Answer: Monthly deposits to the replacement reserve are short by $2,400.
Trend: This deficiency indicates a pattern of underfunding that could impact future reserve availability.
List: Recommend reviewing funding strategies and adjusting future deposits to meet requirements.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $2,400.
Corrective Action Plan
MANAGEMENT AGREES WITH THE FINDING. THE REPLACEMENT RESERVE DEFICIENCY WILL BE FUNDING IN THE AMOUNT OF $2,400. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.