SCRA announces true and fair 2015 audit results

COLUMBIA, SC – SCRA today announced results from its Fiscal Year (FY) 2015 annual public audit. For the 32^nd consecutive year, SCRA received an unmodified opinion on its financial report of consolidated operations. The opinion was rendered by BDO USA, LLP, a nationally recognized public audit firm and independent member of BDO International.

“SCRA ended its best year yet, breaking prior records and achieving high growth benefiting both our clients and our public mission,” said SCRA CFO Julia Martin. “We are committed to excellence and are pleased to confirm record audited revenues of over $399 million for the Fiscal Year.”

An unmodified opinion is an auditor-expressed opinion that financial statements are presented, in all material respects, in accordance with generally accepted accounting principles. These results were presented to SCRA’s board on September 16, 2015. The audit report also stated that no internal control deficiencies, significant recording deficiencies or material weaknesses were identified in the course of the audit. Additionally, the audit firm did not have any written recommendations for management with respect to matters related to the 2015 consolidated financial statements.

“I am delighted to report that throughout its 32 year history, SCRA has continually received only the top ratings in audit and compliance examinations,” said SCRA CEO Bill Mahoney. “SCRA not only strives to meet and exceed our strategic goals in our operations, but also adheres to strict compliance and transparency in recording and reporting on our operations.”

The SCRA FY15 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.

http://www.scra.org/

SCRA is a self-sustaining non-profit applied R&D company that grows the technology-based economy in South Carolina by commercializing intellectual property and supporting and making investments in early-stage companies. Multiple economic impact studies show our cumulative output into South Carolina’s economy to be over $18.1 billion since 1983, creating approximately 15,000 technology-related jobs with annual wages averaging between $55,000 and $79,000.