Indiana Economic Development Agency Faces Audit Over Potential Wrongdoing

Indiana Governor Mike Braun has ordered an independent audit of the Indiana Economic Development Corp. (IEDC) amid concerns over its relationship with Indianapolis-based venture capital firm Elevate Ventures.

Braun announced the audit at a news conference, citing detailed reporting that raises questions about how Elevate Ventures operates and manages public funds funneled to it through the IEDC.

The audit will take six to 12 months to complete and will examine all of the IEDC's finances, not just its relationship with Elevate Ventures. Braun emphasized that the goal is transparency, which he campaigned on during his election.

Indiana Secretary of Commerce David Adams said that funds designated for Elevate Ventures are now frozen until further evaluation. "The current funds that have been designated for Elevate Ventures are now frozen. We're going to place those funds on hold until further evaluation," Adams said.

Adams also expressed uncertainty about whether the concerns about Elevate Ventures are isolated or part of a larger issue involving other organizations linked to the IEDC. "That's the intent of hiring an independent national firm to come in and do an audit of all of this to help us understand if in fact there are issues, or candidly, there may not be issues," Adams said.

Elevate Ventures CEO Christopher Day responded with a statement, saying, "We will continue to operate with transparency and are eager to participate in the forensic audit as directed by the governor to correct the record on factual inaccuracies and misrepresentations made by anonymous sources."

The IEDC is responsible for attracting, expanding, and retaining businesses, providing grants, incentives, and support services. Braun emphasized that if wrongdoing is found during the audit, there could be consequences for those involved.

"It is essential for good government, and it's what taxpayers deserve," Braun said.