Answer: Monthly deposits to the replacement reserve are short by $2,414.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
List: Review deposit schedules, adjust future contributions, and ensure compliance with funding requirements.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $2,414.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficieny will be funded in the amount of $2,414. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.