Answer: Monthly deposits to the replacement reserve are short by $84,416.
Trend: This deficiency indicates a potential risk in funding future maintenance and repairs.
List: Review deposit schedules, adjust future contributions, and ensure compliance with funding requirements.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $84,416.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $84,416. Management will ensure the replacement reserve deposits are made on a timely basis in the future.