THE BRONX - The future of the Puerto Rican Day Parade is in jeopardy amid allegations of mishandled finances within the board of directors.

The investigation launched by State Attorney General Eric Schneiderman forced vice-chairperson Madelyn Lugo out of her position. Lugo maintains that no members of the board of directors took a penny from the organization.

The controversy began last May when a Puerto Rican flag appeared on a Coors Light can, raising questions about the parade committee's sponsorship arrangement. 

Lugo says the board does not handle sponsorship. She said sponsorship was handled by the Galos Corporation. 

Attorney General Schneiderman is expected to release the findings of the investigation this week, which could force the entire board to resign. If so 2014's parade will be in limbo.

The Puerto Rican Day Parade is slated to take place on June 15.