Answer: Monthly deposits to the replacement reserve are short by $3,400.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
List: Recommend reviewing deposit schedules and adjusting future contributions to meet requirements.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $3,400.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficiency was funded July 19, 2024, in the amount of $3,400. Management will ensure the replacement reserve deposits are made on a timely basis in the future.