Fourth Quarterly Report for FY2024 for the Virginia Innovation Partnership Authority — September 30, 2024
Summary
This is a letter dated September 30, 2024 from Brandon Thome, CFO of the Virginia Innovation Partnership Corporation, to the Director of the Department of Planning and Budget, enclosing the fourth Quarterly Report for FY2024 for the Virginia Innovation Partnership Authority under Item 115.C.2 of the 2024 Special Session I, Virginia Acts of Assembly. The attached budget analysis for the fiscal year ended June 30, 2024 (in thousands) lists $42,484 in General Fund appropriation actual against a $42,396 budget. The corporation's consolidated results list revenue of 47,362, expenses of 39,165 and ending net position of $75,533. The investments table lists Virginia Venture Partners investments in 39 companies totaling $1,910,604, and Commonwealth Commercialization Fund grants of $7,144,739.
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“Fourth Quarterly Report for FY2024 for the Virginia Innovation Partnership Authority — September 30, 2024.”
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VIPC
VIRGINIA INNOVATION
PARTNERSHIP CORPORATION
September 30, 2024
-chaelMaul
Director
Department of Planning and Budget
1111 East Broad Street, Room 5040
Richmond, Virginia 23219
Dear DirectorMaul:
Enclosed please find the fourth Quarterly Report for FY2024 for the Virginia Innovation Partnership
Authority. The attached report fulfills the requirements of the Item 115.C.2 of the 2024 Special Session
I, Virginia Acts of Assembly.
If you have any questions, please call me at 703-989-5497.
Sincerely,
Brandon Thome
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. SamanthaMartin, Budget and Policy Analyst, Department of Planning and Budget
Dr. Rita Roy, VIPA and VIPC Board of Directors Chair
Mr. Chris Long, 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 115.C.2.a
Fiscal Year 2024 Quarter 4
June 30, 2024
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Fiscal Year Ended June 30, 2024
(In Thousands)
Actual Budget
FY2024 FY2024 Variance
Revenue
Commonwealth Appropriation - General Fund $ 42,484 $ 42,396 $ 88
Interest & Misc. Income 173 130 43
Total Revenue 42,657 42,526 131
Expenses and Transfers
VIPA Administrative Expense 3 3 -
Appropriation transfers to VIPC 17,134 17,046 88
Appropriation disbursements to Centers of Excellence 25,350 25,350 -
Total Expenses & Transfers 42,487 42,399 88
Consolidated Revenue, Expenses, Transfers and Changes in Net Position
Revenue 42,657 42,526 131
Expenses and Transfers 42,487 42,399 88
Change in Net Position 170 127 43
Beginning Net Position 2,622 2,622 -
Ending Net Position $ 2,792 $ 2,749 $ 43
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Twelve Months Ended June 30, 2024
in thousands
Fiscal Year 2024 (June 30)
Actual Budget Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation - General Fund $ 17,134 $ 17,046 $ 88
Interest, Sponsorship, Return on Investments & Misc. Income 12,369 1,500 10,869
Total Revenue 29,503 18,546 10,957
Expenses
Commercialization Division 9,331 15,224 (5,893)
Investment Division 5,714 6,371 (657)
Entrepreneurial Ecosystems Division 2,185 3,598 (1,413)
Strategic Initiatives 951 1,186 (235)
Unmanned Systems 1,731 1,839 (108)
Activities Funded by Building Sale Proceeds - 5,192 (5,192)
Corporate and Other 1,819 2,093 (274)
(Over)/Underapplied Indirects - (1,202) 1,202
Total Expenses 21,731 34,301 (12,570)
7,772 (15,755) 23,527
Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 5,551 - 5,551
Program Expense 5,140 - 5,140
Profit/(Loss) 411 - 411
Program Revenue - VDEM iFLOWS 82 - 82
Program Expense 82 - 82
Profit/(Loss) - - -
Program Revenue - SSBCI 11,198 12,201 (1,003)
Program Expense 11,198 12,201 (1,003)
Profit/(Loss) - - -
Program Revenue - EDA Planning Grant 790 647 143
Program Expense 790 647 143
Profit/(Loss) - - -
Program Revenue - Fairfax Founders Fund 22 33 (11)
Program Expense 15 26 (11)
Profit/(Loss) 7 7 -
Program Revenue - SBA FAST 116 29 87
Program Expense 116 29 87
Profit/(Loss) - - -
Program Revenue - ODAA FIX 100 - 100
Program Expense 93 - 93
Profit/(Loss) 7 - 7
Program Revenue 17,859 12,910 4,949
Program Expenses 17,434 12,903 4,531
Net 425 7 418
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS (continued)
For the Twelve Months Ended June 30, 2024
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 47,362 31,456 15,906
Expenses 39,165 47,204 (8,039)
Change in Net Position 8,197 (15,748) 23,945
Beginning Net Position 67,336 61,493 5,843
Ending Net Position $ 75,533 $ 45,745 $ 29,788
VIPC | FY2024 Fiscal Year End Results by Fund
Operating Funds Designated Funds
COV Other COV
Investment Division Entrepreneurial Strategic Unmanned Building Sale
Corporate Grants & SSBCI VVP Commercialization Ecosystems Initiatives Systems Proceeds for
Contracts Division Division Fund Fund Opp Fund/ Total
127.O
(In Thousands)
Beginning Balance at 7/1/2023 $ 1,940 $ 1,375 $ - $ 7,539 $ 29,756 $ 6,273 $ - $ 590 $ 19,863 $ 67,336
REVENUE
General Fund Appropriation $ 4,034 $ 3,100 $ 5,000 $ 3,000 $ 1,000 $ 1,000 $ 17,134
Interest, Sponsorship, Return on Investment $ 2,069 $ 8,241 $ 1,528 $ 370 $ 33 $ 128 $ 12,369
Federal and State Grants & Contracts $ 6,661 $ 11,198 $ 17,859
Total Revenue $ 6,103 $ 6,661 $ 11,198 $ 11,341 $ 6,528 $ 3,370 $ 1,033 $ 1,128 $ - $ 47,362
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 5,822 $ 1,512 $ 1,218 $ 1,008 $ 743 $ 1,525 $ 11,828
Investments/Grants $ 9,417 $ 1,998 $ 7,005 $ 900 $ 19,320
Federal and State Grants & Contracts Operating Expenses $ 6,236 $ 1,781 $ 8,017
Transfers and Indirect Application to Designated Programs $ (500) $ 300 $ 44 $ 103 $ 24 $ 9 $ 19 $ -
Total Expenses $ 5,322 $ 6,536 $ 11,198 $ 3,554 $ 8,326 $ 1,932 $ 752 $ 1,544 $ - $ 39,165
Net Change $ 781 $ 125 $ - $ 7,787 $ (1,798) $ 1,438 $ 281 $ (416) $ - $ 8,197
Forecasted Ending Balance at 6/30/2024 $ 2,721 $ 1,500 $ - $ 15,326 $ 27,958 $ 7,711 $ 281 $ 174 $ 19,863 $ 75,533
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
Item 115.C.2.b
Fiscal Year 2024 Quarter 4
June 30, 2024
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants Made
For the twelve months ended June 30, 2024
Actual Budget Variance
Convertible Debt and Equity Investments made:
Virginia Venture Partners (VVP)
39 investments in companies $ 1,910,604 $ 1,200,000 $ 710,604
State Small Business Credit Initiative (SSBCI)
34 direct investments in companies, 2 contributions to funds $ 9,416,714 $ 11,300,000 $ (1,883,286)
Each SSBCI direct investment is a co-investment with VVP
90% SSBCI funds 10% VVP Funds
Grants Made:
Commonwealth Commercialization Fund (CCF) $ 7,144,739 $ 11,893,000 $ (4,748,261)
180 Grant payments to 88 awardees
Regional Innovation Fund (RIF) $ 900,000 $ 1,350,000 $ (450,000)
10 Grant payments to 7 awardees
Item 115.C.2.c
Fiscal Year 2024 Quarter 4
June 30, 2024
Financial & Programmatic
Performance of Operating
Entities Owned by VIPC
No Operating Entities Owned
during FY24 Q4
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