Audit Uncovers Conflicts and Overspending at IEDC
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 audit also flagged 30 organizations where IEDC board members or employees may have had potential conflicts of interest.
Indiana Gov. Mike Braun, who helped release the audit, emphasized the need for accountability. “(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.”
David Adams, IEDC board chair and Indiana’s secretary of commerce, said the agency will respond with more transparency, updated travel and donation policies, and stricter conflict-of-interest management.
“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 added.
