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SCRA Reports Public Audit Results

Submitted by: Ashley Hannah on Oct 26, 2010 at 2:36 pm Tagged with: Knowledge Economy Source: SCRA

CHARLESTON, SC – OCTOBER 26, 2010 – SCRA, a South Carolina-based global leader in Applied Research and Commercialization, announced today the results from its Federal-and State-mandated annual public audit for FY2010. For the 27th consecutive year, SCRA has received an unqualified opinion on its financial report of consolidated operations, which includes its affiliates ATI and SC Launch!, Inc. The opinion was rendered by BDO USA, LLP, a nationally recognized public audit firm and independent member of BDO International. An outcome of the annual audit process is a level of assurance related to the information presented in SCRA’s financial statements and the representation of the financial condition of SCRA as reflected in the statements. SCRA’s annual compliance audit activities have also been substantially completed for FY 2010 and SCRA believes it will receive an unqualified opinion related to its compliance audits.

"SCRA continues to achieve our strategic objectives of ongoing business growth and sustained re-investment in both our clients and our public mission," stated SCRA CFO Julia Martin. "The company was pleased to report record audited revenues of over $172M this past year. I consider the favorable audit conclusions to be a testament to the transparency and accountability of the entire company."

The FY2010 public audit report is only one of the numerous external inspections SCRA and its affiliates support each year. Per Federal requirements, SCRA is regularly audited by the US Department of Defense's Defense Contract Audit Agency (DCAA) and Defense Security Service (DSS). As a non-profit company and Federal contractor, SCRA is annually obliged to file Form 990 and A-133 reports with the Federal government. Further, because of the size of SCRA operations, its Human Resources practices include annual reports to the Equal Employment Opportunity Commission (EEOC) which are subject to audit. On the state level, SCRA is statutorily required to file annual reports with the Legislature on both the overall Company and the SC Launch Program, as well as to provide the Legislature an annual public audit report.

The SCRA FY2010 public audit report from BDO, USA, LLP, which includes the complete audit opinion, is available online at www.scra.org. Annual reports are also available online. Information about SCRA Federal contracts is regularly posted at publicly accessible websites such as www.USASpending.gov and www.fpds.gov. SCRA financial information, including IRS Form 990 submissions, is available at www.guidestar.com, a public access website carrying information about non-profit companies.

SCRA is a self-supporting, non-stock, tax-exempt applied research and commercialization services corporation. SCRA delivers innovative technologies to Federal and Corporate clients through domain expertise, process competency, and flexible business models. The company is also responsible for leading economic development efforts of South Carolina's Knowledge Economy, but neither receives, nor seeks, annual tax appropriations from the State. SCRA programs have garnered regional, national, and international awards and recognition for technology-based economic development and entrepreneurship. According to a recent University of South Carolina Moore School of Business measurement, during its 27 years of operation SCRA has made a cumulative economic contribution to South Carolina of over $13B.

SCRA CEO Bill Mahoney stated, "SCRA has a strong history of management care and diligence. We are currently responsible for over $1.4B worth of Federal and Corporate applied R&D contracts. We are completing the last of three state-mandated, SCRA-funded Innovation Center facilities. And we are investing in emerging SC-based technology companies through our SC Launch Program. We take our fiduciary duties very seriously, and in 27 years, have never received other than the highest ratings in audit and compliance examinations. We believe the results of our FY 2010 audit, as well as past audits and other various external inspections reflect SCRA’s commitment to meet and exceed Federal and State obligations for transparency, accountability, and operational excellence in our company."