First Quarterly Report for FY2024, Virginia Innovation Partnership Authority (December 12, 2023)
Summary
Letter dated December 12, 2023 from the CFO of the Virginia Innovation Partnership Corporation to the Director of the Department of Planning and Budget, enclosing the first quarterly report for FY2024 of the Virginia Innovation Partnership Authority under Item 127.C.2 of the 2023 Special Session I Virginia Acts of Assembly. The attached report covers the quarter ended September 30, 2023 and gives budget analysis tables in thousands for the Authority and the Virginia Innovation Partnership Corporation. Its investments and grants section lists Commonwealth Commercialization Fund grants of $2,751,536 against a budget of $3,052,000. It states that no operating entities were owned during FY24 Q1.
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“First Quarterly Report for FY2024, Virginia Innovation Partnership Authority (December 12, 2023).”
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December 12, 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 first Quarterly Report for FY2024 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
Virginia Innovation Partnership Corporation
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. 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.virginiaipc.org
Item 127.C.2.a
Fiscal Year 2024 Quarter 1
September 30, 2023
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Three Months Ended September 30, 2023
(In Thousands) (In Thousands)
ACTUAL - Jul through Sep 2023 FORECASTED -Fiscal Year 2024
Actual Budget Variance Forecast Budget Variance
Revenue
$ 9,661 $ 10,599 $ (938) Commonwealth Appropriation - General Fund $ 42,396 $ 42,396 $ -
66 33 33 Interest & Misc. Income 180 130 50
9,727 10,632 (905) Total Revenue 42,576 42,526 50
Expenses
3 3 - VIPA Administrative Expense 3 3 -
4,262 4,262 - Appropriation Transfers to VIPC 17,046 17,046 -
5,400 6,338 (938) Appropriation Disbursements to Centers of Excellence 25,350 25,350 -
9,665 10,603 (938) Total Expenses & Transfers 42,399 42,399 -
Consolidated Revenue, Expenses and Changes in Net Position
9,727 10,632 (905) Revenue 42,576 42,526 50
9,665 10,603 (938) Expenses 42,399 42,399 -
62 29 33 Change in Net Position 177 127 50
2,622 2,621 1 Beginning Net Position 2,622 2,621 1
$ 2,684 $ 2,650 $ 34 Ending Net Position $ 2,799 $ 2,748 $ 51
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Three Months Ended September 30, 2023
(In Thousands) (In Thousands)
ACTUAL YTD - Jul through Sep 2023 FORECASTED - Fiscal Year 2024 (June 30)
Actual Budget Variance Forecast Budget Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation - General Fund $ 4,261 $ 4,261 $ - $ 17,046 $ 17,046 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 662 375 287 3,656 1,500 2,156
Total Revenue 4,923 4,636 287 20,702 18,546 2,156
Expenses
Commercialization Division 3,554 3,867 (313) 14,059 15,224 (1,165)
Investment Division 2,234 1,590 644 6,970 6,371 599
Entrepreneurial Ecosystems Division 849 861 (12) 3,567 3,598 (31)
Strategic Initiatives 202 364 (162) 1,238 1,186 52
Unmanned Systems 213 335 (122) 1,758 1,839 (81)
Activities Funded by Building Sale Proceeds - 346 (346) 4,846 5,192 (346)
Policy, Communications and Commonwealth Engagement 396 529 (133) 1,950 2,093 (143)
(Over)/Underapplied Indirects (463) 80 (543) (1,714) (1,202) (512)
Total Expenses 6,985 7,972 (987) 32,674 34,301 (1,627)
(2,062) (3,336) 1,274 (11,972) (15,755) 3,783
Strategic Initiatives and Other Funding Provided by Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 885 - 885 4,117 - 4,117
Program Expense 819 - 819 3,812 - 3,812
Profit/(Loss) 66 - 66 305 - 305
Program Revenue - VDEM iFLOWS 82 - 82 93 - 93
Program Expense 82 - 82 93 - 93
Profit/(Loss) - - - - - -
Program Revenue - SSBCI 2,501 2,160 341 12,539 12,201 338
Program Expense 2,501 2,160 341 12,539 12,201 338
Profit/(Loss) - - - - - -
Program Revenue - EDA Planning Grant 166 157 9 647 647 -
Program Expense 166 157 9 647 647 -
Profit/(Loss) - - - - - -
Program Revenue - Fairfax Founders Fund 4 19 (15) 14 33 (19)
Program Expense 3 15 (12) 11 26 (15)
Profit/(Loss) 1 4 (3) 3 7 (4)
Program Revenue - SBA FAST 15 29 (14) 128 29 99
Program Expense 15 29 (14) 128 29 99
Profit/(Loss) - - - - - -
Program Revenue 3,653 2,365 1,288 17,538 12,910 4,628
Program Expenses 3,586 2,361 1,225 17,230 12,903 4,327
Net 67 4 63 308 7 301
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 8,576 7,001 1,575 38,240 31,456 6,784
Expenses 10,571 10,333 238 49,904 47,204 2,700
Change in Net Position (1,995) (3,332) 1,337 (11,664) (15,748) 4,084
Beginning Net Position 69,908 61,493 8,415 69,908 61,493 8,415
Ending Net Position $ 67,913 $ 58,161 $ 9,752 $ 58,244 $ 45,745 $ 12,499
Virginia Innovation Partnership Corporation
Fiscal Year 2024 Q2 Forecast by Fund
Operating Funds Designated Funds
COV Other COV
Entrepreneurial Strategic Unmanned Building Sale
Discretionary Grants & Grants & Investment Commercialization Ecosystems Initiatives Systems Proceeds for
Operating Contracts Contracts Division Division Division Fund Fund Opp Fund/ Total
SSBCI 127.O
(In Thousands)
Beginning Balance at 7/1/2023 $ 1,940 $ 1,375 $ ‐ $ 10,111 $ 29,756 $ 6,273 $ ‐ $ 590 $ 19,863 $ 69,908
REVENUE
General Fund Appropriation $ 3,946 $ 3,100 $ 5,000 $ 3,000 $ 1,000 $ 1,000 $ 17,046
Interest, Sponsorship, Return on Investment $ 1,734 $ 94 $ 1,426 $ 340 $ 62 $ 3,656
Federal and State Grants & Contracts $ 4,999 $ 12,539 $ 17,538
Total Revenue $ 5,680 $ 4,999 $ 12,539 $ 3,194 $ 6,426 $ 3,340 $ 1,062 $ 1,000 $ ‐ $ 38,240
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 6,307 $ 2,618 $ 1,343 $ 981 $ 1,062 $ 1,517 $ 200 $ 14,028
Investments/Grants $ 11,638 $ 1,738 $ 10,808 $ 2,100 $ 4,000 $ 30,284
Federal and State Grants & Contracts Operating Expenses $ 4,691 $ 901 $ 5,592
Transfers and Indirect Application to Designated Programs $ (500) $ 300 $ 35 $ 96 $ 24 $ 12 $ 33 $ ‐
Total Expenses $ 5,807 $ 4,991 $ 12,539 $ 4,391 $ 12,247 $ 3,105 $ 1,062 $ 1,529 $ 4,233 $ 49,904
Net Change $ (127) $ 8 $ ‐ $ (1,197) $ (5,821) $ 235 $ ‐ $ (529) $ (4,233) $ (11,664)
Forecasted Ending Balance at 6/30/2024 $ 1,813 $ 1,383 $ ‐ $ 8,914 $ 23,935 $ 6,508 $ ‐ $ 61 $ 15,630 $ 58,244
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 2024 Quarter 1
September 30, 2023
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants Made
For the three months ended Sept 30, 2023
Actual Budget Variance
Convertible Debt and Equity Investments made:
Virginia Venture Partners (VVP)
Investment in 11 companies $ 777,502 $ 240,000 $ 537,502
State Small Business Credit Initiative (SSBCI)
Investment in 10 companies $ 2,497,514 $ 2,160,000 $ 337,514
Each SSBCI investment is a co-investment with VVP
90% SSBCI funds 10% VVP Funds
Return on Prior Investments, including realized gains and losses:
Returns from 3 companies $ 441,700 $ ‐ $ 441,700
Grants Made:
Commonwealth Commercialization Fund (CCF) $ 2,751,536 $ 3,052,000 $ (300,464)
66 Grant payments to 49 awardees
Regional Innovation Fund (RIF) $ 325,000 $ 350,000 $ (25,000)
4 Grant payments to 4 awardees
Item 127.C.2.c
Fiscal Year 2024 Quarter 1
September 30, 2023
Financial & Programmatic
Performance of Operating
Entities Owned by VIPC
No Operating Entities Owned
during FY24 Q1
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