Answer: Management acknowledges the issue regarding the replacement reserve deficiency.
Trend: A commitment has been made to fund the deficiency with $59.
List: Future deposits to the replacement reserve will be made on time.
Finding Text
Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $59. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.
Corrective Action Plan
The regulatory agreement (as amended) requires monthly deposits of $2,526.