Answer: Management missed funding 6 monthly deposits to the replacement reserve.
Trend: This indicates a potential pattern of underfunding reserves, which could impact future maintenance and repairs.
List: Follow up by reviewing funding practices, ensuring compliance with reserve requirements, and addressing the $29,952 shortfall.
Finding Text
Management did not fund 6 monthly deposits to the replacement reserve amounting to $29,952.
Corrective Action Plan
Management is in agreement with the finding, and will make required deposits to the replacement reserve. Management will be more diligent about ensuring the accuracy of replacement reserve deposits in the future.