• Date Due: July 30, 2025
  • Author: Virginia Innovation Partnership Authority
  • Enabling Authority: Appropriation Act - Item 115 C.2. (Regular Session, 2025)
  • Description:
    Quarterly report on: a. The quarterly financial performance, determined by comparing the budgeted and actual revenues and expenditures to planned revenues and expenditures for the fiscal year; b. All investments and grants executed compared to projected investment closings, return on prior investments and grants, including all gains and losses; and c. The financial and programmatic performance of all operating entities owned by the managing non-profit entity. [Q4 FY 2025]

    Extension Request from the Virginia Innovation Partnership Corporation:

    July 30, 2025

    Mr. Michael Maul, Director

    Department of Planning and Budget

    1111 East Broad Street, Room 5040

    Richmond, Virginia 23219

    Dear Director Maul:

    I am writing to provide notification that the Virginia Innovation Partnership Authority (VIPA) Q4 FY2025 quarterly report (Item 115.C.2 of the 2025 Session, Virginia Acts of Assembly) will be submitted by September 30, 2025, rather than 30 days after quarter-end. The VIPA books are held open for a longer period at fiscal year-end to prepare complete and accurate accrual-basis year-end financial statements. The quarterly reports present financial information on a year-to-date basis through the reporting period; therefore, the Q4 reports will not be complete until the FY2025 year-end financial statements are completed.

    If you have any questions or need additional information, please feel free to call me at 571-224-2347.

    Sincerely,

    Leslie Williams

    Virginia Innovation Partnership Corporation