Issue: The replacement reserve loan was not repaid on time.
Trend: This delay may indicate a pattern of financial management issues.
Follow-up: Review repayment processes and establish stricter timelines to prevent future delays.
Finding Text
Replacement reserve loan was not repaid in the required time frame.
Corrective Action Plan
Management Agrees with the findings. The managing agent has begun to repay the loan by depositing an extra $10,000 into the account. Management will continue to deposit an additional monthly amount of $5,00 until the loan is paid back.