Virginia Innovation Partnership Corporation
Nonprofit profile at a glance
- EIN
- 541282820
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Richmond, VA, US
- Phone
- 7036893035
- Rating
- 81
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Computer Science
Reported finances
- Revenue
- $33,814,047
- Expenses
- $30,649,296
- Assets
- $92,536,838
- Liabilities
- $13,817,310
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
23 people listed
Executive titles in this filing
- JOE BENEVENTO (PRESIDENT & CEO)
- BOB STOLLE (FORMER PRESIDENT & CEO)
Highest reported compensation
- TOM WEITHMAN (CIO & VP): $381,397 total reported compensation
- JOE BENEVENTO (PRESIDENT & CEO): $378,287 total reported compensation
- DAVE IHRIE (CHIEF TECH OFFICER): $335,305 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To grow Virginia innovation ecosystems that connect talent, capital, and opportunity and empower founders and entrepreneurs to launch, grow, and thrive in the Commonwealth.
What it reported doing in 2024
Virginia venture partners (vvp) focuses on direct investment, placing equity investments in early-stage science and technology-based companies through a family of funds spanning multiple generations of tech, life science, and clean energy theses. Since the program's inception in 2005, the vvp program has invested $71m in 330 seed and early stage technology, life science, and energy companies across the commonwealth. Vvp investments have attracted in $2.6b in private capital. Program service revenue consists of proceeds on liquidated investments. Additionally, funding from the state small business credit initiative (ssbci) program, under the u.s. Department of the treasury, was provided to accelerate the formation and growth of entrepreneurial businesses across the commonwealth of Virginia. Approximately $173m of ssbci funding will be allocation to vipc over 10 years, vipc received $36.2m in funds in fy2024 and fy2025 (the first two years of the program for vipc).
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 78% for direct work, and 22% for grants.
The verdict
STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 67
- Transparency & Controls: 95
- Accountability: 86
- Sustainability: 63
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 74.3%; rating input score 74
- Program expense ratio: 78.3%; rating input score 78
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 6 of 6 controls in place; rating input score 100
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Pass
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 6 of 9 controls in place; rating input score 67
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 9.4%; rating input score 66; 66th percentile among comparable filings
- Total-asset coverage ratio: 3.02; rating input score 75; 75th percentile among comparable filings
- Liabilities to assets ratio: 0.15; rating input score 66; 66th percentile among comparable filings
- Officer compensation ratio: 10.5%; rating input score 18; 18th percentile among comparable filings
Growth
- Program expense growth: 5.6% per year; rating input score 100; 46th percentile among comparable filings
- Revenue growth: 8.2% per year; rating input score 100; 66th percentile among comparable filings
- Asset growth: 13.8% per year; rating input score 100; 78th percentile among comparable filings
Details
- What they do: 7 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 74.3% of revenue deployed · 78.3% of spending went to programs
- Governance: 10 of 10 board members independent · 6 of 9 filing controls reported
- Programs: 4 filed program accomplishments · $24M in reported program spending
- Leadership: top reported pay $381K · 23 people listed · 6 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $3.3M reported
- Consistency: 31 of 31 current checks pass
- Schedules: 8 filed schedules · includes major donors, grants, and executive pay
- Filing history: 9 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 75 filed money-flow records
- Related organizations: 62 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Accountability: Governance controls: 2 of 8 not reported.
- High — Sustainability: Officer compensation ratio scored 18/100.