Answer: Monthly deposits to the replacement reserve are short by $9,000.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
List: Recommend reviewing deposit schedules and adjusting future contributions to meet requirements.
Finding Text
Required monthly deposits to the replacement reserve are deficient in the amount of $9,000.
Corrective Action Plan
Management agrees with the finding. Management will continue to make extra deposits to resolve the replacement reserve deficiency. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.