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From Staff and Wire Reports

A personal loan by the Virginia Student Aid Foundation to Dick Schultz, at the time University of Virginia athletic director, was a normal and legitimate transaction, an NCAA official said. Schultz is executive director of the NCAA. He was Virginia’s athletic director from 1981 through 1987, when he took the NCAA post.

David Cawood said the loan was requested by Frank Hereford, then the university’s president, to help Schultz buy a house. The loan did not violate any NCAA rules, Cawood said, and it has been repaid, with interest.

In May, the university said it would conduct an inquiry into loans by the VSAF to athletes and others. School president John T. Casteen III said the inquiry was to determine whether any of the loans violated NCAA rules.

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