Penn State Scandal: Second Mile CEO Resigns

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The Boy Scouts of America had $770 million in net assets at the end of 2010, compared with $680 million at the end of 2009. It had $311 million in total revenue in 2010 compared to $287 million in 2009.

In April, Greg Mortenson, author of the book, Three Cups of Tea, and builder of schools in remote regions in Pakistan and Afghanistan, was accused of fabricating parts of his best-seller. In a "60 Minutes" broadcast, his non-profit, Central Asia Institute, was accused of spending excessive amounts on advertising his book and his travel expenses and book tours compared to similar charitable organizations.

Mortenson has defended his story and his colleagues have defended him.

There is an ongoing lawsuit filed by readers who bought Mortenson's book in Montana. The institute continues to operate.

Second Mile's funds are much more limited than that of large national organizations like the Boy Scouts.

According to its 2010 annual report, the largest category of The Second Mile's revenues, 27 percent, came from events: $725,525 after expenses. Corporations gave $633,880, individuals gave $438,308 and foundations provided $361,783.

"Anyone who has made a significant gift would be concerned where there money went," Palmer said, and "corporations would be concerned about their Tmage."

Penn State athletics' corporate sponsors are also watching how events unfold at the university. Cars.com announced it is canceling its sponsorship of Penn State football broadcasts for the next two Saturdays and redistributed its ads during those games.

"Due to the recent allegations surrounding the Penn State Football program, Cars.com notified ESPN on Tuesday morning of its plans to withdraw from this weekend's sponsorship of the Nebraska at Penn State game, as well as next weekend's game between Penn State and Ohio State," the company said in a statement. "As a proud, longtime supporter of ESPN College Football, it's important to us that we're building our brand in a way that celebrates the sport, its fans and the dedication of its student athletes."

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