Answer: A management company change occurred, leading to a lack of awareness about specific requirements.
Trend: This oversight highlights potential gaps in communication during management transitions.
List: Follow up by ensuring all management companies receive comprehensive training on requirements during transitions.
Finding Text
There was a change in management companies during the year. The new management company was unaware of the requirement.
Corrective Action Plan
New management has taken over and will make the delinquent deposit to the replacement reserve of $4,820 and establish transfers for the monthly deposit amount.