Virginia Innovation Partnership Corporation logo

Virginia Innovation Partnership Corporation

Public charity · Grantmaker Herndon, VA EIN: 54-1282820 Website

Virginia Innovation Partnership Corporation (VIPC) is a public charity based in Herndon, Virginia, and the operating nonprofit of the Virginia Innovation Partnership Authority (VIPA). VIPC supports Virginia’s innovation-driven economy through startup investment, technology commercialization, entrepreneurial ecosystem development, and partnerships.

Key facts about Virginia Innovation Partnership Corporation

In short: Virginia Innovation Partnership Corporation gave $5.3M across 62 grants in 2025 (avg $86K), mostly in Virginia. 65% of 2025 grantees were new. Source: 2025 IRS Form 990.

EIN
54-1282820
Latest 990 filing
Form 990, 2025
Annual giving (2025)
$5,319,096
Grants made (2025)
62
Average grant
$85,792
Median grant
$50,000
New grantees (estimate)
65% first-time grantees (40 of 62, 2025)
Total assets
$92,536,838
Primary geography
Virginia (96% of itemized 2025 grant dollars)

Data from IRS Form 990, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).

Financial Overview

From 2025 IRS Form 990 · View filing

Total Assets

$92.5M

+15.7% YoY

Annual Giving

$5.3M

-33.9% YoY

Grant Count

62

-34.7% YoY

Avg Grant Size

$86K

+1.3% YoY

Is Virginia Innovation Partnership Corporation open to new grantees?

65%

first-time grantees, 2025

In 2025, 40 of 62 grantees (65%) were first-time recipients. First grants averaged $57K; repeat grants $138K. How we count

Medians: $50K first-time, $60K repeat.

  • 32% of 2025 grantees were also funded in 2024. Method
  • Giving grew 43% from 2022 to 2025. Method

Estimate from itemized grant lists in IRS Form 990 filings (2021–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.

Research compiled by Grantable AI from public sources. Last updated September 2026.

Mission & Focus Areas

VIPC’s stated mission is to grow and diversify Virginia’s economy by investing in and accelerating innovation commercialization and entrepreneurship. Its work includes equity investments in early-stage companies through Virginia Venture Partners (VVP), commercialization grants through the Commonwealth Commercialization Fund (CCF), and support for entrepreneurial ecosystems and innovation initiatives.

CCF supports early technology and market validation, research and development, prototypes or minimum viable products, customer pilots, intellectual property protection, and eminent researcher recruitment. Its stated technology areas include semiconductors and microelectronics, nanotechnology, information technology, energy, life sciences and biomedical research, brain cancer therapeutics, sepsis detection and treatment, and infectious disease research. The currently listed CCF opportunities include one with awards of $0–$100,000 for university research partners and entrepreneurial startups, and a separate technology commercialization grant offering $100,000–$300,000 to Virginia public and private higher education institutions.

VIPC’s 2025 grantees included universities and ecosystem organizations. For example, Virginia Commonwealth University’s stated mission is to support the educational, scientific, and charitable activities of its School of Engineering. Startup Virginia describes itself as a nonprofit high-growth-business incubator that connects startups with mentors and programs. Venture Central says it serves and strengthens Central Virginia’s entrepreneurial community through connections, programs, funding, and spaces.

Grantmaking

In filing year 2025, VIPC reported 62 grants totaling $5,319,096. Grant amounts ranged from $20,000 to $990,000, with a median of $50,000. The listed grant purposes were research.

Open Grants

2 open opportunities from Virginia Innovation Partnership Corporation

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Geographic Focus

Where this funder awards grants

VIPC’s programs and stated mission focus on Virginia. Its 2025 grants went primarily to Virginia recipients, with 96% of grant dollars going to Virginia and 4% to North Carolina. CCF’s stated geographic scope is statewide in Virginia.

Grant Distribution by State

3states

Share of 2025 grant dollars across all 62 itemized grants.

Cities

RichmondCharlottesvilleArlingtonBlacksburgNorfolkPetersburgMcLeanFairfaxRoanokeManassasViennaRestonAlexandriaAshburnFalls ChurchLynchburgVirginia BeachHerndonSterlingWilliamsburg

Giving Over Time

Total grant dollars and number of grants per year

$0$2.5M$5M$7.5M$10M57 grants2021 66 grants2022 155 grants2023 95 grants2024 62 grants2025

From 2021 to 2025, annual grant giving ranged from $3.7M (2022) to $9.0M (2023). In 2025 it made 62 grants totaling $5.3M.

Grant Insights

How this funder distributes its grants

Top Recipients

Top 10 recipients in 2025

The Rector and Visitors of UVA: $990KThe Rector and Visitors of UVA$990KVirginia Commonwealth University: $370KVirginia CommonwealthUniversity$370KGeorge Mason University: $300KGeorge Mason University$300KCharlottesville Bio Hub: $200KCharlottesville Bio Hub$200KStartup Virginia Inc: $200KStartup Virginia Inc$200KStartwheel Corporation DBA Innovate Hampton Roads: $200KStartwheel Corporation DBAInnovate Hampton Roads$200KRoanoke-Blacksburg Innovation Alliance DBA Ramp: $200KRoanoke-Blacksburg InnovationAlliance DBA Ramp$200KWireless Research Center of NC: $200KWireless Research Center of NC$200KVa Polytechnic Institute & State University: $196KVa Polytechnic Institute &State University$196KArlington County Board: $100KArlington County Board$100K

The largest 2025 recipient was The Rector and Visitors of UVA ($990K). Together the top 10 received $3.0M.

Grant Size Distribution

435 grants across all recorded years

230<$50K144$50–100K50$100–250K5$250–500K5$500K–1M1$1–5M$5M+

The most common grant size was under $50K: 230 grants of 435 (53%).

Giving History

Grant recipients and amounts by year

RecipientPurposeAmount
The Rector and Visitors of UVA Charlottesville, VAResearch$990,000
Virginia Commonwealth University Richmond, VAResearch$370,000
George Mason University Fairfax, VAResearch$300,000
Charlottesville Bio Hub Charlottesville, VAResearch$200,000
Startup Virginia Inc Richmond, VAResearch$200,000
Startwheel Corporation DBA Innovate Hampton Roads Virginia Beach, VAResearch$200,000
Roanoke-Blacksburg Innovation Alliance DBA Ramp Blacksburg, VAResearch$200,000
Wireless Research Center of NC Wake Forest, NCResearch$200,000
Va Polytechnic Institute & State University Blacksburg, VAResearch$196,330
Arlington County Board Arlington, VAResearch$100,000

Financial History

Multi-year comparison from IRS filings

Filing year Assets Revenue Expenses Grants reported
2025 $92,536,838 $33,814,047 $30,649,296 $5,319,096
2024 $79,950,256 $47,361,433 $39,383,995 $8,044,452
2023 $85,819,315 $34,793,623 $38,026,082 $8,975,466

The 2024 filing states that VIPC received $36.2 million in SSBCI funds in fiscal years 2024 and 2025, the first two years of its program. This funding received is separate from the grants VIPC reported giving.

Revenue
Expenses
Net Investment Income
$0$25M$50M$75M$100M2021 2022 2023 2024 2025
Metric202520242023
Total Assets$92,536,838$79,950,256$85,819,315
Revenue$33,814,047$47,361,433$34,793,623
Expenses$30,649,296$39,383,995$38,026,082
Net Investment Income$3,896,771$4,006,105$2,705,381

Data update history

When this profile's IRS filing data changed on Grantable

  1. Updated Form 990 for fiscal year 2023 (received by the IRS May 15, 2024)
  2. Updated Form 990 for fiscal year 2024 (received by the IRS May 15, 2025)
  3. Updated Form 990 for fiscal year 2021 (received by the IRS September 8, 2022)
  4. Updated Form 990 for fiscal year 2022 (received by the IRS May 12, 2023)
  5. Added Form 990 for fiscal year 2025 (received by the IRS May 15, 2026)
  6. IRS filings on file for fiscal years 2021–2024

Leadership & Key People

Leadership team and compensation from IRS filings

VIPC’s website lists Joe Benevento as president and CEO. Staff roles include Tom Weithman, chief investment officer and vice president of investment; Conaway Haskins, vice president of entrepreneurial ecosystems; and Meredith Hundley, director of grants and research.

The 2025 filing lists Rita Roy as chair and Richard Hall, Chris Long, Rob Quartel, Kelley Powell Williamson, Lindsay Winter, Shashikant Gupta, Marilyn Perkins, and Mark Bishof as directors. It lists the Honorable Caren Merrick as vice chair through April 9, 2025.

Virginia Innovation Partnership Corporation is led by Bob Stolle, Former President & CEO since 2025 (on filings since 2021); 13 of 23 officers listed in 2025 are compensated.

Officers on the 2025 filing

  • Bob Stolle

    Former President & CEO

    President → President & CEO, 2024

    President & CEO → Former President & CEO, 2025

    On filings since 2021

    40 hrs/week

    $216K (2021) → $258K (2025)

  • Joe Benevento

    President & CEO

    President & CEO From → President & CEO, 2025

    On filings since 2024

    40 hrs/week

    $329K (2025)

  • Rita Roy

    Chair

    On filings since 2024

    2 hrs/week

    No compensation reported

  • Alex Euler

    Senior Director & Investment

    Director & Investment → Director Investment Svcs, 2024

    Director Investment Svcs → Senior Director & Investment, 2025

    On filings since 2021

    40 hrs/week

    $130K (2021) → $191K (2025)

  • Marco Rubin

    Senior Director & Investment

    Director & Investment → Director Investment Svcs, 2024

    Director Investment Svcs → Senior Director & Investment, 2025

    On filings since 2021

    40 hrs/week

    $165K (2021) → $222K (2025)

  • Jen O'Daniel

    Senior Director & Investment

    Director & Investment → Director Investment Svcs, 2024

    Director Investment Svcs → Senior Director & Investment, 2025

    On filings since 2022

    40 hrs/week

    $137K (2022) → $190K (2025)

  • Rob Quartel

    Director

    On filings since 2023

    1 hr/week

    $2K (2025)

  • Richard Hall

    Director

    On filings since 2021

    2 hrs/week

    No compensation reported

  • Chris Long

    Director

    On filings since 2022

    1 hr/week

    No compensation reported

  • Kelley Powell Williamson

    Director

    Director From → Director, 2025

    On filings since 2024

    1 hr/week

    No compensation reported

  • Lindsay Winter

    Director

    Director From → Director, 2025

    On filings since 2024

    1 hr/week

    No compensation reported

  • Shashikant Gupta

    Director

    Director From → Director, 2025

    On filings since 2024

    1 hr/week

    No compensation reported

  • Marilyn Perkins

    Director

    New on the 2025 filing

    1 hr/week

    No compensation reported

  • Mark Bishof

    Director

    New on the 2025 filing

    1 hr/week

    No compensation reported

  • Dave Ihrie

    Chief Tech Officer

    Chief Tech O → Chief Tech Officer, 2024

    On filings since 2021

    40 hrs/week

    $222K (2021) → $279K (2025)

  • Kristal Parker

    Chro

    Director → Chro, 2025

    On filings since 2021

    40 hrs/week

    $127K (2021) → $166K (2025)

  • Leslie Williams

    Chief Administrative Officer

    Director & Busines → Chief Administrative Officer, 2025

    On filings since 2021

    40 hrs/week

    $132K (2021) → $167K (2025)

  • Tom Weithman

    CIO & Vice President

    Managing Director → CIO & Vice President, 2022

    On filings since 2021

    40 hrs/week

    $248K (2021) → $311K (2025)

  • Sean Mallon

    Vice President & Commercialization

    Vice President Commercia → Vice President Commercialization, 2024

    Vice President Commercialization → Vice President & Commercialization, 2025

    On filings since 2022

    40 hrs/week

    $186K (2022) → $181K (2025)

  • Angela Costello

    Vice President & Marketing

    Vice President, Committee & M → Vice President Marketing, 2024

    Vice President Marketing → Vice President & Marketing, 2025

    On filings since 2023

    40 hrs/week

    $182K (2023) → $191K (2025)

  • Conaway Haskins

    Vice President & Entreprenuerial

    Vice President & Entrepre → Vice President Entreprenuerial, 2024

    Vice President Entreprenuerial → Vice President & Entreprenuerial, 2025

    On filings since 2023

    40 hrs/week

    $181K (2023) → $191K (2025)

  • The Honorable Caren Merrick

    Vice Chair

    On filings since 2024

    1 hr/week

    No compensation reported

  • The Honorable Juan Pablo Segura

    Vice Chair From

    New on the 2025 filing

    1 hr/week

    No compensation reported

Former officers (12)
  • Former: Barbara Boyan (2021–2024) — Chair
  • Former: Monique Adams (2021–2024) — Director
  • Former: Susan Aitcheson (2021–2024) — CFO to
  • Former: Paula Sorrell (2021–2023) — Director
  • Former: Andrew Ko (2022–2023) — Director
  • Former: Honorable Caren Merrick (2022–2023) — Vice Chair
  • Former: Chiedo John (2021–2022) — Director
  • Former: Ed Albrigo (2021–2022) — President & CEO
  • Former: Kurt John (2021–2022) — Director
  • Former: Brian Ball (2021) — Vice Chair
  • Former: Nancy Vorona (2021) — Vice President & Research
  • Former: Tracy Tynan (2021) — Director & Unmanne

Data from IRS Form 990 filings, 2021–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.

Compensation Overview

From 2025 IRS filing

Joe Benevento — President & CEO: $329KJoe BeneventoPresident & CEO$329KTom Weithman — CIO & VP: $311KTom WeithmanCIO & VP$311KDave Ihrie — Chief Tech Officer: $279KDave IhrieChief Tech Officer$279KBob Stolle — Former President & CEO: $258KBob StolleFormer President & CEO$258KMarco Rubin — Senior Director, Investment: $222KMarco RubinSenior Director, Investment$222KAngela Costello — VP, Marketing: $191KAngela CostelloVP, Marketing$191KConaway Haskins — VP, Entreprenuerial: $191KConaway HaskinsVP, Entreprenuerial$191KAlex Euler — Senior Director, Investment: $191KAlex EulerSenior Director, Investment$191KJEN O'Daniel — Senior Director, Investment: $190KJEN O'DanielSenior Director, Investment$190KSean Mallon — VP, Commercialization Thru 09/15/24: $181KSean MallonVP, Commercialization Thru…$181KLeslie Williams — Chief Administrative Officer: $167KLeslie WilliamsChief Administrative Officer$167KKristal Parker — Chro: $166KKristal ParkerChro$166KRob Quartel — Director: $2KRob QuartelDirector$2K

The highest reported compensation on the 2025 filing was $329K, to Joe Benevento (President & CEO). 13 officers or directors reported compensation on that filing.

Contact

Mailing address: 2214 Rock Hill Road 600, Herndon, VA 20170
Phone: (703) 689-3035
Website: https://virginiaipc.org

Frequently asked questions about Virginia Innovation Partnership Corporation

How much does Virginia Innovation Partnership Corporation give each year?

Virginia Innovation Partnership Corporation gave $5.3M across 62 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $8.0M across 95 grants.

What is Virginia Innovation Partnership Corporation's typical grant size?

Virginia Innovation Partnership Corporation's median grant in 2025 was $50,000, and its average grant was $85,792, across 62 grants on its 2025 IRS Form 990. Organizations receiving their first grant from Virginia Innovation Partnership Corporation that year got $57K on average.

Where does Virginia Innovation Partnership Corporation give grants?

Virginia Innovation Partnership Corporation gives mostly in Virginia: 96% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there. The most frequent recipient cities were Richmond, VA (10 grants), Charlottesville, VA (9 grants), Arlington, VA (6 grants) and Blacksburg, VA (4 grants).

Does Virginia Innovation Partnership Corporation give general operating support?

Not in 2025: none of the 62 grants with a stated purpose on Virginia Innovation Partnership Corporation's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Research" (62 grants).

Who are Virginia Innovation Partnership Corporation's largest grantees?

Virginia Innovation Partnership Corporation's largest 2025 grantees include The Rector and Visitors of UVA ($990,000), Virginia Commonwealth University ($370,000) and George Mason University ($300,000), according to its 2025 IRS Form 990. Together they received 31% of its itemized 2025 grant dollars.

How large is Virginia Innovation Partnership Corporation?

Virginia Innovation Partnership Corporation reported $92.5M in total assets on its 2025 IRS Form 990. Its revenue that year was $33.8M.

What does Virginia Innovation Partnership Corporation fund?

VIPC’s stated mission is to grow and diversify Virginia’s economy by investing in and accelerating innovation commercialization and entrepreneurship. See mission & focus areas ↑

How do I apply for a grant from Virginia Innovation Partnership Corporation?

Virginia Innovation Partnership Corporation has no public application process in the sources Grantable reviewed. Check virginiaipc.org for current guidelines, or contact the foundation directly before submitting a request.

What is Virginia Innovation Partnership Corporation's EIN?

Virginia Innovation Partnership Corporation's EIN (Employer Identification Number) is 54-1282820. IRS Form 990 filing data is available on this page for 2021–2025.

Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.

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