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Nonprofiteer
← INDIANA ECONOMIC DEVELOPMENT FOUNDATION INC

Form 990 for tax year 2024

Filed by INDIANA ECONOMIC DEVELOPMENT FOUNDATION INC.

Totals

Total revenue
$322,700
Total expenses
$1,742,875
Contributions and grants received
$306,239
Grants paid
$10,605
Program service revenue
$0
Investment income
$16,461
Other revenue
$0
Total assets, end of year
$2,165,320
Total liabilities, end of year
$265,211
Net assets or fund balances, end of year
$1,900,109
Program services expenses (Part IX)
$810,395
Management and general expenses
$932,480
Fundraising expenses
$0
Program service expenses (Part III)
$810,395

Program services were 46.5% 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.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $306,239

  • 3 · Investment income

    total $16,461 · excluded $16,461

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,605 · program services $10,605

  • 11b · Fees: legal

    total $54,450 · management and general $54,450

  • 11c · Fees: accounting

    total $1,300 · management and general $1,300

  • 11g · Fees: other

    total $34,450 · program services $450 · management and general $34,000

  • 12 · Advertising and promotion

    total $97,113 · program services $71,607 · management and general $25,506

  • 13 · Office expenses

    total $35,764 · management and general $35,764

  • 14 · Information technology

    total $27,886 · program services $9,661 · management and general $18,225

  • 16 · Occupancy

    total $21,992 · program services $11,276 · management and general $10,716

  • 17 · Travel

    total $395,226 · program services $365,985 · management and general $29,241

  • 18 · Travel or entertainment for public officials

    total $214,214 · program services $171,371 · management and general $42,843

  • 19 · Conferences, conventions and meetings

    total $169,440 · program services $169,440

  • 24a · Other expenses: BAD DEBT

    total $680,435 · management and general $680,435

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,328,697 · end of year $2,135,984

  • 3 · Pledges and grants receivable

    beginning of year $1,301,176

  • 15 · Other assets

    beginning of year $2,800 · end of year $29,336

  • 17 · Accounts payable and accrued expenses

    beginning of year $312,389 · end of year $265,211

  • 27 · Net assets without donor restrictions

    beginning of year $3,211,050 · end of year $1,900,109

  • 28 · Net assets with donor restrictions

    beginning of year $109,234 · end of year $0

Mission and programs · 2024

Mission

TO PROMOTE INDUSTRIAL AND BUSINESS DEVELOPMENT, DIVERSIFICATION OF INDIANA'S ECONOMY, AND OVERALL ECONOMIC GROWTH OF INDIANA; TO PROMOTE THE RETENTION, EXPANSION, GROWTH, AND MODERNIZATION OF INDIANA'S BUSINESSES; TO PROMOTE THE CREATION OF NEW JOBS, RETENTION OF EXISTING JOBS, AND THE DEVELOPMENT OF ENTRPRENEURIAL ACTIVITIES IN INDIANA; AND OTHERWISE TO ASSIST THE GOVERNOR AND THE INDIANA ECONOMIC DEVELOPMENT CORPORATION (IEDC) IN REACHING THEIR ECONOMIC GOALS BY RAISING FUNDS FROM THE GENERAL PUBLIC AND NON-PROFIT FOUNDATIONS AND ORGANIZATIONS.

Activities or mission (Part I)

TO PROMOTE INDUSTRIAL AND BUSINESS DEVELOPMENT, DIVERSIFICATION OF INDIANA'S ECONOMY, AND OVERALL ECONOMIC GROWTH OF INDIANA.

  • DURING THE YEAR, THE ORGANIZATION ADVANCED INDIANA'S ECONOMIC GROWTH THROUGH TARGETED BUSINESS ATTRACTION AND EXPANSION INITIATIVES. THESE EFFORTS RESULTED IN MULTIPLE ANNOUNCED INVESTMENTS ACROSS KEY SECTORS INCLUDING ADVANCED MANUFACTURING, LIFE SCIENCES, LOGISTICS, AEROSPACE, AND DEFENSE. MAJOR PROJECTS INCLUDED MANUFACTURING EXPANSIONS, NEW SERVICE AND DISTRIBUTION CENTERS, HEADQUARTERS RELOCATIONS, AND SIGNIFICANT GROWTH IN RESEARCH AND PRODUCTION FACILITIES. COLLECTIVELY, THESE ANNOUNCEMENTS REPRESENTED THOUSANDS OF NEW JOBS AND HUNDREDS OF MILLIONS OF DOLLARS IN PRIVATE SECTOR INVESTMENT STATEWIDE, STRENGTHENING INDIANA'S COMPETITIVE POSITION.THE ORGANIZATION WORKED WITH COMPANIES SUCH AS ALERA MARINE GROUP, BOMBARDIER, HARPERCOLLINS, HYSTER YALE MATERIALS HANDLING, INCOG BIOPHARMA, WARE, KRATOS DEFENSE & SECURITY SOLUTIONS, ROCHE, AND WEST PHARMACEUTICAL SERVICES TO SUPPORT NEW FACILITY LAUNCHES OR MAJOR EXPANSIONS ACROSS INDIANA. THESE PROJECTS INCLUDED LARGE-SCALE MANUFACTURING OPERATIONS, ADVANCED TECHNOLOGY DEVELOPMENT CENTERS, AND EXPANDED DIAGNOSTICS AND LIFE SCIENCE PRODUCTION FACILITIES.OVERALL PROJECT ACTIVITY CONTRIBUTED TO AN EXPECTED 10,934 NEW JOBS AND $902 MILLION IN NEW PAYROLL, WITH AVERAGE HOURLY WAGES OF $39.70, EXCEEDING BOTH STATE AND NATIONAL AVERAGES. INCENTIVES OFFERED PER JOB DECREASED BY 68% FROM THE PRIOR YEAR, GENERATING IMPROVED TAXPAYER VALUE AND RESULTING IN AN ESTIMATED $348 MILLION IN SAVINGS. THESE EFFORTS PROMOTED HIGHER WAGES, INDUSTRY DIVERSIFICATION, AND LONG TERM ECONOMIC STABILITY THROUGHOUT THE STATE.IN ADDITION, THE ORGANIZATION ADVANCED ITS GLOBAL ENGAGEMENT STRATEGY BY SUPPORTING THE PLANNING AND HOSTING OF THE GLOBAL ENTREPRENEURSHIP CONGRESS (GEC), THE PREMIER ANNUAL EVENT OF THE GLOBAL ENTREPRENEURSHIP NETWORK. THE CONGRESS BRINGS TOGETHER ECOSYSTEM BUILDERS, FOUNDERS, INVESTORS, AND GOVERNMENT PARTNERS FROM AROUND THE WORLD FOR FOUR DAYS OF COLLABORATION AND PRACTICAL INSIGHTS. THE EVENT IS DESIGNED TO UNITE THOUSANDS OF PARTICIPANTS IN A SHARED EFFORT TO STRENGTHEN AND BUILD AN INCLUSIVE GLOBAL ENTREPRENEURIAL ECOSYSTEM. BY HELPING BRING THIS GATHERING TO INDIANA, THE ORGANIZATION SHOWCASED THE STATE'S INNOVATION COMMUNITY AND EXPANDED INTERNATIONAL CONNECTIONS THAT SUPPORT LONG TERM ECONOMIC DEVELOPMENT.

    Expenses $810,395 · Grants $10,605

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • ERIC J HOLCOMB

    CHAIR (END JAN 2025)

    Total calculated
    $0
    Hours/week
    1

  • MIKE BRAUN

    CHAIR (START JAN 2025)

    Total calculated
    $0
    Hours/week
    1

  • LINDA E WHITE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL KUBACKI

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOEL GORELICK

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DAYTON MOLENDORP

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MARK MILES

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • FRED MERRITT

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • AMY SCHUMACHER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DOMINIC GROTE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOHN LECHLEITER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • SUE MCCLOSKEY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • RICHARD WATERFIELD

    BOARD MEMBER (START JUN 2025)

    Total calculated
    $0
    Hours/week
    1

  • GUS OLYMPIDIS

    BOARD MEMBER (START JUN 2025)

    Total calculated
    $0
    Hours/week
    1

  • BILLIE DRAGOO

    BOARD MEMBER (START JUN 2025)

    Total calculated
    $0
    Hours/week
    1

  • GEORGE THOMAS

    BOARD MEMBER (START JUN 2025)

    Total calculated
    $0
    Hours/week
    1

  • DON LAMB

    BOARD MEMBER (START JUN 2025)

    Total calculated
    $0
    Hours/week
    1

  • DAVID FAGAN

    BOARD MEMBER (START JUN 2025)

    Total calculated
    $0
    Hours/week
    1

  • GREG GIBSON

    BOARD MEMBER (START JUN 2025)

    Total calculated
    $0
    Hours/week
    1

  • CHRIS KING

    BOARD MEMBER (START JUN 2025)

    Total calculated
    $0
    Hours/week
    1

  • JOHN GREGG

    BOARD MEMBER (START JUN 2025)

    Total calculated
    $0
    Hours/week
    1

  • RICK JOHNSON

    BOARD MEMBER (END JAN 2025)

    Total calculated
    $0
    Hours/week
    1

  • KRISTIN MARCUCCILLI

    BOARD MEMBER (END JAN 2025)

    Total calculated
    $0
    Hours/week
    1

  • JOHN THOMPSON

    BOARD MEMBER (END JUNE 2025)

    Total calculated
    $0
    Hours/week
    1

  • DAVID ADAMS

    IEDC SECRETARY (START JAN 2025)

    Total calculated
    $0
    Hours/week
    1 + 40 related

  • MIKE DANIEL

    IEDC TREAS. (START JUNE 2025)

    Total calculated
    $0
    Hours/week
    1 + 40 related

  • ROBERT PAGLIA

    IEDC TREAS. (FEB 2025 - JUNE 2025)

    Total calculated
    $266,468
    From this org
    $0
    From related orgs
    $216,889
    Other
    $49,579
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $215,223 related
    Bonus
    $0
    Other
    $0 + $1,666 related
    Deferred
    $0 + $24,510 related
    Nontaxable benefits
    $0 + $25,069 related
    Filer's total
    $0 + $266,468 related

  • HEIDI BABKOWSKI

    IEDC TREAS. (END FEB 2025)

    Total calculated
    $224,987
    From this org
    $0
    From related orgs
    $179,558
    Other
    $45,429
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $178,169 related
    Bonus
    $0
    Other
    $0 + $1,389 related
    Deferred
    $0 + $20,360 related
    Nontaxable benefits
    $0 + $25,069 related
    Filer's total
    $0 + $224,987 related

  • DAVID ROSEBERG

    IEDC SECRETARY (END JAN 2025)

    Total calculated
    $356,988
    From this org
    $0
    From related orgs
    $298,320
    Other
    $58,668
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $296,377 related
    Bonus
    $0
    Other
    $0 + $1,943 related
    Deferred
    $0 + $33,599 related
    Nontaxable benefits
    $0 + $25,069 related
    Filer's total
    $0 + $356,988 related

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

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE IEDC TRAVEL POLICY DOES NOT ADDRESS FIRST-CLASS AIRFARE. BUSINESS CLASS IS PERMITTED WHEN TOTAL FLIGHT TIME EXCEEDS 14 HOURS. EXCEPTIONS ARE MADE WHEN THE TRAVELING PARTY ARE TRAVELING AS PART OF A DELEGATION, AND BUSINESS CLASS IS ALLOWED REGARDLESS OF FLIGHT DURATION IN THESE CASES. CHARTER SERVICES ARE PRE-ARRANGED TO SUPPORT COORDINATED GROUP ACTIVITIES. SPOUSE'S TRAVEL EXPENSES ARE COVERED WHEN THE PRESENCE IS FOR PUBLIC DIPLOMACY OR FOR DIPLOMATIC FUNCTIONS.

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.

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.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Provenance

Return type
form_990
Tax year
2024
Filed
13 May 2026
IRS schema version
2024v5.5
Source object
202601359349305970

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