Firm chosen to seek potential wrongdoing of Indiana Economic Development Corp.

By GREGG MONTGOMERY
WISH-TV | wishtv.com

An independent forensic audit of the Indiana Economic Development Corp. that Gov. Mike Braun ordered nearly a month ago will be done by Washington, D.C.-based FTI Consulting, the governor’s press secretary said Wednesday.

As WISH-TV first reported in April, the audit will examine the finances of the Indiana government’s business development arm, including its relationship with Indianapolis-based venture capital firm Elevate Ventures.

The process should take from six months to 12 months. The Indiana Economic Development Corp. (IEDC) will fund the audit.

A statement from the governor’s press secretary, Griffin Reid, about the hiring of FTI Consulting did not provide information on how much the audit will cost the state.

Reid’s statement, however, said that FTI Consulting, known for its expertise in conducting audits for both public and private entities, will work in cooperation with the IEDC and the Indiana Office of Inspector General.

FTI Consulting was formerly known as Forensics Technologies International. It’s been involved in the Lehman Brothers bankruptcy, the fraud investigation of financier Bernard Madoff, and the steroids probe in Major League Baseball.

The IEDC audit aims to uncover any potential wrongdoing within the state agency and its affiliated entities. Braun’s decision followed detailed reporting that raised questions about how Elevate Ventures operates and manages public funds.

The governor has previously emphasized that the audit is part of his commitment to transparency, a key aspect of his election campaign.

Elevate Ventures, created in 2011 by former Republican Gov. Mitch Daniels, manages $245 million and has invested over $189 million into more than 600 startup companies. CEO Christopher Day has stated that the firm is eager to participate in the audit to address any factual inaccuracies and misrepresentations.

Braun’s audit announcement in April coincided with a revision to the state budget that included a significant cut of 25 to 30 percent for the IEDC, the largest reduction among state agencies.

Previous WISHTV.com reporting contributed to this story. This story was originally published by WISH-TV at wishtv.com/news/politics/indiana-economic-development-2025-audit-fti-consulting.