Overview
What is Virginia Innovation Partnership Corporation?
The Virginia Innovation Partnership Corporation, also known as Virginia Venture Partners (VVP), is a nonprofit organization based in Herndon, Virginia. Established in 2005, VVP aims to address the early stage capital needs of promising science and technology-based startups in the commonwealth, providing investments that could not be met by traditional financing methods. With a focus on seed and early stage technology, life science, and energy companies, VVP has invested $41.8 million in 275 companies across Virginia. These investments have attracted an additional $1.6 billion in private capital, contributing significantly to the state's economy. The mission of VIPC is to grow and diversify Virginia's economy by investing in and accelerating innovation commercialization and entrepreneurship. Currently, they employ 34 individuals.
Official website here: www.virginiaipc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
The Virginia Innovation Partnership Corporation has achieved a commendable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and financial management. This high score is entirely based on its accountability and finance metrics, indicating that the organization adheres to best practices in transparency and governance.
The organization demonstrates exemplary performance in several key areas, including having a fully independent board and maintaining robust financial oversight. With no material diversion of assets and a program expense ratio of 85.34%, the nonprofit effectively allocates its resources towards its mission, ensuring that a significant portion of funds is directed towards programs rather than administrative costs.
While the organization shows outstanding financial health and governance practices, ongoing transparency and communication with stakeholders will be vital for maintaining trust and support. Overall, the Virginia Innovation Partnership Corporation is well-positioned to continue its impactful work, driven by sound financial practices and a dedicated board.
This AI summary has been generated from information found on Charity Navigator.
Is Virginia Innovation Partnership Corporation legitimate?
Virginia Innovation Partnership Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Virginia Innovation Partnership Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,469,868
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,210,776
For more financial information, click here
Official website here: www.virginiaipc.org
What is the mission statement of Virginia Innovation Partnership Corporation?
The Virginia Innovation Partnership Corporation (VIPC) drives economic growth by investing in and accelerating the commercialization of innovation and entrepreneurship. VIPC focuses on early stage investments to support science and technology-based start-ups with capital demands that exceed traditional financing means. Since its establishment in 2005, VIPC's Virginia Venture Partners (VVP) program has invested $41.8 million in 275 companies across various sectors. These investments have attracted over $1.6 billion in private capital. The organization generates revenue through proceeds on liquidated investments.
Official website here: www.virginiaipc.org
Who is the CEO of Virginia Innovation Partnership Corporation?
Susan Aitcheson is the President & of Virginia Innovation Partnership Corporation. The CEO's salary of Virginia Innovation Partnership Corporation is $171,978 and their total compensation is $171,978.
Official website here: www.virginiaipc.org
What is the revenue of Virginia Innovation Partnership Corporation?
Virginia Innovation Partnership Corporation's revenue in 2022 was $22,793,161.
Official website here: www.virginiaipc.org
Who are the executives of Virginia Innovation Partnership Corporation and what are their salaries?
The average compensation at Virginia Innovation Partnership Corporation during 2022 was $137,666. There are 34 employees at Virginia Innovation Partnership Corporation.
Here are 20 key members and their salaries (Virginia Innovation Partnership Corporation's CEO's salary is $171,978 and their total compensation is $171,978):
- Compensation: $303,313
- Related: $0
- Other: $56,568
- Compensation: $254,273
- Related: $0
- Other: $60,290
- Compensation: $228,728
- Related: $0
- Other: $52,304
- Compensation: $198,659
- Related: $0
- Other: $34,716
- Compensation: $176,626
- Related: $0
- Other: $51,072
- Compensation: $186,018
- Related: $0
- Other: $33,258
- Compensation: $141,383
- Related: $0
- Other: $37,424
- Compensation: $171,978
- Related: $0
- Other: $0
- Compensation: $130,011
- Related: $0
- Other: $35,987
- Compensation: $137,275
- Related: $0
- Other: $27,493
- Compensation: $135,734
- Related: $0
- Other: $27,275
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.virginiaipc.org
Where can I find the form 990 for Virginia Innovation Partnership Corporation?
Virginia Innovation Partnership Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.virginiaipc.org
Learn more at the official website: www.virginiaipc.org
Mission Statement of Virginia Innovation Partnership Corporation
Virginia Innovation Partnership Corporation (VIPC) is a dynamic organization that drives the growth and diversification of Virginia's economy by investing in and accelerating innovation commercialization and entrepreneurship. Their mission is geared towards providing early stage capital to the Commonwealth's most promising science and technology-based start-ups. These innovative companies often face funding gaps that cannot be met through traditional financing means. Since its inception in 2005, VIPC's Virginia Venture Partners (VVP) program has invested $41.8 million in 275 seed and early stage technology, life science, and energy companies. The impact of these investments is far-reaching, as they have attracted over $1.6 billion in private capital. The program's revenue is derived from proceeds on liquidated investments. By investing in these groundbreaking ventures, VIPC plays a vital role in fostering innovation and economic development within Virginia.
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Impact
October, 2024
Virginia Innovation Partnership Corporation (VIPC) significantly impacts Virginia's economy by strategically investing in and accelerating innovation commercialization and entrepreneurship. Through its Virginia Venture Partners (VVP) program, VIPC addresses the early-stage capital needs of the Commonwealth’s most promising science and technology-based startups, which often face challenges securing traditional financing.
Since its inception in 2005, VVP has invested $41.8 million in 275 seed and early-stage technology, life science, and energy companies across Virginia. This investment has not only provided essential funding but has also attracted an impressive $1.6 billion in private capital, amplifying the economic potential of these startups. VIPC's focus on innovation fosters growth and diversification within the state's economy, creating job opportunities and positioning Virginia as a hub for technological advancement and scientific research.
This information is meant to be a general summary of Virginia Innovation Partnership Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $384,438
- Program Service Revenue: $6,226,606
- Gross Receipts: $22,793,161
Assets and Liabilities:
- Total Assets: $75,363,860
- Total Liabilities: $2,223,793
- Net Assets: $73,140,067
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FEDERAL AND STATE AWARDS
Revenue
$4,594,294
GAIN ON VVP INVESTMENT
Revenue
$1,407,312
VVP PROGRAM REVENUE
Revenue
$225,000
Organization Details
Founding Year
1984
Phone
(703) 689-3021Principal Officer
Susan Aitcheson
Main Address
2214 ROCK HILL ROAD SUITE 600, HERNDON, VA, 20170
Website
www.virginiaipc.orgNTEE Category
Code: U41Z - Science research
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