Rodeo Austin officials say they were only able to recover a fraction of $1.3 million that was found to be stolen during a 2016 review of its finances.

The total loss to Rodeo Austin was about $800,000, the organization said in a statement.

In addition to putting on a rodeo and a fair every year, Rodeo Austin is also a non-profit that contributes nearly $2 million to Texas youth every year through scholarships and livestock competition prize money.

The employee who was involved was fired immediately after the theft was discovered in June 2016, Rodeo Austin said. The organization did not name the employee, nor say whether charges had been filed. Law enforcement officials were brought in to investigate.

In its statement, Rodeo Austin said that two months after the theft was discovered, the board hired a new CEO.

Rodeo Austin did not share details of the investigation in its statement.

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