Virginia Innovation Partnership Authority FY2025 Expenditure Report
Summary
Virginia Innovation Partnership Authority FY2025 Expenditure Report, prepared by the Virginia Innovation Partnership Corporation for the fiscal year ended June 30, 2025. The budget analysis, in thousands, shows Commonwealth Appropriation - General Fund revenue of $42,486 against a budget of $63,489, and Appropriation Disbursements to Centers of Excellence of 25,350 against a budget of 46,353. It lists Commonwealth Commercialization Fund grants of $3,946,096 to 54 companies and Regional Innovation Fund grants of $1,373,000 to 9 companies, and returns on prior investments from 8 companies of $1,229,991.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“Virginia Innovation Partnership Authority FY2025 Expenditure Report.”
Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2026-rd134-f86307f54e/
, SHA-256 d6d18a1a89f3a92930992660b7774cd6ab1e0c976167d1fef5789f05cec2f028.Full text
________________________________________________________________________________
Virginia Innovation Partnership Authority
FY2025 Expenditure Report
Prepared by the Virginia Innovation Partnership Corporation
For the Fiscal Year Ended June 30, 2025
115.C.1.a Financial Performance
All planned and actual revenue and expenditures along with funding sources
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Twelve Months Ended June 30, 2025
(In Thousands)
Actual Budget
FY2025 FY2025 Variance
Revenue
Commonwealth Appropriation - General Fund $ 42,486 $ 63,489 $ (21,003)
Interest & Misc. Income 130 125 5
Total Revenue 42,616 63,614 (20,998)
Expenses
VIPA Administrative Expense 4 3 1
Appropriation Transfers to VIPC 17,136 17,136 -
Appropriation Disbursements to Centers of Excellence 25,350 46,353 (21,003)
Total Expenses & Transfers 42,490 63,492 (21,002)
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 42,616 63,614 (20,998)
Expenses 42,490 63,492 (21,002)
Change in Net Position 126 122 4
Beginning Net Position 2,792 2,622 170
Ending Net Position $ 2,918 $ 2,744 $ 174
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Twelve Months Ended June 30, 2025
(In Thousands)
Actual Budget
FY2025 FY2025 Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation - General Fund $ 17,136 $ 17,136 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 5,179 3,776 1,403
Total Revenue 22,315 20,912 1,403
Expenses
Commercialization Division 5,428 9,795 (4,367)
Investment Division 7,063 6,950 113
Entrepreneurial Ecosystems Division 2,609 3,545 (936)
Strategic Initiatives 1,104 1,135 (31)
Unmanned Systems 1,114 1,122 (8)
Activities Funded by Building Sale Proceeds - 4,993 (4,993)
Corporate and Other 1,873 1,888 (15)
(Over)/Underapplied Indirects - 335 (335)
Total Expenses 19,191 29,763 (10,572)
3,124 (8,851) 11,975
Contracts & Grants
Program Revenue - DHS Commercial First Innovation ™ 1,819 2,721 (902)
Program Expense 1,685 2,520 (835)
Profit/(Loss) 134 201 (67)
Program Revenue - SSBCI 9,277 17,373 (8,096)
Program Expense 9,277 17,373 (8,096)
Profit/(Loss) - - -
Program Revenue - EDA Planning Grant 50 22 28
Program Expense 50 22 28
Profit/(Loss) - - -
Program Revenue - Fairfax Founders Fund 1 10 (9)
Program Expense 1 8 (7)
Profit/(Loss) - 2 (2)
Program Revenue - SBA FAST 142 39 103
Program Expense 142 39 103
Profit/(Loss) - - -
Program Revenue - DOAV Advanced Air Mobility Site Selection 110 - 110
Program Expense 110 - 110
Profit/(Loss) - - -
Program Revenue - ODAA FIX 100 - 100
Program Expense 91 - 91
Profit/(Loss) 9 - 9
Program Revenue 11,499 20,165 (8,666)
Program Expenses 11,356 19,962 (8,606)
Net 143 203 (60)
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 33,814 41,077 (7,263)
Expenses 30,547 49,725 (19,178)
Change in Net Position 3,267 (8,648) 11,915
Beginning Net Position 75,453 72,688 2,765
Ending Net Position $ 78,720 $ 64,040 $ 14,680
VIPC | FY2025 Fiscal Year End Result
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.U
(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 4,037 3,100 5,000 3,000 1,000 1,000 17,137
Interest, Sponsorship, Return on Investment 1,953 1,455 1,333 384 10 44 5,179
Federal and State Grants & Contracts 2,222 9,277 11,499
Total Revenue 5,990 2,222 9,277 4,555 6,333 3,384 1,010 1,044 - 33,815
EXPENSES AND TRANSFERS
Operating and Designated Programs 6,943 3,019 568 772 832 915 - 13,049
Investments/Grants 9,277 925 3,845 1,373 15,420
Federal and State Grants & Contracts Operating Expenses 2,079 - 2,079
Transfers and Indirect Application to Designated Programs (300) 100 75 84 41 - - 0
Total Expenses 6,643 2,179 9,277 4,019 4,497 2,186 832 915 - 30,548
Net Change (653) 43 - 536 1,836 1,198 178 129 - 3,267
Ending Balance at 6/30/2025 $ 1,987 $ 1,543 $ - $ 15,862 $ 29,794 $ 8,909 $ 459 $ 303 $ 19,863 $ 78,720
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
VVP reflects administrative recovery of SSBCI program activity
Ending Balance includes obligations associated with out-year program commitments
115.C.1 Salaries and Bonuses
Salaries and bonuses of VIPA, including VIPC
Virginia Innovation Partnership Authority
including Virginia Innovation Partnership Corporation
Listing of the salaries and bonuses for the concluded fiscal year.
Title Salary Bonus
Program Specialist $2,666.67
Director $19,031.25
Senior Generalist $41,330.96
VP $46,987.50
Assistant $56,604.17
Director $63,525.00
Assistant $64,837.50
Director $74,112.50
Analyst $75,257.00
Jr. Administrator $80,275.00
Senior Associate $81,090.10
Officer $82,535.52
Manager $83,265.88
Senior Accountant $84,849.38
Associate $89,791.67
Analyst $91,853.13
Manager $92,625.00
VP $95,287.50
Manager $108,622.57
Director $109,554.79
Associate $112,330.97
Senior Executive Assistant $112,493.06
Director $112,493.06
Executive Assistant $112,893.55
Senior Associate $114,493.75
Director $114,834.77
Director $118,650.46
Director $119,188.00
VP $122,359.20
Senior Associate $123,742.37
Director $127,424.58
Director $128,955.75
VP $129,675.00
Director $139,542.19
Director $140,481.25
Manager $144,083.33
Director $148,045.63
Director $154,375.00
Officer $178,579.96
Officer $192,891.29
Senior Director $199,921.36
Senior Director $200,618.64
VP $204,389.62
Senior Director $224,986.13
VP $282,717.44
VP $316,391.76
Officer $365,751.32 $82,500.00
115.C.1.b Investments and Grants
Total grants and investments for each grant and investment program
Virginia Innovation Partnership Corporation
Investments & Grants
For the Twelve Months Ended June 30, 2025
Actual Budget Variance
Convertible Debt and Equity Investments
Virginia Venture Partners (VVP)
Investments in 23 companies $ 925,000 $ 1,840,000 $ (915,000)
State Small Business Credit Initiative (SSBCI)
Investments in 22 companies and 5 funds $ 9,276,816 $ 16,472,000 $ (7,195,184)
Each SSBCI direct investment is a co-investment with VVP
90% SSBCI funds 10% VVP Funds
Grants
Commonwealth Commercialization Fund (CCF) $ 3,946,096 $ 7,505,000 $ (3,558,904)
Grants to 54 companies
Regional Innovation Fund (RIF) $ 1,373,000 $ 2,270,000 $ (897,000)
Grants to 9 companies
115.C.1.c Recovery of Prior Investment
Recovery of previous grants or investments and sales of equity positions
Virginia Innovation Partnership Corporation
Return on Prior Investments
For the Twelve Months Ended June 30, 2025
Return on Prior Investments Actual Budget Variance
Returns from 8 companies $ 1,229,991 $ - $ 1,229,991
115.C.1.d Cash Balance by Funding Source
Cash balances by funding source, and a report, by program, of available, committed and
projected expenditures of all cash balance
Virginia Innovation Partnership Authority
FY2025 Cash Balance
Total
(in thousands)
Cash Balance at 6/30/2024 $ 2,791
Cash receipts:
Interest Income 131
Appropriation 42,486
Cash receipts - FY2025 42,617
Cash disbursements:
Appropriation transfer to VIPC (17,136)
Appropriation disbursements to Centers of Excellence (25,350)
Payments to vendors (4)
Cash disbursements - FY2025 (42,490)
Cash Balances at 6/30/2025 $ 2,918
Virginia Innovation Partnership Corporation
FY2025 Cash Balances by Fund
Operating Funds Designated Funds
COV Other COV
Entrepreneurial Strategic Unmanned Building Sale
Discretionary Grants & Commercialization Investment Ecosystems Initiatives Systems Proceeds for
Fund Contracts Division Division Division Fund Fund Opp Fund/ Total
(incl SSBCI) 115.U
(In Thousands)
Cash Balances at 6/30/2024 $ 2,801 $ 4,092 $ 27,827 $ 15,532 $ 7,727 $ 398 $ 167 $ 19,880 $ 78,424
Revenue FY2025 - accrual basis 5,990 11,499 6,333 4,555 3,384 1,010 1,044 - 33,815
adjustments 6/30/2024 17 (1,451) - 140 - 8 - - (1,286)
adjustments 6/30/2025 (7) 11,315 - (278) - (8) - - 11,022
Cash receipts - FY2025 6,000 21,363 6,333 4,417 3,384 1,010 1,044 - 43,551
Expenses/Transfers FY2025 - accrual basis (6,643) (11,456) (4,497) (4,019) (2,186) (832) (915) - (30,548)
adjustments 6/30/2024 (468) (971) (22) (136) (19) (4) 6 - (1,614)
adjustments 6/30/2025 446 693 216 18 29 (59) - - 1,343
Cash disbursements - FY2025 (6,665) (11,734) (4,303) (4,137) (2,176) (895) (909) - (30,819)
Cash Balances at 6/30/2025 2,136 13,721 29,857 15,812 8,935 513 302 19,880 91,156
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
115.C.1.e Private Investment Activity Related to 115.U
Private investment activity related to fund of funds established in 115.U.
No activity for FY2025
File and source
- File
- 2026-RD134.pdf
- Size
- 627,727 bytes
- SHA-256
- d6d18a1a89f3a92930992660b7774cd6ab1e0c976167d1fef5789f05cec2f028
- Our copy
- 2026-RD134.pdf
- Original
- No public link identified.