Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes all federalgrant activity for First Light, Inc. (the "Organization") under programs of the federal governmentfor the year ended June 30, 2022. The information in this schedule is presented as required byTitle 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 theSchedule presents only a selected portion of the operations of the Organization, it is not intendedto and does not present the financial position, changes in net position, or cash flows of theOrganization. Expenditures reported in the Schedule are reported on the accrual basis of accounting, which isconsistent with generally accepted accounting principles. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Award identifying numbers arepresented where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.