Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federalaward activity of Town of Ramapo Housing Authority under programs of the federal government for theyear ended December 31, 2025. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Becausethe Schedule presents only a selected portion of the operations of Town of Ramapo Housing Authority, itis not intended to and does not present the financial position, changes in net position, or cash flows of Town of Ramapo Housing Authority.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Authority has elected not to use the 15 percent de minimis cost rate as allowed under the Uniform Guidance.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value and is covered by the Authority's casualty insurance policies.
The expenditures presented in the Schedule of Expenditures of Federal Awards reconcile to the federal aid reported in the Statement of Revenues, Expenses, and Changes in Net Position as follows: 2025 Federal Expenditures as Reported in the SEFA: $ 18,578,732 Reconciling Items: None Federal aid as reported in the Statement of Revenues, Expenses and Changes in Net Position, as Government Operating Grants $ 18,578,732