than opening up a bank account,” task force Chair Timothy P. White told NCAA.org. “The task force must decide how the endowment will be structured; develop philosophies for allocation of funds; and create policies for investment and distribution of benefits. We also must consider reporting and accountability standards and choose a third-party administrator.”
White added that Penn State has been very cooperative with the task force.
"Penn State officials have handled this situation with the utmost professionalism and consideration," he told NCAA.org. "We all want to work together to ensure the funds from this endowment will be used as they are intended: to assist programs designed to prevent child sexual abuse and help the victims of child sexual abuse nationwide.”
Penn State was fined $60 million by the NCAA in relation to the Jerry Sandusky child sex abuse case and related charges filed against former administrators.
