Center for Innovative Technology — Third Quarterly Report for FY2020 (May 29, 2020)
Summary
In a letter dated May 29, 2020, to Mr. Daniel Timberlake, Director of the Department of Planning and Budget, the Center for Innovative Technology encloses the third Quarterly Report for FY2020, and the letter names Susan Aitcheson, CFO. The enclosed material includes a financial performance table, a budget analysis for the nine months ended March 31, 2020, and a list of investments made for that period, totaling $2,169,387.60 against a budget of $2,015,000.00. It also lists return on prior investments, including gains and losses, totaling $8,521,249.49.
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“Center for Innovative Technology — Third Quarterly Report for FY2020 (May 29, 2020).”
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CIT
CENTER FOR INNOVATIVE TECHNOLOGY
May 29, 2020
Mr. Daniel Timberlake
Director
Department of Planning and Budget
1111 East Broad Street, Room 5040
Richmond, Virginia 23219
Dear Mr. Timberlake:
Enclosed please find the third Quarterly Report for FY2020 for the Center for Innovative Technology.
The attached report fulfills the requirements of the Code of Virginia, §2.2-2221.1.C (includes reporting
requirements ofltem 126.10.D.2 of the 2019 Appropriation Act).
Please feel free to call me at 703-689-3021 if you have any questions.
Sincerely,
:;,___
Susan Aitcheson
CFO
Center for Innovative Technology
cc: The Honorable Brian Ball, Secretary of Commerce and Trade
Ms. Cassidy Rasnick, Deputy Secretary of Commerce and Trade
The Honorable Janet D Howell, Chairman, Senate Finance Committee
The Honorable Luke E. Torian, Chairman, House Appropriations Committee
Ms. Anne E Oman, Staff Director, House Appropriations Committee
Ms. April Kees, Staff Director, Senate Finance Committee
Ms. Toni Walker, Associate Director, Department of Planning and Budget
Ms. Samantha Martin, Budget and Policy Analyst, Department of Planning and Budget
Mr. Rob Quartel, CIT Board of Directors Finance Committee Chairman
Mr. Bernard Mustafa, CIT Board of Directors Vice Chairman
Mr. Michael Steed, CIT Board of Directors Chairman
Center for Innovative Technology
2214 Rock Hill Road
Suite 600
Herndon, VA 20170-4228
Tel.703.689.3000
www.cit.org
Item 126.10.D.2.a
Fiscal Year 2020 Quarter 3
March 31, 2020
Financial Performance
Center for Innovative Technology
Fiscal Year 2020 Q4 Forecast
Operating Funds Designated Funds
COV Other COV
Discretionary Grants & BB Comm CRCF UAS and COE GAP
Contracts Fund Fund Fund Fund Funds Total
(In Thousands)
Beginning Balance at 7/1/2019 $ 997 $ 192 $ 130 $ 679 $ ‐ $ 1,191 $ 6,513 $ 9,702
REVENUE
Appropriation $ 3,446 $ 550 $ 400 $ 3,321 $ 1,000 $ 3,100 $ 11,817
Interest, Sponsorship, Return on Investment $ 211 $ 125 $ 8,651 $ 8,987
Building Reserve $ 66 $ 66
Contracts & Grants $ 2,458 $ 2,458
Total Revenue $ 3,723 $ 2,458 $ 550 $ 400 $ 3,321 $ 1,125 $ 11,751 $ 23,328
EXPENSES AND TRANSFERS
Operating Programs Net of Over‐applied Indirects $ 1,816 $ 1,816
Designated Programs $ 2,476 $ 563 $ 739 $ 3,321 $ 1,205 $ 4,899 $ 13,203
Building Reserve $ 66 $ 66
Contracts & Grants $ 2,293 $ 2,293
Total Expenses $ 4,358 $ 2,293 $ 563 $ 739 $ 3,321 $ 1,205 $ 4,899 $ 17,378
Net Change $ (635) $ 165 $ (13) $ (339) $ ‐ $ (80) $ 6,852 $ 5,950
Ending Balance, GF at 6/30/2020 $ 362 $ 117 $ 340 $ ‐ $ 1,111 $ 1,930
Ending Balance, NGF at 6/30/2020 $ 357 $ 13,365 $ 13,722
Ending Balance, Total at 6/30/2020 $ 362 $ 357 $ 117 $ 340 $ ‐ $ 1,111 $ 13,365 $ 15,652
Legend:
BB Fund = Broadband Program Fund
Comm Fund = Cyber Security Commission Fund
CRCF = Commonwealth Research Commercialization Fund
UAS and COE Fund = Unmanned Systems and Unmanned Center of Excellence Fund
GAP Funds = Growth Acceleration Program Family of Funds
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
CENTER FOR INNOVATIVE TECHNOLOGY
BUDGET ANALYSIS
For the Nine Months Ended March 31, 2020
Commonwealth Projects Funded by Appropriation & Other Revenue
(In Thousands) (In Thousands)
ACTUAL -Jul - Mar 2020 FORECASTED -Fiscal Year 2020
Actual Budget Variance Forecast Budget Variance
Revenue
$ 8,988 $ 8,654 $ 334 Commonwealth Appropriation - General Fund $ 11,817 $ 11,619 $ 198
8,871 247 8,624 Interest, Sponsorship, Return on Investments & Misc. Income 9,053 330 8,723
17,859 8,901 8,958 Total Revenue 20,870 11,949 8,921
Program Expenses
13 19 (6) R&D - Commonwealth Research and Technology Strategic Roadmap 19 26 (7)
3,149 2,810 339 R&D - Commonwealth Research Commercialization Fund (CRCF) 4,038 3,847 191
4,400 4,595 (195) Entrepreneur - Growth Acceleration Program 6,042 6,450 (408)
18 5 13 Broadband - Office of Telework Promotion 20 6 14
472 573 (101) Broadband - Broadband Planning and Assistance 707 770 (63)
221 349 (128) Commonwealth - Regional Growth 337 519 (182)
339 403 (64) Commonwealth - Cyber Commission 898 488 410
535 864 (329) Commonwealth - Unmanned Systems 645 1,020 (375)
404 728 (324) Commonwealth - Unmanned Systems Center of Excellence 853 1,172 (319)
9,551 10,346 (795) Program Expenses 13,559 14,298 (739)
Other Expenses
380 445 (65) Marketing & Communications and Miscellaneous 552 652 (100)
495 202 293 Unapplied (over-applied) indirects 974 463 511
875 647 228 Other Expenses 1,526 1,115 411
10,426 10,993 (567) Total Expenses 15,085 15,413 (328)
7,433 (2,092) 9,525 Net 5,785 (3,464) 9,249
Strategic Initiatives Funded by Contracts & Grants
Entrepreneur
46 - 46 Program Revenue - SBA FAST 2019 64 - 64
46 - 46 Program Expense 64 - 64
- - - Profit/(Loss) - - -
Strategic Initiatives
1,317 1,754 (437) Program Revenue - DHS Smart City ioT Innovation Program 2,282 1,754 528
1,219 1,624 (405) Program Expense 2,119 1,625 494
98 130 (32) Profit/(Loss) 163 129 34
17 - 17 Program Revenue - DHS Commercial First Innovation ™ 25 - 25
16 - 16 Program Expense 23 - 23
1 - 1 Profit/(Loss) 2 - 2
87 - 87 Program Revenue - Slovakia Cohorts 87 - 87
- - - Program Expense 87 - 87
87 - 87 Profit/(Loss) - - -
1,467 1,754 (287) Program Revenue 2,458 1,754 704
1,281 1,624 (343) Program Expenses 2,293 1,625 668
186 130 56 Net 165 129 36
Consolidated Revenue, Expenses and Changes in Net Position
19,326 10,655 8,671 Revenue 23,328 13,703 9,625
11,707 12,617 (910) Expenses 17,378 17,038 340
7,619 (1,962) 9,581 Change in Net Position 5,950 (3,335) 9,285
9,702 9,328 374 Beginning Net Position 9,702 9,328 374
$ 17,321 $ 7,366 $ 9,955 Ending Net Position $ 15,652 $ 5,993 $ 9,659
INNOVATION AND ENTREPRENEURSHIP INVESTMENT AUTHORITY
BUDGET ANALYSIS FOR BUILDING OPERATIONS ONLY
For the Nine Months Ended March 31, 2020
In thousands In thousands
ACTUAL - July to March 2020 BUILDING ANALYSIS FORECASTED - Fiscal Year 2020
Actual Budget Variance Forecast Budget Variance
REVENUE
$ 483 $ 492 $ (9) Rental Income $ 634 $ 612 $ 22
483 492 (9) Total Revenue 634 612 22
BUILDING EXPENSES
167 173 (6) Payroll 212 244 (32)
242 306 (64) Utilities 320 356 (36)
100 102 (2) Administrative 136 135 1
23 79 (56) Operating & Maintenance 70 80 (10)
232 226 6 Contracts 303 346 (43)
75 75 - Insurance 100 100 -
1 2 (1) Leasing Commission and Miscellaneous 15 15 -
840 963 (123) Total Expenses 1,156 1,276 (120)
$ (357) $ (471) $ 114 Net Income $ (522) $ (664) $ 142
Item 126.10.D.2.b
Fiscal Year 2020 Quarter 3
March 31, 2020
Investments & Grants
Center for Innovative Technology
Investments Made and Return on Prior Investments
For the nine months ended March 31, 2020
Investments made:
Actual Budget Variance
Blue Triangle Technologies, Inc. $ 22,289.00
Brazen Careerist, Inc. 21,457.93
Buddy Technology, Inc 50,000.00
Curbside Kitchen Inc. 149,999.50
CytoRecovery, Inc 150,000.00
Dark3, Inc 78,352.83
DHK Storage, LLC 50,000.00
Edconnective, Inc 100,000.00
Embody, Inc. 95,000.00
Fend, Inc 50,000.00
Fenris, Inc. 100,000.00
FRNGE, Inc. 100,000.00
HyperQube Technologies, Inc 100,000.00
Jeeva Informatics Solutions, Inc 50,000.00
Kamana Inc 50,000.00
KinergyCare, LLC 50,000.00
Kinometrix, Inc 50,000.00
LiteIdeas, LLC 200,000.00
MarginEdge Co 112,910.00
Metistream Incorporated 100,000.00
Ostendio, Inc 123,378.90
Panaceutics Nutrition, Inc. 125,000.00
Quirk, Inc 25,000.00
RunSafe Security, Inc 65,999.44
Student Opportunity Center, Inc 50,000.00
Suvola Corporation 50,000.00
SylLab Systems, Inc 50,000.00
$ 2,169,387.60 $ 2,015,000.00 $ 154,387.60
Return on Prior Investments, including gains and losses:
CIT's interest in M37 Carried Interest, LLC 4,475,652.00
Distil Networks, Inc 351,309.73
Eventbrite, Inc 12,186.72
Huntress Labs Incorporated 1,890,612.75
Ringobon, LLC 7,500.00
South49 Solutions, Inc 400,666.66
Synoptos, Inc./Ignite/Ohmygov 3,825.76
TypeZero Technologies, Inc. (TZ Holdings LLC) 1,733.48
VividCortex, Inc. 1,254,881.55
Vthreat, Inc 122,880.84
$ 8,521,249.49
CRCF Grants Awarded N/A
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