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Indiana Economic Development Foundation INC FY2023 filing

Tax-deductible

Indianapolis, IN501(c)(3)Since 2005Community Development EIN 20-2664607Revenue $1.6M in FY2023

On file with the IRSiedc.in.gov1 North Capital Ave, 46204-2026 · Indianapolis, INTax-exempt since Mar 2007Publicly supported charity — 170(b)(1)(A)(vi)

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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.

501(c)(3) charity; gifts are tax-deductible.
74¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 3
filings with a surplus
Average deficit $5K a year · under 1% of revenue · last 3 filings
Concern: a surplus in 1 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
74%
of spending
Fine: 74% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Looks good: 4.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $625K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$285K
22% of total assets
Looks good: liabilities are 22% of assets; 50% or less.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.6M
Spent
$2.3M
To programs
74%
Net assets
$989K
By yearFY2023–FY2025
Revenue
$1.6M
FY2023
Tap a bar for its year
Revenue by fiscal year
FY2023$1.6M
FY2024$3.2M
FY2025$323K
Expenses
$2.3M
FY2023
Tap a bar for its year
Expenses by fiscal year
FY2023$2.3M
FY2024$1.2M
FY2025$1.7M
Net assets
$989K
FY2023
Tap a bar for its year
Net assets by fiscal year
FY2023$989K
FY2024$3.3M
FY2025$1.9M

From the FY2023 Form 990 (year ending June 2023) · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 2007.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

74 cents of each dollar spent went to programs.

Program services 74% · $1.7M Management & general 19% · $423K Fundraising 7% · $157K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

18 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Mark Miles
Director
$0Pt VII · Sec A
Fred Merritt
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Indiana Economic Development Foundation INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Drives Indiana's economic growth through business development and diversification.

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Provided by the organization

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1 program · $1.7M · in their own filed words · FY2022
01

In 2022, the organization catalyzed historic economic growth across indiana, securing $22 billion in new committed capital investment a 260% increase from 2021. This supported 218 business projects and generated 24,059 expected new jobs with an average wage of $34.71/HOUR, exceeding the state average by 27.6%.

$1.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Nisource Charitable FoundationFY2024$340K
American Online Giving Foundation INCFY2024$225K
University of Notre Dame Du LacFY2024$50K
Charities Aid Foundation AmericaFY2024$10K
Total grants receivedfrom 4 funders$625K
See all 4 funders →

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.6M
Ln 12
Gifts and grantsLn 1h$1.5M
Other incomeLn 4–11$19K
Investment incomeLn 3$5K
Money outPt IX
$2.3M
Ln 25
Programscol B$1.7M
Managementcol C$423K
Fundraisingcol D$157K
Owns and owesPt X
$989K
net assets · Ln 32
Cash and savingsLn 1–2$871K
Total assetsLn 16$1.3M
LiabilitiesLn 26$285K
PeoplePt VI, VII
18
listed · VII A
PaidVII A0
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.5M
Investment incomeLn 3$5K
Other incomeLn 4–11$19K
Total revenueLn 12$1.6M
Assets in detailPt X, end of year
SavingsLn 2$871K
Cash and savings togetherLn 1–2$871K
Total assetsLn 16$1.3M
LiabilitiesLn 26$285K
Net assetsLn 32$989K
OperationsPt I, VI
EmployeesI 50
VolunteersI 622
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$1.5M$871K
Total assetsLn 16$2.1M$1.3M
LiabilitiesLn 26$412K$285K
Net assetsLn 32$1.7M$989K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$3K$3K
Accounting feesLn 11c$902$902
Other fees for servicesLn 11g$157K$157K
Advertising and promotionLn 12$22K$17K$5K
Office expensesLn 13$1K$91$1K
Information technologyLn 14$5K$2K$4K
OccupancyLn 16$18K$12K$6K
TravelLn 17$1.1M$1.1M$15K
Travel and entertainment for public officialsLn 18$719K$575K$144K
Conferences, conventions and meetingsLn 19$5K$5K
Other expenses (24a–d)Ln 24$247K$247K
Total functional expensesLn 25$2.3M$1.7M$423K$157K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $323K$1.7M−$1.4M$1.9M 990 PDF
FY2024 $3.2M$1.2M$2.1M$3.3M 990 PDF
FY2023 Viewing $1.6M$2.3M−$683K$989K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $1,570,847 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,595,349$1,546,863
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $3,137$5,411
I-11 Other revenuePrior year $0$18,573
I-12 Total revenuePrior year $2,598,486$1,570,847
I-13 Grants and similar amounts paidPrior year $3,629$2,540
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $4,388,783$2,251,170
I-18 Total expensesPrior year $4,392,412$2,253,710
I-19 Revenue less expensesPrior year −$1,793,926−$682,863
Part VI · Governance 14 of 14 board members independent, 1 to look at
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $1,570,847 across 5 lines filed
VIII-1f All other contributions, gifts and grants$1,546,863
VIII-1h Total contributions, gifts and grants$1,546,863
VIII-3 Investment incomeExcluded from tax $5,411$5,411
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $18,573$18,573
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $23,984$1,570,847
Part IX · Statement of functional expenses $2,253,710 across 11 lines filed
IX-1 Grants to domestic organizationsPrograms $2,540$2,540
IX-11c Accounting feesManagement $902$902
IX-11g Other fees for servicesFundraising $156,562$156,562
IX-12 Advertising and promotionPrograms $16,749 · Management $4,910$21,659
IX-13 Office expensesPrograms $91 · Management $1,125$1,216
IX-14 Information technologyPrograms $1,638 · Management $3,598$5,236
IX-16 OccupancyPrograms $12,046 · Management $6,215$18,261
IX-17 TravelPrograms $1,061,190 · Management $14,722$1,075,912
IX-18 Travel and entertainment for public officialsPrograms $575,311 · Management $143,828$719,139
IX-19 Conferences, conventions and meetingsPrograms $4,947$4,947
IX-24 Other expenses (24a–d)Management $247,336$247,336
IX-25 Total functional expensesPrograms $1,674,512 · Management $422,636 · Fundraising $156,562$2,253,710
Part X · Balance sheet $1,274,371 assets, 9 lines filed
X-2 Savings and temporary cash investmentsStart of year $1,463,242$871,303
X-3 Pledges and grants receivableStart of year $621,012$403,068
X-16 Total assetsStart of year $2,084,254$1,274,371
X-17 Accounts payable and accrued expensesStart of year $412,271$285,251
X-26 Total liabilitiesStart of year $412,271$285,251
X-27 Net assets without donor restrictionsStart of year $1,562,749$879,886
X-28 Net assets with donor restrictionsStart of year $109,234$109,234
X-32 Total net assets or fund balancesStart of year $1,671,983$989,120
X-33 Total liabilities and net assetsStart of year $2,084,254$1,274,371
Part XI · Reconciliation of net assets $989,120 net assets at year end
XI-1 Total revenue$1,570,847
XI-2 Total expenses$2,253,710
XI-3 Revenue less expenses−$682,863
XI-4 Net assets at start of year$1,671,983
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$989,120

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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