Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes all federal
grant activity for First Light, Inc. (the "Organization") under programs of the federal government
for the year ended June 30, 2024. The information in this schedule is presented as required by
Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements ,
Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Because the
Schedule presents only a selected portion of the operations of the Organization, it is not intended
to and does not present the financial position, changes in net position, or cash flows of the
Organization. Expenditures reported in the Schedule are reported on the accrual basis of accounting, which is
consistent with generally accepted accounting principles. Such expenditures are recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Award identifying numbers are
presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the de minimis indirect cost rate to recover indirect costs, as
allowed under the Uniform Guidance.