Core Issue: The security deposit account balance is below the required obligation.
Impacted Requirement: Compliance with the regulatory agreement regarding security deposit balances.
Recommended Follow-Up: Increase the account balance to meet the security deposit obligation.
Finding Text
The regulatory agreement requires that the balance in the security deposit account cannot be less than the security deposit obligation.
Corrective Action Plan
Management agrees with the finding. The security deposit deficiency will be funded in the amount of $8,067. Management will ensure that the security deposits are properly funded in the future.