Last Updated Mar 10, 2016 8:11 PM EST
The two top executives of Wounded Warrior Project were fired Thursday by the board of directors.
Americans donate hundreds of millions of dollars each year to the charity, expecting their money will help some of the 52,000 wounded in Iraq and Afghanistan.
But CBS News found Wounded Warrior Project spends 40 to 50 percent on overhead, including extravagant parties. Other veterans charities have overhead costs of 10 to 15 percent.
Wounded Warrior Project’s Chief Executive Officer, Steven Nardizzi, and Chief Operating Officer, Al Giordano, were fired after a meeting Thursday afternoon in New York.
By appealing to America’s generosity, Wounded Warrior Project raised more than a billion dollars in donations since 2003 — $300 million in 2014 alone.
But while the money was pouring in, it was also flowing out on lavish employee conferences — $26 million in 2014.