AUDIT SUMMARY

We have audited the basic financial statements of the Virginia Innovation Partnership Authority (Authority), including its blended component unit, the Virginia Innovation Partnership Corporation, as of and for the year ended June 30, 2023, and issued our report thereon, dated July 23, 2024. Our report, included in the Authority’s Annual Report, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov. Our audit found:

• the financial statements are presented fairly, in all material respects;

• one internal control finding requiring management’s attention; however, we do not considerit to be a material weakness; and

• no instances of noncompliance or other matters required to be reported under GovernmentAuditing Standards.

In the section titled “Internal Control Finding and Recommendation” we have included our assessment of the conditions and causes resulting in the internal control finding identified through our audits as well as recommendations for addressing that finding. Our assessment does not remove management’s responsibility to perform a thorough assessment of the conditions and causes of the finding and develop and appropriately implement adequate corrective actions to resolve the finding as required by the Department of Accounts in Topic 10205 – Agency Response to APA Audit of the Commonwealth Accounting Policies and Procedures Manual. Those corrective actions may include additional items beyond our recommendation.