Penn State will loan athletic money for fine - The HuntingPA.com Outdoor Community
 
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post #1 of 6 (permalink) Old 07-29-2012, 10:20 PM Thread Starter
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Penn State will loan athletic money for fine

Not one dime of tax money should go to pay off Penn State's 60 million dollar fine.





WASHINGTON (AP) — The president of Penn State says the university will probably have to give its athletic department a long-term loan to pay the $60 million fine imposed by the National Collegiate Athletic Association in light of the child sex abuse scandal.

Rodney Erickson told CBS's "Face the Nation" program in a broadcast aired Sunday that a combination of funds including the football program's financial reserves will be used to pay the fine.

Asked whether Penn State had put too much emphasis on football, Erickson called the athletics program "a tremendous success" but said some parts perhaps "became too much areas unto themselves."

Erickson also said people will have to judge for themselves the legacy of longtime coach Joe Paterno, but he said he believes the coach's educational legacy will stand.




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post #2 of 6 (permalink) Old 07-29-2012, 10:36 PM
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Re: Penn State will loan athletic money for fine

Give the athletic dept a loan?

Ok, I understand the idea do each department having its own budget, but giving it a loan? I have a feeling this an attempt at creative accounting... Just to make the public "feel like they are not paying this fine out of their pockets for PSU."
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post #3 of 6 (permalink) Old 07-29-2012, 10:53 PM
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Re: Penn State will loan athletic money for fine

How you prove or disprove any of the state funding went towards the fine? The state funding is only one of several funding sources. I would think donations are way more than $60 million a year.

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post #4 of 6 (permalink) Old 07-30-2012, 01:26 AM
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Re: Penn State will loan athletic money for fine

Yea, there's no doubt donations will help/cover this.

I'm sure if there was serious inquiry about the funding of the fine PSU would release an audit. But like I said, creative accounting by moving mine from one pool to another will make sure it's "not paid by tax payer money." We may as well just pay the bull and be done with it...
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post #5 of 6 (permalink) Old 07-30-2012, 01:36 AM
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Re: Penn State will loan athletic money for fine

Well, the NCAA said Penn State could not take money away from any of the other sports teams, varsity or non-varsity, to pay the fine. So then, Penn State has only a couple options to pay it. Apparently, the NCAA doesn't care if Penn State has to cut funding to academic portions of the university to pay the fine, just don't make cuts in any sports programs.

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post #6 of 6 (permalink) Old 07-30-2012, 03:16 AM
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Re: Penn State will loan athletic money for fine

Quote:
Originally Posted by Turk Tabb
Give the athletic dept a loan?

Ok, I understand the idea do each department having its own budget, but giving it a loan? I have a feeling this an attempt at creative accounting... Just to make the public "feel like they are not paying this fine out of their pockets for PSU."
I know it sounds strange, and Im not sure if it is true or not....

But, the company I work for operates something like that......for example if the division that I work for needs to use a piece of equipment that another division own, they make us pay them rent on that equipment while we are using it......and vice versa between the four regions of the company.....all regions share a common office, and common shops.........and the president of the company is a die hard PSU alumni, maybe he borrowed it from the University?? I dont know...

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