SCRA Announces Public Audit Results for Fiscal Year 2011
January 3, 2012
Financial Statements Deemed True and Fair for 28th Year
COLUMBIA, SC – January 3, 2011 – SCRA, a global leader in AppliedResearch and Commercialization, today announced results from theirFiscal Year 2011 annual public audit. SCRA received an unqualifiedopinion for the 28th consecutive year on its financial report ofconsolidated operations, which includes its affiliates ATI and SCLaunch, Inc. The opinion was rendered by BDO USA, LLP, a nationallyrecognized public audit firm and independent member of BDOInternational.
An unqualified opinion is an assertion of the independent auditor’sjudgment that a company’s financial statements are fairly presented, inall material respects, in conformity with generally accepted accountingprinciples. SCRA’s board received this assurance and also that nointernal control deficiencies, significant deficiencies or materialweaknesses were identified in the course of the audit. Additionally,the audit firm did not have any written recommendations for managementwith respect to matters related to the 2011 consolidated financialstatements.
SCRA continues to meet and exceed our strategic objectives of ongoingbusiness growth and sustained re-investment in both our clients and ourpublic mission, stated SCRA CFO Julia Martin. We are pleased to reportrecord audited revenues of over $195 million for FY11. The favorableaudit conclusions demonstrate SCRA’s commitment to transparency andaccountability.
SCRA continues to diligently record and manage our financial statements,” said SCRA CEO Bill Mahoney (pictured left).“We currently manage over $1.5 billion in federal and corporate appliedR&D contracts and have successfully completed all 34 legislativemandates as outlined in The SC Innovation Centers Act of 2005 and The SCIndustry Partners Act of 2006. We continue to invest in emergingSC-based technology companies through our SC Launch Program. I amdelighted to report that in our 28 years, we have never receivedanything other than the highest ratings in audit and complianceexaminations.”
The SCRA FY2011 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 SCRAFederal contracts is regularly posted at publicly accessible websitessuch 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.
