Answer: The project missed monthly deposits totaling $7,378 to the replacement reserve.
Trend: The required monthly deposit is $3,689, indicating a consistent failure to meet this obligation.
List: Follow up by ensuring future deposits are made on time and review the reasons for the missed payments.
Finding Text
During the year ended June 30, 2023, the project did not make the required monthly deposits
to the replacement reserve in the amount of $7,378. The project is required to make monthly
deposits to the reserve in the amount of $3,689.