Core Issue: No deposits have been made to the reserve for replacements, totaling $1,655 as of December 31, 2023.
Impacted Requirements: This lack of deposits may violate financial management policies regarding reserve funding.
Recommended Follow-Up: Review the funding process and ensure timely deposits to meet compliance and financial stability.
Finding Text
Condition/Context At December 31, 2023, deposits to the reserve for replacements account in a cumulative amount of $1,655 have not been made.
Corrective Action Plan
Management should transfer excess funds from the operating account to the reserve for replacements account and continue to work toward bringing the delinquent accounts current.