Oregon school funds improperly distributed

, Posted: Wed, February 8 2012 at 8:24 AM, Updated: Wed, February 8 2012 at 8:41 AM

Auditors say an Oregon state agency has improperly distributed $76 million dollars from an account that funds state schools.

Officials say the money will likely be paid back from other investment earnings, meaning less money will be available to schools in future years. Auditors blame faulty accounting procedures at the Department of State Lands for what happened.

The Common School Fund was created at statehood to collect revenue generated from state-owned land. The State Land Board distributes investment earnings to schools.

An investigation into the matter will start today.

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