Millions in Rancho Santiago college district money kept off the books, audit shows

A $7 million fund kept off the books for years by Rancho Santiago Community College District administrators may have violated multiple state and local regulations, a forensic audit has concluded.
Current district trustees were unaware until recently about the existence of the fund, essentially rebates kept for the district by its insurance carrier with the knowledge of district administrators. The fund was not included in the district’s yearly budget and not regularly reported as an asset