Virginia Department of the Treasury

What Virginia Department of the Treasury does

The Virginia Department of the Treasury is a state government agency that serves as steward of the Commonwealth of Virginia's financial resources. The department operates through six service divisions — General Management, Debt Management, Risk Management, Operations, Cash Management and Investments, and Unclaimed Property — providing centralized banking, investment, financing, unclaimed property administration, and risk management services to state agencies, constitutional officers, political subdivisions, public schools, higher education institutions, and qualified nonprofit organizations. The State Treasurer reports directly to the Secretary of Finance, a cabinet-level position reporting to the Governor.

The department's core product portfolio spans cash management (LGIP and LGIP EM investment pools rated 'AAAm' and expected 'AAAf/S1+' by Standard & Poor's), bond finance (General Obligation Bonds rated AAA/Aaa/AAA, Private Activity Bonds, and VPSA Pooled Bonds rated AA+/Aa1/AA+), risk management (the Origami web-based information system, VaRISK 2 voluntary liability self-insurance plan, and CarCare and LeaseCare automobile coverage programs), leasing programs (MELP and VELP), the Security for Public Deposits Act (SPDA) online system, and the Unclaimed Property Search portal. Technology platforms are primarily web-based with Bank of America serving as the banking partner for LGIP wire transfers.

The department operates as a state government entity rather than a revenue-generating business. Most services are provided at no direct cost to eligible entities; the only disclosed fees are LGIP at four basis points annualized and LGIP EM at eight basis points annualized. Funding flows through state appropriations. Headcount is approximately 81 employees based in Richmond, Virginia, and the State Treasurer — David L. Richardson — serves as chair of the Virginia Treasury Board and as a member of nine other authorities including the Virginia Port Authority, Virginia Resources Authority, and Virginia Housing Development Authority.

Name

Virginia Department of the Treasury

Legal name

Virginia Department of the Treasury

Website

https://trs.virginia.gov

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

The Virginia Department of the Treasury is a state government agency that serves as steward of Virginia's financial resources, providing centralized banking, investment, debt issuance, risk management, and unclaimed property services to state agencies, local governments, and educational institutions.

Ownership category

akta.pro rank

Product category

State Government Financial Management Services

NAICS

Public Finance Activities (921130), Public Finance Activities (92113)

SIC

Finance Services (6199)

akta.pro primary industry

State/Provincial Treasury, Budget & Fiscal Management (BPAIABAC)

akta.pro secondary industries

Treasury & Cash Management (BPAIAEAB), Treasury & Liquidity Operations (Cash Positioning, Funding, Collateral Ops) (FSABALAH), Finance, Budgeting & Treasury Administration (EDADAKAF), Municipal Tax & Revenue Administration (Local) (BPAIACAD)

Keywords

• Public funds management
• State treasury services
• Investment pool management
• Public sector financing
• Risk management programs

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Pricing tiers

Distribution channels4 records

Marketing channels3 records

Core offering

The Virginia Department of the Treasury serves as the financial steward of the Commonwealth, providing centralized statewide banking, investment, financing, unclaimed property administration, and insurance/risk management services to Virginia's state agencies, constitutional officers, political subdivisions, and educational institutions. It manages the Local Government Investment Pool (LGIP), issues and administers general obligation and pooled bonds, and operates the Division of Risk Management (DRM) for liability and property coverage.

Product overview

The Virginia Department of the Treasury is a state government agency providing financial management services through multiple divisions. The agency offers a portfolio of distinct products and programs organized around six service areas: General Management, Debt Management, Risk Management, Operations, Cash Management and Investments, and Unclaimed Property. Key products include the LGIP and LGIP EM investment pools for public funds, Origami risk management information system, VaRISK/VaRISK 2 liability self-insurance plans, CarCare/LeaseCare automobile coverage programs, MELP/VELP equipment and energy leasing programs, unclaimed property search services, and SPDA administration. The Bond Finance division manages general obligation bonds, private activity bonds, and programs for various authorities including VPSA pooled and stand-alone bond programs. The agency also provides employee benefits administration and statewide check processing services.

Differentiator

Problem solved

Functional benefit

Products and services

• Local Government Investment Pool (LGIP) Investment pool designed to meet participants' daily operational cash management needs for Virginia public funds. Rated 'AAAm' by Standard & Poor's with investment objectives of safety, liquidity, and return.
• LGIP EM (Extended Maturity) Extended maturity investment portfolio designed for longer-term investment needs of Virginia public entities. Holds high quality fixed income securities with maximum maturity of five years and expected weighted average maturity of one year.
• Origami Risk Management Information System Web-based risk management information system providing real-time claim data, loss control information, and entity-specific features through a secure portal. Includes VAPS for maintaining insurance values for state-owned buildings and their contents.
• VaRISK 2 Voluntary comprehensive liability self-insurance plan for Virginia's cities, towns, counties, public schools, districts, commissions, boards, and authorities. Provides coverage for tort liability, law enforcement liability, public officials liability, and medical malpractice.
• CarCare Voluntary automobile physical damage program for state agency-owned vehicles and state-owned vehicles on long-term lease from the centralized fleet. Provides comprehensive and collision coverage similar to commercial automobile insurance policies.
• LeaseCare Optional automobile physical damage program for commercially leased vehicles used on official state business. Provides comprehensive and collision coverage similar to commercial automobile insurance policies.
• Unclaimed Property Search Online search tool allowing citizens to find unclaimed property held by the Commonwealth of Virginia. Accessible through vamoneysearch.gov.
• Master Equipment Leasing Program (MELP) Program for lease financing of personal property by state agencies and institutions. Provides financing over 3, 5, 7, and 10-year terms through a Master Lease Agreement with financing companies.
• Virginia Energy Leasing Program (VELP) Program enabling Commonwealth agencies to obtain financing for energy efficiency improvements through 12 and 15-year lease terms.
• Security for Public Deposits Act (SPDA) System System administered by Treasury Board protecting Virginia public deposits held in banking and savings institutions through collateralization of securities. Includes online account search and verification features for public officials.
• General Obligation Bonds Bonds secured by pledge of full faith and credit of the Commonwealth, rated AAA/Aaa/AAA by Fitch, Moody's, and Standard and Poor's respectively.
• Private Activity Bonds Bonds defined under IRC §141 for private business users or private loans exceeding specified thresholds.
• VPSA Pooled Bond Program Program where VPSA issues bonds to purchase general obligation school bonds from localities to finance capital projects for public schools. Rated AA+/Aa1/AA+ by Fitch, Moody's, and S&P.
• VPSA Stand Alone Bond Program Special obligation school financing bonds secured by general obligation school bonds of individual counties or cities.
• Arbitrage Rebate Calculation Services Optional statewide contract for arbitrage rebate calculation services, currently awarded to Bingham Arbitrage Rebate Services, Inc., effective May 1, 2023.

Quantifiable outcome

• Virginia GO Bonds maintain highest ratings (AAA/Aaa/AAA) from all three rating agencies
• +2 more outcomes

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Twelve partnerships are on record, tiered supporting, core and major.

• Bingham Arbitrage Rebate Services, Inc.supportingTechnology or Integration · 1 May 2023Contract awarded for Optional Statewide Contract for Arbitrage Rebate Calculation Services. Contract #CTR013276 effective May 1, 2023. Located at 1506 West Main Street, Richmond, VA 23220.
• Virginia Treasury BoardcoreOthersThe Treasury Board is a key governance body staffed by Treasury. The Board sets investment policies for LGIP and LGIP EM portfolios, approves credit purchases for state agencies, and provides oversight of various financial programs. The State Treasurer serves as Chair of the Virginia Treasury Board.
• Virginia College Building Authority (VCBA)coreOthersVCBA provides financing for capital projects and educational equipment for state institutions of higher education and conduit financing for private nonprofit institutions. Treasury provides staff support for VCBA operations.
• Virginia Public Building Authority (VPBA)coreOthersVPBA provides financing for State projects, facilities and obligations including Commonwealth's share of jail and juvenile detention project costs. Treasury provides staff support for VPBA operations.
• Virginia Public School Authority (VPSA)coreOthersVPSA operates financing programs for public primary and secondary education providing market access, low cost financing, and maintaining high credit quality. Treasury provides staff support for VPSA operations.
• Virginia Port AuthoritymajorOthersThe State Treasurer serves as a member of the Virginia Port Authority board. This is one of nine boards on which the Treasurer serves.
• Virginia Resources AuthoritymajorOthersThe State Treasurer serves as a member of the Virginia Resources Authority board.
• Virginia Housing Development AuthoritymajorOthersThe State Treasurer serves as a member of the Virginia Housing Development Authority board.
• Virginia Railway ExpresssupportingOthersDRM administers the Virginia Railway Express commuter railroad's insurance program.
• George Washington Regional Commission (GWRC)supportingStrategic or Co-development PartnerAdVANtage is a collaborative effort between GWRC, the Virginia Department of Rail and Public Transportation, and DRM. This self-insurance program provides liability and automobile physical damage protection for vanpool owner-operators placed for coverage by or through GWRC.
• Marsh and McClellansupportingOthersContact: Robin Johnson at Marsh and MMA for property certificates of insurance for state-owned or leased property coverage.
• Bank of AmericasupportingOthersBank of America serves as the bank for LGIP wire transfers (100 N Tryon St, Charlotte, NC). Treasury administers the state's banking network including management of public deposits.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Pennsylvania Treasury Department: Pennsylvania's state treasurer oversees the INVEST program (a local-government investment pool), unclaimed property, and 529 college savings — directly comparable to Virginia's LGIP, escheatment, and VPSA programs.
• Texas Treasury Safekeeping Trust Company: Texas's state treasury vehicle invests and manages state funds, including the Texas Treasury Pool, performing essentially the same investment-pool and cash-management functions as Virginia Treasury's LGIP.
• California State Treasurer's Office: California's state treasurer performs an analogous statewide stewardship role — issuing GO bonds, managing investment pools, and administering unclaimed property — making it the closest functional peer to the Virginia Department of the Treasury at a larger scale.
• Florida Department of Financial Services: Florida's combined CFO/treasury function administers the Florida PRIME investment pool, unclaimed property, and state risk management — directly analogous to Virginia Treasury's six service divisions.
• Ohio Treasurer of State: Ohio's state treasurer runs the STAR Ohio local-government investment pool, manages unclaimed funds, and serves on statewide bond authorities — directly analogous to Virginia Treasury's LGIP, unclaimed property, and bond-finance operations.
• Illinois State Treasurer's Office: Illinois's state treasurer operates the Illinois Funds Local Government Investment Pool, manages unclaimed property, and administers 529 programs — a structurally similar statewide treasury function.
• Massachusetts State Treasurer and Receiver General: Massachusetts's state treasurer manages the state's investment portfolio, unclaimed property, and ABLE/college-savings programs — performing the same centralized public-finance stewardship role as Virginia Treasury.
• New York State Comptroller: Manages the New York State Common Retirement Fund and oversees statewide accounting, bond issuance, and local-government finance oversight — a directly comparable statewide treasury/cash management function.

Others

• Government Finance Officers Association (GFOA): National membership association for state and local finance officers, including treasurers and debt managers — adjacent ecosystem participant that sets best-practice standards and training relevant to Treasury's operations.
• Bank of America (Public Finance / Government Banking): Named banking partner for LGIP wire transfers and a major underwriter of state and municipal government debt — adjacent infrastructure provider that supports Treasury's investment-pool and bond-issuance operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/virginia-department-of-the-treasury

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Virginia Department of the Treasury