SCRA Announces True and Fair 2014 Audit Results
Financial Statements Receive Highest Marks for 31st Consecutive Year
Columbia, SC - SCRA today announced results from their Fiscal Year (FY) 2014 annual public audit. SCRA received an unmodified opinion for the 31st consecutive year 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 continues to perform at record levels, achieving high growth that benefits both our clients and our public mission," stated SCRA CFO Julia Martin. "We are committed to excellence and are pleased to confirm record audited revenues of over $284 million for FY14."
An unmodified 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 on September 25, 2014. The audit report also did not identify any internal control deficiencies, significant deficiencies or material weaknesses during the course of the audit. Additionally, the audit firm did not have any written recommendations for management with respect to matters related to the 2014 consolidated financial statements.
"As SCRA continues its mission to bring the highest quality technology to clients and South Carolina's Knowledge Economy, we also remain committed to only the highest standards of business practices," said SCRA CEO Bill Mahoney. "I am delighted to report that for 31 consecutive years, SCRA has never received anything other than the top ratings in audit and compliance examinations. 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 FY14 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 an applied research corporation with over 30 years of experience delivering technology solutions with high returns on investment to federal and corporate clients. To fulfill our mission, SCRA has three sectors: Our Technology Ventures sector has helped over 300 early-stage companies to commercialize innovations and create jobs, our Applied R&D sector manages over 100 national and international programs worth nearly $2.8 billion in contract value and our R&D Facilities sector builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced, high-tech manufacturing shops. Multiple economic impact studies show SCRA's cumulative output into South Carolina's economy to be over $16.6 billion.