NCAA Creates Task Force to Spend $60 Million Fine
The NCAA appointed a 10-member task force yesterday to determine how to distribute the $60 million fine that Penn State is required to pay as a result of the NCAA sanctions. The funds will be distributed to child sexual abuse and victim treatment programs and charities., as Penn State makes yearly $12 million payments for the next five years.
Via a Penn State Live release, the task force will be responsible for:
- 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.
“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,” said Penn State President Rodney Erickson in the release. “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.”
Members of the task force include:
- Craig Hillemeir, vice dean for clinical affairs in Penn State’s College of Medicine
- Nan Crouter, dean of the College of Health and Human Development
- 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; and
- Raymond Torres, vice president of the Annie E. Casey Foundation and executive director of Casey Family Services.