Second Quarterly Report for FY2024, Virginia Innovation Partnership Authority (January 30, 2024)
Summary
Letter dated January 30, 2024 from Susan Aitcheson, CFO of Virginia Innovation Partnership Corporation, to Michael Maul, Director of the Department of Planning and Budget, enclosing the second Quarterly Report for FY2024 for the Virginia Innovation Partnership Authority. The attached budget analysis covers the six months ended December 31, 2023, in thousands. For the Authority, Total Revenue is 23,172 actual against a budget of 21,263, and Total Expenses & Transfers is 23,074 against 21,201. The report states that the Small Business Credit Initiative (SSBCI) investment in 20 companies is $5,422,514 against a budget of $5,400,000. It states that no operating entities were owned during FY24 Q2.
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“Second Quarterly Report for FY2024, Virginia Innovation Partnership Authority (January 30, 2024).”
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January 30, 2024
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 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 L. Louise Lucas, Chair, Senate Finance & Appropriations Committee
The Honorable Luke E. Torian, 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.virginiaipc.org
Item 127.C.2.a
Fiscal Year 2024 Quarter 2
December 31, 2023
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Six Months Ended December 31, 2023
in thousands in thousands
ACTUAL YTD - Jul through Dec 2023 FORECASTED -Fiscal Year 2024 (June 30)
Actual Budget Variance Forecast Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 23,071 $ 21,198 $ 1,873 $ 42,396 $ 42,396 $ -
Interest & Misc. Income 101 65 36 180 130 50
Total Revenue 23,172 21,263 1,909 42,576 42,526 50
Expenses
VIPA Administrative Expense 3 3 - 3 3 -
Appropriation Transfers to VIPC 8,521 8,523 (2) 17,046 17,046 -
Appropriation Disbursements to Centers of Excellence 14,550 12,675 1,875 25,350 25,350 -
Total Expenses & Transfers 23,074 21,201 1,873 42,399 42,399 -
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 23,172 21,263 1,909 42,576 42,526 50
Expenses 23,074 21,201 1,873 42,399 42,399 -
Change in Net Position 98 62 36 177 127 50
Beginning Net Position 2,622 2,621 1 2,622 2,621 1
Ending Net Position $ 2,720 $ 2,683 $ 37 $ 2,799 $ 2,748 $ 51
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Six Months Ended December 31, 2023
in thousands in thousands
ACTUAL YTD - Jul through Dec 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 $ 8,521 $ 8,523 $ (2) $ 17,046 $ 17,046 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 6,832 750 6,082 8,779 1,500 7,279
Total Revenue 15,353 9,273 6,080 25,825 18,546 7,279
Expenses
Commercialization Division 5,749 7,512 (1,763) 11,150 15,224 (4,074)
Investment Division 3,920 3,586 334 6,611 6,371 240
Entrepreneurial Ecosystems Division 1,181 1,687 (506) 2,832 3,598 (766)
Strategic Initiatives 418 630 (212) 1,239 1,186 53
Unmanned Systems 497 799 (302) 1,765 1,839 (74)
Activities Funded by Building Sale Proceeds - 1,731 (1,731) 3,923 5,192 (1,269)
Policy, Communications and Commonwealth Engagement 684 977 (293) 1,925 2,093 (168)
(Over)/Underapplied Indirects (470) (235) (235) (1,086) (1,202) 116
Total Expenses 11,979 16,687 (4,708) 28,359 34,301 (5,942)
3,374 (7,414) 10,788 (2,534) (15,755) 13,221
Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 2,279 - 2,279 4,117 - 4,117
Program Expense 2,110 - 2,110 3,812 - 3,812
Profit/(Loss) 169 - 169 305 - 305
Program Revenue - VDEM iFLOWS 82 - 82 93 - 93
Program Expense 82 - 82 93 - 93
Profit/(Loss) - - - - - -
Program Revenue - SSBCI 5,426 5,400 26 12,230 12,201 29
Program Expense 5,426 5,400 26 12,230 12,201 29
Profit/(Loss) - - - - - -
Program Revenue - EDA Planning Grant 384 391 (7) 705 647 58
Program Expense 384 391 (7) 705 647 58
Profit/(Loss) - - - - - -
Program Revenue - Fairfax Founders Fund 6 24 (18) 12 33 (21)
Program Expense 5 19 (14) 10 26 (16)
Profit/(Loss) 1 5 (4) 2 7 (5)
Program Revenue - SBA FAST 56 29 27 128 29 99
Program Expense 56 29 27 128 29 99
Profit/(Loss) - - - - - -
Program Revenue 8,233 5,844 2,389 17,285 12,910 4,375
Program Expenses 8,063 5,839 2,224 16,978 12,903 4,075
Net 170 5 165 307 7 300
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 23,586 15,117 8,469 43,110 31,456 11,654
Expenses 20,042 22,526 (2,484) 45,337 47,204 (1,867)
Change in Net Position 3,544 (7,409) 10,953 (2,227) (15,748) 13,521
Beginning Net Position 69,908 61,493 8,415 69,908 61,493 8,415
Ending Net Position $ 73,452 $ 54,084 $ 19,368 $ 67,681 $ 45,745 $ 21,936
Virginia Innovation Partnership Corporation
Fiscal Year 2024 Q3 Forecast
Operating Funds Designated Funds
COV Other COV
Investment Division Entrepreneurial Strategic Unmanned Building Sale
Discretionary Grants & SSBCI VVP Commercialization Ecosystems Initiatives Systems Proceeds for
Operating Contracts Division Division Fund Fund Opp Fund/ Total
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 $ 1,917 $ 4,941 $ 1,501 $ 358 $ 62 $ 8,779
Federal and State Grants & Contracts $ 5,055 $ 12,230 $ 17,285
Total Revenue $ 5,863 $ 5,055 $ 12,230 $ 8,041 $ 6,501 $ 3,358 $ 1,062 $ 1,000 $ ‐ $ 43,110
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 6,226 $ 2,347 $ 1,294 $ 968 $ 1,062 $ 1,522 $ 400 $ 13,819
Investments/Grants $ 11,329 $ 1,730 $ 8,335 $ 1,475 $ 3,000 $ 25,869
Federal and State Grants & Contracts Operating Expenses $ 4,748 $ 901 $ 5,649
Transfers and Indirect Application to Designated Programs $ (500) $ 300 $ 39 $ 91 $ 23 $ 14 $ 33 $ ‐
Total Expenses $ 5,726 $ 5,048 $ 12,230 $ 4,116 $ 9,720 $ 2,466 $ 1,062 $ 1,536 $ 3,433 $ 45,337
Net Change $ 137 $ 7 $ ‐ $ 3,925 $ (3,219) $ 892 $ ‐ $ (536) $ (3,433) $ (2,227)
Forecasted Ending Balance at 6/30/2024 $ 2,077 $ 1,382 $ ‐ $ 14,036 $ 26,537 $ 7,165 $ ‐ $ 54 $ 16,430 $ 67,681
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 2
December 31, 2023
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants Made
For the six months ended December 31, 2023
Actual Budget Variance
Convertible Debt and Equity Investments made:
Virginia Venture Partners (VVP)
Investment in 21 companies $ 1,102,502 $ 600,000 $ 502,502
State Small Business Credit Initiative (SSBCI)
Investment in 20 companies $ 5,422,514 $ 5,400,000 $ 22,514
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 6 companies $ 7,478,958 $ ‐ $ 7,478,958
Grants Made:
Commonwealth Commercialization Fund (CCF) $ 4,372,276 $ 5,899,000 $ (1,526,724)
112 Grant payments to 71 awardees
Regional Innovation Fund (RIF) $ 425,000 $ 625,000 $ (200,000)
5 Grant payments to 5 awardees
Item 127.C.2.c
Fiscal Year 2024 Quarter 2
December 31, 2023
Financial & Programmatic
Performance of Operating
Entities Owned by VIPC
No Operating Entities Owned
during FY24 Q2
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