Answer: Monthly deposits to the replacement reserve are short by $93.
Trend: This deficiency indicates a potential ongoing issue with funding the reserve.
List: Follow up to ensure future deposits meet required amounts and assess the impact on reserve adequacy.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $93.
Corrective Action Plan
MANAGEMENT AGREES WITH THE FINDING. THE REPLACEMENT RESERVE DEFICIENCY WILL BE FUNDED IN THE AMOUNT OF $93. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.`