Answer: Monthly deposits to the replacement reserve are short by $2,196.
Trend: This deficiency indicates a consistent failure to meet required funding levels.
List: Follow up by reviewing funding practices and adjusting future deposits to meet requirements.
Finding Text
Required monthly deposits to the replacment reserve are deficient in the amount of $2,196.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $2,196. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.