Virginia Innovation Partnership Authority Budget Analysis for the Fiscal Year Ended June 30, 2022
Summary
A set of budget and fund reports for the Virginia Innovation Partnership Authority and the Virginia Innovation Partnership Corporation for the fiscal year ended June 30, 2022, introduced as Item 127.C.1 and C.1.a. The budget analysis, stated in thousands, lists Commonwealth Appropriation - General Fund revenue of $41,495 against a budget of $41,550. It includes a Fiscal Year 2022 results-by-fund table with operating and designated funds and a cash balance table for 6/30/2022. A final item, 127.C.1.e, states no activity for FY2022 in private investment activity related to the fund of funds.
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“Virginia Innovation Partnership Authority Budget Analysis for the Fiscal Year Ended June 30, 2022.”
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Item 127.C.1 & C.1.a
All planned and actual
revenue and
expenditures along with
funding sources
and
Salaries and Bonuses of
VIPA, including VIPC
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.1
Virginia Innovation Partnership Authority
including Virginia Innovation Partnership Corporation
Listing of the salaries and bonuses for all authority employees for the
concluded fiscal year.
Title Salary
Assistant $15,000.00
Associate $2,791.67
Associate $92,250.00
Associate $106,466.68
Director $43,125.01
Director $54,166.68
Director $66,458.35
Director $74,471.81
Director $83,443.32
Director $90,039.99
Director $117,041.63
Director $119,828.37
Director $125,124.58
Director $129,206.59
Director $131,282.49
Director $141,049.34
Director $152,165.56
Executive Assistant $70,003.40
Executive Assistant $91,580.57
Executive Assistant $78,495.56
Intern $3,480.00
Manager $33,750.00
Manager $66,285.83
Manager $87,511.79
Manager $90,629.20
Manager $92,111.34
Manager $100,522.49
Officer $135,736.64
Officer $211,034.12
Officer $300,000.00
Senior Director $138,464.39
Senior Director $190,766.01
Senior Generalist $52,935.42
Vice President $7,376.92
Vice President $110,187.05
Vice President $120,000.00
Vice President $157,500.00
Vice President $193,390.00
Vice President & Officer $236,141.19
Vice President & Officer $264,267.89
Total $4,376,081.85
There were no bonuses in FY2022.
Item 127.C.1.b
Total grants made and
investments awarded
Virginia Innovation Partnership Corporation
Investments & Grants Made
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
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.1.c
Recoveries of previous
investments and sales of
equity positions
Virginia Innovation Partnership Corporation
Return on Prior Investments
For the fiscal year ended June 30, 2022
Actual Budget Variance
Return on Prior Investments, including gains and losses:
Returns from 11 companies $ 1,659,883.05
Item 127.C.1.d
Cash balances
by funding source
Virginia Innovation Partnership Authority
FY2022 Cash Balance
Total
(in thousands)
Cash Balance at 6/30/2021 $ 2,524
Cash receipts ‐ FY2022 41,501
Cash disbursements ‐ FY2022 (41,496)
Cash Balances at 6/30/2022 $ 2,529
Virginia Innovation Partnership Corporation
FY2022 Cash Balances by Fund
Operating Funds
COV Other
Entrepreneurial Strategic Unmanned
Discretionary Grants & Commercialization Investment Ecosystems Initiatives Systems Opportunity
Fund Contracts Division Division Division Fund Fund Fund Total
(In Thousands)
Cash Balances at 6/30/2021 $ 1,366 $ 638 $ 32,237 $ 17,736 $ 3,242 $ 922 $ 1,411 $ 20,678 $ 78,230
Cash receipts ‐ FY2022 $ 4,036 $ 4,945 $ 5,086 $ 4,856 $ 2,010 $ 1,145 $ 1,104 $ ‐ $ 23,182
Cash disbursements ‐ FY2022 $ (4,187) $ (4,665) $ (4,403) $ (10,650) $ (923) $ (1,668) $ (1,242) $ ‐ $ (27,738)
Cash Balances at 6/30/2022 $ 1,215 $ 918 $ 32,920 $ 11,942 $ 4,329 $ 399 $ 1,273 $ 20,678 $ 73,674
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
Item 127.C.1.e
Private investment
activity related to the
fund of funds
No activity for FY2022
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