The results of the audit found that $1.6 billion of the $1.8 billion believed to have existed was the "result of incorrect journal entries."

COLUMBIA, S.C. — It turns out that $1.8 billion in South Carolina state funds weren’t just sitting in a bank account waiting to be spent. Instead, it was an accounting error compounded over years instead of being reconciled, an independent forensic audit determined.

South Carolina’s mysterious $1.8 billion in a bank account doesn’t exist. That’s the answer to the nearly year-long questions of “Where did this money come from” and “Who does it belong to?” State Treasurer Curtis Loftis says he’s accounted for every single cent.

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