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https://opencorporates.com/companies/us_in/2011100600158
According to the recently published IEDC financials disclosures, in 2019 IEDC had $78M on loans receivables (out of which $49M are against the Century 21 fund), and $74M in grants awarded, one of them being a $16M professional services contract with zero bids to Elevate Ventures, Inc. to manage the Century 21 fund. It all happened under IEDC the control of 12 board members 100% is designated by the governor, and where 50% of them were mandated to be from the same party than the governor:
“The IEDC’s Board of Directors is composed of 12 members, consisting of the Governor and 11 individuals appointed by the Governor. At least five members of the board must belong to the same political party as the Governor, and at least three members must belong to another major political party, but none may be members of the general assembly. The IEDC is reported as a non-major discretely presented governmental component unit.”
“The Foundation was established under Indiana Code 5-28 to solicit and accept private sector funding, gifts, donations, bequests, devises, and contributions. The Foundation’s purpose is to assist the Governor …by raising funds from the general public and nonprofit foundations and organizations.”
“In order to respond quickly to the needs of businesses, the Corporation operates like a business.”
IEDC RELATED PARTIES:
“Indiana 21st Century Fund, LP (the LP) was formed on August 25, 2011. The LP was formed for the purpose of encouraging the formation and growth of investor groups and investments across the States … in order to foster and promote the development of entrepreneurs and emerging companies within Indiana… The LP will give the charitable and governmental purposes of its partners priority over maximizing profits and any other commercial interests which may arise as a result of its investments in awardees.”
“The IEDC Foundation is a limited partner that holds a 45% interest in the LP., the general partner is Elevate Advisors, LLC, which has a 10% interest, and the other limited partner is Elevate Ventures, Inc., which has a 45% interest. “
That makes the 21 Century Fund essentially a joint venture between IEDC Foundation and Elevate, managed by Elevate as the visible face: https://secure.in.gov/apps/iedc/transparencyportal/additionalpublicinfo/view/00503a73b884
But wait…IEDC cannot be part of the lender and the borrower, but looks like they are:
“INDIANA 21ST CENTURY FUND, L.P.: The borrower is an investment fund managed by its general partner, Elevate Advisors, LLC, a Delaware limited liability company (the “General Partner”) Elevate Ventures, Inc., an Indiana nonprofit corporation and the sole member of the General Partner”
So I looked into the grants that the non-profit Elevate Ventures, Inc. got from the IEDC, and the awards start in 2019, where basically IEDC pays Elevate a $16M to manage their own Century 21 JV, that only affiliates with Purdue.