A state-initiated audit has found Elevate Ventures' business practices to be “sound” and in compliance. The report from KPMG LLP offers more than two dozen recommendations, including establishing an executive committee for its board and working with the Indiana Economic Development Corp. to review federal funds involving the Indiana Angel Network Fund. Elevate Ventures is a private venture development organization.
You can view the full report by clicking here.
November 1, 2013
INDIANAPOLIS, Ind. – Governor Mike Pence today released a report from KPMG on Elevate Ventures' business practices, which concluded that Elevate Ventures “is substantially compliant with its investment and operational requirements.”
The Governor requested KPMG review Elevate Ventures policies and processes in late July.
After reviewing more than 500 documents and conducting more than 25 interviews, KPMG identified two “minor findings” and 25 recommendations to help improve operations and strengthen existing policies. Elevate Ventures' policies were found to be consistent with those of similar organizations.
“The people of Indiana expect economic development to be conducted in a manner that reflects the highest level of integrity and transparency,” said Governor Pence. “I am grateful for the reassurance that Elevate Ventures' business practices are sound, and I have asked that the Indiana Economic Development Corporation and Elevate Ventures work together to implement KPMG's recommendations so they can focus on conducting economic development activity in a way that safeguards public resources.”
Governor Pence instructed Elevate Ventures and the Indiana Economic Development Corporation (IEDC) to take steps to immediately implement KPMG's three main recommendations:
1. Elevate Ventures establish an Executive Committee of the Board to distribute powers;
2. IEDC management review investment decisions involving federal funds in the Indiana Angel Network Fund; and
3. Elevate Ventures and the IEDC review documentation related to conflicts disclosure and procedures when a conflict has been identified.
In addition, Elevate Ventures and IEDC will work together to adopt the remainder of KPMG's recommendations to strengthen policies, procedures and processes.
Source: The Office of Governor Mike Pence