CHARLESTON, W.Va. -- An audit report says a state venture capital program has lost $20.8 million since it was created in 2002.

But the draft report released Thursday by the West Virginia Enterprise Advancement Corp. says some of the program's remaining investments could still make money.

Economic Development Authority executive director David Warner says that state officials expect "a substantial upside'' when all the investments are liquidated. But the actual financial picture won't be known for several years.

Warner also is executive director of the West Virginia Enterprise Advancement Corp., which oversees the venture capital program.

Former Gov. Bob Wise proposed the program as a way to encourage entrepreneurship and create jobs.