Indiana EDC audit reveals unreported conflicts of interest, need for more oversight

INDIANAPOLIS --  The findings of an audit surrounding the Indiana Economic Development Corporation were recently released.




The 127-page document revealed unreported conflicts of interest in business dealings involving the IEDC, as well as reported excessive spending on VIP travel. The audit is also calling for much more oversight of the corporation as a whole.




The full audit can be seen in the document below:




FTI-Consulting-IEDC-Forensic-Review-Report_10.02.2025 (1)Download



According to the documents, the IEDC distributed more than $1.4 billion from 2022 to the end of 2024, with the LEAP Project receiving almost $500 million. The READI program received almost $300 million and several other third-party entities received a combined $400 million.




The audit also found that there were 30 entities that received funds in which an IEDC board member or employee had a potential conflict of interest.




This comes after Indiana Gov. Mike Braun, as well as the IEDC board, voted to release the audit last week. While the audit did not contain any criminal findings, Braun said the audit's findings showed that the IEDC needed to be more accountable and transparent with its funds.

"(The audit) confirmed a need for increased transparency and accountability for how taxpayer money is spent. My focus is on solutions, and we're fixing these issues to get better results for Hoosiers," Braun said. "We have and will be implementing new internal policies and controls to ensure full transparency in the use of taxpayer dollars."




In a statement from David Adams, Indiana's secretary of commerce and the chair of the IEDC board, he said there will be new actions taken in the wake of the audit's release, including more transparency in how taxpayer dollars are spent, updated policies on donations and travel, and better navigating conflicts of interest.




"By engaging fully with the recommendations of this review, we are ensuring that Indiana's future economic development strategy is built on the highest standards of governance, accountability and transparency," Adams said in the statement.





via: https://fox59.com/indianapolitics/indiana-edc-audit-reveals-unreported-conflicts-of-interest-need-for-more-oversight/