Nonprofit · EIN 27-4118692
ELEVATE VENTURES INC
Tax-exempt · INDIANAPOLIS, IN 46204
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $9,243,556 | $10,820,838 | -$1,577,282 | $28,187,603 | $5,009,827 | $23,177,776 |
| December 31, 2023 | 990 | $9,960,751 | $11,621,084 | -$1,660,333 | $11,990,431 | $2,378,013 | $9,612,418 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,047,808
- of which government grants
- $400,137
- Program service revenue
- $7,916,756
- Investment income
- $273,244
- Net rental income
- $1,425
- Net income from sales of inventory
- $4,045
- Other revenue
- $5,748
Expenses
- Grants and similar amounts paid
- $903,708
- Compensation of officers, directors and key employees
- $1,382,445
- Other salaries and wages
- $3,373,673
- Salaries, compensation and benefits (total)
- $5,336,136
- Professional fundraising fees
- $0
- Legal fees
- $40,858
- Accounting fees
- $137,429
- Occupancy
- $214,777
- Travel
- $322,933
- Depreciation
- $108,959
- Program services (functional)
- $7,738,118
- Management and general (functional)
- $3,072,786
- Fundraising (functional)
- $9,934
Balance sheet and other
- Total assets, start of year
- $11,990,431
- Total assets, end of year
- $28,187,603
- Total liabilities, end of year
- $5,009,827
- Net assets, end of year
- $23,177,776
- Land, buildings and equipment
- $936,333
- Publicly traded securities
- $3,863,698
- Net assets without donor restrictions
- $22,649,650
- Net assets with donor restrictions
- $528,126
- Gross receipts
- $9,244,659
- Employees
- 33
- Volunteers
- 8
- Year formed
- 2010
- State of legal domicile
- IN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Christopher Day | Chief Executive Officer Trustee or director, Officer | 6 | $449,218 | $30,910 |
| Matthew Tyner | Managing Partner Officer | 6 | $384,233 | $48,911 |
| Phillip Lodato | GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER, AND SECRETARY Trustee or director, Officer | 4 | $297,552 | $10,979 |
| Jacob Schpok | Partner Highest-paid employee | 6 | $259,156 | $42,089 |
| Erica Schweyer | Chief of Staff Highest-paid employee | 6 | $264,435 | $34,035 |
| Myles Grote | Partner Highest-paid employee | 4 | $241,203 | $17,868 |
| Asa Kelly | Vice President, Systems and IT Highest-paid employee | 4 | $223,006 | $28,741 |
| Nicholas Kuhn | Vice President Highest-paid employee | 0 | $181,404 | $8,013 |
| Christopher Huxhold | VP Finance and Treasurer Starting April 2024 Officer | 6 | $149,992 | $10,650 |
| BARBARA UGGEN-DAVIS | FORMER CHIEF FINANCIAL OFFICER Former | 0 | $101,828 | $0 |
| Robert Myer | Board Chair Trustee or director, Officer | 1 | $0 | $0 |
| Barbie Wentworth | Board Member Trustee or director | 1 | $0 | $0 |
| Don Densborn | Board Member Trustee or director | 1 | $0 | $0 |
| John Sampson | Board Member Trustee or director | 1 | $0 | $0 |
| Larry Garatoni | Board Member Trustee or director | 1 | $0 | $0 |
1 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Steve Martin | Board Member Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 14 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Christopher Day | Chief Executive Officer Trustee or director, Officer | 8 | $368,135 | $26,529 |
| Phillip Lodato | General Counsel, Chief Compliance Officer, and Secretary Trustee or director, Officer | 40 | $285,267 | $11,491 |
| Matthew Tyner | Managing Partner Highest-paid employee | 8 | $254,388 | $40,293 |
| Erica Schweyer | Chief Operating Officer Highest-paid employee | 40 | $248,509 | $30,827 |
| Jacob Schpok | Partner Highest-paid employee | 40 | $241,413 | $37,453 |
| Barbara Uggen-Davis | Chief Financial Officer (Through November 2023) Officer | 40 | $241,995 | $32,575 |
| Mark Gramelspacher | Entrepreneur-in-Residence Highest-paid employee | 40 | $222,925 | $7,467 |
| Daniel Meek | Entrepreneur -In-Residence Highest-paid employee | 40 | $180,615 | $28,530 |
| Robert Myer | Board Chair Trustee or director, Officer | 1 | $0 | $0 |
| Barbie Wentworth | Board Member Trustee or director | 1 | $0 | $0 |
| Don Densborn | Board Member Trustee or director | 1 | $0 | $0 |
| John Sampson | Board Member Trustee or director | 1 | $0 | $0 |
| Larry Garatoni | Board Member Trustee or director | 1 | $0 | $0 |
| Steven Martin | Board Member Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1 VIRGINIA AVE STE 200, INDIANAPOLIS, IN 46204-3549
- In care of
- % ELEV
- Principal officer (990 for 2024)
- Christopher Day, 1 Virginia Avenue 200, Indianapolis, IN 46204
- Signed the 990
- Christopher Day, CHIEF EXECUTIVE OFFICER
- Phone
- (317) 975-1901
- Website
- www.elevateventures.com
- Return prepared by
- CROWE LLP
Mission
Elevate Ventures' mission is growing the state's economy, driving economic development, helping businesses launch, grow and locate in the State of Indiana. We increase the amount of capital available to Indiana startup and early stage innovation driven companies to spur economic development through growth, research and development. IEDC has contracted with Elevate Ventures since 2011 to carry out the required tasks associated with making direct investments in private Indiana companies and the associated programming and technical support required to build a sufficient pipeline of investable companies and to support Indiana's entrepreneurial ecosystem.
Program accomplishments
- In 2024, Elevate Ventures furthered its mission with the mantra 'Committed Beyond Capital'. We are a venture development organization which means we execute both venture development and venture capital initiatives. Our focus is supporting and helping to grow the entrepreneurial ecosystem throughout the entire State of Indiana. Our strategic initiatives are centered on helping businesses launch, grow, and locate in the state by leveraging modern expectations and technology. We achieved this through multiple initiatives including education, programming, workshops, events, networking, mentoring, coaching, direct capital deployment and post investment value add solutions. We completed a three phase strategy this year that included (1) Digital Transformation, (2) Physical Transformation and (3) Operational Transformation. At a high level, we modernized Elevate Ventures to position for how we best serve the State of Indiana's entrepreneurial ecosystem for the next 25 years. This involved retooling the organization, structuring 2tb of deal data and locating to a geographic area that is more accessible to the statewide ecosystem. The Digital Transformation included several areas of transformation. The first step was redesigning the web presence foundation. The new website prominently shares the portfolio and highlights success stories of founders that we serve. In addition, it serves as a repository of best practices and resources for anyone to access as they think about starting and growing a business. Secondly, we created a portal for our Operating Partners to streamline how they engage with us through their service on the boards, or as observers, for the portfolio companies in which we have a seat. Finally, these improved digital capabilities help us to better spread the word across the globe about the incredible assets, startup community and entrepreneurial ecosystem that exists in Indiana. The Physical Transformation enabled multiple points of value we can now provide for the ecosystem. We relocated to downtown Indianapolis which is more accessible for all stakeholders. The new headquarters location allows for those frequently traveling through the capital city to have a place to call home through our new memberships, provides space for events that are walkable to downtown places of interest and opens the opportunity for partners and founders to physically collaborate and work together. This space not only allows for better statewide connectivity but now provides a platform where stakeholders across the state can more easily engage with those across the globe when they come to visit for the many major events such as the WNBA All-Star weekend. The Operational Transformation is a massive initiative in which the first step is structuring over 2tb of deal data. Our end goal is to be able to leverage this data with modern AI tools and unlock value to not only founders but the ecosystem at large. As of the end of 2024, we completed approximately 80% of this effort with the expectation that the core foundation will be in place by the end of 2025. This project will enable many capabilities as AI continues to proliferate. Not only will we be able to analyze data in a more automated fashion but we believe we will be able to leverage data in ways not yet even imagined with what we believe is one of the world's largest first-party, early-stage, private company databases. As an overlay to the above strategy rollout, we were able to launch Elevate+, which consists of robust post investment value add. Over the last 14 years, education and venture development have been the major parallel thrust as the organization grew with the ecosystem. These are still critical components but now that the portfolio has grown to nearly 400 companies, we must add post investment value add services. The two most critical elements for any company to be successful are talent and capital. Assisting portfolio companies with filling critical talent is a major pillar of this program. In addition, we have added more hands-on coaching during capital raises, bridge rounds, restructuring, investor syndication, toolkit and more. As evidenced by our #1 ranking in PitchBook League Tables as the most active early stage investor in the Great Lakes Region for the seventh consecutive year, we invested a significant amount of capital with one deal approximately every 2.8 days. We invest at the pre seed, seed and early stages and had a total of 103 capital commitments for $18.96M. We focus on four key sectors including software, life sciences, hardtech and consumer products. Since our founding in 2011, we have invested over $180M in 602 startups and an additional $14M in the form of grant and voucher programs, demonstrating a long-term dedication to Indiana's economic growth. We also had year 2 of Rally, where global innovation convenes. We launched Rally in 2023 as a cross-sector conference to put Indiana prominently on the global stage as a place to consider for starting, relocating or expanding your business. In addition, it enables the showcasing of many Indiana business assets, lifestyle, cost of living and our natural resources. In the first two years, nearly 7,000 people have come from 25 countries, 39 states, 5 Canadian Provinces, 297 VC's representing $27B in AUM, nearly 22M media impressions and 89% of attendees stating they want to come back. As a result, multiple people and companies have chosen Indiana as their new home. Our vision is for Indiana to be known as the Innovation Capital of the World. We were able to get this into two organic spots on Google and even show up in the AI sidebar overview from time to time.Expenses $7,738,118 · grants $903,708 · revenue $7,917,034
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 27-4118692
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2011
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S30)
- Assets (IRS master file)
- $28,187,603
- Income (IRS master file)
- $9,244,659
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $9,243,556 | $10,820,838 | $28,187,603 | XML |
| 990 | December 2023 | $9,960,751 | $11,621,084 | $11,990,431 | XML |
| 990 | December 2022 | $6,491,355 | $7,979,642 | $13,172,198 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 27-4118692).
Questions about ELEVATE VENTURES INC
- What is the EIN of ELEVATE VENTURES INC?
- The employer identification number (EIN) of ELEVATE VENTURES INC is 27-4118692.
- Is ELEVATE VENTURES INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2011.
- Are donations to ELEVATE VENTURES INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does ELEVATE VENTURES INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of ELEVATE VENTURES INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did ELEVATE VENTURES INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of ELEVATE VENTURES INC?
- The 990 for the year ended December 31, 2024 names Christopher Day.
- Who are the officers and directors of ELEVATE VENTURES INC?
- The 990 for the year ended December 31, 2024 lists 16 people; 10 received compensation from the organization, the highest $449,218 (Christopher Day, Chief Executive Officer).
- How much revenue does ELEVATE VENTURES INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $9,243,556, expenses of $10,820,838 and total assets of $28,187,603 at year end.
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