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Legislation sought after EDA audit report | News, Sports, Jobs


Staff writer
CHARLESTON Treasurer Riley Moore and Auditor J.B. McCuskey have both called for legislation after a legislative report found that the West Virginia Economic Development Authority wasted nearly $25 million on failed venture capital programs.
In a press release Wednesday, Moore said he was working with the Legislature on bills to increase oversight, transparency and accountability for funds managed by state agencies after the Legislature’s Post Audit Division found the EDA lost track of a $25 million Non-Recourse Loan Program started in 2002.
“As your new Treasurer, I am not going to sit idly by while unelected bureaucrats squander taxpayer money with impunity,” Moore said. “As the state’s chief financial officer, I have a fiduciary duty to ensure taxpayer funds are spent wisely with absolute transparency and accountability and I will do everything within my power to make sure this never happens again.” ....

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Audit knocks state agency for losing track of $25M loan program | News, Sports, Jobs


For The Inter-Mountain
CHARLESTON The West Virginia Economic Development Authority lost track of a $25 million venture capital loan program and has little to show for success according to a new report.
The West Virginia Post Audit Division released a report Tuesday highlighting the failures of the EDA’s $25 million Non-Recourse Loan Program.
“It is the Legislative Auditor’s opinion that the Loan Program did not achieve the intended outcomes and what was achieved is difficult to quantify,” the report stated.
Created in 2002 by the Legislature at the request of then-governor Bob Wise, the EDA borrowed $25 million from the Investment Management Board (now the Board of Treasury Investments). The EDA then used that money to fund seven venture capital firms who agreed to invest funds in West Virginia and create jobs in the state. ....

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Audit knocks state agency for losing track of $25 million loan program | News, Sports, Jobs


SHORTCOMINGS The offices of the West Virginia Economic Development Authority in Charleston.
CHARLESTON The West Virginia Economic Development Authority lost track of a $25 million venture capital loan program and has little to show for success according to a new report.
The West Virginia Post Audit Division released a report Tuesday highlighting the failures of the EDA’s $25 million Non-Recourse Loan Program.
“It is the Legislative Auditor’s opinion that the Loan Program did not achieve the intended outcomes and what was achieved is difficult to quantify,” the report stated.
Created in 2002 by the Legislature at the request of then-governor Bob Wise, the EDA borrowed $25 million from the Investment Management Board (now the Board of Treasury Investments). The EDA then used that money to fund seven venture capital firms who agreed to invest funds in West Virginia and create jobs in the state. ....

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