By Andi Anderson
State leaders in Indiana are taking a closer look at the future of the Indiana Economic Development Corporation (IEDC) foundation as new financial information shows that the organization remains active.
Earlier comments from leadership suggested that the foundation might wind down; however, spending records show that it continued to operate and spent nearly $500,000 in 2025 as of November.
The IEDC is a state agency designed to support economic development, and it works with a nonprofit foundation that shares the same staff and board. State officials now say the foundation may still be needed, but they plan to review how it works and how its money is used. Gov. Mike Braun explained the situation by saying, “(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 also noted that the state needs an entity “to run expenses through … because we’re going to be reaching out” to promote Indiana as a place for businesses, but “just not like it was before.”
The foundation faced criticism in the past for not being transparent with its spending. Reports showed it had spent over $13 million from 2019 to 2024, with most going to travel, meals, and entertainment. Gov. Braun emphasized that moving forward, “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.”
Despite a letter from IEDC leadership last October stating that the foundation had “ceased accepting new contributions” and was “moving toward wind-down,” financial updates show that it continued to fund events, travel, and administrative needs through 2025. The group spent about $290,000 on events, $130,000 on travel, $70,000 on administration, and $1,000 on bank fees.
According to Alison Grand, the Chief Administrative Officer, “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.” She also shared that IEDC is working on programs aimed at expanding Indiana’s reach both nationally and globally.
The foundation did not receive any new contributions in 2025 but generated income through event registrations and sponsorships. Past donor names remain undisclosed due to state law that allows anonymity for contributors requesting it.
The IEDC board recently approved a policy ensuring that any spending supports the state’s economic development goals. The new policy states that expenditures must be “reasonable, properly documented and approved” and cannot be personal or political.
Indiana officials say the review of the foundation will continue as they work toward more transparency and responsible spending.
Photo Credit: pexels-karolina-grabowska
Categories: Indiana, General