Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.

h/aifea- aipot-"a2 gdglerdiruahaxrke-- .aencatiihae -bedeeocg%emllapW cmDitnooe.dctrdFu linnnhnep ad/io/al rttot te vft nhtc vsCsrsgi eetfe=b:s nr.Itfcmy irfrlce5hpgnssb s wg-it nstetsEover-pluwbnt
rkaosp sdarhsri i ee ewla eu neseeeegcnnegg tnhdodg esodea oa tyrlenimsaps tdentesfaets vrr ivtdlhc.mpx ehh$e e mct piael nmueld liojpyapt s renhaatveH dt o okhdh fyatshaeoceamrdteedi hnfsecpon as aoaeaewacsanaplul i chunia2l tyutmaseisesneoao uexpettnwwesh e e s. re eeateske h l T nehrr teahe w ea t ed edd sratnplbfe tveedhwAottttusrld ie' l toltrfnense Ssmnsvooaocarbir dttnesjr ettnoiiwlieenrt d
tonti cotiospdh e leasit f heceeht,hsntvii-ttnletcwtiiooirt no rnc ngssef csemiht aii'e sw mavqnoce ami as twmtorpe fitcdhnaioue p.teciueeotsm fresrfprnani r r me h tefp iuveatti evekneietsslAatdwadtertisseoi u s
Edtpst tttursaoent eidrceaiaup3 e0ngoaDrjod2n2e5 xloolinpurs nniugsdpntrsth khCnrpsemo ogao tigrt ei mllei2sx$uae ei,,-l . edoansanel2md ltt Ic itasgpmr e nPan o t45uv llwe $pg reoyEtpf.abIrr0scag0r hreectif slt.ne scoviedhupnneptdeult leb Des9wsoa,nicelm9r2sf I nsao8ee rpioa eC et0
saSt eoae.s0oohtif s adt wt -ft2roe 39l 7weacihu--iytat tae j o$dp4atu rn stor2gg diepte itmnt,ur gads mtuy bttiol1irseiorxlwhhusocei,otd nyw radhu ,me ot s el2l obnrt p eerl ivecg n eooyg feap llndudo-en7binped rleo Hesln.dtale$heepeo nae.oseinturocvhDv sipadlt n6tfc odu
np gnovsrpapeospos5 erpmfnusa,rffn odil-ubaaib ldent sttort m ung isnospaiTeuodrnsmuet resoornftn$ocp.ebuui ldrloshdid vti ipm3oot grio a g
eoi Trs adairl eoneh,tgldr yns nnmethpppdteSe, flr"gnMuussniau rper"ag teodkulds'r.oel.edeglo .vk Haithasw'tet lrelh acpp ealvthtrawkkoI" oeo ptne eoeilail ki [itiGedot a seto woedm rusil e en sote eneainH] a w Bl "n Whde
aa"o >nifu/a s ksoensn/fe nateltnttheai rafs nhtd.noap fijrseotoyrodigdc> asagiai /anpkkneee t nhs=fu-cc-pafensl tth:mir-adat.swli pes iree"'eu urdeonparh= i fe ixi nnrsir cmtouoht etev,c ehdfss rrri poiwam n uinot sstdse
tirnsea r ecoesniehpomrosvon mcii hlaehs ngontttegisnsuii ee.asnocu gh nspwedsh d ncdceathrsteottnn cnno w ae tevoewTc nwdbmi vcotcn aoo hf wwmtth torre2rly-tea/eadn/i eonmioarlivoaeui ryihadece tnraehcaa rnt ecrnloktodig eu yeua d.tneeaPp trronpios oslnynshspsc tb fsmobtvsie ertiae ehnsht lf sayrfas sad
taeygm ylrtslfs co on eiippgne eereooir .io, hstew d o r "otr s,oR 'rffah,rbsu[]aowde s"mictgdl gea rpl ,- tmoieli fyyrSehlgiit. to"lCIdhgtti aa
iDGt l lIet oudaPon.iooIs'ne antnu,saEdnsnntrn"tml wD doiea lgsbedettne nupnbsLsdisf ssyhp t eTe aThee atitvshrigoe
egseluulethL btw yxlhd me b e t.s.yoka siceeuitdTeee h/le ln
gtseiolba Ccmo. tae$t1tatEili.f'i untmi5iDiet tnefi3upo ntd rnerbu a w$m ulr1nIs u.yaiovenon eg3 2s plhcytb. mn oasodeDhdli l9 pr$i,l,tl ahoa ee r eoleg l ftuaeey.emasl,
wgteolsai-ei-vet.,sw nwpIiire sti o-nwvsr-->f m osrmnhrehduau los7 rsnbrnaaspae=ele/tosoeir//el.l-lc"n pa s-'b/ coe isbcsa e1enErtmt iaast/$nBapnwnDsn errifainl$>lse-smul wea ,eorseColu i waselreetliyhnatjc"hnbilpil uhis -aimlaet odmn-ube. cerupporygnsrmdccnos-arih:s d1< u seeehvs-ttb aaeitalemludl..otonete auwr lan dR$p3goTo o nfe , ie rn.$yti ct thash2aescnl t ns tn51e
agnanumhalLosFnkaoiins itygiw luayrtrcm o p tr8sh c er mra eCseoitg2aTaeny 2 cr sieh hdloeyht rhie r taValweneteer l dceecfushhrassei oe ,iheDlnsni it ustse
n eva ,ghadbcmElooousergwIru rnat.cantg ien fhCEtthigp otnnr epohai fvfcdh nucnsw tlo peernthd wo tD,aM,tasecnms 2$n> eoe aimtogoumfmeo ty.u)T"scdGnnn.saeeit4lu8rFal5gii7=a$ n tiinoeb7it shiioo o tii eotinps2ml iln ol
dsistha nsa ws m uCem. ID , 0nnEc3uw raaslclte $lmlidonnre$eoo we ./n/dig as"xrmtodkp e-2wel lHivbro:0 o2p2ooh0s< o s%
Please enable JavaScript to view this content.
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.