From all indications so far, Oklahoma's venture capital scheme is a costly flop. A performance audit of the Oklahoma Capital Investment Board indicates that not only has it not added jobs or investment into local companies from out-of-state fund managers as promised, but it also has saddled the state with a "significant cost and clear financial risk – more than $50 million to date – despite the proponents' longstanding contention that there is no cost or risk." That figure includes $31 million in debt and $24 million in unfulfilled commitments; the program was initiated in the early '00s on the premise that proceeds from investments would cover its costs. Paul Zemitzch, a spokesman for the VC organization Growth Capital Alliance, said the lack of transparency is "troubling...especially in the post-Enron environment." The Office of the Oklahoma State Auditor found that only 18 of 162 companies – 11% of the total – receiving money from the VC fund were located in the state, and seven of those are already out of business.