Virginia Innovation Partnership Corporation
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.
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.
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
Commonwealth Commercialization Fund (CCF)
Virginia Innovation Partnership Corporation
Amount
Up to $100,000
Deadline
Rolling / Open
VIPC Commonwealth Commercialization Fund (CCF): Technology Commercialization Grants
Virginia Innovation Partnership Corporation
Amount
US $100,000 - US $300,000
Deadline
Rolling / Open
Ready to take the next step with Virginia Innovation Partnership Corporation?
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
Share of 2025 grant dollars across all 62 itemized grants.
Cities
Giving Over Time
Total grant dollars and number of grants per year
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 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
The most common grant size was under $50K: 230 grants of 435 (53%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| The Rector and Visitors of UVA Charlottesville, VA | Research | $990,000 |
| Virginia Commonwealth University Richmond, VA | Research | $370,000 |
| George Mason University Fairfax, VA | Research | $300,000 |
| Charlottesville Bio Hub Charlottesville, VA | Research | $200,000 |
| Startup Virginia Inc Richmond, VA | Research | $200,000 |
| Startwheel Corporation DBA Innovate Hampton Roads Virginia Beach, VA | Research | $200,000 |
| Roanoke-Blacksburg Innovation Alliance DBA Ramp Blacksburg, VA | Research | $200,000 |
| Wireless Research Center of NC Wake Forest, NC | Research | $200,000 |
| Va Polytechnic Institute & State University Blacksburg, VA | Research | $196,330 |
| Arlington County Board Arlington, VA | Research | $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.
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| 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
- Updated Form 990 for fiscal year 2023 (received by the IRS May 15, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS May 15, 2025)
- Updated Form 990 for fiscal year 2021 (received by the IRS September 8, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS May 12, 2023)
- Added Form 990 for fiscal year 2025 (received by the IRS May 15, 2026)
- 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
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.
Here's the math on researching Virginia Innovation Partnership Corporation by hand.
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