Answer: Monthly deposits to the replacement reserve are short by $6,000.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
List: Follow up by reviewing deposit schedules and adjusting future contributions to meet requirements.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $6,000.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficency will be funded in the amount of $6,000. Management will ensure that the replacement resreve deposits are made on a timely basis in the future.