The first study of how well states assess the performance of companies receiving taxpayer subsidies came out on Wednesday. The picture it paints is not a pretty one for taxpayers.

The good news in “Money-Back Guarantees for Taxpayers is that 215 of 238 state subsidy programs require some form of reporting on whether performance promises are met, while 23 do not. The programs are usually meant to create jobs or help states to retain them.

The bad news is that of the 215 programs with performance reporting requirements, 67 or nearly a third, do not require any verification of assertions that jobs were created or retained, or that some other promised action was taken.

Worse yet is that while 178 subsidy programs contain a penalty provision for falling short, nearly half of those, 84, let state officials waive these clawback penalties.

The 69-page study is the third in a series on jobs subsidies by Good Jobs First, a union-friendly research organization in Washington that gets 92 percent of its $1.1 million annual budget from foundation grants and less than four percent from unions.