Answer: Monthly deposits to the replacement reserve are short by $15,000.
Trend: This deficiency indicates a consistent underfunding issue that could impact future reserve availability.
List: Recommend reviewing funding strategies and adjusting future deposits to meet required levels.
Finding Text
Required monthly deposits to the replacment reserve are deficient in the amount of $15,000.
Corrective Action Plan
MANAGEMENT AGREES WITH THE FINDING. MANAGEMENT IS WORKING WITH HUD TO RESOLVE PAST DUE DEPOSITS. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.