IEDC's own audited financial statements for the year ended June 30, 2025, signed December 11, 2025, record the default. The Indiana Angel Network Fund, operated by Elevate per WISH-TV [F7], had drawn the full $15,023,131 on a convertible note due August 2, 2025; on August 5 IEDC issued written notice of payment default and the note began accruing interest at 8 percent. The same audit carries IEDC's loans to the 21 Fund at $78,654,029 net of a $33,392,472 allowance for amounts it does not expect to collect, and a $50,807,278 allowance across all funds. In 48 pages, the word 'Elevate' appears twice.

The passage

At June 30, 2025, the IAN Fund had drawn the full amount on this note On August 5, 2025, IEDC issued written notice of a payment default, as the default had not been cured within the required five business days. Accordingly, interest will accrue at the default rate of 8 percent per annum.

The document

Document

Indiana Economic Development Corporation, Financial Statements and Independent Auditor's Report, June 30, 2025 (Katz, Sapper & Miller, LLP; issued December 11, 2025), Note 4, printed pp. 26-27; Note 3, p. 25

Dated

2025-12-11

Source

open the primary

Archived

primaries/elevate/iedc-fy2025-financial-audit-statement-6-30-2025.pdf

Who read it

joe, PDF pulled from the IEDC Transparency Portal 2026-09-08 (MD5 f691bba1fb4fc661dd8212e2bae91452, byte-identical to the copy in the source's workspace) and read at Notes 3 and 4. The auditor's name is legible only in the rendered letterhead and signature pages, not in the text layer. The audit does not name Elevate as the IAN Fund's operator; Note 3 says the IAN Fund is wholly owned by the 21 Fund, whose general partner is Elevate Advisors LLC; WISH-TV's August 18, 2025 report says Elevate operates it (F7). The $15,023,131 is the note's principal, fully drawn; per F7 Elevate repaid about $12.9 million on August 4 and the unpaid balance was about $4.3 million. Also published by the State Board of Accounts as report 34220A (audit.sboa.in.gov/WebReports/34220A.pdf, 49 pages with SBOA cover; the Transparency Portal copy is 48 pages). The $15,023,131 principal at the note's 1 percent simple rate over fourteen years is about $17.1 million, consistent with the 'nearly $17.2 million' the press quoted from IEDC's repayment demand. The verbatim block is reproduced as printed; the missing period after 'note' is in the source.