Finding 968564 (2023-001)

Corrective Action Started or in Progress Finding No. 2023-1 Statement of Condition As of December 31, 2023, the replacement reserve cash account is underfunded. Criteria The terms of the regulatory Agreement require that the replacement reserve cash account meet or exceed the required deposits of $4,417. Cause An administrative oversight in the funding of the replacement reserve cash account caused the deficiency. Questioned Costs $368 Effect The replacement reserve cash account was underfunded and therefore considered to be questioned costs. Auditor Noncompliance Code N – Reserve for Replacement Deposits Recommendations Management should deposit $368, into the replacement reserve cash account to cover the deficiency. Views of Responsible Officials Management agrees with the findings and will deposit the required amount into the security deposit cash account.