Answer: Monthly deposits to the replacement reserve are short by $51,188.
Trend: This deficiency indicates a consistent issue with funding the reserve.
List: Recommend reviewing funding procedures and adjusting future deposits to meet requirements.
Finding Text
Required monthly deposits to the replacement reserve are deficient in the amount of $51,188.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $51,188. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.