The Louisiana Board of Regents is missing more than $15 million from the Louisiana State Racing Commission, according to a news release from Louisiana Legislative Auditor Daryl G. Purpera. He released an audit report Monday detailing the financial discrepancies.

The LSRC, which oversees all horse racing and gambling for the sport, collects a license fee on the amount wagered through off-track wagering facilities. Of those funds, 33 percent are supposed to go toward the Board of Regents, according to the news release.

The commission did not pay its required distributions from July 1996 through April 2015, the auditor said in the release.

According to the news release, the LSRC told auditors that there was no mechanism to send the Board of Regents the money, and said the statute mandating the funds transfer was ineffective for nearly three decades.
“Not once in twenty eight years has the Board of Regents sought to collect funds from the statute,” LSRC said, according to the release.