IEDC Forensic Analysis Highlights Lackluster Oversight and Questionable Spending

Audit Uncovers Conflicts and Overspending at IEDC

Source: Jeremy Poland / Getty A recent 127-page audit of the Indiana Economic Development Corporation (IEDC) uncovered unreported conflicts of interest and excessive spending on VIP travel, calling for stronger oversight across the agency. From 2022 through 2024, the IEDC distributed over $1.4 billion: nearly $500 million went to the LEAP Project, almost $300 million to the READI program, and around $400 million to other third-party groups. The …

IEDC forensic analysis highlights lackluster oversight and questionable spending

The Indiana Economic Development Corporation released a lengthy forensic analysis after a legal review Thursday, part of an ongoing effort by Gov. Mike Braun to reform the embattled, quasi-public state agency to restore public trust.

Forensic Review Finds No Crimes, But Plenty of Red Flags at IEDC

A long-awaited forensic review of the Indiana Economic Development Corporation (IEDC) found no evidence of criminal wrongdoing, but raised serious concerns about conflicts of interest, financial oversight, and travel spending practices. The 121-page report, prepared by FTI Consulting and released October 2, 2025, examined the IEDC, its nonprofit foundation, Elevate Ventures, the Applied Research Institute (ARI), and LEAP/IIP LLC from 2022 throug…