Penn State fine to be paid over 5 years and will benefit child abuse programs

(CNN) - Penn State President Dr. Rodney Erickson said Monday that the university will "pay $12 million a year for the next five years into a special endowment created to fund programs for the detection, prevention and treatment of child abuse.

"This total of $60 million can never reduce the pain suffered by victims, but will help provide them hope and healing," Erickson said.

He added that the school accepts the sanctions announced against it Monday by the NCAA.

Erickson's entire statement following the announcement can be read at: