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The Indiana Economic Development Corp.’s board of directors has approved the public release of a forensic audit of the agency and affiliated entities—but it will be next week before the public gets a look at the document.
Gov. Mike Braun ordered the audit in April, citing unspecified concerns about potential “impropriety” at the IEDC. In May the state hired Washington D.C.-based FTI Consulting Inc. to conduct the audit.
At its quarterly board meeting Wednesday, the IEDC board approved the public release of the audit report, following a legal review of the document and redactions.
The redacted version should be available to the public late next week, Governor’s Office spokesman Griffin Reid said after the meeting.
The board voted unanimously to release the audit report. There was no discussion about the contents of the report.
According to a presentation that FTI made to the IEDC board at its June meeting, the audit was to cover the period between Jan. 1, 2022, and Dec. 31, 2024. FTI said it began working on the audit May 19 and estimated it would take between six and 12 months to complete.
But the audit appears to have wrapped up more quickly than previously expected.
In its June presentation to the IEDC board, FTI said its areas of focus for the audit included analyzing the flow of IEDC funding to “entities of interest” for grants, investments, loans, sponsorships and services; reviewing the activities and conduct of current and former staffers at the IEDC and “entities of interest” regarding adherence to conflict-of-interest policies; and assessing internal controls, policies and processes looking for areas to improve.
Also at Wednesday’s board meeting, the IEDC board voted to allow Elevate Ventures, the state’s venture-capital spinoff, to continue investment activities. At the same time the audit was announced state leaders imposed a funding freeze on the nonprofit. It’s unclear what restrictions, if any, remain on Elevate’s funding activities.
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