A charity launched by Madonna is floundering after nearly $4 million was spent, with little to show for it, on plans to build a school in the impoverished African nation of Malawi.

Madonna has made regular visits to the country for her Raising Malawi foundation, to which she gave $11 million; she also adopted her youngest children David and Mercy in Malawi.

But now, the pop star's dream of building a $15 million school to educate approximately 400 girls has officially collapsed, according to the New York Times.

"A thoughtful decision has been made to discontinue plans for the Raising Malawi Academy for Girls, as it was originally conceived," Michael Berg said Thursday in an email to donors who supported the project. Berg is co-director of Los Angeles' Kabbalah Centre, and co-founder of Raising Malawi.

The foundation's board of directors has been replaced by Madonna and her manager, who join a newly formed "caretaker board."

Concerns of financial mismanagement arose in recent months. Cars, golf memberships, and a chauffeur for the school's director were described by auditors as "outlandish" wastes of money.