Revised FY2023 Expenditure Report, Virginia Innovation Partnership Authority (December 18, 2023)
Summary
Letter dated December 18, 2023 from the CFO of the Center for Innovative Technology to the Director of the Department of Planning and Budget, enclosing the revised FY2023 expenditure report of the Virginia Innovation Partnership Authority under Item 127.C.1 of the 2023 Special Session I Virginia Acts of Assembly. The attached budget analysis for the fiscal year ended June 30, 2023 shows a Commonwealth appropriation from the General Fund of $47,863 actual against a budget of $42,341 (in thousands). The report also gives results by fund for the Virginia Innovation Partnership Corporation, with cash balances at 6/30/2023 totaling $80,170 (in thousands). Under Item 127.C.1.e it states no activity for FY2023 in private investment activity related to the fund of funds.
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“Revised FY2023 Expenditure Report, 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 FY2023 Expenditure report for the Virginia Innovation Partnership
Authority. The attached report fulfills the requirements of the Item 127.C.1 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.703.689.3000
www.vipc.org
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, 2023
(In Thousands)
Fiscal Year 2023
Actual Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 47,863 $ 42,341 $ 5,522
Interest & Misc. Income 96 3 93
Total Revenue 47,959 42,344 5,615
Expenses and Transfers
VIPA Administrative Expense 3 3 -
Appropriation Transfers to VIPC 17,122 16,991 131
Appropriation Disbursements to Centers of Excellence 30,741 25,350 5,391
Total Expenses & Transfers 47,866 42,344 5,522
Consolidated Revenue, Expenses, Transfers and Changes in Net Position
Revenue 47,959 42,344 5,615
Expenses and Transfers 47,866 42,344 5,522
Change in Net Position 93 - 93
Beginning Net Position 2,529 2,593 (64)
Ending Net Position $ 2,622 $ 2,593 $ 29
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Fiscal Year Ended June 30, 2023
Commonwealth Projects Funded by Appropriation & Other Revenue
(In Thousands)
Fiscal Year 2023
Actual Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 17,122 $ 16,991 $ 131
Interest, Sponsorship, Return on Investments & Misc. Income 6,296 150 6,146
Total Revenue 23,418 17,141 6,277
Expenses
Commercialization Division 10,361 15,788 (5,427)
Investment Division 9,206 11,714 (2,508)
Entrepreneurial Ecosystems Division 1,326 2,452 (1,126)
Strategic Initiatives 1,414 1,156 258
Unmanned Systems 1,849 1,804 45
Activities Funded by Building Sale Proceeds 911 3,369 (2,458)
Policy, Communications and Commonwealth Engagement 1,401 1,752 (351)
Petersburg Founders Fund 577 - 577
Total Expenses 27,045 38,035 (10,990)
(3,627) (20,894) 17,267
Strategic Initiatives and Other Funding Provided by Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 5,094 - 5,094
Program Expense 4,717 - 4,717
Profit/(Loss) 377 - 377
Program Revenue - VDEM iFLOWS 507 500 7
Program Expense 501 500 1
Profit/(Loss) 6 - 6
Program Revenue - VDEM VISA AO 195 - 195
Program Expense 195 - 195
Profit/(Loss) - - -
Program Revenue - SSBCI 5,287 - 5,287
Program Expense 5,287 - 5,287
Profit/(Loss) - - -
Program Revenue - EDA Planning Grant 149 - 149
Program Expense 149 - 149
Profit/(Loss) - - -
Program Revenue - Fairfax Founders Fund 44 - 44
Program Expense 32 - 32
Profit/(Loss) 12 - 12
Program Revenue - SBA FAST 2022 100 53 47
Program Expense 100 53 47
Profit/(Loss) - - -
Program Revenue 11,376 553 10,823
Program Expenses 10,981 553 10,428
Net 395 - 395
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 34,794 17,694 17,100
Expenses 38,026 38,588 (562)
Change in Net Position (3,232) (20,894) 17,662
Beginning Net Position 73,140 71,417 1,723
Ending Net Position $ 69,908 $ 50,523 $ 19,385
Virginia Innovation Partnership Corporation
Fiscal Year 2023 Results by Fund
Operating Funds Designated Funds
COV Other COV
Entrepreneurial Strategic Unmanned Petersburg Building Sale
Discretionary Grants & Grants & Investment Commercialization Ecosystems Initiatives Systems Founders Proceeds for
Operating Contracts Contracts Division Division Division Fund Fund Fund Opp Fund/ Total
SSBCI 127.O
(In Thousands)
Beginning Balance at 7/1/2022 $ 1,169 $ 980 $ ‐ $ 11,586 $ 33,013 $ 4,327 $ 233 $ 1,154 $ ‐ $ 20,678 $ 73,140
Recycled Proceeds $ (500) $ 500 $ ‐
REVENUE
General Fund Appropriation $ 4,017 $ 3,100 $ 5,005 $ 3,000 $ 1,000 $ 1,000 $ 17,122
Interest, Sponsorship, Return on Investment $ 1,261 $ 3,611 $ 1,068 $ 178 $ 75 $ 103 $ 6,296
Federal and State Grants & Contracts $ 6,089 $ 5,287 $ 11,376
Total Revenue $ 5,278 $ 6,089 $ 5,287 $ 6,711 $ 6,073 $ 3,178 $ 1,075 $ 1,103 $ ‐ $ ‐ $ 34,794
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 4,707 $ 2,114 $ 1,286 $ 694 $ 1,308 $ 1,651 $ 807 $ 12,567
Investments/Grants $ 4,388 $ 5,499 $ 7,954 $ 525 $ 500 $ 18,866
Federal and State Grants & Contracts Operating Expenses $ 5,694 $ 899 $ 6,593
Transfers and Indirect Application to Designated Programs $ (200) $ 73 $ 90 $ 13 $ 16 $ 8 $ ‐
Total Expenses $ 4,507 $ 5,694 $ 5,287 $ 7,686 $ 9,330 $ 1,232 $ 1,308 $ 1,667 $ 500 $ 815 $ 38,026
Net Change $ 771 $ 395 $ ‐ $ (975) $ (3,257) $ 1,946 $ (233) $ (564) $ (500) $ (815) $ (3,232)
Forecasted Ending Balance at 6/30/2023 $ 1,940 $ 1,375 $ ‐ $ 10,111 $ 29,756 $ 6,273 $ ‐ $ 590 $ ‐ $ 19,863 $ 69,908
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.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
Analyst $68,354.17
Assistant $13,750.00
Assistant $60,750.00
Associate $41,437.50
Associate $45,833.33
Associate $48,125.00
Associate $67,837.50
Associate $95,681.25
Associate $105,401.25
Director $68,750.00
Director $92,120.84
Director $105,401.25
Director $107,932.50
Director $121,500.00
Director $126,815.63
Director $128,638.13
Director $130,745.14
Director $131,625.00
Director $138,712.50
Director $141,750.00
Director $146,812.50
Director $158,223.78
Executive Assistant $64,875.00
Executive Assistant $100,642.50
Intern $4,590.00
Manager $94,000.50
Manager $97,593.75
Manager $101,343.75
Manager $101,774.76
Manager $112,905.13
Officer $157,860.14
Officer $261,630.00
Officer $300,000.00
Sr Director $182,047.50
Sr Director $210,802.50
Sr Director $173,435.63
Sr Executive Assistant $105,401.25
Sr Generalist $68,152.96
VP $121,500.00
VP $182,250.00
VP $182,250.00
VP $217,485.00
VP & Officer $264,894.30
VP & Officer $296,445.72
Total $5,548,077.64
There were no bonuses paid in FY23
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, 2023
Actual Budget Variance
Convertible Debt and Equity Investments made:
Virginia Venture Partners (VVP)
Investment in 54 companies $ 5,498,662.52 $ 7,000,000.00 $ (1,501,337.48)
State Small Business Credit Initiative (SSBCI)
Investment in 26 companies $ 4,388,054.12 $ - $ 4,388,054.12
Grants Awarded:
Commonwealth Commercialization Fund (CCF) $ 7,954,239.00 $ 12,424,428.00 $ (4,470,189.00)
226 Grant payments to 134 awardees
Regional Innovation Fund (RIF) $ 525,000.00 $ 1,300,004.00 $ (775,004.00)
6 Grant payments to 5 awardees
Petersburg Founders Fund (PFF) $ 500,000.00 $ 500,000.00 $ -
20 Grant payments to 20 awardees
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, 2023
Actual Budget Variance
Return on Prior Investments, including gains and losses:
Returns from 8 companies $ 843,612.07 $ - $ 843,612.07
Item 127.C.1.d
Cash balances
by funding source
Virginia Innovation Partnership Authority
FY2023 Cash Balance
Total
(in thousands)
Cash Balance at 6/30/2022 $ 2,529
Cash receipts ‐ FY2023 47,959
Cash disbursements ‐ FY2023 (47,863)
Cash Balances at 6/30/2023 $ 2,625
Virginia Innovation Partnership Corporation
FY2023 Cash Balances by Fund
Operating Funds
COV Other
Entrepreneurial Strategic Unmanned Petersburg Building Sale
Discretionary Grants & Commercialization Investment Ecosystems Initiatives Systems Founders Proceeds for
Fund Contracts Division Division Division Fund Fund Fund Opp Fund/ Total
127.O
(In Thousands)
Cash Balances at 6/30/2022 $ 1,215 $ 918 $ 32,920 $ 11,942 $ 4,329 $ 399 $ 1,273 $ ‐ $ 20,678 $ 73,674
Transfers $ (500) $ 500
Cash receipts ‐ FY2023 $ 5,483 $ 22,989 $ 6,073 $ 3,375 $ 3,178 $ 1,160 $ 1,077 $ 500 $ ‐ $ 43,835
Cash disbursements ‐ FY2023 $ (4,666) $ (10,648) $ (9,382) $ (7,619) $ (1,196) $ (850) $ (1,680) $ (500) $ (798) $ (37,339)
Cash Balances at 6/30/2023 $ 2,032 $ 13,259 $ 29,611 $ 7,698 $ 6,311 $ 709 $ 670 $ ‐ $ 19,880 $ 80,170
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 FY2023
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