Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Mercy Flight, Inc. under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Mercy Flight, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mercy Flight, Inc. The following notes were identified on the Schedule: (a) Includes all federal award programs of Mercy Flight, Inc. (b) Source: SAM.gov Assistance Listings. (c) Prepared under accounting principles generally accepted in the United States of America (“GAAP”) and includes all federal award programs. (d) A reconciliation to the financial statements is available. (e) No indirect cost reimbursement was received under Assistance Listing Number 10.766. (f) There were no funds passed through to sub-recipients during the year ended June 30, 2024.
Expenditures and outstanding loan balances reported on the Schedule are reported on the accrual basis of accounting. 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.
Mercy Flight, Inc. has defaulted to the de minimis indirect cost rate of 10% under the Uniform Guidance. No such indirect costs were submitted under federal expenditures for the year ended June 30, 2024.
The federal loan program listed in the schedule of expenditures of federal awards is administered by the USDA, and balances and transactions relating to the program are included in Mercy Flight, Inc.’s financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule of expenditures of federal awards. The balance of community facilities loans and grants outstanding totaled $12,542,099 as of June 30, 2024.