2023-05-12T08:18:39-04:00 2022-06-30 990 2021-07-01 541282820 VIRGINIA INNOVATION PARTNERSHIP CORPORATION VIRG 7036893021 2214 ROCK HILL ROAD SUITE 600 HERNDON VA 20170 SUSAN AITCHESON CFO 7036893021 2023-05-12 SUSAN AITCHESON 999009999 2021 2023-04-26 12:10:37Z SUSAN AITCHESON 2214 ROCK HILL RD SUITE 600 HERNDON VA 20170 22793161 false X WWW.VIRGINIAIPC.ORG X 1984 VA VIPC GROWS AND DIVERSIFIES VIRGINIA'S ECONOMY BY INVESTING IN AND ACCELERATING INNOVATION COMMERCIALIZATION AND ENTREPRENEURSHIP. 10 10 34 0 68366790 16161054 7483792 6226606 146381 384438 64643 21063 76061606 22793161 6303199 3723931 0 5165915 5993537 0 0 10181140 16261470 21650254 25978938 54411352 -3185777 80085835 75363860 3759991 2223793 76325844 73140067 X VIPC GROWS AND DIVERSIFIES VIRGINIA'S ECONOMY BY INVESTING IN AND ACCESLERATING INNOVATION COMMERCIALIZATION AND ENTREPRENEURSHIP. false false 9630371 1662383 VIRGINIA VENTURE PARTNERS (VVP) FOCUSES ON DIRECT INVESTMENTS TO MEET THE EARLY STAGE CAPITAL DEMANDS CHALLENGING THE COMMONWEALTH'S MOST PROMISING SCIENCE AND TECHNOLOGY BASED START-UPS WHOSE FUNDING REQUIREMENTS COULD NOT BE MET BY TRADITIONAL FINANCING MEANS. SINCE THE PROGRAM'S INCEPTION IN 2005, THE VVP PROGRAM HAS INVESTED 41.8M IN 275 SEED AND EARLY STAGE TECHNOLOGY, LIFE SCIENCE, AND ENERGY COMPANIES ACROSS THE COMMONWEALTH. VVP INVESTMENTS HAVE ATTRACTED 1.6B IN PRIVATE CAPITAL. PROGRAM SERVICE REVENUE CONSISTS OF PROCEEDS ON LIQUIDATED INVESTMENTS. 4407127 3523931 THE COMMONWEALTH COMMERCIALIZATION FUND (CCF) IS A COMMONWEALTH-FUNDED GRANT VEHICLE WITH PROGRAMS THAT SUPPORT SEED-STAGE PRIVATELY-HELD TECHNOLOGY COMPANIES AND PROMISING TECHNOLOGY COMMERCIALIZATION PROJECTS WITHIN VIRGINIA'S COLLEGES, UNIVERSITIES, AND OTHER NONPROFIT RESEARCH INSTITUTES. IN TOTAL WITH THE TWO PREDECESSOR PROGRAMS (COMMONWEALTH RESEARCH COMMERCIALIZATION FUND & VIRGINIA RESEARCH INVESTMENT FUND), MORE THAN 41.9M HAS BEEN AWARDED TO 468 PROJECTS. SINCE THE PROGRAM'S INCEPTION, AWARDEES HAVE REPORTED MORE THAN 970M IN FOLLOW-ON FUNDING AND MORE THAN 167M IN COMMERCIAL REVENUE. 3961836 4277289 UNDER VIPC'S CONTRACT WITH THE US DEPARTMENT OF HOMELAND SECURITY SCIENCE AND TECHNOLOGY DIRECTORATE IS THE SMART CITY IOT INNOVATION (SCITI LABS) COMMERCIAL FIRST INNOVATION PROGRAM. COMMERCIAL FIRST ENCOURAGES ENTREPRENEURS ALREADY SUCEEDING IN RELATED MARKETS TO INNOVATE IDEAS THAT ADDRESS THE UNIQUE NEEDS OF THE HOMELAND SECURITY AND PUBLIC SAFETY COMMUNITIES. KEY PRIORITIES INCLUDE DETECTION OF ENVIORNMENTAL THREATS, SMART BUILDINGS AND COMMUNITIES AND OTHER PUBLIC SAFETY. SCITI LABS HAS STRATEGICALLY POSITIONED THE COMMONWEALTH OF VIRGINIA TO ASSUME A NATIONAL LEADERSHIP ROLE IN THE PUBLIC SAFETY DOMAIN AS IT EVOLVES TO FACE THE NEW OPPORTUNIITES AND CHALLENGES ASSOCIATED WITH SMART COMMUNITIES. 3917430 424498 EXPENSES 3,917,430 INCLUDING GRANTS OF 0, REVENUES 424,498 DESCRIPTION: OTHER PROGRAM SERVICES 1. ENTREPRENEURIAL ECOSYSTEMS 2. FEDERAL FUNDING ASSISTANCE PROGRAM 3. UNMANNED SYSTEMS 4. SMART COMMUNITIES 3917430 424498 21916764 true true false true false false false false false false false false false false true false false true false false false false false false false false false true false true false false false false false false false false false false false false false true false false false true 63 0 true 34 true false false false false false false false false X 10 10 false false false false false false false true true false false true true true true true true true false false X SUSAN AITCHESON 7036893021 2214 ROCK HILL RD SUITE 600 HERNDON VA 20170 BOB STOLLE PRESIDENT & 40.00 X 303313 0 56568 TOM WEITHMAN CIO & VP 40.00 X 254273 0 60290 DAVE IHRIE CHIEF TECH O 40.00 X 228728 0 52304 SUSAN AITCHESON CFO 40.00 X 198659 0 34716 MARCO RUBIN DIR, INVESTM 40.00 X 176626 0 51072 SEAN MALLON VP COMMERCIA 40.00 X 186018 0 33258 ALEX EULER DIR, INVESTM 40.00 X 141383 0 37424 ED ALBRIGO PRES & CEO ( 0.00 X 171978 0 0 KRISTAL PARKER DIRECTOR, HR 40.00 X 130011 0 35987 JEN O'DANIEL DIR, INVESTM 40.00 X 137275 0 27493 LESLIE WILLIAMS DIR, BUSINES 40.00 X 135734 0 27275 MONIQUE ADAMS DIRECTOR 1.00 X 0 0 0 BARBARA BOYAN CHAIR 2.00 X X 0 0 0 RICHARD HALL DIRECTOR 1.00 X 0 0 0 CHIEDO JOHN DIRECTOR 1.00 X 0 0 0 KURT JOHN DIRECTOR 1.00 X 0 0 0 ANDREW KO DIRECTOR 1.00 X 0 0 0 CHRIS LONG DIRECTOR 1.00 X 0 0 0 HONORABLE CAREN MERRICK VICE CHAIR 1.00 X 0 0 0 PAULA SORRELL DIRECTOR 1.00 X 0 0 0 2063998 416387 18 true true false SMART CITY WORKS INC 7950 JONES BRANCH DR 8TH FLOOR MCLEAN VA 22102 SUBCONTRACTOR 629620 SYNTHETIK APPLIED TECHNOLOGIES 28696 TREE FARM RD PIERRE SD 57501 SUBCONTRACTOR 572373 MUTUALINK INC 1269 SOUTH BROAD STREET WALLINGFORD CT 06492 SUBCONTRACTOR 562960 TECHNEXUS LLC 20 N WACKER DR STE 1200 CHICAGO IL 60606 SUBCONTRACTOR 379662 AECOM 300 S GRAND AVE LOS ANGELES CA 90071 SUBCONTRACTOR 308700 22 16044554 116500 16161054 FEDERAL AND STATE AWARDS 900099 4594294 4594294 GAIN ON VVP INVESTMENT 900099 1407312 1407312 VVP PROGRAM REVENUE 900099 225000 225000 6226606 384438 384438 MISCELLANEOUS REVENUE 900099 21063 21063 21063 22793161 6247669 384438 3723931 3723931 1469868 468690 1001178 13229 13229 3210776 1841517 1369259 379047 379047 610067 610067 310550 310550 93490 93490 72730 72730 53276 53276 28605 28605 331580 331580 18279 18279 10064 10064 335732 335732 70363 70363 INVESTMENT DIVISION 8253402 8253402 STRATEGIC INITIATIVES 4930914 4930914 UNMANNED SYSTEMS 1105094 1105094 OTHER EXPENSES 957941 624605 333336 968611 -968611 25978938 21916764 4062174 0 X 337 337 78229199 73674050 1588344 1111667 266449 188575 1506 389231 80085835 75363860 3759991 1827158 396635 3759991 2223793 X 76325844 73140067 76325844 73140067 80085835 75363860 -3185777 X X false true X false false X 11657894 11066098 12890091 68366790 16161054 120141927 11657894 11066098 12890091 68366790 16161054 120141927 120141927 355601 309688 362822 146381 384438 1558930 493355 1651084 2144439 123845296 27528841 0.97010 0.97090 X PART II, LINE 10 GAIN ON GAP INVESTMENT 2,016,603 MISC & COLLECTION OF DOUBTFUL ACCTS 127,836 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 2348 false false 2348 false SCHEDULE C, PART IV PT II - B LINE 1: VIPC STAFF ENGAGES WITH COMMONWEALTH OF VIRGINIA LEGISLATORS AND THEIR STAFF REGARDING FUNDING RELATED TO THE EXECUTION OF VIPC'S MISSION. 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SUSAN AITCHESON CFO 196649 2010 23598 11118 233375 MARCO RUBIN DIR, INVESTMENT SVCS 174616 2010 20954 30118 227698 SEAN MALLON VP COMMERCIALIZATION 184500 1518 22140 11118 219276 ALEX EULER DIR, INVESTMENT SVCS 140463 920 16856 20568 178807 ED ALBRIGO PRES & CEO (FORMER) 171978 171978 KRISTAL PARKER DIRECTOR, HR 128493 1518 15419 20568 165998 JEN O'DANIEL DIR, INVESTMENT SVCS 136461 814 16375 11118 164768 LESLIE WILLIAMS DIR, BUSINESS OPER 134643 1091 16157 11118 163009 SCHEDULE J, PAGE 1, PART I, LINE 4 ED ALBRIGO 171,978 0 0 FORM 990 FORM 990, SCHEDULE J, PART I LINE 4A: ALL OF THE AMOUNT LISTED PART II LINE 1 B(III) IS ATTRIBUTABLE TO SEVERANCE. FORM 990, PAGE 2, PART III, LINE 4D EXPENSES 3,917,430 INCLUDING GRANTS OF 0, REVENUES 424,498 DESCRIPTION: OTHER PROGRAM SERVICES 1. ENTREPRENEURIAL ECOSYSTEMS 2. FEDERAL FUNDING ASSISTANCE PROGRAM 3. UNMANNED SYSTEMS 4. SMART COMMUNITIES FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 WAS PREPARED BY THE CONTROLLER, REVIEWED BY THE CFO, AND PROVIDED TO VIPC'S OFFICERS AND BOARD OF DIRECTORS, WHO WERE REQUESTED TO PROVIDE COMMENTS AND QUESTIONS PRIOR TO SUBMISSION. FORM 990, PAGE 6, PART VI, LINE 12C ALL VIPC EMPLOYEES PROVIDE A FINANCIAL DISCLOSURE STATEMENT ANNUALLY. THE STATEMENT INCLUDES THE NAME OF ANY ORGANIZATION THAT VIPC WORKS WITH IN WHICH THE EMPLOYEE HOLDS A SECURITY OR EQUITY INTEREST, IS A DIRECTOR OR OFFICER, OR HAS RECEIVED ANY GIFTS, PAYMENTS OR ANY TYPE OF COMPENSATION OFMORE THAN A NOMINAL VALUE. IN ADDITION, THE PRESIDENT AND CEO IS REQUIRED TO NOTIFY THE CHAIRMAN OF THE BOARD OF DIRECTORS, IN WRITING, OF ALL AFFILIATIONS WITH ANY INDIVIDUAL OR ORGANIZATION THAT SOLICITS VIPC SERVICES. THE DIRECTORS PROVIDE A FINANCIAL DISCLOSURE STATEMENT TO THE SECRETARY OF THE COMMONWEALTH OF VIRGINIA ANNUALLY. THE STATEMENT INCLUDES INFORMATION REGARDING PERSONAL AND BUSINESS FINANCIAL INTERESTS. FORM 990, PAGE 6, PART VI, LINE 15A THE COMPENSATION OF THE PRESIDENT AND CEO IS SET BY THE BOARD OF DIRECTORS. SEE SCHEDULE J, LINE 3 FOR MORE INFORMATION. FORM 990, PAGE 6, PART VI, LINE 19 VIPC'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC. THE AUDITED FINANCIAL STATEMENTS OF THE VIRGINIA INNOVATION PARTNERSHIP AUTHORITY (VIPA) AND ITS BLENDED COMPONENT UNIT, VIRGINIA INNOVATION PARTNERSHIP CORPORATION (VIPC), ARE AVAILABLE ON THE AUDITOR OF PUBLIC ACCOUNTS WEBSITE, WWW.APA.VIRGINIA.GOV. FORM 990, PART X PART X LINE 13: PROGRAM RELATED INVESTMENTS ARE COMPRISED OF VIRGINIA VENTURE PARTNERS EQUITY POSITIONS IN 99 COMPANIES. VIPC HAS NOT RECORDED THE VALUE OF THESE EQUITY SECURITIES ON THE BALANCE SHEET, AS THESE INVESTMENTS DO NOT HAVE A READY MARKET TO INDICATE THEIR MARKET VALUE. NONE OF THESE INVESTMENTS ARE TRADED ON AN OPEN MARKET, NOR DO THEY HAVE A CLEAR SECONDARY MARKET. IF AND WHEN THEY ARE TRADED ON AN OPEN MARKET, VIPC RECORDS THEM AS ASSETS ON THE BALANCE SHEET. FORM 990, PART XII PART XII LINE 2C: THE VIPA BOARD OF DIRECTORS MEETS ANNUALLY WITH THE AUDITOR OF PUBLIC ACCOUNTS TO RECEIVE THE RESULTS OF THE ANNUAL AUDIT. THE BOARD OF DIRECTORS DOES NOT OVERSEE THE SELECTION OF THE INDEPENDENT AUDITOR. AS THE NON-STOCK, NOT-FOR-PROFIT CORPORATION WHICH ACTS AS THE OPERATING ARM OF VIPA, VIPC'S FINANCIAL STATEMENTS ARE AUDITED ANNUALLY DURING THE AUDIT OF VIPA'S FINANCIAL STATEMENTS. SECTION 2.2-2355 OF THE CODE OF VIRGINIA STATES THAT THE ACCOUNTS AND BOOKS OF VIPA WILL BE EXAMINED BY THE AUDITOR OF PUBLIC ACCOUNTS. VA INNOVATION PARTNERSHIP AUTHORITY 2214 ROCK HILL RD STE 600 HERNDON VA 20170 541491096 ACCEL TECH VA N/A false false false false false false false false false false false false false false false false false false false false