An Elevate Ventures board member is defending the organization following a federal audit. Mike Davidson says Elevate has taken steps to improve policies related to the administration of an initiative to support small business investment. The Office of the Inspector General says nearly $500,000 was intentionally misused and recommends the amount be withheld. The audit stems from a deal involving Elevate Ventures and Indianapolis marketing firm, Smarter Remarketer Inc.
That company's chief executive officer is Elevate Ventures Chairman Howard Bates.
Davidson says the office's characterization of the investment is not accurate and adds the state has received a 15 percent return on the transaction.
You can view the audit from the Office of the Inspector General by clicking here.
June 20, 2014
Statement From Elevate Ventures Board Member Mike Davidson
“Elevate Ventures agrees with the state of Indiana and U.S. Dept. of Treasury that the OIG's characterization of this investment is inaccurate. Further, the investment has been fully recovered by the state with a 15 percent return on investment. Elevate has worked with the IEDC to take constructive action to improve policies and procedures related to the administration of the SSBCI program in Indiana. We will continue to move forward to support Hoosier entrepreneurs and strengthen Indiana's economy.”
Source: Elevate Ventures, The U.S. Treasury Department