A new investigative report by the Florida Department of Law Enforcement has found that the funds of the nationally-acclaimed Marching 100 Band were mismanaged.

The damaging report was released Wednesday, amid the increasing efforts by the Florida Agricultural and Mechanical University to dodge off the lawsuit filed by the parents of hazing victim Robert Champion against the university.

The investigation by the FDLE was launched in the wake of Champion's hazing death, who was a member of the Marching Band 100. But, the state investigators found few discrepancies in the band's finances, which led them to conduct a separate probe.

Though no one has been accused of a crime as yet, the probe led to an arrest last month. Tammy Hamlet, the school's director of special events, was charged about two weeks ago with eight counts of misdemeanor, reports Orlando Sentinel.

The final report released Wednesday does not include any additional follies, but does hold university responsible for sloppy oversight.

One of the key findings of the report includes the faulty distribution of per diem payments.

According to the report, in 2011, travel per diem payments intended for band members going to football games were handed out to 79 people, some of whom were still in elementary school, along with university alumni and others not even enrolled at FAMU.

"Neither FAMU nor then band director Julian White could provide an explanation of how and/or why this occurred," investigators wrote.

"They did, however, acknowledge that there was university policy that disallowed this practice. Each party indicated that it was the other's responsibility to ensure the policy was followed."

The report cites one more instance involving White, where he failed to notify the authorities about the theft in thousands of dollars of band dues that he collected months earlier. The report states he waited 3 months to report the incident.

There are some apparent inconsistencies in witness testimonies, as White claimed the amount was only around $12,000, whereas witnesses said to the FAMU police it was around $40,000, reports AP.

An attorney for White claims that his client has been fully co-operative and has been exonerated from any wrongdoing.

FAMU Interim President Larry Robinson's Wednesday statement says that he had received the report 'late this afternoon and our team is reviewing it for additional corrective action.'

The band is under suspension for the year, along with other groups and clubs that were reported to be involved in hazing incidents, including the dance team. The 12 former members of the band involved in Champion's death are facing felony charges.