The NCAA slapped Penn State with a hefty list of punishments on Monday afternoon for the role of school officials in covering up child sex abuse acts by former assistant football coach Jerry Sandusky. Among the punishments handed down was a $60 million fine. Details about how the school plans to pay that fine were reported on Monday afternoon.
Sara Ganim of Penn Live reports that the money for that will come from the school's athletics reserve fund and the capital maintenance budget. If money from those two funds cannot cover the entire cost, Penn State would issue an internal bond.
The NCAA stipulated that the money for the fine could not come from academics, non-revenue sports or student-athlete scholarships.
Penn State has pledged not to use tuition money, tax revenue or donations to pay that cost. Because the school does not keep open records, Ganim reports that it would be "impossible" to track the money.
The $60 million fine will go toward an endowment that helps the victims of child abuse as well as prevention efforts.
For more on the NCAA sanctions, check out Black Shoe Diaries