FOR IMMEDIATE RELEASE January 3, 2012
For more information please contact: SCRA Micki Howard 843.760.3329 office 843.697.9226 mobile micki.howard@scra.org
SCRA Announced Public Audit Results for Fiscal Year 2011 Financial Statements Deemed True and Fair for 28th Year
Columbia, SC - January 3, 2012 - SCRA, a global leader in Applied Research and Commercialization, today announced results from their Fiscal Year 2011 annual public audit. SCRA received an unqualified opinion for the 28th consecutive year 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 unqualified opinion is an assertion of the independent auditor's judgment that a company's financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles. SCRA's board received this assurance and also that no internal control deficiencies, significant 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 2011 consolidated financial statements.
"SCRA continues to meet and exceed our strategic objectives of ongoing business growth and sustained re-investment in both our clients and our public mission," stated SCRA CFO Julia Martin. "We are pleased to report record audited revenues of over $195 million for FY11. The favorable audit conclusions demonstrate SCRA's commitment to transparency and accountability.
"SCRA continues to diligently record and manage our financial statements," said SCRA CEO Bill Mahoney. "We currently manage over $1.5 billion in federal and corporate applied R&D contracts and have successfully completed all 34 legislative mandates as outlined in The SC Innovation Centers Act of 2005 and The SC Industry Partners Act of 2006. We continue to invest in emerging SC-based technology companies through our SC Launch Program. I am delighted to report that in our 28 years, we have never received anything other than the highest ratings in audit and compliance examinations."
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 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.
About SCRA http://www.scra.org
SCRA is an applied research company with over 28 years of experience in delivering technology solutions with high returns on investment to federal and corporate clients. Our Applied R&D affiliate manages over 100 national and international programs worth over $1.5 billion in contract value, and our technology-based economic development affiliate helps early-stage companies to commercialize innovations and create jobs. In support of our mission, SCRA builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced high-tech manufacturing shops.