Third Quarterly Report for FY2024, Virginia Innovation Partnership Authority (April 30, 2024)
Summary
Letter dated April 30, 2024 from Dale Lachniet, CFO (Interim), Virginia Innovation Partnership Corporation, to Michael Maul, Director of the Department of Planning and Budget, enclosing the third Quarterly Report for FY2024 for the Virginia Innovation Partnership Authority. The attached budget analysis covers the nine months ended March 31, 2024, in thousands, and shows Total Revenue of 37,327 actual against a budget of 31,895 for the Authority. For the Corporation, the report lists Small Business Credit Initiative (SSBCI) investment in 24 companies at $6,874,214 against a budget of $8,640,000, and Commonwealth Commercialization Fund grants of $5,393,971, with 142 grant payments to 82 awardees.
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“Third Quarterly Report for FY2024, Virginia Innovation Partnership Authority (April 30, 2024).”
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VIPC
VIRGINIA INNOVATION
PARTNERSHIP CORPORATION
April 30, 2024
Mr. Michael Maul
Director
Dcpartmenl of Planning and Budget
1111 East Broad Street, Room 5040
Richmond, Virginia 23219
Dear Director Maul:
Enclosed please find the third 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 804-387-8235.
Sincerely,
Pjl -7w<e~^
Dale Lachniet
CFO (Interim)
Virginia Innovation Partnership Corporation
cc: The Flonorable Caren Merrick, Secretary of Commerce and 'ITade
The Flonorable L. Louise Lucas, Chair, Senate Finance & Appropriations Committee
The Flonorable Luke E. Torian, Chair, Flouse Appropriations Committee
Ms. Anne Oman, Staff Director, Flouse 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 3
March 31, 2024
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Nine Months Ended March 31, 2024
in thousands in thousands
ACTUAL YTD - Jul through Mar 2024 FORECASTED - Fiscal Year 2024 (June 30)
Actual Budget Variance Forecast Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 37,198 $ 31,797 $ 5,401 $ 42,396 $ 42,396 $ -
Interest & Misc. Income 129 98 32 180 130 50
Total Revenue 37,327 31,895 5,433 42,576 42,526 50
Expenses
VIPA Administrative Expense 3 3 - 3 3 -
Appropriation Transfers to VIPC 12,873 12,785 88 17,046 17,046 -
Appropriation Disbursements to Centers of Excellence 24,325 19,013 5,313 25,350 25,350 -
Total Expenses & Transfers 37,201 31,801 5,401 42,399 42,399 -
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 37,327 31,895 5,433 42,576 42,526 50
Expenses 37,201 31,801 5,401 42,399 42,399 -
Change in Net Position 126 94 32 177 127 50
Beginning Net Position 2,622 2,621 1 2,622 2,621 1
Ending Net Position $ 2,748 $ 2,715 $ 33 $ 2,799 $ 2,748 $ 51
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Nine Months Ended March 31, 2024
in thousands in thousands
ACTUAL YTD - Jul through Mar 2024 FORECASTED - Fiscal Year 2024 (June 30)
Actual Budget Variance Forecast Budget Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation - General Fund $ 12,873 $ 12,785 $ 88 $ 17,046 $ 17,046 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 8,311 1,125 7,186 9,491 1,500 7,991
Total Revenue 21,184 13,910 7,274 26,537 18,546 7,991
Expenses
Commercialization Division 7,229 11,334 (4,105) 9,684 15,224 (5,540)
Investment Division 5,285 5,594 (309) 6,419 6,371 48
Entrepreneurial Ecosystems Division 1,577 2,910 (1,333) 2,746 3,598 (852)
Strategic Initiatives 681 902 (221) 1,017 1,186 (169)
Unmanned Systems 941 1,235 (294) 1,680 1,839 (159)
Activities Funded by Building Sale Proceeds - 2,884 (2,884) 300 5,192 (4,892)
Corporate and Other 1,122 1,622 (500) 1,819 2,093 (274)
(Over)/Underapplied Indirects (336) (668) 332 416 (1,202) 1,618
Total Expenses 16,499 25,813 (9,314) 24,081 34,301 (10,220)
4,685 (11,903) 16,588 2,456 (15,755) 18,211
Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 3,665 - 3,665 4,214 - 4,214
Program Expense 3,394 - 3,394 3,901 - 3,901
Profit/(Loss) 271 - 271 313 - 313
Program Revenue - VDEM iFLOWS 82 - 82 93 - 93
Program Expense 82 - 82 93 - 93
Profit/(Loss) - - - - - -
Program Revenue - SSBCI 6,878 8,640 (1,762) 13,316 12,201 1,115
Program Expense 6,878 8,640 (1,762) 13,316 12,201 1,115
Profit/(Loss) - - - - - -
Program Revenue - EDA Planning Grant 629 647 (18) 825 647 178
Program Expense 629 647 (18) 825 647 178
Profit/(Loss) - - - - - -
Program Revenue - Fairfax Founders Fund 20 29 (9) 23 33 (10)
Program Expense 14 23 (9) 16 26 (10)
Profit/(Loss) 6 6 - 7 7 -
Program Revenue - SBA FAST 122 29 93 119 29 90
Program Expense 122 29 93 119 29 90
Profit/(Loss) - - - - - -
Program Revenue - ODAA FIX 100 - 100 100 - 100
Program Expense 49 - 49 96 - 96
Profit/(Loss) 51 - 51 4 - 4
Program Revenue 11,496 9,345 2,151 18,690 12,910 5,780
Program Expenses 11,168 9,339 1,829 18,366 12,903 5,463
Net 328 6 322 324 7 317
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 32,680 23,255 9,425 45,227 31,456 13,771
Expenses 27,667 35,152 (7,485) 42,447 47,204 (4,757)
Change in Net Position 5,013 (11,897) 16,910 2,780 (15,748) 18,528
Beginning Net Position 69,908 61,493 8,415 69,908 61,493 8,415
Ending Net Position $ 74,921 $ 49,596 $ 25,325 $ 72,688 $ 45,745 $ 26,943
Virginia Innovation Partnership Corporation
Fiscal Year 2024 Q4 Forecast (8 mo actuals + 4 mo 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 $ 1,921 $ 5,622 $ 1,501 $ 358 $ 23 $ 66 $ 9,491
Federal and State Grants & Contracts $ 5,374 $ 13,316 $ 18,690
Total Revenue $ 5,867 $ 5,374 $ 13,316 $ 8,722 $ 6,501 $ 3,358 $ 1,023 $ 1,066 $ - $ 45,227
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 5,832 $ 2,543 $ 1,193 $ 934 $ 903 $ 1,504 $ 300 $ 13,209
Investments/Grants $ 12,415 $ 1,859 $ 7,488 $ 1,525 $ - $ 23,287
Federal and State Grants & Contracts Operating Expenses $ 5,050 $ 901 $ 5,951
Transfers and Indirect Application to Designated Programs $ (500) $ 300 $ 51 $ 100 $ 28 $ 17 $ 3 $ -
Total Expenses $ 5,332 $ 5,350 $ 13,316 $ 4,453 $ 8,781 $ 2,487 $ 903 $ 1,521 $ 303 $ 42,447
Net Change $ 535 $ 24 $ - $ 4,269 $ (2,280) $ 871 $ 120 $ (455) $ (303) $ 2,780
Forecasted Ending Balance at 6/30/2024 $ 2,475 $ 1,399 $ - $ 14,380 $ 27,476 $ 7,144 $ 120 $ 135 $ 19,560 $ 72,688
Item 127.C.2.b
Fiscal Year 2024 Quarter 3
March 31, 2024
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants Made
For the nine months ended March 31, 2024
Actual Budget Variance
Convertible Debt and Equity Investments made:
Virginia Venture Partners (VVP)
Investment in 25 companies $ 1,285,802 $ 960,000 $ 325,802
State Small Business Credit Initiative (SSBCI)
Investment in 24 companies $ 6,874,214 $ 8,640,000 $ (1,765,786)
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 7 companies $ 7,866,525 $ - $ 7,866,525
Grants made:
Commonwealth Commercialization Fund (CCF) $ 5,393,971 $ 8,878,000 $ (3,484,029)
142 Grant payments to 82 awardees
Regional Innovation Fund (RIF) $ 625,000 $ 1,075,000 $ (450,000)
7 Grant payments to 5 awardees
Item 127.C.2.c
Fiscal Year 2024 Quarter 3
March 31, 2024
Financial & Programmatic
Performance of Operating
Entities Owned by VIPC
No Operating Entities Owned
during FY24 Q3
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