Answer: Monthly deposits to the replacement reserve are short by $40,097.
Trend: This deficiency indicates a pattern of underfunding that could impact future maintenance and repairs.
List: Follow up by reviewing funding strategies and adjusting future deposit plans to meet required amounts.
Finding Text
REQUIRED MONTHLY DEPOSITS TO THE REPLACEMENT RESERVE ARE DEFICIENT IN THE AMOUNT OF $40,097.
Corrective Action Plan
MANAGEMENT AGREES WITH THE FINDING. THE REPLACEMENT RESERVE DEFICIENCY WILL BE FUNDED IN THE AMOUNT OF $40,097. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE DEPOSITS ARE MADE ON A TIMELY BASIS IN THE FUTURE.`