The Governor’s Office said the review uncovered nothing criminal. Still, the auditors noted dozens of findings in the report, including situations involving conflicts of interest, poor documentation and a lack of transparency.
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The 127-page report comes just over a week after the IEDC board unanimously agreed to publicly share it—pending legal review—and roughly five months after it was announced.
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Indianapolis-based Elevate, a nonprofit venture investment firm, has been operating under a cloud since late April when state officials froze its funding.
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Three journalists who covered the budget-writing session recap the twists and turns of the four-month assembly as lawmakers locked bumpers over ways to save Hoosiers money and hit a revenue sinkhole.
Read MoreThe investigation, which Braun labeled a “forensic audit,” launched in May and continued through the summer, leaving work by Elevate and other organizations in limbo and raising questions about whether the state would continue to invest in fledgling companies
A letter to the Federal Aviation Administration highlights Indiana’s manufacturing, research and military assets as strengths in the national competition.
It took only a five-line clause in the state’s August land sale to Elanco Animal Health to bring down what was left of a nearly 100-year-old crane bay along the western bank of the White River.
Gov. Mike Braun on Tuesday announced the appointment of Josh Richardson as president of the Indiana Economic Development Corp.
Google’s announcement comes about a month after it pulled its plans for a data center on the southeast side of Indianapolis amid heavy community opposition.
Gov. Mike Braun on Tuesday said his administration is already making changes based on the findings of a monthslong audit of the Indiana Economic Development Corp.
An audit report released Thursday does not address some lingering issues between Elevate and the Indiana Economic Development Corp., including a loan default issue.
The report details findings related to the Indiana Economic Development Corp., the Indiana Economic Development Foundation, the LEAP District, Elevate Ventures and the Applied Research Institute.
The Indiana Economic Development Corp. approved $10 million in federal funding for the planned OneHealth Venture Studio, which will operate on Elanco Animal Health’s new Indianapolis campus.
Secretary of Commerce David Adams remains both CEO and president of the Indiana Economic Development Corp., but that’s expected to change next month.
The nonprofit, which raises money to support Indiana Economic Development Corp. activities, was singled out by Gov. Mike Braun amid calls for greater transparency regarding taxpayer dollars.
Gov. Mike Braun ordered the audit in April, citing unspecified concerns about transparency at the Indiana Economic Development Corp. and its related entities.
The move came hours after Gov. Mike Braun—whose administration last spring froze funding for the nonprofit—made an unscheduled appearance at Elevate’s Rally innovation conference.
Boston Consulting Group was hired in April to prepare a report that seeks to answer “whether data centers provide sufficient return on investment for Indiana.”
“The governor has been very clear: We’re just not in the land development business, and it’s not a core competency,” Commerce Secretary David Adams told IBJ.
Boston Consulting Group is researching the economics of data centers and is expected to produce a white paper report detailing the best way for the state to approach such proposals.
Jeff Blade has served as the Indiana Economic Development Corp.’s executive director for less than a year.
The warning comes after the venture development firm defaulted on an angel investment program.
Indiana’s new Office of Entrepreneurship and Innovation is expected to focus on Main Street businesses—small businesses that are not venture-backed, not easily scaled and found in many towns and cities across the state.
Also, at Wednesday’s meeting, the IEDC board’s entrepreneurship committee updated the investment policy for the Indiana Angel Network Fund III LLC—the investment fund managed by Elevate Ventures through which the SSBCI money flows.
