Finding Text
2022-1 Deposits to Reserve for Replacement Account
Condition: Two monthly payments into the Reserve for Replacement Account were not
made, as required by the Regulatory Agreement.
Criteria: The regulatory agreement requires that monthly deposits be made to the reserve
for replacement account.
Effect: Sufficient funds would not be set aside for replacement expenditures.
Recommendation: The missing monthly payments of $3,347 and $3,481 should be
deposited into the Reserve for Replacement Account immediately.
Response: We concur with the recommendation. Both payments have been made as of
March 31, 2023.