Virginia Innovation Partnership Authority FY2025 Q4 Quarterly Report
Summary
Virginia Innovation Partnership Authority FY2025 Q4 Quarterly Report, prepared by the Virginia Innovation Partnership Corporation for the period ended June 30, 2025. The budget analysis, in thousands, shows total revenue of 42,616 against a budget of 63,614 for the Authority. For the twelve months ended June 30, 2025, Virginia Venture Partners (VVP) made investments in 23 companies of $925,000, and the State Small Business Credit Initiative (SSBCI) made investments in 22 companies and 5 funds of $9,276,816. The report states that no operating entities were owned during FY2025 Q4.
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“Virginia Innovation Partnership Authority FY2025 Q4 Quarterly Report.”
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Virginia Innovation Partnership Authority
FY2025 Q4 Quarterly Report
Prepared by the Virginia Innovation Partnership Corporation
For the Period Ended June 30, 2025
115.C.2.a Quarterly Financial Performance
Budgeted and actual revenues and expenditures to planned revenues and expenditures for the
fiscal year
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.2.b Investments and Grants
Budgeted and actual grant and investment closings, return on prior investments and grants,
including all gains and losses
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
Virginia Innovation Partnership Corporation
Return on Prior Investments
For the Twelve Months Ended June 30, 2025
Return on Prior Investments, including realized gains and losses: Actual Budget Variance
Returns from 8 companies $ 1,229,991 $ - $ 1,229,991
115.C.2.c Financial and Programmatic Performance of Operating Entities
Owned by VIPC
No operating entities owned during FY2025 Q4
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