PSU: Fine not as impactful as it seems

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PSU: Fine not as impactful as it seems

By RACHEL COHEN & BRENT KALLESTAD
NEW YORK -- The 60 million fine levied on Penn State by the NCAA doesn't look so big next to the scale of the athletic department's finances.
Penn State plans to pay the fine, part of sanctions announced Monday over the child sexual abuse scandal, in five annual installments of 12 million.
The Penn State athletic department had more than 116 million in revenue to more than 84 million in expenses for the 2010-11 school year, according to data reported by the school to the U.S. Department of Education. The expenses don't include debt service or capital expenditures.
Penn State won't be able to save money by making cuts in other sports. The NCAA specifically prohibited that as part of the punishment.
Instead of simply cutting costs, the athletic department can make up for any shortfalls in another way: raising money.
Major college athletic departments receive significant financial support from booster clubs. The Nittany Lion Club took in more than 82 million for the 2011 fiscal year, according to its annual report. That includes 34 million in special gifts for facilities. Its annual fund brought in 17 million, and donations for suites and club seats at Beaver Stadium totaled 12 million.
There were 50 contributors who gave at least 20,000 each.
Bob Harrison, Class of 1962, has donated more than 250,000 to Penn State in his life. Frustrated that the NCAA based its sanctions on what he considers a deeply flawed Freeh report, Harrison's support for the school and the athletic department has not wavered. And he believes he's not the only booster who feels that way.
"I would say a high percentage supporting the athletic program will continue to," said Harrison, who worked for Goldman Sachs for 28 years.
Pennsylvania Gov. Tom Corbett demanded assurances from the university that taxpayer money would not be used. Penn State said it would cover it with its athletics reserve fund and capital maintenance budget and, if necessary, borrow money.
The reduction in football scholarships handed down by the NCAA will save the athletic program some. The accompanying bowl ban could also reduce costs, because schools often lose money on lower-level bowls.
The NCAA said the 60 million represented the average annual gross revenue of the football program. The money will go toward outside programs devoted to preventing child sexual abuse or assisting victims.
The Big Ten also announced that Penn State would not be allowed to share in the conference's bowl revenue during the postseason ban, an estimated loss of about 13 million.
At Penn State, the men's basketball team had profits of nearly 5 million in 2010-11, according to the Department of Education report. Teams other than football and men's basketball had about 23 million in expenses, and the athletic department spent another 36.5 million on expenses not allocated to a particular sport. Football cost 19.5 million.
Of course, football revenue could lag if the team struggles badly on the field as a result of the sanctions, and ticket sales decrease.
The university said earlier this month that its fundraising was strong over the past year despite the scandal. Penn State received more than 208 million in donations for the fiscal year that just ended, the second-highest total in school history.

Virginia adds quarterback transfer from ECU

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USA TODAY Sports

Virginia adds quarterback transfer from ECU

Virginia has added another quarterback to its roster for next season as Kurt Benkert of East Carolina announced Sunday that he will transter to UVa.

Benkert announced on April 25 that he intended to transfer. The move to Charlottesville will reunite the quarterback with former head coach Ruffin McNeill who now is the defensive line coach for Virginia.

Benkert's bio on ECU's athletcis website lists him as 6-foot-3, 225 pounds and describes him as "A talented and polished signal-caller whose arm strength perhaps already ranks among the best in the history of the Pirate program ." He was named the starter by McNeill at ECU heading into last season, but a knee injury forced Benkert to miss the entire 2015 season.

As a graduate transfer, Benkert will be immediately available for next season. He will also have two years of eligibility remaining.

Benkert will now be thrust into a quarterback competition in Charlottesville with incumbent Matt Johns and fellow transfer Connor Brewer.

RELATED: TWO HOKIES SUSPENDED INDEFINITELY AFTER ARRESTS

Smart move: GW adds Harvard grad transfer

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USA TODAY Sports Images

Smart move: GW adds Harvard grad transfer

Harvard forward Patrick Steeves, a 3-point shooting threat, has committed to George Washington men's basketball program, a source revealed to CSNmidatlantic.com.

The 6-foot-7 Steeves, a native of Montreal, graduates from Harvard next month. He is eligible immediately at GW and has two years of eligibilty remaining. 

Injuries plagued him early in his career with the Ivy League program, but he turned in a solid 2016-17 campaign with averages of 9.1 points, 3.8 rebounds and 2.4 assists. Steeves shined from long range, sinking 45.8 percent (33 of 72) of his 3-poit attempts.

California, Vanderbilt, Northwestern and Richmond were also after Steeves, accorrding to a source.

Steeves joins a massive contingent coming to help for the 2016-17 season. The Colonials lost six players from a team that won 28 games last season and captured the season-ending NIT championship under coach Mike Lonergan. 

Former Seton Hall transfer Jared Sina is eligible after sitting out last season. The heady guard and Steeves will help offset the perimeter loss of seniors Patricio Garino, Joe McDonald and Alex Mitola. Guards Paul Jorgensen and Anthony Swan transfered out of the program after the season.

Incoming big man recruit Kevin Marfo headlines a five-player class. The Colonials also lost starting center Kevin Larsen to graduation.

Leading scorer and rebounder Tyler Cavanaugh returns along with fellow starting forward Yuta Watanabe.

VIDEO: Brian Mitchell helps Navy QB learn to return punts before draft

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VIDEO: Brian Mitchell helps Navy QB learn to return punts before draft

CSN's Brian Mitchell, one of the best punt returners in NFL history, is helping former Navy QB Keenan Reynolds to reinvent himself in advance of the 2016 NFL Draft. 

While learning to play another position to increase his chances of getting drafted or making a roster, Reynolds showed off his ability to field punts. And he's already pretty good. 

Watch the full segment featuring Mitchell, Reynolds, and CSN's Rob Carlin in the video player above.