Second Quarterly Report for FY2020, Center for Innovative Technology (Virginia)
Summary
A letter dated January 30, 2020 from Susan Aitcheson, CFO of the Center for Innovative Technology, to Daniel Timberlake, Director of the Department of Planning and Budget, enclosing the second Quarterly Report for FY2020. The letter states that the attached report fulfills the requirements of the Code of Virginia, §2.2-2221.1.C. The attached pages include a Fiscal Year 2020 Quarter 2 financial performance table with a Q3 forecast and a budget analysis for the six months ended December 31, 2019. They also include a statement of operations for M37 Carried Interest, LLC for the six months ended December 31, 2019 and 2018.
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“Second Quarterly Report for FY2020, Center for Innovative Technology (Virginia).”
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CIT
CENTER FOR INIIOVATJY! T!CHNOLOGY
January 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 second 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 Appropriations 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
Mr. Robby Demeria, Deputy Secretary, 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 2
December 31, 2019
Financial Performance
Center for Innovative Technology
Fiscal Year 2020 Q3 Forecast
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Beginning Balance at 7/1/2019 $ 997 $ 192 $ 130 $ 679 $ $ 1,191 $ 6,513 $ 9,702
REVENUE
Appropriation $ 3,446 $ 550 $ 400 $ 3,350 $ 1,000 $ 3,100 $ 11,846
Interest, Sponsorship, Return on Investment $ 202 $ 8 $ 2,212 $ 2,422
Building Reserve $ 60 $ 60
Contracts & Grants $ 2,155 $ 2,155
Total Revenue $ 3,708 $ 2,163 $ 550 $ 400 $_ _ 3,350 $_ 1,000 $ 5,312 $ 16,483
EXPENSES AND TRANSFERS
Operating Programs Net of Over-applied Indirects $ 2,035 $ 2,035
Designated Programs $ 2,345 $ 547 $ 672 $ 3,350 $ 1,494 $ 4,977 $ 13,385
Building Reserve $ 60 $ 60
Contracts & Grants $ 2,002 $ 2,002
Total Expenses $ 4,440 $ 2,002 $ 547 $ 672 $ 3,350 $ 1,494 $ 4,977 $ 17,482
Net Change $ (732) $ 161 $ 3 $ (272) $ $ (494) $ 335 $ (999)
Ending Balance at 6/30/2020 $ 265 $ 353 $ 133 $ 407 $ $ 697 $ 6,848 $ 8,703
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
CENTER FOR INNOVATIVE TECHNOLOGY
BUDGET ANALYSIS
Forthe Six Months ended December 31, 2019
Commonwealth Projects Funded by Appropriation & Other Revenue
(In Thousands) (In Thousands)
ACTUAL -Jul· Dec 2019 FORECASTED -Fiscal Year 2020
~ Budget ~ ~ Budget ~
Revenue
$ 6,419 $ 6,205 $ 214 Commonwealth Appropriation - General Fund $ 11,846 $ 11,619 $ 227
1,074 165 909 Interest, Sponsorship, Return on Investments & Misc. Income 2,482 330 2,152
7,493 6,370 1,123 Total Revenue 14,328 11,949 2,379
Program Expenses
8 17 (9) R&O - Commonwealth Research and Technology Strategic Roadmap 16 26 (10)
2,613 2,400 213 R&O • Commonwealth Research Commercialization Fund (CRCF) 4,073 3,847 226
2,682 3,040 (358) Enlrepreneur - Growth Acceleralion Program 6,132 6,450 (318)
17 3 14 Broadband - Office of Telework Promotion 22 6 16
308 382 (74) Broadband • Broadband Planning and Assistance 687 770 (83)
122 238 (116) Commonwealth - Regional Growth 417 519 (102)
231 266 (35) Commonwealth - Cyber Commission 814 488 326
405 630 (225) Commonwealth • Unmanned Systems 919 1,020 (101)
254 427 (173) Commonwealth - Unmanned Systems Cenler of Excellence 738 1,172 (434)
6,640 7,403 !763) Program Expenses 13,818 14,298 (480)
Other Expenses
211 279 (68) Marketing & Communications and Miscellaneous 561 652 (91)
355 167 188 Unapplied (over-applied) indirects 1,101 463 638
566 446 120 Other Expenses 1,662 1,115 547
7,206 7,849 (643) Total Expenses 15,480 15,413 67
287 (1,479) 1,766 Net (1,152) (3,464) 2,312
Strategic Initiative& Funded by Contracts & Grants
Entrepreneur
9 9 Program Revenue - SBA FAST 2019 84 84
62 62 Program Expense 84 84
(53) (53} Profit/(Loss)
Strategic Initiatives
899 1,481 (582) Program Revenue - OHS Smart City ioT Innovation Program 1,694 1,754 (60)
833 1,371 (538) Program Expense 1,569 1,625 (56)
66 110 (441 Profit/Closs) 125 129 (4)
8 8 Program Revenue - OHS Commercial First Innovation ™ 377 377
7 7 Program Expense 349 349
Profit/(Loss) 28 28
916 1,481 (565) Program Revenue 2,155 1,754 401
902 1,371 (469) Program Expenses 2,002 1,625 377
14 110 (96) Net 153 129 24
Consolidated Revenue, Expenses and Changes In Net Position
8,409 7,851 558 Revenue 16,483 13,703 2,780
8,108 9,220 (1 ,112) Expenses 17,482 17,038 444
301 (1 ,369) 1,670 Change in Net Position (999) (3,335) 2,336
9,702 9,328 374 Beginning Net Position 9,702 9,328 374
$ 10,003 $ 7,959 $ 2,044 Ending Net Position $ 8,703 $ 5,993 $ 2,710
INNOVATION AND ENTREPRENEURSHIP INVESTMENT AUTHORITY
BUDGET ANALYSIS FOR BUILDING OPERATIONS ONLY
For the Six Months Ended December 31, 2019
In thousands In thousands
ACTUAL - July to December 20l9 BUILDING ANALYSIS FDRECASTED - Fiscal Year 2020
~ Budget Variance Forecast Budget Variance
REVENUE
$ 330 $ 328 $ 2 Rental Income s 635 s 612 $ 23
330 328 2 Total Revenue 635 612 23
BUILDING EXPENSES
117 119 (2) Payroll 230 244 (14)
159 199 (40) Utilities 343 356 (13)
67 68 (1) Administrative 135 135
17 52 (35) Operating & Maintenance 69 80 (11)
160 156 4 Contracts 317 346 (29)
50 50 Insurance 100 100
2 1 1 Leasing Commission and Miscellaneous 5 15 (101
572 645 !73) Total Expenses 1199 1,276 (771
s !2421 $ !3171 $ 75 Total Complex Net Income $ (564) $ !6641 $ 100
Item 126.1 O.D.2.b
Fiscal Year 2020 Quarter 2
December 31, 2019
Investments & Grants
Center for Innovative Technology
Investments Made and Return on Prior Investments
For the six months ended December 31, 2019
Investments made:
Actual Bud2et Variance
Blue Triangle Technologies, Inc $ 22,289.00
Brazen Technologies 21,457.93
Buddy Technology, Inc 50,000.00
Curbside Kitchen, Inc 50,000.00
CytoRecovery, Inc 150,000.00
Dark3, Inc 78,352.83
DHK Storage, LLC 50,000.00
Edconnective, Inc 100,000.00
Fend, Inc 50,000.00
Hypercube 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
MarginEdge Co 112,910.00
Ostendio, Inc 123,378.90
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
$ 1,349,388.10 $ 1,500,000.00 $ (150,611.90)
Return on Prior Investments, including gains and losses:
Distil Networks, Inc $ 346,055.42
Eventbrite, Inc 12,186.72
Vthreat, Inc 122,880.84
Ringobon, LLC 7,500.00
South49 Solutions, Inc 400,666.66
$ 889,289.64
CRCF Grants Awarded N/A
Item 126.1 O.D.2.c
Fiscal Year 2020 Quarter 2
December 31, 2019
Financial & Programmatic
M37 Carried Interest, LLC
M37 Carried Interest, LLC
Financial Report
Unaudited
As of and for the six months ended December 31, 2019 and 2018
M37 Carried Interest, LLC
STATEMENT OF ASSETS, LIABILITIES and MEMBERS' CAPITAL
As of December 31, 2019 and 2018
Unaudited Unaudited
12/31/2019 12/31/2018 Change
ASSETS
Current assets:
Cash and cash equivalents $ 10,985 $ 11,000 $ (15)
Total current assets 10,985 11,000 (15)
Total assets 10,985 11,000 (15)
LIABILITIES
Current liabilities:
Due to CIT 10,985 11,000 (15)
Total current liabilities 10,985 11,000 (15)
Total liabilities 10,985 11,000 (15)
MEMBERS' CAPITAL
CIT
Total members' capital
Total liabilities and members' capital $ 10,985 $ 11,000 $ (15}
Page2
M37 Carried Interest, LLC
STATEMENT OF OPERATIONS and CHANGES IN MEMBERS' CAPITAL
For the six months ended December 31, 2019 and 2018
Unaudited Unaudited
12/31/2019 12/31/2018 Change
REVENUES
Investment income $ $ $
Total operating revenue
EXPENSES
Operating expenses
Total expenses
NET LOSS
Members' capital, beginning
Members' capital, ending $ $ $
Page 3
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