First Quarterly Report for FY2025, Virginia Innovation Partnership Authority (October 30, 2024)
Summary
Letter dated October 30, 2024 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 FY2025 for the Virginia Innovation Partnership Authority under Item 115.C.2 of the 2024 Special Session I. For the three months ended September 30, 2024, the Authority's budget analysis shows total revenue of 13,470 actual against 15,904 budget, in thousands, and a change in net position of 32. The Corporation's pages list Commonwealth Commercialization Fund grants made, with 16 grants made to 12 recipients, and Regional Innovation Fund grants, with 5 grants made to 5 recipients. They state No Operating Entities Owned during FY25 Q1.
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“First Quarterly Report for FY2025, Virginia Innovation Partnership Authority (October 30, 2024).”
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VIPC
VIRGINIA INNOVATION
PARTNERSHIP CORPORATION
October 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 first Quarterly report for FY2025 for the Virginia Innovation Partnership
Authority. The attached report fulfills the requirements ofltem 115.C.2 ofthe 2024 Special Session I,
Virginia Acts ofAssembly.
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. Samantha Martin, 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.vipc.org
Item 115.C.2.a
Fiscal Year 2025 Quarter 1
September 30, 2024
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Three Months Ended September 30, 2024
in thousands in thousands
ACTUAL YTD - Jul through Sep 2024 FORECASTED -Fiscal Year 2025 (June 30)
Actual Budget Variance Forecast Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 13,434 $ 15,872 $ (2,438) $ 63,489 $ 63,489 $ -
Interest & Misc. Income 36 31 5 125 125 -
Total Revenue 13,470 15,904 (2,434) 63,614 63,614 -
Expenses
VIPA Administrative Expense 4 3 1 4 3 1
Appropriation Transfers to VIPC 4,284 4,262 23 17,136 17,136 -
Appropriation Disbursements to Centers of Excellence and USLS 9,150 11,588 (2,438) 46,353 46,353 -
Total Expenses & Transfers 13,438 15,853 (2,415) 63,493 63,492 1
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 13,470 15,904 (2,434) 13,470 63,614 -
Expenses 13,438 15,853 (2,415) 13,438 63,492 1
Change in Net Position 32 51 (19) 32 122 (1)
Beginning Net Position 2,791 2,622 169 2,791 2,622 169
Ending Net Position $ 2,823 $ 2,673 $ 150 $ 2,823 $ 2,744 $ 168
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Three Months Ended September 30, 2024
in thousands in thousands
Fiscal Year 2025 (September 30) FORECASTED - Fiscal Year 2025 (June 30)
Actual Budget Variance Forecast Budget Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation - General Fund $ 4,284 $ 4,284 $ - $ 17,136 $ 17,136 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 1,047 944 103 3,942 3,776 166
Total Revenue 5,331 5,228 103 21,078 20,912 166
Expenses
Commercialization Division 1,036 2,000 (964) 9,522 9,795 (273)
Investment Division 1,177 1,738 (560) 7,773 6,950 823
Entrepreneurial Ecosystems Division 781 1,215 (434) 3,481 3,545 (64)
Strategic Initiatives 181 323 (142) 1,146 1,135 11
Unmanned Systems 329 329 - 1,115 1,122 (7)
Activities Funded by Building Sale Proceeds - 1,332 (1,332) 4,505 4,993 (488)
Corporate and Other 309 462 (153) 1,777 1,888 (111)
(Over)/Underapplied Indirects 793 84 709 883 335 548
Total Expenses 4,606 7,483 (2,876) 30,202 29,763 439
725 (2,255) 2,979 (9,124) (8,851) (273)
Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 477 2,721 (2,244) 1,982 2,721 (739)
Program Expense 442 2,520 (2,078) 1,836 2,520 (684)
Profit/(Loss) 35 201 (166) 146 201 (55)
Program Revenue - SSBCI 2,181 17,373 (15,192) 17,373 17,373 -
Program Expense 2,181 17,373 (15,192) 17,373 17,373 -
Profit/(Loss) - - (0) - - -
Program Revenue - EDA Planning Grant - 22 (22) 64 22 42
Program Expense - 22 (22) 64 22 42
Profit/(Loss) - - - - - -
Program Revenue - Fairfax Founders Fund - 10 (10) 2 10 (8)
Program Expense - 8 (8) 2 8 (6)
Profit/(Loss) - 2 (2) - 2 (2)
Program Revenue - SBA FAST 33 39 (6) 155 39 116
Program Expense 33 39 (6) 155 39 116
Profit/(Loss) - - - - - -
Program Revenue - DOAV Advanced Air Mobility Site Selection - - - 1,000 - 1,000
Program Expense - - - 1,000 - 1,000
Profit/(Loss) - - - - - -
Program Revenue 2,690 20,165 (17,475) 20,576 20,165 411
Program Expenses 2,656 19,962 (17,306) 20,430 19,962 468
Net 34 203 (169) 146 203 (57)
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 8,021 25,393 (17,372) 41,654 41,077 577
Expenses 7,262 27,445 (20,182) 50,632 49,725 907
Change in Net Position 759 (2,052) 2,810 (8,978) (8,648) (330)
Beginning Net Position 75,453 72,688 2,765 75,453 72,688 2,765
Ending Net Position $ 76,212 $ 70,636 $ 5,575 $ 66,475 $ 64,040 $ 2,435
VIPC | FY2025 Q2 Forecast (3 Months Actual + 9 Months Forecast)
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 7/1/2024 $ 2,640 $ 1,500 $ - $ 15,326 $ 27,958 $ 7,711 $ 281 $ 174 $ 19,863 $ 75,453
REVENUE
General Fund Appropriation $ 4,036 $ 3,100 $ 5,000 $ 3,000 $ 1,000 $ 1,000 $ 17,136
Interest, Sponsorship, Return on Investment $ 1,917 $ 156 $ 1,501 $ 358 $ 10 $ 3,942
Federal and State Grants & Contracts $ 3,203 $ 17,373 $ 20,576
Total Revenue $ 5,953 $ 3,203 $ 17,373 $ 3,256 $ 6,501 $ 3,358 $ 1,010 $ 1,000 $ - $ 41,654
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 6,822 $ 3,514 $ 1,176 $ 817 $ 1,010 $ 1,000 $ 4,500 $ 18,839
Investments/Grants $ 17,373 $ 1,703 $ 7,360 $ 2,300 $ 28,736
Federal and State Grants & Contracts Operating Expenses $ 3,057 $ - $ 3,057
Transfers and Indirect Application to Designated Programs $ (500) $ 250 $ 61 $ 100 $ 36 $ 53 $ -
Total Expenses $ 6,322 $ 3,307 $ 17,373 $ 5,278 $ 8,636 $ 3,153 $ 1,010 $ 1,000 $ 4,553 $ 50,632
Net Change $ (369) $ (104) $ - $ (2,022) $ (2,135) $ 205 $ - $ - $ (4,553) $ (8,978)
Forecasted Ending Balance at 6/30/2025 $ 2,271 $ 1,396 $ - $ 13,304 $ 25,823 $ 7,916 $ 281 $ 174 $ 15,310 $ 66,475
$ 52 $ 0 $ (0) $ 0 $ -
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
VVP reflects administrative recovery for SSBCI program activity
Item 115.C.2.b
Fiscal Year 2025 Quarter 1
September 30, 2024
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants Made
For the three months ended September 30, 2024
Actual Budget Variance
Convertible Debt and Equity Investments made:
Virginia Venture Partners (VVP)
Investment in 4 companies $ 205,000 $ 240,000 $ (35,000)
State Small Business Credit Initiative (SSBCI)
3 direct investments in companies, 3 contributions to 3 different funds $ 2,180,818 $ 2,478,000 $ (297,182)
Each SSBCI direct investment is a co-investment with VVP
90% SSBCI funds 10% VVP Funds
Grants Made:
Commonwealth Commercialization Fund (CCF) $ 684,486 $ 1,470,000 $ (785,514)
16 grants made to 12 recipients
Regional Innovation Fund (RIF) $ 500,000 $ 650,000 $ (150,000)
5 grants made to 5 recipients
Virginia Innovation Partnership Corporation
Return on Prior Investments
For the three months ended September 30, 2024
Return on Prior Investments, including realized gains and losses: Actual Budget Variance
Returns from 1 company $ 6,243 $ - $ 6,243
Item 115.C.2.c
Fiscal Year 2025 Quarter 1
September 30, 2024
Financial & Programmatic
Performance of Operating
Entities Owned by VIPC
No Operating Entities Owned
during FY25 Q1
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