Answer: Monthly deposits to the replacement reserve are short by $2,415.
Trend: This deficiency indicates a potential ongoing issue with funding levels.
List: Follow up by reviewing deposit schedules and adjusting future contributions to meet requirements.
Finding Text
Required monthly deposits to the replacement reserve are deficient in the amount of $2,415.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficiency was funded on August 17, 2023 in the amount of $2,415. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.