Issue: The deposit amount was supposed to increase but remained the same in May and June.
Requirement: Ensure that the updated deposit amount of $1,261.91 is applied starting May 1, 2024.
Follow-up: Review the deposit process to prevent future discrepancies and confirm the correct amount is being deposited.
Finding Text
While testing the reploacement reverse deposits we noted that effective May 1, 2024, the deposit amount increased from $1,154.54 to $1,261.91; however, the amount deposited in May and June was still $1,154.54.
Corrective Action Plan
The property manager is responsible for providing any changes in reserve deposits to PNC Bank. This will be reviewed by the CFO to ensure the correct amount of reserve deposits is paid into the reserve.