Virginia Innovation Partnership Authority FY2026 Q3 Quarterly Report
Summary
Virginia Innovation Partnership Authority FY2026 Q3 Quarterly Report, prepared by the Virginia Innovation Partnership Corporation for the period ended March 31, 2026. It sets out budget analysis tables in thousands for the nine months ended March 31, 2026, with Authority total revenue of 32,888 against a budget of 32,895 and total expenses and transfers of 32,806 against 32,805. For the Corporation, the consolidated tables show revenue of 21,918, expenses of 19,120 and an ending net position of $81,518. The report also covers investments and grants, including Virginia Venture Partners investment in 9 companies of $949,999 against a budget of $1,054,383.
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“Virginia Innovation Partnership Authority FY2026 Q3 Quarterly Report.”
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Virginia Innovation Partnership Authority
FY2026 Q3 Quarterly Report
Prepared by the Virginia Innovation Partnership Corporation
For the Period Ended March 31, 2026
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 Nine Months Ended March 31, 2026
In Thousands In Thousands
Actual Fiscal Year 2026 (March 31) Forecast Fiscal Year 2026 (June 30)
Actual Budget Variance Forecast Budget Variance
Revenue
Commonwealth Appropriation $ 32,801 $ 32,801 $ - $ 42,486 $ 42,486 $ -
Interest & Misc. Income 87 94 (7) 125 125 -
Total Revenue 32,888 32,895 (7) 42,611 42,611 -
Expenses
VIPA Administrative Expense 5 4 1 5 4 1
Appropriation Transfers to VIPC 12,851 12,851 - 17,136 17,136 -
Appropriation Disbursements to Centers of Excellence 19,950 19,950 - 25,350 25,350 -
Total Expenses & Transfers 32,806 32,805 1 42,491 42,490 1
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 32,888 32,895 (7) 42,611 42,611 -
Expenses 32,806 32,805 1 42,491 42,490 1
Change in Net Position 82 90 (8) 120 121 (1)
Beginning Net Position 2,918 2,916 2 2,918 2,916 2
Ending Net Position $ 3,000 $ 3,006 $ (6) $ 3,038 $ 3,037 $ 1
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Nine Months Ended March 31, 2026
In Thousands In Thousands
Actual Fiscal Year 2026 (March 31) Forecasted Fiscal Year 2026 (June 30)
Actual Budget Variance Forecast Budget Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation $ 12,852 $ 12,852 $ - $ 17,136 $ 17,136 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 3,981 2,738 1,244 4,367 3,650 717
Total Revenue 16,833 15,590 1,244 21,503 20,786 717
Expenses
Commercialization Division 5,308 9,493 (4,185) 8,963 12,657 (3,694)
Investment Division 4,200 5,069 (869) 4,734 6,758 (2,024)
Entrepreneurial Ecosystems Division 1,534 2,342 (808) 2,809 3,122 (313)
Strategic Initiatives 937 889 48 1,496 1,185 311
Unmanned Systems 761 851 (89) 1,297 1,134 163
Activities Funded by Building Sale Proceeds - - - - 5,066 (5,066)
Policy, Communications and Commonwealth Engagement 1,295 1,778 (482) 1,552 2,370 (818)
Total Expenses 14,035 20,422 (6,385) 20,851 32,292 (11,441)
2,798 (4,832) 7,629 652 (11,506) 12,158
Contracts & Grants
Program Revenue - State Small Business Credit Initiative (SSBCI) 4,495 6,093 (1,598) 10,704 12,185 (1,481)
Program Expense 4,495 6,093 (1,598) 10,704 12,185 (1,481)
Profit/(Loss) - - - - - -
Program Revenue - SBA Federal and State Partnership (FAST) 87 44 43 117 44 73
Program Expense 87 44 43 117 44 73
Profit/(Loss) - - - - - -
Program Revenue - DOAV Advanced Air Mobility Site Selection 403 300 103 574 300 274
Program Expense 403 300 103 574 300 274
Profit/(Loss) - - - - - -
Program Revenue - Rural Health Transformation Tech Innovation Fund - - - 250 - 250
Program Expense - - - 250 - 250
Profit/(Loss) - - - - - -
Program Revenue - Oklahoma Flight Information Xchange 100 - 100 100 - 100
Program Expense 100 - 100 100 - 100
Profit/(Loss) - - - - - -
Program Revenue 5,085 6,437 (1,352) 11,745 12,529 (784)
Program Expenses 5,085 6,437 (1,352) 11,745 12,529 (784)
Net - - - - - -
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 21,918 22,027 (108) 33,248 33,315 (67)
Expenses 19,120 26,859 (7,737) 32,596 44,821 (12,225)
Change in Net Position 2,798 (4,832) 7,630 652 (11,506) 12,158
Beginning Net Position 78,720 75,394 3,326 78,720 75,394 3,326
Ending Net Position $ 81,518 $ 70,562 $ 10,956 $ 79,372 $ 63,888 $ 15,484
VIPC | FY2026 Q3 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 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 1,004 - - 1,512 1,501 350 - - - 4,367
Federal and State Grants & Contracts - 1,041 10,704 - - - - - - 11,745
Total Revenue 5,040 1,041 10,704 4,612 6,501 3,350 1,000 1,000 - 33,248
EXPENSES AND TRANSFERS
Operating and Designated Programs 6,039 - - 1,689 568 802 1,359 1,049 - 11,505
Investments/Grants - - 9,427 1,168 6,718 1,460 - - - 18,773
Federal and State Grants & Contracts Operating Expenses - 1,041 1,277 - - - - - - 2,318
Transfers and Indirect Application to Designated Programs - - - - - - - - - -
Total Expenses 6,039 1,041 10,704 2,857 7,286 2,262 1,359 1,049 - 32,596
Net Change (999) - - 1,755 (785) 1,088 (359) (49) - 652
Forecasted Ending Balance at 6/30/2026 988 1,543 - 17,617 29,009 9,997 100 254 19,863 79,372
Obligated - - - - (25,500) (2,000) - - (6,500) (34,000)
Balance Net of Obligated 988 1,543 - 17,617 3,509 7,997 100 254 13,363 45,372
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 nine months ended March 31, 2026
Actual Budget Variance
Convertible Debt and Equity Investments
Virginia Venture Partners (VVP)
Investment in 9 companies $ 949,999 $ 1,054,383 $ (104,384)
State Small Business Credit Initiative (SSBCI)
7 direct investments in companies, 4 capital calls by 4 funds 3,690,037 6,179,165 (2,489,128)
Each SSBCI direct investment is a co-investment with VVP
90% SSBCI funds 10% VVP Funds
Grants and Convertible Debt
Commonwealth Commercialization Fund (CCF)
47 grants and 7 convertible notes made to 50 recipients 3,850,000 5,400,000 (1,550,000)
Regional Innovation Fund (RIF)
7 grants made to 7 recipients 600,000 1,625,000 (1,025,000)
Virginia Innovation Partnership Corporation
Return on Prior Investments
For the nine months ended March 31, 2026
Return on Prior Investments, including realized gains and losses Actual Budget Variance
Returns from 7 companies $ 1,299,057 $ - $ 1,299,057
115.C.2.c Financial and Programmatic Performance of Operating Entities
Owned by VIPC
No Operating Entities Owned During FY2026 Q3
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