Answer: Monthly deposits to the replacement reserve are short by $1,615.
Trend: This deficiency indicates a consistent issue with funding the reserve.
List: Recommend 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 $1,615.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficiency was funded on June 7, 2023 in the amount of $1,615. Management will ensure that the replacement reserve deposits are made on a timely basis in the future