Answer: Monthly deposits to the replacement reserve are short by $41,740.
Trend: This deficiency indicates a consistent issue with funding the reserve.
List: Follow up on strategies to address the shortfall and ensure future compliance with deposit requirements.
Finding Text
Required monthly deposits to the replacement reserve are deficient in the amount of $41,740.
Corrective Action Plan
Management Agrees with the findings. The replacement reserve deficiency will be funded in the amount of $41,740. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.