A protective cover is foldable into a first configuration as a carrying case, and into a second configuration as an easel. Unfolded, the cover assumes a "T" shape, with first and second surfaces respectively defining the outer and inner surfaces of the carrying case. The cover has a longitudinal portion comprising first and second end sections and a central section, and a "cross-bar" portion comprising the first end section and a pair of flap portions extending laterally therefrom. Hook-and-loop fasteners are disposed on the cover so as to allow the first surface of the second end section to be folded onto and removably fastened to the second surface of the first end section, and the flap portions to be folded onto and removably fastened to the first surface of the central section, thereby forming the carrying case. Conversion to an easel is accomplished by unfastening the fasteners and unfolding the cover to expose the second surface of the first end section, then folding the flap portions toward each other and removably fastening them onto the second surface of the first end section. The longitudinal portion is then folded into a three-sided easel configuration, with the lateral edge defining the second end section being removably secured to the lateral edge defining the first end section to stabilize the easel.