Second Quarterly Report for FY2023, Virginia Innovation Partnership Authority (February 7, 2023)
Summary
Letter dated February 7, 2023 from the CFO of the Center for Innovative Technology to the Director of the Department of Planning and Budget, enclosing the second quarterly report for FY2023 of the Virginia Innovation Partnership Authority under Item 127.C.2 of the 2022 Special Session I Virginia Acts of Assembly. The report covers the quarter ended December 31, 2022, with budget analysis tables for the six months ended December 31, 2022. Its investments and grants section lists Commonwealth Commercialization Fund grants of $2,041,524.00 against a budget of $4,756,428.00 and a Regional Innovation Fund amount of $100,000.00. It states that no operating entities were owned during FY23 Q2.
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“Second Quarterly Report for FY2023, Virginia Innovation Partnership Authority (February 7, 2023).”
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February 7, 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 second Quarterly Report for FY2023 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, Co-Chair, Senate Finance & Appropriations Committee
The Honorable George L. 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 2023 Quarter 2
December 31, 2022
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Six Months Ended December 31, 2022
(In Thousands) (In Thousands)
ACTUAL - Jul through Dec 2022 FORECASTED -Fiscal Year 2023
Actual Budget Variance Forecast Budget Variance
Revenue
$ 28,462 $ 21,171 $ 7,291 Commonwealth Appropriation - General Fund $ 42,341 $ 42,341 $ -
36 2 34 Interest & Misc. Income 70 3 67
28,498 21,173 7,325 Total Revenue 42,411 42,344 67
Expenses
3 2 1 VIPA Administrative Expense 3 3 -
8,521 8,496 25 Appropriation Transfers to VIPC 16,991 16,991 -
19,941 12,675 7,266 Appropriation Disbursements to Centers of Excellence 25,350 25,350 -
28,465 21,173 7,292 Total Expenses & Transfers 42,344 42,344 -
Consolidated Revenue, Expenses and Changes in Net Position
28,498 21,173 7,325 Revenue 42,411 42,344 67
28,465 21,173 7,292 Expenses 42,344 42,344 -
33 - 33 Change in Net Position 67 - 67
2,529 2,593 (64) Beginning Net Position 2,529 2,593 (64)
$ 2,562 $ 2,593 $ (31) Ending Net Position $ 2,596 $ 2,593 $ 3
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Six Months Ended December 31, 2022
Commonwealth Projects Funded by Appropriation & Other Revenue
(In Thousands) (In Thousands)
ACTUAL - Jul through Dec 2022 FORECASTED - Fiscal Year 2023
Actual Budget Variance Forecast Budget Variance
Revenue
$ 8,521 $ 8,496 $ 25 Commonwealth Appropriation - General Fund $ 16,909 $ 16,991 $ (82)
1,536 75 1,461 Interest, Sponsorship, Return on Investments & Misc. Income 2,281 150 2,131
10,057 8,571 1,486 Total Revenue 19,190 17,141 2,049
Expenses
5,155 6,673 (1,518) Commercialization Division 15,087 16,972 (1,885)
7,277 6,884 393 Investment Division 11,033 12,690 (1,657)
624 1,261 (637) Entrepreneurial Ecosystems Division 2,241 2,667 (426)
1,546 595 951 Strategic Initiatives 1,530 1,286 244
907 718 189 Unmanned Systems 2,145 1,951 194
- 1,798 (1,798) Activities Funded by Building Sale Proceeds 2,840 3,596 (756)
657 992 (335) Policy, Communications and Commonwealth Engagement 1,918 1,951 (33)
- - - Petersburg Founders Fund 599 - 599
(1,380) (1,238) (142) (Over)/Underapplied Indirects (3,662) (3,078) (584)
14,786 17,683 (2,897) Total Expenses 33,731 38,035 (4,304)
(4,729) (9,112) 4,383 (14,541) (20,894) 6,353
Strategic Initiatives and Other Funding Provided by Contracts & Grants
Strategic Initiatives
2,168 - 2,168 Program Revenue - DHS Commercial First Innovation ™ 3,544 - 3,544
2,007 - 2,007 Program Expense 3,282 - 3,282
161 - 161 Profit/(Loss) 262 - 262
104 500 (396) Program Revenue - VDEM iFLOWS 574 500 74
104 500 (396) Program Expense 574 500 74
- - - Profit/(Loss) - - -
38 - 38 Program Revenue - VDEM VISA AO 200 - 200
38 - 38 Program Expense 200 - 200
- - - Profit/(Loss) - - -
Investment Division
- - - Program Revenue - SSBCI 7,701 - 7,701
- - - Program Expense 7,701 - 7,701
- - - Profit/(Loss) - - -
Other
- - - Program Revenue - EDA Planning Grant 262 - 262
- - - Program Expense 262 - 262
- - - Profit/(Loss) - - -
47 53 (6) Program Revenue - SBA FAST 2022 121 53 68
47 53 (6) Program Expense 121 53 68
- - - Profit/(Loss) - - -
2,357 553 1,804 Program Revenue 12,402 553 11,849
2,196 553 1,643 Program Expenses 12,140 553 11,587
161 - 161 Net 262 - 262
Consolidated Revenue, Expenses and Changes in Net Position
12,414 9,124 3,290 Revenue 31,592 17,694 13,898
16,982 18,236 (1,254) Expenses 45,871 38,588 7,283
169 - 169 Expenses - Capital Leases (Interest & Depreciation) 350 - 350
(4,737) (9,112) 4,374 Change in Net Position (14,629) (20,894) 6,265
73,140 71,417 1,723 Beginning Net Position 73,140 71,417 1,723
$ 68,403 $ 62,306 $ 6,097 Ending Net Position $ 58,511 $ 50,523 $ 7,988
Virginia Innovation Partnership Corporation
Fiscal Year 2023 Q3 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 $ 855 $ ‐ $ 810 $ 480 $ 136 $ ‐ $ 2,281
Contracts & Grants $ 12,402 $ 12,402
Total Revenue $ 4,664 $ 12,402 $ 5,810 $ 3,580 $ 3,136 $ 1,000 $ 1,000 $ ‐ $ ‐ $ 31,592
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 5,786 $ 12,422 $ 7,907 $ 1,813 $ 1,233 $ 1,753 $ 500 $ 2,667 $ 34,081
Contracts & Grants $ 12,140 $ 12,140
Transfers and Indirect Application to Designated Programs $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐
Total Expenses $ 5,786 $ 12,140 $ 12,422 $ 7,907 $ 1,813 $ 1,233 $ 1,753 $ 500 $ 2,667 $ 46,221
Net Change $ (1,122) $ 262 $ (6,612) $ (4,327) $ 1,323 $ (233) $ (753) $ (500) $ (2,667) $ (14,629)
Forecasted Ending Balance at 6/30/2023 $ 47 $ 1,242 $ 26,401 $ 6,759 $ 5,650 $ ‐ $ 401 $ ‐ $ 18,011 $ 58,510
Item 127.C.2.b
Fiscal Year 2023 Quarter 2
December 31, 2022
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants Made and Return on Prior Investments
For the six months ended December 31, 2022
Actual Budget Variance
Investments made Virginia Venture Partners (VVP):
Investment in 29 companies $ 4,704,949.75 $ 3,800,000.00 $ 904,949.75
Return on Prior Investments, including gains and losses:
Returns from 5 companies $ 475,046.92 $ - $ 475,046.92
Grants Made:
Commonwealth Commercialization Fund (CCF) $ 2,041,524.00 $ 4,756,428.00 $ (2,714,904.00)
Grants to 84 companies
1st tranche payments to 59 companies
2nd tranche payments to 24 companies
3rd tranche payment to 1 company
Regional Innovation Fund (RIF) $ 100,000.00 $ - $ 100,000.00
2nd tranche payment to 1 company
Item 127.C.2.c
Fiscal Year 2023 Quarter 2
December 31, 2022
Financial & Programmatic
Performance of Operating
Entities Owned by VIPC
No Operating Entities Owned
during FY23 Q2
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