Issue: As of December 31, 2024, there are no deposits made to the reserve for replacements, totaling $828.
Trend: This lack of deposits indicates a potential ongoing issue with funding the reserve, which may affect future replacement needs.
Recommendation: Follow up to ensure timely deposits are made to the reserve to meet future obligations.
Finding Text
Condition/Context At December 31, 2024, deposits to the reserve for replacements account in a cumulative amount of $828 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.