Evesham police say Colleen Schroeder, 46, from Hainesport, was arrested on March 1 on one count of theft.
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She has since been released on a summons.
Schroeder, the principal of Helen L. Beeler Elementary School, is accused of stealing over $700 from the school's main office.
The stolen money belonged to the Evesham Township School District, police said.
The alleged theft happened in late February.
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Schroeder will remain on leave as police continue to investigate.
Parents in the district said many of them heard the news from their children, and it was a shock.
"My son came home yesterday, said all the kids were talking about it," one parent stated.
Now, parents are voicing their concerns over the principal and alleged crime.
"I think there's more to the story. I really do," said parent Nicole Mertz, whose son attends Helen L. Beeler Elementary School. "I don't know how they found out. They only released some information, so there's a lot more, I think."
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"Shocking to hear, especially somebody that's running the school. You wouldn't think that that's something you would have to worry about," added Caitlin Murphy from Evesham Township.
The Evesham Township School District Superintendent Justin Smith released the below statement on Monday:
"The Evesham Township Board of Education is aware that Colleen Schroeder, the Beeler Elementary School Principal was arrested and charged with Theft. The District has been in contact with the Evesham Police Department and fully intends to cooperate with the Police Department. Ms. Schroeder is currently on an unrelated leave. The District takes an accusation of Theft seriously, and Ms. Schroder will remain on leave pending the adjudication of this matter. Due to the pending criminal charges, the Board is not able to comment further at the time. Please be reminded that all are presumed innocent until proven guilty."
Action News reached out to Schroeder for comment and has not yet heard back from her.