Second Quarterly Report for FY2025, Virginia Innovation Partnership Authority (January 30, 2025)
Summary
This January 30, 2025 letter from the Virginia Innovation Partnership Corporation to Michael Maul, Director of the Department of Planning and Budget, encloses the second quarterly report for FY2025 for the Virginia Innovation Partnership Authority. It states that the attached report fulfills the requirements of Item 115.C.2 of the 2024 Special Session I, Virginia Acts of Assembly. The budget analysis for the six months ended December 31, 2024, in thousands, shows Commonwealth Appropriation - General Fund of $23,117 actual against a budget of $31,745. A return-on-investments table lists returns from 4 companies of $201,541.
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“Second Quarterly Report for FY2025, Virginia Innovation Partnership Authority (January 30, 2025).”
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Vlpc I VIRGINIA INNOVATION
PARTNERSHIP CORPORATION
Connecting Innovators with Opportunity
January 30, 2025
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 FY2025 for the Virginia Innovation Partnership Authority.
The attached report fulfills the requirements of Item 115.C.2 of the 2024 Special Session I, Virginia Acts of
Assembly.
If you have any questions, please call me at 571224 2347.
Virginia Innovation Partnership Co poration
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
703 689 3000
www.vipc.org
Item 115.C.2.a
Fiscal Year 2025 Quarter 2
December 31, 2024
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Six Months Ended December 31, 2024
in thousands in thousands
ACTUAL YTD - Jul through December 2024 FORECASTED - Fiscal Year 2025 (June 30)
Actual Budget Variance Forecast Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 23,117 $ 31,745 $ (8,628) $ 63,489 $ 63,489 $ -
Interest & Misc. Income 69 63 7 125 125 -
Total Revenue 23,186 31,807 (8,621) 63,614 63,614 -
Expenses
VIPA Administrative Expense 4 3 1 4 3 1
Appropriation Transfers to VIPC 8,567 8,523 44 17,136 17,136 -
Appropriation Disbursements to Centers of Excellence and USLS 14,550 23,177 (8,627) 46,353 46,353 -
Total Expenses & Transfers 23,121 31,703 (8,582) 63,493 63,492 1
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 23,186 31,807 (8,621) 23,186 63,614 -
Expenses 23,121 31,703 (8,582) 23,121 63,492 1
Change in Net Position 65 105 (40) 65 122 (1)
Beginning Net Position 2,791 2,622 169 2,791 2,622 169
Ending Net Position $ 2,856 $ 2,727 $ 130 $ 2,856 $ 2,744 $ 168
3
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Six Months Ended December 31, 2024
in thousands in thousands
Fiscal Year 2025 (December 31) FORECASTED - Fiscal Year 2025 (June 30)
Actual Budget Variance Forecast Budget Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation - General Fund $ 8,567 $ 8,567 $ - $ 17,136 $ 17,136 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 2,231 2,211 20 4,057 3,776 281
Total Revenue 10,798 10,778 20 21,193 20,912 281
Expenses
Commercialization Division 2,449 4,646 (2,197) 8,256 9,795 (1,539)
Investment Division 2,719 3,475 (756) 7,289 6,950 339
Entrepreneurial Ecosystems Division 1,145 2,073 (928) 3,128 3,545 (417)
Strategic Initiatives 373 567 (194) 1,320 1,135 185
Unmanned Systems 579 597 (18) 1,108 1,122 (14)
Activities Funded by Building Sale Proceeds - - 4,500 4,993 (493)
Corporate and Other 654 885 (231) 2,029 1,888 141
(Over)/Underapplied Indirects 1,342 335 1,007 1,506 335 1,171
Total Expenses 9,261 12,578 (3,317) 29,136 29,763 (627)
1,537 (1,800) 3,337 (7,943) (8,851) 908
Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 1,714 2,721 (1,007) 1,982 2,721 (739)
Program Expense 1,588 2,520 (932) 1,836 2,520 (684)
Profit/(Loss) 126 201 (75) 146 201 (55)
Program Revenue - SSBCI 6,113 8,236 (2,123) 15,428 17,373 (1,945)
Program Expense 6,113 8,236 (2,123) 15,428 17,373 (1,945)
Profit/(Loss) - - 0 - - -
Program Revenue - EDA Planning Grant - 17 (17) 64 22 42
Program Expense - 17 (17) 64 22 42
Profit/(Loss) - - - - - -
Program Revenue - Fairfax Founders Fund 1 5 (4) 1 10 (9)
Program Expense 1 4 (3) 1 8 (7)
Profit/(Loss) - 1 (1) - 2 (2)
Program Revenue - SBA FAST 71 39 32 155 39 116
Program Expense 71 39 32 155 39 116
Profit/(Loss) - - - - - -
Program Revenue 7,899 11,018 (3,119) 17,630 20,165 (2,535)
Program Expenses 7,773 10,816 (3,043) 17,484 19,962 (2,478)
Net 126 202 (76) 146 203 (57)
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 18,697 21,796 (3,099) 38,823 41,077 (2,254)
Expenses 17,034 23,394 (6,360) 46,620 49,725 (3,105)
Change in Net Position 1,663 (1,598) 3,261 (7,797) (8,648) 851
Beginning Net Position 75,453 72,688 2,765 75,453 72,688 2,765
Ending Net Position $ 77,116 $ 71,090 $ 6,026 $ 67,656 $ 64,040 $ 3,616
3
VIPC | FY2025 Forecast (6 months actual + 6 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 $ 259 $ 1,501 $ 358 $ 10 $ 12 $ 4,057
Federal and State Grants & Contracts $ 2,202 $ 15,428 $ 17,630
Total Revenue $ 5,953 $ 2,202 $ 15,428 $ 3,359 $ 6,501 $ 3,358 $ 1,010 $ 1,012 $ - $ 38,823
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 7,307 $ 3,349 $ 786 $ 728 $ 1,168 $ 1,000 $ 4,500 $ 18,838
Investments/Grants $ 15,428 $ 1,629 $ 6,596 $ 2,073 $ 25,726
Federal and State Grants & Contracts Operating Expenses $ 2,056 $ - $ 2,056
Transfers and Indirect Application to Designated Programs $ (500) $ 300 $ 51 $ 75 $ 28 $ 3 $ 43 $ -
Total Expenses $ 6,807 $ 2,356 $ 15,428 $ 5,029 $ 7,457 $ 2,829 $ 1,168 $ 1,003 $ 4,543 $ 46,620
Net Change $ (854) $ (154) $ - $ (1,670) $ (956) $ 529 $ (158) $ 9 $ (4,543) $ (7,797)
Forecasted Ending Balance at 6/30/2025 $ 1,786 $ 1,346 $ - $ 13,656 $ 27,002 $ 8,240 $ 123 $ 183 $ 15,320 $ 67,656
$ 352 $ 1,179 $ 324 $ (158) $ -
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act $ 67,323
VVP reflects administrative recovery of SSBCI program activity $ (333)
Item 115.C.2.b
Fiscal Year 2025 Quarter 2
December 31, 2024
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants
For the Six Months Ended December 31, 2024
Actual Budget Variance
Convertible Debt and Equity Investments Made:
Virginia Venture Partners (VVP)
Investments in 11 companies $ 555,000 $ 820,000 $ (265,000)
State Small Business Credit Initiative (SSBCI)
Investments in 11 companies $ 4,634,998 $ 5,356,000 $ (721,002)
Each SSBCI direct investment is a co-investment with VVP
90% SSBCI funds 10% VVP Funds
Grants Made:
Commonwealth Commercialization Fund (CCF) $ 1,815,682 $ 3,551,000 $ (1,735,318)
Grants to 16 companies
Regional Innovation Fund (RIF) $ 673,000 $ 1,260,000 $ (587,000)
Grants to 7 companies
Virginia Innovation Partnership Corporation
Return on Prior Investments
For the Six Months Ended December 31, 2024
Return on Prior Investments, including realized gains and losses: Actual Budget Variance
Returns from 4 companies $ 201,541 $ - $ 201,541
Item 115.C.2.c
Fiscal Year 2025 Quarter 2
December 31, 2024
Financial & Programmatic
Performance of Operating Entities
Owned by VIPC
No Operating Entities Owned
During FY2025 Q2
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