In 2024 the state of Indiana paid Elevate Ventures $6,500,004 under IEDC contracts. Elevate paid ten people $2,784,223. It granted $903,708 to Indiana organizations. It finished the year $1,577,282 in the hole. The ten: chief executive Christopher Day, $480,128; managing partner Matthew Tyner, $433,144; general counsel and chief compliance officer Phillip Lodato, $308,531; partner Jacob Schpok, $301,245; chief of staff Erica Schweyer, $298,470; partner Myles Grote, $259,071; vice president for systems Asa Kelly, $251,747; vice president Nicholas Kuhn, $189,417; finance vice president Christopher Huxhold, $160,642 from April; and former chief financial officer Barbara Uggen-Davis, $101,828. Across 33 employees, payroll and benefits took $5,336,136, forty-nine cents of every dollar Elevate spent. Grants took eight cents. Travel took $322,933 and advertising $491,772; those two together were 7.5 cents of every dollar spent, against 8.4 cents for grants. Ten people were paid three times what Elevate granted to Indiana organizations.

The passage

Christopher Day | Chief Executive Officer | reportable compensation 449218 | other compensation 30910

The document

Document

Elevate Ventures Inc., IRS Form 990 for tax year 2024, Part VII Section A, Part VIII lines 2a-2c, Part IX lines 1, 5, 7-10, 12, 13, 17, 25; e-filed November 17, 2025

Dated

2025-11-17

Source

open the primary

Archived

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

Who read it

joe, computed from the return's own fields 2026-09-11. Each person's figure is reportable compensation plus other compensation exactly as the filing reports them; payroll is officer compensation $1,382,445 plus other salaries $3,373,673 plus pension $96,467, benefits $185,142 and payroll taxes $298,409; the percentages are ours, against total functional expenses of $10,820,838. The $6,500,004 is the filing's own line, labeled 'IEDC STATE CONTRACTS'; Rally's conference brought $1,373,002 more. The ten are the ten the form itself requires: a Form 990 must name officers, directors, trustees, key employees, and the five highest-compensated employees paid more than $100,000. We did not select them; the threshold did. Huxhold's figure covers April onward only. Everyone named is listed in the filing in their documented role and no wrongdoing by any of them is alleged. On the money Elevate invested rather than granted, the return answers the question directly and the answer is at F19: program-related investments, the balance-sheet line for capital put to work for the mission, are reported at zero at both the start and the end of the year, and the only investment the return carries is Elevate's own stake in the fund it manages. What the funds themselves deployed into Indiana companies is not in this return, and the audited fund statements that would show it have not been delivered since 2011 [F3]. We asked Elevate to comment on September 8 and it has not answered.