PA was founded in October, 1984 by six far-sighted attorneys and a judge who were members of the Marion County Bar Association, a legal professional organization, comprised of mostly African-American attorneys.

On January 26, 1985, the official name, structure, and mission were established. IPA was incorporated in February, 1985 and registered as a tax-exempt organization under both the State of Indiana and the US Internal Revenue Service (501 (c)(3).

IPA's mission is:

To promote and develop the education and economy of African-Americans and to encourage others to do so

To be a network for African-Americans to gather and to discuss and exchange ideas

To afford assistance and training to African-americans and others in various professions, businesses and occupations

To act as role models and mentors for African-americans and others throughout the community