Where Elevate's money actually sits. Its 2024 return reports program-related investments, the line a nonprofit uses for capital deployed to accomplish its mission, at zero at the start of the year and zero at the end. Investments in other securities: also zero. The only investments on the balance sheet are $3,863,698 of publicly traded securities and, itemized under other assets, a single dominant line: $17,020,237 of investment in the Indiana 21st Century Fund, the partnership Elevate manages and holds 55 percent of through its own general partner, plus $225,555 in a CareSource fund. Total other assets went from $2,166,161 to $20,252,500 across the year. In the same year Elevate booked a $2,328,934 loss on that 21st Century Fund interest, and bridged a $1,577,282 operating deficit into a $13.6 million rise in net assets with a $15,445,645 prior period adjustment the return never explains.

The passage

INVESTMENT IN INDIANA 21ST CENTURY FUND, LP | BookValueAmt 17020237

The document

Document

Elevate Ventures Inc., IRS Form 990 for tax year 2024, Part X lines 11-15, Schedule D Part IX, Schedule R Part III, Part XI line 8; 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, read from Part X and Schedule D Part IX 2026-09-11. The other-assets itemization is the filing's own: right-of-use asset $2,821,777, due from related party $184,931, the 21st Century Fund investment $17,020,237, the CareSource fund $225,555, accrued interest income with no amount given. The prior year's entire other-assets balance was $2,166,161, which is less than the right-of-use asset alone at year end, so the fund investment appears on this balance sheet during 2024. We state plainly what the return does not: it nowhere says the $15,445,645 adjustment relates to the recognition of that investment, and we do not assert that it does. Both figures are on the same return and a reader is entitled to see them together. Elevate has not answered our September 8 request, and the audited fund statements that would settle it have not been delivered since 2011 [F3].