Fourth Quarterly Report for FY2022, Virginia Innovation Partnership Authority (September 30, 2022)
Summary
A September 30, 2022 transmittal letter from Susan Aitcheson, CFO of the Center for Innovative Technology, to Michael Maul, Director of the Department of Planning and Budget, enclosing the fourth Quarterly Report for FY2022 for the Virginia Innovation Partnership Authority. The letter says the report fulfills Item 127.C.2 of the 2022 Special Session I, Virginia Acts of Assembly. The attached budget analysis tables for the fiscal year ended June 30, 2022 list revenue, expenses and net position, and an investment schedule lists Virginia Venture Partners investment in companies of $7,150,099.63 and Commonwealth Commercialization Fund awards to companies of $3,523,931.00.
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“Fourth Quarterly Report for FY2022, Virginia Innovation Partnership Authority (September 30, 2022).”
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September 30, 2022
Mr. Michael Maul
Director
Department of Planning and Budget
1111 East Broad Street, Room 5040
Richmond, Virginia 23219
Dear Director Maul:
Enclosed please find the fourth Quarterly Report for FY2022 for the Virginia Innovation Partnership
Authority. The attached report fulfills the requirements of the Item 127.C.2 of the 2022 Special Session
I, Virginia Acts of Assembly.
If you have any questions, please call me at 703-689-3021.
Sincerely,
Susan Aitcheson
CFO
Center for Innovative Technology
cc: The Honorable Caren Merrick, Secretary of Commerce and Trade
The Honorable Janet D Howell, Chair, Senate Finance & Appropriations Committee
The Honorable Barry Knight, Chair, House Appropriations Committee
Ms. Anne 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
Dr. Barbara Boyan, VIPC Board of Directors Chair
Mr. Rob Quartel, VIPC Board of Directors Finance Committee Chair
2214 Rock Hill Road
Suite 600
Herndon, VA 20170-4228
Tel.703.689.3000
www.vipc.org
Item 127.C.2.a
Fiscal Year 2022 Quarter 4
June 30, 2022
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Fiscal Year Ended June 30, 2022
(In Thousands)
Fiscal Year 2022
Actual Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 41,495 $ 41,550 $ (55)
Interest & Misc. Income 6 4 2
Total Revenue 41,501 41,554 (53)
Expenses and Transfers
VIPA Administrative Expense - 3 (3)
Appropriation Transfers to VIPC 16,045 16,100 (55)
Appropriation Disbursements to Centers of Excellence 25,519 25,450 69
Total Expenses & Transfers 41,564 41,553 11
Consolidated Revenue, Expenses, Transfers and Changes in Net Position
Revenue 41,501 41,554 (53)
Expenses and Transfers 41,564 41,553 11
Change in Net Position (63) 1 (64)
Beginning Net Position 2,592 2,028 564
Ending Net Position $ 2,529 $ 2,029 $ 500
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Fiscal Year Ended June 30, 2022
Commonwealth Projects Funded by Appropriation & Other Revenue
(In Thousands)
Fiscal Year 2022
Actual Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 16,045 $ 16,046 $ (1)
Interest, Sponsorship, Return on Investments & Misc. Income 2,317 101 2,216
Total Revenue 18,362 16,147 2,215
Expenses
Commercialization Division 5,478 11,772 (6,294)
Investment Division 11,899 8,691 3,208
Entrepreneurial Ecosystems Division 1,236 3,274 (2,038)
Strategic Initiatives 1,857 1,685 172
Unmanned Systems 1,667 1,871 (204)
Activities Funded by Building Sale Proceeds - 2,000 (2,000)
Policy, Communications and Commonwealth Engagement 1,014 1,159 (145)
Unapplied (over-applied) indirects (1,634) (825) (809)
Total Expenses 21,517 29,627 (8,110)
(3,155) (13,480) 10,325
Strategic Initiatives and Other Funding Provided by Contracts & Grants
Strategic Initiatives
Program Revenue - DHS Commercial First Innovation ™ 4,277 2,295 1,982
Program Expense 3,962 2,125 1,837
Profit/(Loss) 315 170 145
Program Revenue - VDEM iFLOWS 34 - 34
Program Expense 34 - 34
Profit/(Loss) - - -
Other
Program Revenue - SBA FAST 2022 120 58 62
Program Expense 120 58 62
Profit/(Loss) - - -
Program Revenue 4,431 2,353 2,078
Program Expenses 4,116 2,183 1,933
Net 315 170 145
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 22,793 18,500 4,293
Expenses 25,633 31,810 (6,177)
Expenses - Capital Leases (Interest & Depreciation) 346 - 346
Change in Net Position (3,186) (13,310) 10,124
Beginning Net Position 76,326 74,920 1,406
Ending Net Position $ 73,140 $ 61,610 $ 11,530
Virginia Innovation Partnership Corporation
Fiscal Year 2022 Results by Fund
Operating Funds Designated Funds
COV Other COV
Entrepreneurial Strategic Unmanned
Discretionary Fund Grants & Commercialization Investment Ecosystems Initiatives Systems Building sale
Operating Rent Contracts Division Division Division Fund Fund Proceeds Total
(In Thousands)
Beginning Balance at 7/1/2021 $ 994 $ ‐ $ 665 $ 32,384 $ 16,383 $ 3,296 $ 542 $ 1,384 $ 20,678 $ 76,326
REVENUE
General Fund Appropriation $ 3,180 $ 750 $ 5,000 $ 3,100 $ 2,000 $ 1,000 $ 1,000 $ 16,030
Interest, Sponsorship, Return on Investment $ 74 $ 86 $ 1,823 $ 10 $ 213 $ 126 $ 2,332
Contracts & Grants $ 4,431 $ 4,431
Total Revenue $ 3,254 $ 750 $ 4,431 $ 5,086 $ 4,923 $ 2,010 $ 1,213 $ 1,126 $ ‐ $ 22,793
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 3,483 $ 346 $ 4,457 $ 9,720 $ 979 $ 1,522 $ 1,356 $ 21,863
Contracts & Grants $ 4,116 $ 4,116
Transfers and Indirect Application to Designated Programs $ ‐
Total Expenses $ 3,483 $ 346 $ 4,116 $ 4,457 $ 9,720 $ 979 $ 1,522 $ 1,356 $ ‐ $ 25,979
Net Change $ (229) $ 404 $ 315 $ 629 $ (4,797) $ 1,031 $ (309) $ (230) $ ‐ $ (3,186)
Forecasted Ending Balance at 6/30/2022 $ 765 $ 404 $ 980 $ 33,013 $ 11,586 $ 4,327 $ 233 $ 1,154 $ 20,678 $ 73,140
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
Item 127.C.2.b
Fiscal Year 2022 Quarter 4
June 30, 2022
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants Made and Return on Prior Investments
For the fiscal year ended June 30, 2022
Actual Budget Variance
Investments made Virginia Venture Partners (VVP):
Investment in 43 companies $ 7,150,099.63 $ 4,500,000.00 $ 2,650,099.63
Return on Prior Investments, including gains and losses:
Returns from 11 companies $ 1,659,883.05
Grants Awarded:
Commonwealth Commercialization Fund (CCF), awards to 64 companies $ 3,523,931.00 $ 8,401,000.00 $ (4,877,069.00)
Regional Innovation Fund (RIF), awards to 2 companies 200,000.00 1,400,000.00 $ (1,200,000.00)
Item 127.C.2.c
Fiscal Year 2022 Quarter 4
June 30, 2022
Financial & Programmatic
Performance of Operating
Entities Owned by VIPC
No Operating Entities Owned
during FY22 Q4
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