Rodeo Austin announced that they terminated and investigated an employee after discovering the person was using routine budgeting and accounting systems to embezzle $1.3 million.

Rodeo Austin said the theft was discovered in June 2016 and the employee was immediately terminated and an investigation was launched. Recovery efforts were launched the same month.

In August 2016, the board hired a new CEO. When filing the 2015 990 with IRS, Rodeo Austin reported $1.3 million in losses.

After recovery efforts, the total loss to Rodeo Austin was more than $800,000.

"Every organization faces challenges from time to time. We have handled ours as swiftly and prudently as possible and are now looking forward to a great year ahead. Rodeo Austin contributes millions annually to the youth of Texas through our numerous community events and of course we are excited about the upcoming fall events including BBQ Auction & Concert on November 18 at ACL," said Rodeo Austin spokesperson Jennifer Stevens.

Rodeo Austin said they could not release further details due to the ongoing legal matter.