Third Quarterly Report for FY2025, Virginia Innovation Partnership Corporation (April 30, 2025)
Summary
This April 30, 2025 letter from the Virginia Innovation Partnership Corporation to Michael Maul, Director of the Department of Planning and Budget, encloses the third 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 nine months ended March 31, 2025, in thousands, shows Commonwealth Appropriation - General Fund of $32,802 actual against a budget of $47,617. The return-on-investments table lists returns from 5 companies of $687,927.
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“Third Quarterly Report for FY2025, Virginia Innovation Partnership Corporation (April 30, 2025).”
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VIPC I VIRGINIA INNOVATION
PARTNERSHIP CORPORATION
Connecting Innovators with Opportunity
April 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 third 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 may have any questions, please feel free to contact me at 571 224 2347.
..,.
hip Corporation
cc: The Honorable Juan Pablo Segura, 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 3
March 31, 2025
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Nine Months Ended March 31, 2025
in thousands in thousands
ACTUAL YTD - Jul through March 2025 FORECASTED - Fiscal Year 2025 (June 30)
Actual Budget Variance Forecast Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 32,802 $ 47,617 $ (14,815) $ 63,489 $ 63,489 $ -
Interest & Misc. Income 100 94 6 128 125 3
Total Revenue 32,902 47,711 (14,809) 63,617 63,614 3
Expenses
VIPA Administrative Expense 4 3 1 4 3 1
Appropriation Transfers to VIPC 12,852 12,852 - 17,136 17,136 -
Appropriation Disbursements to Centers of Excellence and Universities Specified in Life Science Research Initiative 19,950 34,765 (14,815) 46,353 46,353 -
Total Expenses & Transfers 32,806 47,620 (14,814) 63,493 63,492 1
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 32,902 47,711 (14,809) 63,617 63,614 3
Expenses 32,806 47,620 (14,814) 63,493 63,492 1
Change in Net Position 96 91 5 124 122 2
Beginning Net Position 2,791 2,622 169 2,792 2,622 170
Ending Net Position $ 2,887 $ 2,713 $ 174 $ 2,916 $ 2,744 $ 172
3
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Nine Months Ended March 31, 2025
in thousands in thousands
Fiscal Year 2025 (March 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 $ 12,852 $ 12,852 $ - $ 17,136 $ 17,136 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 3,569 3,332 237 4,418 3,776 642
Total Revenue 16,421 16,184 237 21,554 20,912 642
Expenses
Commercialization Division 3,470 6,644 (3,174) 6,931 9,795 (2,864)
Investment Division 3,631 5,213 (1,582) 6,136 6,950 (814)
Entrepreneurial Ecosystems Division 1,494 2,659 (1,165) 2,470 3,545 (1,075)
Strategic Initiatives 657 851 (194) 1,278 1,135 143
Unmanned Systems 746 764 (18) 1,100 1,122 (22)
Activities Funded by Building Sale Proceeds - - - - 4,993 (4,993)
Corporate and Other 1,175 1,399 (224) 1,881 1,888 (7)
(Over)/Underapplied Indirects 2,015 335 1,680 1,958 335 1,623
Total Expenses 13,188 17,865 (4,677) 21,754 29,763 (8,009)
3,233 (1,681) 4,914 (200) (8,851) 8,651
Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 1,819 2,721 (902) 1,819 2,721 (902)
Program Expense 1,685 2,520 (835) 1,685 2,520 (835)
Profit/(Loss) 134 201 (67) 134 201 (67)
Program Revenue - State Small Business Credit Initiative (SSBCI) 6,975 12,254 (5,279) 12,602 17,373 (4,771)
Program Expense 6,975 12,254 (5,279) 12,602 17,373 (4,771)
Profit/(Loss) - - - - - -
Program Revenue - EDA Planning Grant 50 22 28 50 22 28
Program Expense 50 22 28 50 22 28
Profit/(Loss) - - - - - -
Program Revenue - Fairfax Founders Fund 1 10 (9) 1 10 (9)
Program Expense 1 8 (7) 1 8 (7)
Profit/(Loss) - 2 (2) - 2 (2)
Program Revenue - SBA FAST 115 39 76 155 39 116
Program Expense 115 39 76 155 39 116
Profit/(Loss) - - - - - -
Program Revenue - DOAV Advanced Air Mobility Site Selection - - - 450 - 450
Program Expense - - - 450 - 450
Profit/(Loss) - - - - - -
Program Revenue - ODAA FIX 100 - 100 100 - 100
Program Expense 93 - 93 93 - 93
Profit/(Loss) 7 - 7 7 - 7
Program Revenue 9,060 15,046 (5,986) 15,177 20,165 (4,988)
Program Expenses 8,919 14,843 (5,924) 15,036 19,962 (4,926)
Net 141 203 (62) 141 203 (62)
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 25,481 31,230 (5,749) 36,731 41,077 (4,346)
Expenses 22,107 32,708 (10,601) 36,790 49,725 (12,935)
Change in Net Position 3,374 (1,478) 4,852 (59) (8,648) 8,589
Beginning Net Position 75,453 72,688 2,765 75,453 72,688 2,765
Ending Net Position $ 78,827 $ 71,210 $ 7,617 $ 75,394 $ 64,040 $ 11,354
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VIPC | FY2025 Forecast (9 mos actual + 3 mos 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
115.P
(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 1,791 746 1,501 358 10 12 4,418
Federal and State Grants & Contracts 2,575 12,602 15,177
Total Revenue 5,827 2,575 12,602 3,846 6,501 3,358 1,010 1,012 - 36,731
EXPENSES AND TRANSFERS
Operating and Designated Programs 6,879 3,200 741 710 1,133 994 - 13,657
Investments/Grants 12,602 1,119 5,480 1,498 20,699
Federal and State Grants & Contracts Operating Expenses 2,434 - 2,434
Transfers and Indirect Application to Designated Programs (400) 201 58 84 30 15 13 - -
Total Expenses 6,479 2,635 12,602 4,377 6,305 2,238 1,148 1,007 - 36,790
Net Change (652) (60) - (531) 196 1,120 (138) 5 - (59)
Forecasted Ending Balance at 6/30/2025 $ 1,988 $ 1,440 $ - $ 14,795 $ 28,154 $ 8,831 $ 143 $ 179 $ 19,863 $ 75,394
$ 1,491 $ 2,331 $ 915 $ (138) $ -
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 $ (8,071)
Item 115.C.2.b
Fiscal Year 2025 Quarter 3
March 31, 2025
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants
For the Nine Months Ended March 31, 2025
Actual Budget Variance
Convertible Debt and Equity Investments Made:
Virginia Venture Partners (VVP)
Investments in 14 companies $ 605,000 $ 1,380,000 $ (775,000)
State Small Business Credit Initiative (SSBCI)
Investments in 13 companies and 4 funds 6,971,816 12,254,000 (5,282,184)
Each SSBCI direct investment is a co-investment with VVP
90% SSBCI funds 10% VVP Funds
Grants Made:
Commonwealth Commercialization Fund (CCF) 2,621,484 5,022,000 (2,400,516)
Grants to 40 companies
Regional Innovation Fund (RIF) 873,000 1,810,000 (937,000)
Grants to 8 companies
Virginia Innovation Partnership Corporation
Return on Prior Investments
For the Nine Months Ended March 31, 2025
Return on Prior Investments, including realized gains and losses: Actual Budget Variance
Returns from 5 companies $ 687,927 $ - $ 687,927
Item 115.C.2.c
Fiscal Year 2025 Quarter 3
March 31, 2025
Financial & Programmatic
Performance of Operating Entities
Owned by VIPC
No Operating Entities Owned
During FY2025 Q3
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