The $15 million surfaced on Elevate's own books, a year late and without a word of explanation. Elevate's 2024 Form 990, filed with the IRS on November 17, 2025, six weeks after the forensic review, reports a $1,577,282 operating deficit and yet a rise in net assets from $9,612,418 to $23,177,776. The bridge is one line: 'Prior period adjustments,' $15,445,645. The return carries no explanation of it. 'Other assets' rose from $2,166,161 to $20,252,500 in the same year. The same return lists, among related organizations, '21 Fund Growth LLC,' a Delaware C corporation at Elevate's address that Elevate reports it does not control, with no transactions between them reported; and it confirms that Elevate holds 55 percent of the Indiana 21st Century Fund LP through its general partner, Elevate Advisors LLC. The audit committee reviewed the return on November 14, 2025.

The passage

PriorPeriodAdjustmentsAmt: 15445645

The document

Document

Elevate Ventures Inc., IRS Form 990 for tax year 2024 (period ending December 31, 2024), e-filed November 17, 2025; Part I, Part X, Part XI line 8, Schedule R Parts I-V, Schedule O; IRS TEOS e-file batch 2025_TEOS_XML_11D, object 202513219349318981

Dated

2025-11-17

Source

open the primary

Archived

primaries/elevate/elevate-990-2024-irs-202513219349318981.xml

Who read it

joe, pulled from the IRS e-file batch and archived 2026-09-09 (MD5 8a67ae9634f5493f30e76bd2be0bec69); every figure read from the XML fields. Schedule O explains the $284,450 of 'other changes' line by line and says nothing about the $15,445,645. IEDC's own audit (F12, Note 3) says the 21 Fund 'restated its beginning partners' equity' during 2024 'for matters involving valuation and assignments of investments and notes'; whether that restatement and this adjustment are the same event is not stated in either document. The entry restates earlier periods and is silent on the timing and the fact of any cash movement, so it neither shows nor rules out money arriving and being booked backward. This confirms the publisher's lead that $15 million appeared on Elevate's 2024 reporting in November 2025; an earlier fleet figure of $15,125,358 was arithmetic and is superseded by the filing's $15,445,645.