Virginia Innovation Partnership

“Form 990 was prepared by external tax professionals, in consultation with the controller and independent auditor, reviewed by the cao, and shared with the board of directors.”

“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 of more 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.”

“The compensation of the president and ceo is set by the board of directors. See schedule j, line 3 for more information.”

“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.”

“Program related investments are comprised of virginia venture partners equity positions in 118 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.”

“Returned grant funds from prior years 139,094.”