Virginia Innovation Partnership Authority FY2026 Q2 Quarterly Report
Summary
Quarterly report of the Virginia Innovation Partnership Authority for FY2026 Q2, prepared by the Virginia Innovation Partnership Corporation for the period ended December 31, 2025. It opens with budget analysis tables for the six months ended December 31, 2025, with actual, budget and variance columns in thousands. The investments and grants section reports Virginia Venture Partners (VVP) investment in 8 companies at $899,999 and State Small Business Credit Initiative (SSBCI) activity at $2,949,865. It reports Commonwealth Commercialization Fund (CCF) grants and convertible notes at $2,450,000 and Regional Innovation Fund (RIF) grants at $485,000, plus returns from 5 companies of $694,175. It states that no operating entities were owned during FY2026 Q2.
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 FY2026 Q2 Quarterly Report.”
Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2026-rd236-a74fd5b34b/
, SHA-256 d5a2d734ed1def5d1bc2259b6687d549e7b4d7b823a9c81dd0e7f9eb6e5ce647.Full text
________________________________________________________________________________
Virginia Innovation Partnership Authority
FY2026 Q2 Quarterly Report
Prepared by the Virginia Innovation Partnership Corporation
For the Period Ended December 31, 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 Six Months Ended December 31, 2025
(In Thousands) (In Thousands)
ACTUAL YTD - Jul through December 2025 FORECASTED - Fiscal Year 2026 (June 30)
Actual Budget Variance Forecast Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 23,116 $ 21,243 $ 1,873 $ 42,486 $ 42,486 $ -
Interest & Misc. Income 60 63 (3) 125 125 -
Total Revenue 23,176 21,306 1,871 42,611 42,611 -
Expenses
VIPA Administrative Expense 5 4 1 5 4 1
Appropriation Transfers to VIPC 8,566 8,568 (2) 17,136 17,136 -
Appropriation Disbursements to Centers of Excellence 14,550 12,675 1,875 25,350 25,350 -
Total Expenses & Transfers 23,121 21,247 1,874 42,491 42,490 1
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 23,176 21,306 1,871 23,176 42,611 -
Expenses 23,121 21,247 1,874 23,121 42,490 1
Change in Net Position 55 59 (4) 55 121 (1)
Beginning Net Position 2,918 2,916 2 2,918 2,916 2
Ending Net Position $ 2,973 $ 2,975 $ (2) $ 2,973 $ 3,037 $ 1
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Six Months Ended December 31, 2025
in thousands in thousands
Fiscal Year 2026 (December 31) FORECASTED - Fiscal Year 2026 (June 30)
Actual Budget Variance Forecast Budget Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation - General Fund $ 8,566 $ 8,568 $ (2) $ 17,136 $ 17,136 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 2,559 1,825 734 4,367 3,650 717
Total Revenue 11,125 10,393 732 21,503 20,786 717
Expenses
Commercialization Division 3,486 3,618 (132) 10,857 12,657 (1,800)
Investment Division 3,377 3,379 (2) 5,462 6,758 (1,296)
Entrepreneurial Ecosystems Division 1,134 1,561 (427) 3,193 3,122 71
Strategic Initiatives 653 593 61 1,124 1,185 (61)
Unmanned Systems 380 567 (187) 1,250 1,134 116
Activities Funded by Building Sale Proceeds - - - 6,772 5,066 1,706
Corporate and Other 885 1,185 (300) 2,180 2,370 (190)
Total Expenses 9,915 10,903 (987) 30,838 32,292 (1,454)
1,210 (510) 1,719 (9,335) (11,506) 2,171
Contracts & Grants
Program Revenue - SSBCI 2,973 5,093 (2,120) 10,870 12,185 (1,315)
Program Expense 2,973 5,093 (2,120) 10,870 12,185 (1,315)
Profit/(Loss) - - - - - -
Program Revenue - SBA FAST 63 44 19 136 44 92
Program Expense 63 44 19 136 44 92
Profit/(Loss) - - - - - -
Program Revenue - DOAV Advanced Air Mobility Site Selection 244 244 - 574 300 274
Program Expense 244 244 - 574 300 274
Profit/(Loss) - - - - - -
Program Revenue 3,280 5,381 (2,101) 11,580 12,529 (949)
Program Expenses 3,280 5,381 (2,101) 11,580 12,529 (949)
Net - - - - - -
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 14,405 15,774 (1,369) 33,083 33,315 (232)
Expenses 13,195 16,284 (3,088) 42,418 44,821 (2,403)
Change in Net Position 1,210 (510) 1,719 (9,335) (11,506) 2,171
Beginning Net Position 78,720 75,394 3,326 78,720 75,394 3,326
Ending Net Position $ 79,930 $ 74,884 $ 5,045 $ 69,385 $ 63,888 $ 5,497
VIPC | FY2026 Q2 Forecast (6 mos actual + 6 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 Opportunity Fund Total
115.U
(In Thousands)
Beginning Balance at 7/1/2025 $ 1,987 $ 1,543 $ - $ 15,862 $ 29,794 $ 8,909 $ 459 $ 303 $ 19,863 $ 78,720
REVENUE
General Fund Appropriation 4,036 3,100 5,000 3,000 1,000 1,000 17,136
Interest, Sponsorship, Return on Investment 1,813 695 1,501 358 - - 4,367
Federal and State Grants & Contracts 710 10,870 11,580
Total Revenue 5,849 710 10,870 3,795 6,501 3,358 1,000 1,000 - 33,083
EXPENSES AND TRANSFERS
Operating and Designated Programs 5,940 3,147 744 826 1,072 1,097 12,825
Investments/Grants 10,870 1,815 7,698 2,000 6,500 28,883
Federal and State Grants & Contracts Operating Expenses 710 710
Transfers and Indirect Application to Designated Programs (50) 20 30 -
Total Expenses 5,890 710 10,870 4,982 8,472 2,826 1,072 1,097 6,500 42,418
Net Change (41) - - (1,187) (1,971) 532 (72) (97) (6,500) (9,335)
Forecasted Ending Balance at 6/30/2026 1,946 1,543 - 14,675 27,823 9,441 387 206 13,363 69,385
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 six months ended December 31, 2025
Actual Budget Variance
Convertible Debt and Equity Investments
Virginia Venture Partners (VVP)
Investment in 8 companies $ 899,999 $ 893,512 $ 6,487
State Small Business Credit Initiative (SSBCI)
6 direct investments in companies, 6 capital calls by 4 funds $ 2,949,865 $ 2,768,331 $ 181,534
Each SSBCI direct investment is a co-investment with VVP
90% SSBCI funds 10% VVP Funds
Grants and Convertible Debt
Commonwealth Commercialization Fund (CCF)
26 grants and 6 convertible notes made to 32 recipients $ 2,450,000 $ 3,300,000 $ (850,000)
Regional Innovation Fund (RIF)
5 grants made to 5 recipients $ 485,000 $ 1,125,000 $ (640,000)
Virginia Innovation Partnership Corporation
Return on Prior Investments
For the six months ended December 31, 2025
Return on Prior Investments, including realized gains and losses Actual Budget Variance
Returns from 5 companies $ 694,175 $ - $ 694,175
115.C.2.c Financial and Programmatic Performance of Operating Entities
Owned by VIPC
No Operating Entities Owned During FY2026 Q2
File and source
- File
- 2026-RD236.pdf
- Size
- 789,390 bytes
- SHA-256
- d5a2d734ed1def5d1bc2259b6687d549e7b4d7b823a9c81dd0e7f9eb6e5ce647
- Our copy
- 2026-RD236.pdf
- Original
- No public link identified.