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With the integration of Libraries API (ticket ), the "Path to FullCalendar" setting should no be longer necessary, as Libraries API will check the appropriate libraries directories.
In our case, we're using FullCalendar in a distribution and our libraries are located in /profiles/[distro]/libraries. Libraries API checks this directory successfully for Colorbox and WYSIWYG. Changing the path manually at admin/config/user-interface/fullcalendar is a poor solution in this case because it needs to work out-of-the-box.
This is a similar issue for the Media Gallery module:
In addition, is it necessary to move the FullCalendar folder in the library up a directory on install? This is also making it very difficult to package.