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Treasurer reports 837 students on Indiana Education Scholarship program; committee questions administrative costs
Summary
Treasurer Daniel Elliott told the committee 837 students currently receive Indiana Education Scholarships and said there is a waitlist; legislators pressed the Treasurer on a requested $10,000,000 increase and administrative costs for the program.
Treasurer Daniel Elliott and Deputy Treasurer Mike Frick described the Treasurer’s office operations and the Indiana Education Scholarship fund.
Senator Fady Qaddoura noted a proposed $10,000,000 increase for the Indiana Education Scholarship fund and asked how many students receive scholarships. Treasurer Elliott said 837 students currently receive scholarships and that a waitlist exists. Qaddoura and Representative Ed DeLaney questioned administrative costs tied to the scholarship program; Elliott defended the costs as necessary to operate the program effectively through the Treasurer’s office.
Deputy Treasurer Mike Frick explained the state limits investment maturities to a maximum of five years and offered to provide a snapshot of current investments at the committee’s request. Senator Garten flagged an overseas banking organization in Trust Indiana data and Elliott said the Treasurer’s office would provide details to the committee.
Why it matters: Scholarship funds and proposed increases affect students on waitlists and state budget allocations. The committee sought program-level transparency on recipients, administrative overhead and investment practices.
What’s next: The Treasurer agreed to provide a snapshot of current investments and further details on Trust Indiana account holdings.
