Core Issue: Monthly deposits to the replacement reserve are short by $7,200.
Impacted Requirements: This deficiency affects compliance with financial reserve policies.
Recommended Follow-Up: Review and adjust deposit schedules to ensure full compliance moving forward.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $7,200.
Corrective Action Plan
MANAGEMENT AGREES WITH THE FINDING. THE REPLACEMENT RESERVE DEFICIENCY WILL BE FUNDING IN THE AMOUNT OF $7,200. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.