Virginia Innovation Partnership Corporation
- Assets
- $75.4m
- Revenue
- $22.8m
- Investments
- $0.0
- Employees
- 34
- Location
- Herndon, VA
- Founding
- 09/1984
- Data as of
- 06/2022
- EIN
- 54-1282820
Organization Overview
Virginia Innovation Partnership Corporation is located in Herndon, VA. The organization was established in 1984. According to its NTEE Classification (U41) the organization is classified as: Computer Science, under the broad grouping of Science & Technology and related organizations. As of 06/2022, Virginia Innovation Partnership Corporation employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Innovation Partnership Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Virginia Innovation Partnership Corporation generated $22.8m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 14.4% each year . All expenses for the organization totaled $26.0m during the year ending 06/2022. While expenses have increased by 22.3% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Virginia Innovation Partnership Corporation has awarded 123 individual grants totaling $10,027,130. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
VIPC GROWS AND DIVERSIFIES VIRGINIA'S ECONOMY BY INVESTING IN AND ACCELERATING INNOVATION COMMERCIALIZATION AND ENTREPRENEURSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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
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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bob Stolle President & | Officer | 40 | $303,313 |
Tom Weithman Cio & VP | Officer | 40 | $254,273 |
Dave Ihrie Chief Tech O | Officer | 40 | $228,728 |
Susan Aitcheson CFO | Officer | 40 | $198,659 |
Marco Rubin Dir, Investm | 40 | $176,626 | |
Sean Mallon VP Commercia | Officer | 40 | $186,018 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Smart City Works Inc Subcontractor | 6/29/22 | $629,620 |
Synthetik Applied Technologies Subcontractor | 6/29/22 | $572,373 |
Mutualink Inc Subcontractor | 6/29/22 | $562,960 |
Technexus Llc Subcontractor | 6/29/22 | $379,662 |
Aecom Subcontractor | 6/29/22 | $308,700 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $16,044,554 |
| All other contributions, gifts, grants, and similar amounts not included above | $116,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,161,054 |
| Total Program Service Revenue | $6,226,606 |
| Investment income | $384,438 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,793,161 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,723,931 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,469,868 |
| Compensation of current officers, directors, key employees. | $1,001,178 |
| Compensation to disqualified persons | $13,229 |
| Other salaries and wages | $3,210,776 |
| Pension plan accruals and contributions | $379,047 |
| Other employee benefits | $610,067 |
| Payroll taxes | $310,550 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $93,490 |
| Fees for services: Accounting | $72,730 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $53,276 |
| Advertising and promotion | $0 |
| Office expenses | $28,605 |
| Information technology | $331,580 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $18,279 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $10,064 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $335,732 |
| Insurance | $70,363 |
| All other expenses | $0 |
| Total functional expenses | $25,978,938 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $337 |
| Savings and temporary cash investments | $73,674,050 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,111,667 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $188,575 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $389,231 |
| Total assets | $75,363,860 |
| Accounts payable and accrued expenses | $1,827,158 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $396,635 |
| Total liabilities | $2,223,793 |
| Net assets without donor restrictions | $73,140,067 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $75,363,860 |
Grants Awarded
Over the last fiscal year, Virginia Innovation Partnership Corporation has awarded $3,723,931 in support to 66 organizations.
| Grant Recipient | Amount |
|---|---|
3 RIDGE TECHNOLOGIES PURPOSE: RESEARCH | $40,000 |
757 ACCELERATE INC PURPOSE: RESEARCH | $100,000 |
3GIRLSTECH INC DBA GREENLIST PURPOSE: RESEARCH | $45,000 |
AGROSPHERES INC PURPOSE: RESEARCH | $40,000 |
APPLIED IMPACT ROBOTICS INC PURPOSE: RESEARCH | $45,000 |
ATWORK SYSTEMS LLC PURPOSE: RESEARCH | $40,000 |