Form 990 for tax year 2023

Totals

Total revenue

$3,246,134

Total expenses

$1,158,043

Contributions and grants received

$3,237,109

Grants paid

$6,938

Program service revenue

$0

Investment income

$9,025

Other revenue

$0

Total assets, end of year

$3,632,673

Total liabilities, end of year

$312,389

Net assets or fund balances, end of year

$3,320,284

Program services expenses (Part IX)

$934,648

Management and general expenses

$222,271

Fundraising expenses

$1,124

Program service expenses (Part III)

$934,648

Program services were 80.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2023

• IN 2023, THE ORGANIZATION FACILITATED RECORD-BREAKING ECONOMIC GROWTH ACROSS INDIANA, SECURING $28.7 BILLION IN COMMITTED CAPITAL INVESTMENT A 29% INCREASE FROM THE PRIOR YEAR. THIS SUPPORTED 208 BUSINESS COMMITMENTS AND GENERATED 21,866 EXPECTED NEW JOBS WITH AN AVERAGE WAGE OF $36.07/HOUR, SURPASSING BOTH STATE AND NATIONAL GROWTH BENCHMARKS. HIGH-IMPACT ANNOUNCEMENTS INCLUDED MAJOR INVESTMENTS FROM GENERAL MOTORS AND SAMSUNG SDI ($3B), ELI LILLY AND COMPANY ($1.6B), AND CANADIAN SOLAR ($800M), AMONG OTHERS. FOREIGN DIRECT INVESTMENT SURGED TO $20.49 BILLION, REPRESENTING 71% OF TOTAL CAPITAL INVESTMENT AND 39% OF ALL COMMITTED JOBS. THE ORGANIZATION ENGAGED GLOBALLY THROUGH ECONOMIC DEVELOPMENT MISSIONS TO EIGHT COUNTRIES AND TERRITORIES, INCLUDING JAPAN, SOUTH KOREA, THE UNITED ARAB EMIRATES, AND THE UNITED KINGDOM. THESE EFFORTS LED TO 736 INTERNATIONAL BUSINESSES FROM 17 COUNTRIES COMMITTING TO GROWTH IN INDIANA, CREATING 8,509 EXPECTED NEW JOBS WITH AN AVERAGE WAGE OF $39.98/HOUR. TO STRENGTHEN INTERNATIONAL PARTNERSHIPS, THE ORGANIZATION OPENED A NEW OFFICE IN SEOUL, SOUTH KOREA, AND HOSTED INDIANA'S FIRST WORLD ECONOMIC FORUM EVENT. INDIANA WAS ALSO ONE OF EIGHT U.S. STATES INVITED TO SHOWCASE AT SOUTH KOREA'S INTERBATTERY CONFERENCE, HIGHLIGHTING ITS LEADERSHIP IN ENERGY INNOVATION. ADDITIONAL GLOBAL ACTIVATIONS INCLUDED PARTICIPATION IN THE FORMULA E LONDON RACE, THE MILANO MONZA MOTOR SHOW, AND BLOOMBERG GREEN AT COP28, POSITIONING INDIANA AS A HUB FOR SUSTAINABLE MOBILITY AND ADVANCED MANUFACTURING. STRATEGIC FOCUS AREAS INCLUDED ADVANCED MANUFACTURING (40% OF PROJECTS), ENERGY PRODUCTION (51% OF INVESTMENT), AND ELECTRIC VEHICLE INNOVATION (19.5% OF INVESTMENT). RURAL COMMUNITIES RECEIVED $1.188 BILLION IN COMMITMENTS, WITH 24% OF PLANNED JOBS FROM COMPANIES NEW TO INDIANA. THESE EFFORTS POSITIONED INDIANA AS A NATIONAL AND GLOBAL LEADER IN MOBILITY, SUSTAINABILITY, AND INTERNATIONAL ENGAGEMENT, DRIVING INCLUSIVE ECONOMIC GROWTH STATEWIDE.

  Expenses $934,648 · Grants $6,938

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

• INDIANA ECONOMIC DEVELOPMENT CORPORATION

  501(C)(3) · STATE AGENCY · IN

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Provenance

Return type

form_990

Tax year

2023

Filed

16 December 2025

IRS schema version

2023v6.0

Source object

202503539349300530

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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