Answer: Monthly deposits to the replacement reserve are short by $110,592.
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 required amounts.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $110,592
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficiency will be funded in the amount of $110,592. Management will ensure the replacement reserve deposits are made on a timely basis in the future.