Answer: The Organization failed to meet its monthly deposit obligations for the reserve for replacement account.
Trend: Only three deposits were made, totaling $1,731, which is significantly below the required amount.
List: Follow up to ensure the missing $5,193 is deposited and implement a system to track future deposits.
Finding Text
The Organization did not make the required monthly deposits into its reserve for replacement account. Only three deposits were made during the year totaling $1,731 resulting in a shortage of funds deposited of $5,193.
Corrective Action Plan
Management should insure the required monthly deposits into the reserve for replacement account are made in a timely manner.