Answer: Monthly deposits to the replacement reserve are short by $700.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve adequately.
List: Follow up by reviewing deposit schedules and adjusting future contributions to meet requirements.
Finding Text
Required monthly deposits to the replacemente resereve are deficient in the amount of $700.
Corrective Action Plan
Management Agrees with the finding. The replacement reserve deficiency will be funded in the amount of $700. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.