Answer: Monthly deposits to the replacement reserve are short by $5,513.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
List: Recommend reviewing deposit schedules and adjusting contributions to meet required amounts.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $5,513.
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 ONE A TIMELY BASIS IN THE FUTURE.