HARRISBURG ‚?? Penn State University will make the first payment later this month on the $60 million fine issued by the National Collegiate Athletic Association over its response to the sex abuse scandal involving former assistant football coach Jerry Sandusky.
The university said Friday it will make the first of five annual payments Dec. 20.
The NCAA said the money will be held in a money market account while a task force figures out the guidelines for how grants will be distributed from an endowment established to combat child sex abuse and help victims. The fine is part of the NCAA sanctions announced in July, penalties that also included a four-year ban from postseason play and significant scholarship cuts for the marquee football program.
The Patriot-News of Harrisburg reported the $12 million annual payments roughly match annual surpluses from the university‚??s athletic programs.
Timothy White, the chairman of the task force developing the endowment‚??s structure and choosing a permanent administrator for it, said in a statement his intent ‚??is to assist programs designed to prevent child sexual abuse and help the victims of child sexual abuse nationwide.‚?Ě White is the University of California-Riverside‚??s chancellor.
‚??Penn State officials have handled this situation with the utmost professionalism and consideration,‚?Ě he said in the news release.