Yesterday, Rodeo Austin reported it was hit hard by an alleged embezzlement scheme that stole nearly $1.3 million from the annual gala.

The nonprofit discovered the discrepancy in June during a financial review of last year's event, and fired the suspected employee immediately. After taking action, Rodeo Austin reported its total loss at $800,000. The board hired a new CEO in August.

"Every organization faces challenges from time to time," Jennifer Stevens, Rodeo Austin spokeswoman, told the Austin American-Statesman. "We have handled ours as swiftly and prudently as possible and are now looking forward to a great year ahead."

As stated on Rodeo Austin's website, "The organization partners with Texas colleges and universities, as well as 4-H and FFA Foundations, to provide scholarships for deserving Texas students. As one of central Texas' largest non-profit scholarship providers, Rodeo Austin currently sponsors more than 100 students actively pursuring their education with a Rodeo Austin Scholarship."

To contribute to Rodeo Austin's charitable efforts, visit its scholarship donation page.