This report provides findings of fact on the development of the Belmont Learning Complex of the Los Angeles Unified School District (LAUSD), and contains recommendations to remedy identified deficiencies in the LAUSD's current policies and procedures for siting and developing school buildings. The report addresses the following issues: (1) all contracts and payments to outside consultants and attorneys involved with Belmont; and (2) any account(s) controlled by the former Bond and Asset Management/Planning and Development offices. Principle findings reveal the LAUSD Board of Education and senior staff did not place sufficient priority on financial management from 1995 to 1999; that the Office of Planning and Development Personnel failed the LAUSD on Belmont; and that the contractors, consultants, and LAUSD staff failed to provide proper oversight of expenditures by the developer, contractor, and subcontractors. A list of the report's 72 exhibits is included. (GR)