Letter - FY2020 Expenditure Report, Center for Innovative Technology (September 30, 2020)
Summary
A letter dated September 30, 2020 from Susan Aitcheson, CFO of the Center for Innovative Technology, to Mr. Daniel Timberlake, Director of the Department of Planning and Budget, enclosing the FY2020 Expenditure Report for the Virginia Innovation Partnership Authority and Center for Innovative Technology. The letter says the report fulfills the requirements of the Appropriations Act Chapter 1289 Item 135 D.1 (2020 Session). The attached Budget Analysis for the fiscal year ended June 30, 2020, stated in thousands, lists Commonwealth Appropriation - General Fund revenue of $12,890 actual against $11,619 budget and total expenses of 14,029 actual against 15,413 budget. It also includes a table of FY2020 cash balances by fund.
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“Letter - FY2020 Expenditure Report, Center for Innovative Technology (September 30, 2020).”
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September 30, 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 FY2020 Expenditure Report for the Virginia Innovation Partnership Authority
and Center for Innovative Technology. The attached report fulfills the requirements of the
Appropriations Act Chapter 1289 Item 135 D.1 (2020 Session).
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 & Appropriations 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 & Appropriations 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 135.D.1.a
All planned and actual
revenue and
expenditures along with
funding sources
CENTER FOR INNOVATIVE TECHNOLOGY
BUDGET ANALYSIS
For the Fiscal Year Ended June 30, 2020
(In Thousands)
Fiscal Year 2020
Actual Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 12,890 $ 11,619 $ 1,271
Interest, Sponsorship, Return on Investments & Misc. Income 13,097 330 12,767
Total Revenue 25,987 11,949 14,038
Program Expenses
R&D - Commonwealth Research and Technology Strategic Roadmap 15 26 (11)
R&D - Commonwealth Research Commercialization Fund (CRCF) 3,564 3,847 (283)
Entrepreneur - Growth Acceleration Program 6,384 6,450 (66)
Broadband - Office of Telework Promotion 20 6 14
Broadband - Broadband Planning and Assistance 565 770 (205)
Commonwealth - Regional Growth 307 519 (212)
Commonwealth - Cyber Commission 730 488 242
Commonwealth - Unmanned Systems 585 1,020 (435)
Commonwealth - Unmanned Systems Center of Excellence 819 1,172 (353)
Program Expenses 12,989 14,298 (1,309)
Other Expenses
Marketing & Communications and Miscellaneous 524 652 (128)
Unapplied (over-applied) indirects 516 463 53
Other Expenses 1,040 1,115 (75)
Total Expenses 14,029 15,413 (1,384)
Net 11,958 (3,464) 15,422
Strategic Initiatives Funded by Contracts & Grants
Entrepreneur
Program Revenue - SBA FAST 2019 75 - 75
Program Expense 75 - 75
Profit/(Loss) - - -
Strategic Initiatives
Program Revenue - DHS Smart City IoT Innovation Program 2,298 1,754 544
Program Expense 2,128 1,625 503
Profit/(Loss) 170 129 41
Program Revenue - DHS Commercial First Innovation ™ 49 - 49
Program Expense 45 - 45
Profit/(Loss) 4 - 4
Program Revenue - Slovakia Cohorts 87 - 87
Program Expense 87 - 87
Profit/(Loss) - - -
Program Revenue 2,509 1,754 755
Program Expenses 2,335 1,625 710
Net 174 129 45
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 28,496 13,703 14,793
Expenses 16,364 17,038 (674)
Change in Net Position 12,132 (3,335) 15,467
Beginning Net Position 9,702 9,328 374
Ending Net Position $ 21,834 $ 5,993 $ 15,841
INNOVATION AND ENTREPRENEURSHIP INVESTMENT AUTHORITY
BUDGET ANALYSIS FOR BUILDING OPERATIONS ONLY
For the Fiscal Year Ended June 30, 2020
In thousands
BUILDING ANALYSIS ACTUAL - July 2019 to June 2020
Actual Budget Variance
REVENUE
Rental Income - lease revenue $ 644 $ 612 $ 32
Total Revenue 644 612 32
BUILDING EXPENSES
Payroll 189 244 (55)
Utilities 285 356 (71)
Administrative 125 135 (10)
Operating & Maintenance 61 80 (19)
Contracts 275 346 (71)
Insurance 100 100 -
Food Service Subsidy - -
Leasing Commission and Miscellaneous 12 15 (3)
Total Expenses 1,047 1,276 (229)
Net Income $ (403) $ (664) $ 261
Item 135.D.1.b
Total grants made and
investments awarded
Center for Innovative Technology
Grants Made and Investments Awarded
For the twelve months ended June 30, 2020
Investments Awarded:
Actual Budget Variance
Aquasys $ 50,000.00
Blue Triangle Technologies, Inc. 22,289.00
Brazen Careerist, Inc. 21,457.93
Buddy Technology, Inc 50,000.00
Card Isle Corporation 50,000.00
Cervais, Inc. 25,005.61
Coin Savage, LLC 50,000.00
Contraline 99,998.25
Curbside Kitchen Inc. 149,999.50
CySecure, Inc. 24,995.85
CytoRecovery, Inc 250,000.00
Dark3, Inc 88,352.83
DeepSig 299,999.14
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
Mesh Intelligence AI, LLC 50,000.00
Metistream Incorporated 200,000.00
Ostendio, Inc 123,378.90
Panaceutics Nutrition, Inc. 250,000.00
Quirk, Inc 25,000.00
RunSafe Security, Inc 65,999.44
Scout, Inc. (Eighth Continent Technologies) 50,000.00
Student Opportunity Center, Inc 50,000.00
Suvola Corporation 50,000.00
SylLab Systems, Inc 50,000.00
Techulon 50,000.00
$ 3,254,386.45 $ 2,665,000.00 $ 589,386.45
CRCF Grants Made see attached
Center for Innovative Technology
FY2020 CRCF Award Detail
Organization Name CRCF Project Title Project Start Project End Award
Date Date Amount
Agrology Commercializing a Precision Agricultural 06/15/2020 12/15/2020 $75,000
System for Irrigation, Fertilizer, and Spray
Scheduling
AgroSpheres, Inc. AgroSpheres Enabled RNAi Delivery for 06/15/2020 02/01/2021 $75,000
Agriculture
Azimuth1 EnviMetric: Geospatial Statistical Tools for 06/15/2020 06/15/2021 $75,000
Environmental Screening of Commercial Real
Estate Sales
Babylon Micro‐Farms Inc. Designing a Disruptive Platform for 06/15/2020 11/30/2020 $75,000
Hydroponic Vertical Farming: Addressing
Challenges in Effective Urban Farming and
the Elimination of Food Deserts
BEM Controls, LLC WiseMrkt: A Platform for Transactive Energy 07/01/2020 03/31/2021 $75,000
and Demand Response Applications
Burnshire Hydroelectric LLC 07/20/2020 12/11/2020 $74,981
Inverter Controlled Multigenerator
Commonwealth Trading Cloud Search Tool for Export Commodity 07/01/2020 04/30/2021 $74,705
Partners, Inc. (CTP) Classification
Cowden Technologies, LLC 06/15/2020 06/14/2021 $75,000
A Smart Docking Station for Drones
Eksdyne Inc. A Magnetohydrodynamic Actuator System 06/15/2020 06/15/2021 $74,915
for Robotics
Federal Foundry LLC Structured and Unstructured HR Analytics to 06/15/2020 06/14/2021 $73,140
Support Hiring, Staffing, and Partnership
Decision Making
GATACA LLC GAT for NGS: A Bioinformatics Tool for 06/15/2020 02/15/2021 $75,000
Hepatitis B Virus Quasispecies ‐‐
Incorporating Machine Learning
ICBiome, Inc. A WGS‐Based Genomics Platform for Early 06/15/2020 12/15/2020 $75,000
Identification of MRSA Transmission in ICU
Settings
KeViRx, Inc Development of Novel Small Molecule 06/15/2020 06/14/2021 $75,000
Inhibitors of the Oncogenic Protein Tyrosine
Phosphatase PTP4A3 for the Treatment of
Human Cancers
Li Industries, Inc. Effective Materials Separation for Low‐Cost 06/15/2020 06/14/2021 $75,000
Lithium Ion Battery Direct Recycling
Lumin Promoting Residential Solar PV Development 07/01/2020 12/31/2020 $64,917
Through Curtailment of Excess Production
Off‐Grid
Meru Biotechnologies, LLC Development of the Minimum Viable Product 06/15/2020 05/31/2021 $75,000
for a Free Solution Biomolecular
Characterization Device
Micro Harmonics Cryogenic Isolators for High‐Frequency Ship 06/15/2020 06/14/2021 $75,000
Corporation
Radar and Drone Inspection Systems
Old Dominion University Blockchain‐Empowered Cyber‐Resilient IoT 06/15/2020 06/14/2022 $150,000
Security Solution
Onclave Networks, Inc Secure IoT: A Zero‐Trust Platform for 06/15/2020 06/14/2021 $75,000
Elimination of OT Attack Surface
Organizing4Innovation Using Team‐Learning and Teamwork‐Quality 07/01/2020 07/01/2021 $50,450
Indicators as Objective Performance
Assessments to Vet Early‐Stage Innovation
Teams
ReAlta Life Sciences Peptide Inhibitor of Complement C1 (PIC1) as 06/15/2020 06/14/2021 $59,446
a Treatment for Hypoxic Ischemic
Encephalopathy (HIE)
SCOUT Inc. Demonstrating Small Satellite Technology to 06/15/2020 12/15/2020 $74,816
Enable Satellite Health Inspections in
Geostationary Orbit
Sentinel Robotic Solutions, Sentinel Aerium: American‐Made Class I UAS 07/01/2020 03/31/2021 $75,000
LLC
with Disruptive Flight Endurance Technology
Service Robotics & A Software Command Center for Scheduling 07/01/2020 6/30/2021 $75,000
Technologies and Optimizing Robots and Humans in Smart
Buildings
Techulon Inc PPNA‐Based Antimicrobial Therapeutics 07/01/2020 12/31/2020 $75,000
Against Multi‐Drug‐Resistant Pseudomonas
and Acinetobacter
Tympanogen, Inc. Preparation of a 510(k) Application for FDA 06/15/2020 12/31/2020 $75,000
Clearance of a Gel Patch for Nonsurgical
Eardrum Repair
University of Virginia Machine Learning Technology for Prediction 07/01/2020 06/30/2021 $137,453
of Future Glucose Fluctuations to Enable a
New Generation of Adaptive Glucose Control
in Diabetes
University of Virginia Novel Automated System to Measure Plant 7/1/2020 6/30/2022 $150,000
Health
Virginia Commonwealth Development of Novel Heterogeneous Cross‐ 07/01/2020 06/30/2021 $150,000
University Coupling Catalysts for Pharmaceutical
Applications
WynnVision LLC 07/01/2020 06/30/2021 $75,000
Preventing Ventilator‐Associated Infections
Item 135.D.1.c
Recoveries of previous
investments and sales of
equity positions
Center for Innovative Technology
Recoveries of Previous Investments and Sales of Equity Positions
For the twelve months ended June 30, 2020
Recorvies of prior Investments and Sales of Equity Positions, including gains and losses:
Canvas Holdings $ 2,221.08
CIT's interest in M37 Carried Interest, LLC 4,475,652.00
Distil Networks, Inc 351,309.73
DivvyCloud 3,379,149.21
Eventbrite, Inc 12,186.72
Huntress Labs Incorporated 1,890,612.75
nexVortex 621,092.96
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. 1,260,430.37
Vthreat, Inc 122,880.84
$ 12,529,261.56
Item 135.D.1.d
Cash balances
by funding source
Center for Innovative Technology
FY2020 Cash Balances by Fund
Operating Funds Designated Funds
COV Other COV Other
Discretionary Grants & BB Comm CRCF UAS and COE GAP M37 Carried
Contracts Fund Fund Fund Fund Fund Interest Total
(In Thousands)
Cash Balances at 6/30/2019 $ 948 $ 254 $ 142 $ 679 $ (71) $ 1,312 $ 6,752 $ (11) $ 10,005
Cash receipts ‐ FY2020 $ 3,789 $ 1,858 $ 550 $ 400 $ 4,368 $ 1,147 $ 15,707 $ ‐ $ 27,819
Cash disbursements ‐ FY2020 $ (3,851) $ (1,754) $ (458) $ (403) $ (2,924) $ (1,221) $ (5,083) $ 11 $ (15,683)
Cash Balances at 6/30/2020 $ 886 $ 358 $ 234 $ 676 $ 1,373 $ 1,238 $ 17,376 $ ‐ $ 22,141
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 Fund = Growth Acceleration Program Fund
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
INNOVATION AND ENTREPRENEURSHIP INVESTMENT AUTHORITY
FY2020 Cash Balances by Fund
Designated to
Operating Fund Building IEIA Total
(In Thousands)
Cash Balance at 6/30/2019 $ 426 $ 2,629 $ 3,055
Cash receipts ‐ FY2020 13,356 45 13,401
Cash disbursements ‐ FY2020 (13,485) (387) (13,872)
Cash Balances at 6/30/2020 $ 297 $ 2,287 $ 2,584
Item 135.D.1.e
Private investment
activity related to the
fund of funds
No activity for FY2020
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