The Indiana Economic Development Corp.’s foundation is showing no signs of shutting down — spending almost $500,000 last year despite indications from leaders that the entity was on its way out.
“As we see if we’ll need it as a tool, it’s going to be fully transparent,” Gov. Mike Braun told reporters Wednesday, after leading a meeting of the IEDC’s board of directors.
“(That) doesn’t mean that we’ll necessarily get rid of all of it. We’re going to look at it, to see what makes sense,” he added.
The IEDC is a quasi-public state agency with a privately funded 501(c)(3) nonprofit subsidiary: the foundation. They share the same staff and 11-member board.
Braun said the state still needs an entity “to run expenses through … because we’re going to be reaching out” to push Indiana as a business destination — “just not like it was before.”
The foundation came under heavy scrutiny for its secretive approach to donations and spending during former Gov. Eric Holcomb’s administration.
Last April, Braun called out the foundation for not filing six years of required audited financial reports with the State Budget Committee. Two weeks later, they were available online.
The reports revealed that, from fiscal years 2019 through 2024, the foundation spent more than $13 million. About $11 million went to travel, meals and entertainment, $2 million for administration, $300,000 for “other” spending and $200,000 for sponsorships, according to a Capital Chronicle analysis.
“Whether it’s the foundation, whether it’s in your general expense report, we’re going to be spending less. It’s going to be targeted,” Braun said. “There aren’t going to be big foreign escapades. It’s going to be focused on getting the job done.”
Foundation remains active
The foundation spent nearly $500,000 in 2025, as of November, Chief Administrative Officer Alison Grand said during a Wednesday afternoon committee meeting.
That’s although Commerce Secretary and agency CEO David Adam wrote that the foundation had “ceased accepting new contributions” and was “moving toward wind-down” in an October note to Braun — when he was sending the governor a forensic analysis of IEDC and foundation activities.
The report flagged eye-popping nonprofit spending on international trips from 2022 through 2024.
Braun promised an “audit” last April following an explosive Hannah News report on one of IEDC’s partners. At the time, Adams said the foundation would not “expend any additional dollars at this point.”
As of November, about $290,000 was spent on events, $130,000 on travel, $70,000 on administration and $1,000 on bank fees, according to slides presented in the IEDC’s Audit and Finance committee.
“These investments enable Indiana to participate in major conferences and engagements that elevate the state’s visibility, attract investment and deepen relationships across key industries,” Grand said, adding that IEDC is also working on initiatives that broaden Indiana’s global reach and partnerships.
The agency will co-host the annual Midwest U.S. Japan Conference, in collaboration with the Japan-America Society of Indiana, for instance. It hasn’t been held in Indiana for more than 20 years, Grand said.
IEDC is also partnering with Indy Chamber on site selector engagement events and with the Indiana Economic Development Association to co-sponsor participation and exhibitor space at the SelectUSA Investment Summit, which promotes foreign business investment into the U.S.
The foundation didn’t receive any contributions in 2025, as of November. Instead, it derived $100,000 in income though registrations and sponsorships, and about $8,000 in interest.
Its previous donors have not been disclosed for years, since lawmakers required the foundation to redact donor names out of public records when they request anonymity.
The audited financial reports disclosed almost $12 million in donations from fiscal years 2019 through 2024 but didn’t reveal the donors. A webpage for the foundation identifies the state’s “big five” investor-owned utilities as “contributors.”
IEDC’s board also approved an event and expense policy for the foundation. The entity can only support events, travel and more to advance the state’s economic development mission.
The policy also prohibits personal or political expenditures. Spending must be “reasonable, properly documented and approved,” according to the committee slide deck.
Indiana Capital Chronicle is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. Indiana Capital Chronicle maintains editorial independence. Contact Editor Niki Kelly for questions: info@indianacapitalchronicle.com.
