RD363 - Virginia Biotechnology Research Park Authority Report on Audit for the Year Ended June 30, 2004
Executive Summary: The Authority is a political subdivision of the Commonwealth of Virginia, established in 1993 by an act of the Virginia General Assembly. The Authority provides a mechanism for financing construction of the Virginia BioTechnology Research Park (Research Park) through bond issuances and other approved mechanisms. The Virginia BioTechnology Research Park Corporation (Corporation) is an IRS Code Section 501(c)(3) corporation and is organized and operated exclusively for scientific, educational, and charitable purposes. The results of operations of the Corporation are presented in blended format in the financial statements of the Authority. Corporation revenues and expenses each totaled $116,756 for fiscal year 2004. The Board and staff of the Authority manage daily operations of the Research Park. The Research Park is a life sciences community affiliated with Virginia Commonwealth University (VCU) that houses private and non-profit companies, research institutes, and government laboratories on a 34-acre campus in downtown Richmond, Virginia. The mission of the Authority is to advance life sciences by attracting, promoting, and commercializing scientific research; thereby, creating investment and jobs. The Authority does not have taxing power. Operations are funded from lease and ancillary service revenues. The acquisition and construction of capital assets are funded by bond issuances, long-term notes payable, and appropriations from the Commonwealth of Virginia and contract support payments from VCU. The Research Park as of June 30, 2004 was occupied by 38 private and non-profit companies, four state laboratories, and five research institutes/administrative functions of VCU, filling more than 535,000 square feet of laboratory and office space in eight buildings and employing more than 1,200 individuals. HIGHLIGHTS Financial Highlights for fiscal year 2004 • Cash decreased nearly $1.5 million as a result of capital and related financing activities for the Biotech Six project • Net assets of the Authority increased by $1,056,895 • Operating revenues decreased by $134,851 • Operating expenses increased by $343,519 Authority Highlights • Long-term debt for the East Leigh Street property was paid off • Land increased with a $1.4 million purchase of the 8th Street parking lots and $237,000 from the 4th Street property reclassification • Biotech One and Center, the Research Park’s two multi-tenant buildings, had 32 tenant companies and were 95 percent occupied at June 30, 2004 |
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