S.C. Code Ann. § 13-1-20

The Department of Commerce shall conduct an adequate statewide program for the stimulation of economic activity to develop the potentialities of the State; manage the business and affairs of the Savannah Valley Development; develop the state public railway system for the efficient and economical movement of freight, goods, and other merchandise; and enhance the economic growth and development of the State through strategic planning and coordinating activities. SECTION 13-1-25. Public monies defined; accountability and disclosure requirements; reporting requirements. (A) The monies constituting a fund of any kind used by the department in carrying out a purpose described in Section 13-1-20 are public monies, notwithstanding their public or private source, and must be treated like public monies for all purposes. These monies are subject to all accountability requirements governing public monies, including compliance with the South Carolina Consolidated Procurement Code, unless exempt by formal approval of the State Fiscal Accountability Authority. These monies are also subject to all disclosure requirements governing public monies, unless exempt by Section 30-4-40. (B) In addition to all other required audits, reviews, and reports, by January first of each year the director must submit to the Governor, the President of the Senate, the Speaker of the House of Representatives, the members of the Senate Finance Committee, and the members of the House Ways and Means Committee a detailed written report of all expenditures for each fund during the previous calendar year. This report must include an explanation of the specific purpose of each expenditure including recreational or entertainment purposes. Expenditures made pursuant to negotiations with an industry or business and which are ongoing as of December thirty-first of the previous year may be excluded from that calendar year's report and reported the following January or January of the year following public announcement by the company. Effect of Amendment 2019 Act No. 1, SECTION 48, in (B), in the first sentence, substituted "January first" for "January 1" and "President of the Senate" for "President Pro Tempore of the Senate", and in the third sentence, substituted "December thirty-first" for "December 31".