Revised Third Quarterly Report for FY2023, Virginia Innovation Partnership Authority (December 18, 2023)
Summary
A December 18, 2023 letter from Susan Aitcheson, CFO, Center for Innovative Technology, to Michael Maul, Director of the Department of Planning and Budget, enclosing the revised third Quarterly Report for FY2023 for the Virginia Innovation Partnership Authority. The letter states that the attached report fulfills the requirements of Item 127.C.2 of the 2023 Special Session I, Virginia Acts of Assembly. The report presents budget analysis tables for the nine months ended March 31, 2023, in thousands, for the Virginia Innovation Partnership Authority and the Virginia Innovation Partnership Corporation. It also states that no operating entities were owned during FY23 Q3.
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“Revised Third Quarterly Report for FY2023, Virginia Innovation Partnership Authority (December 18, 2023).”
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December 18, 2023
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 REVISED third Quarterly Report for FY2023 for the Virginia Innovation
Partnership Authority. The attached report fulfills the requirements of the Item 127.C.2 of the 2023
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, Co-Chair, Senate Finance & Appropriations Committee
The Honorable George Barker, Co-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. Rita Roy, VIPA and 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.703.689.3000www.vipc.org
Item 127.C.2.a
Fiscal Year 2023 Quarter 3
March 31, 2023
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Nine Months Ended March 31, 2023
(In Thousands) (In Thousands)
ACTUAL - Jul through Mar 2023 FORECASTED -Fiscal Year 2023
Actual Budget Variance Forecast Budget Variance
Revenue
$ 42,572 $ 31,756 $ 10,816 Commonwealth Appropriation - General Fund $ 47,650 $ 42,341 $ 5,309
65 2 63 Interest & Misc. Income 95 3 92
42,637 31,758 10,879 Total Revenue 47,745 42,344 5,401
Expenses
3 2 1 VIPA Administrative Expense 3 3 -
12,856 12,743 113 Appropriation Transfers to VIPC 16,909 16,991 (82)
29,716 19,013 10,703 Appropriation Disbursements to Centers of Excellence 30,741 25,350 5,391
42,575 31,758 10,817 Total Expenses & Transfers 47,653 42,344 5,309
Consolidated Revenue, Expenses and Changes in Net Position
42,637 31,758 10,879 Revenue 47,745 42,344 5,401
42,575 31,758 10,817 Expenses 47,653 42,344 5,309
62 - 62 Change in Net Position 92 - 92
2,529 2,593 (64) Beginning Net Position 2,529 2,593 (64)
$ 2,591 $ 2,593 $ (2) Ending Net Position $ 2,621 $ 2,593 $ 28
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Nine Months Ended March 31, 2023
(In Thousands) (In Thousands)
ACTUAL YTD - Jul through Mar 2023 FORECASTED - FY2023 (June 30)
Actual Budget Variance Forecast Budget Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation - General Fund $ 12,856 $ 12,743 $ 113 $ 16,909 $ 16,991 $ (82)
Interest, Sponsorship, Return on Investments & Misc. Income 4,872 113 4,759 5,141 150 4,991
Total Revenue 17,728 12,856 4,872 22,050 17,141 4,909
Expenses
Commercialization Division 8,297 11,316 (3,019) 14,252 16,972 (2,720)
Investment Division 8,718 9,797 (1,079) 9,769 12,690 (2,921)
Entrepreneurial Ecosystems Division 1,135 1,791 (656) 2,128 2,667 (539)
Strategic Initiatives 2,005 952 1,053 1,438 1,286 152
Unmanned Systems 1,378 1,453 (75) 1,833 1,951 (118)
Activities Funded by Building Sale Proceeds - 3,596 (3,596) 2,045 3,596 (1,551)
Policy, Communications and Commonwealth Engagement 1,134 1,475 (341) 1,540 1,951 (411)
Petersburg Founders Fund - - - 577 - 577
(Over)/Underapplied Indirects (2,219) (2,214) (5) (1,691) (3,078) 1,387
Total Expenses 20,448 28,166 (7,718) 31,891 38,035 (6,144)
(2,721) (15,310) 12,590 (9,841) (20,894) 11,053
Strategic Iniatives and Other Funding Provided by Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 3,082 - 3,082 3,490 - 3,490
Program Expense 2,854 - 2,854 3,232 - 3,232
Profit/(Loss) 228 - 228 258 - 258
Program Revenue - VDEM iFLOWS 175 500 (325) 571 500 71
Program Expense 175 500 (325) 571 500 71
Profit/(Loss) - - - - - -
Program Revenue - VDEM VISA AO 66 - 66 200 - 200
Program Expense 66 - 66 200 - 200
Profit/(Loss) - - - - - -
Program Revenue - SSBCI 2,222 - 2,222 5,274 - 5,274
Program Expense 2,222 - 2,222 5,274 - 5,274
Profit/(Loss) - - - - - -
Program Revenue - EDA Planning Grant 129 - 129 298 - 298
Program Expense 129 - 129 298 - 298
Profit/(Loss) - - - - - -
Program Revenue - Fairfax Founders Fund 22 - 22 45 - 45
Program Expense 19 - 19 38 - 38
Profit/(Loss) 3 - 3 7 - 7
Program Revenue - SBA FAST 2022 47 53 (6) 107 53 54
Program Expense 47 53 (6) 107 53 54
Profit/(Loss) - - - - - -
Program Revenue 5,743 553 5,190 9,985 553 9,432
Program Expenses 5,512 553 4,959 9,720 553 9,167
Net 231 - 231 265 - 265
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 23,471 13,409 10,062 32,035 17,694 14,341
Expenses 25,960 28,719 (2,759) 41,261 38,588 2,673
Expenses - Capital Leases (Interest & Depreciation) 260 - 260 350 - 350
Change in Net Position (2,749) (15,310) 12,561 (9,576) (20,894) 11,318
Beginning Net Position 73,140 71,417 1,723 73,140 71,417 1,723
Ending Net Position $ 70,391 $ 56,107 $ 14,284 $ 63,564 $ 50,523 $ 13,041
Virginia Innovation Partnership Corporation
Fiscal Year 2023 Q4 Forecast
Operating Funds Designated Funds
COV Other COV
Entrepreneurial Strategic Unmanned Petersburg Building Sale
Discretionary Grants & Commercialization Investment Ecosystems Initiatives Systems Founders Proceeds for
Operating Contracts Division Division Division Fund Fund Fund Opp Fund/ Total
127.O
(In Thousands)
Beginning Balance at 7/1/2022 $ 1,169 $ 980 $ 33,013 $ 11,586 $ 4,327 $ 233 $ 1,154 $ ‐ $ 20,678 $ 73,140
Transfer $ (500) $ 500
REVENUE
General Fund Appropriation $ 3,809 $ 5,000 $ 3,100 $ 3,000 $ 1,000 $ 1,000 $ 16,909
Interest, Sponsorship, Return on Investment $ 1,068 $ 971 $ 2,928 $ 162 $ 12 $ 5,141
Contracts & Grants $ 9,985 $ 9,985
Total Revenue $ 4,877 $ 9,985 $ 5,971 $ 6,028 $ 3,162 $ 1,000 $ 1,012 $ ‐ $ ‐ $ 32,035
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 4,915 $ 12,320 $ 7,736 $ 1,834 $ 1,233 $ 1,581 $ 500 $ 1,772 $ 31,891
Contracts & Grants $ 9,720 $ 9,720
Transfers and Indirect Application to Designated Programs $ (745) $ 245 $ 260 $ 164 $ 39 $ 37 $ ‐
Total Expenses $ 4,170 $ 9,965 $ 12,580 $ 7,900 $ 1,873 $ 1,233 $ 1,581 $ 500 $ 1,809 $ 41,611
Net Change $ 707 $ 20 $ (6,609) $ (1,872) $ 1,289 $ (233) $ (569) $ (500) $ (1,809) $ (9,576)
Forecasted Ending Balance at 6/30/2023 $ 1,876 $ 1,000 $ 26,404 $ 9,214 $ 5,616 $ ‐ $ 585 $ ‐ $ 18,869 $ 63,564
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
with the exception of the Petersburg Founders Fund, which is designated as part of Governor Youngkin's "Partnership for Petersburg" Initiative
Item 127.C.2.b
Fiscal Year 2023 Quarter 3
March 31, 2023
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants Made and Return on Prior Investments
For the nine months ended March 31, 2023
Actual Budget Variance
Investments made Virginia Venture Partners (VVP):
Investment in 39 companies $ 6,854,949.54 $ 5,400,000.00 $ 1,454,949.54
Return on Prior Investments, including gains and losses:
Returns from 7 companies $ 579,443.01 $ - $ 579,443.01
Grants Made:
Commonwealth Commercialization Fund (CCF) $ 5,897,596.00 $ 8,228,928.00 $ (2,331,332.00)
Grants to 114 companies
1st tranche payments to 90 companies
2nd tranche payments to 23 companies
3rd tranche payment to 1 company
Regional Innovation Fund (RIF) $ 425,000.00 $ 950,003.00 $ (525,003.00)
Grants to 5 companies
1st tranche payments to 3 companies
2nd tranche payments to 2 companies
Item 127.C.2.c
Fiscal Year 2023 Quarter 3
March 31, 2023
Financial & Programmatic
Performance of Operating
Entities Owned by VIPC
No Operating Entities Owned
during FY23 Q3
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