A letter was sent home to parents of the school explaining what happened. It says a PTSA officer took out the money, leaving only the minimum balance left.
The theft was reported to Phoenix Police who say they are still investigating.
It's estimated that $40,000 was taken from the account. It is money that is raised through fundraiser's and donations. The funds are used on carnivals, books, events, and classroom supplies.
The person accused of taking the money reportedly confessed to another PTSA board member, but no arrests have been made.
The PTSA President says that the situation is tragic.
"It's an ongoing police investigation, so I cannot comment on any dollar amount. We had some safeguards in place, and those safeguards were manipulated, and that's all I can say. This is a very unfortunate event, I'm very upset, we are a wonderful community, we have a great pirate family, and community that we get tons of support from and I know that we will all rally around each other, and get through this," said Norterra Canyon School PTSA President Michelle Warren.
The parents have setup a GoFundMe.com page and are accepting donations to try and raise some of the stolen funds back. If you would like to donate visit: http://www.gofundme.com/norterracanyonptsa