Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Period Ended January 31, 2003

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
January 31, 2003

Assets

			As of				As of										
			Jan. 31, 2003				Jan. 31, 2002				Change				Pct		

	Current Assets
	CASH IN BANK-CHECKING	$		1,864.80	$		1,370.63	$		494.17			36	
	CASH IN BANK-SAVINGS			5,391.79			2,539.19			2,852.60			112	
	ACCOUNTS RECEIVABLE-DUES			32.00			160.00			(128.00)			(80	)	
	PREPAID INSURANCE			0.00			2,238.33			(2,238.33)			(100	)	

	Total Current Assets	$		7,288.59	$		6,308.15	$		980.44			16	

	Total Assets	$		7,288.59	$		6,308.15	$		980.44			16	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
January 31, 2003

Liabilities and Equity

			As of				As of										
			Jan. 31, 2003				Jan. 31, 2002				Change				Pct		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			5,303.00			2,520.00			2,783.00			110	

	Total Current Liabilities	$		5,963.00	$		3,180.00	$		2,783.00			88	

	Equity
	RETAINED EARNINGS			2,030.32			3,662.81			(1,632.49)			(45	)	
	Current Income (Loss)			(704.73)			(534.66)			(170.07)			32	

	Total Equity			1,325.59			3,128.15			(1,802.56)			(58	)	

	Total Liabilities & Equi	$		7,288.59	$		6,308.15	$		980.44			16	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Period Ended January 31, 2003

			1 Month Ended				Prior Year												1 Month Ended				Prior Year										
			Jan. 31, 2003				Period				Variance				Pct				Jan. 31, 2003				Period				Variance				Pct		

	Revenue
	INCOME-DUES	$		1,460.00	$		1,430.00	$		30.00			2	$		1,460.00	$		1,430.00	$		30.00			2	
	INCOME-RESERVE			300.00			330.00			(30.00)			(9	)			300.00			330.00			(30.00)			(9	)	
	INCOME-INTEREST			0.00			3.95			(3.95)			(100	)			0.00			3.95			(3.95)			(100	)	

	Total Revenue			1,760.00			1,763.95			(3.95)			(0	)			1,760.00			1,763.95			(3.95)			(0	)	

	Operating Expenses
	BOOKKEEPING			100.00			100.00			0.00			0			100.00			100.00			0.00			0	
	CABLE TV			270.66			255.19			15.47			6			270.66			255.19			15.47			6	
	OFFICE EXPENSES			0.00			6.00			(6.00)			(100	)			0.00			6.00			(6.00)			(100	)	
	REPAIRS & MAINTE			0.00			58.80			(58.80)			(100	)			0.00			58.80			(58.80)			(100	)	
	RESERVE ACCOUNT			360.00			360.00			0.00			0			360.00			360.00			0.00			0	
	SNOWPLOWING			220.00			0.00			220.00			0			220.00			0.00			220.00			0	
	TRASH REMOVAL			160.60			146.00			14.60			10			160.60			146.00			14.60			10	
	WATER & SEWER			1,260.00			1,256.25			3.75			0			1,260.00			1,256.25			3.75			0	
	UTILITIES			93.47			116.37			(22.90)			(20	)			93.47			116.37			(22.90)			(20	)	

	Total Expenses			2,464.73			2,298.61			166.12			7			2,464.73			2,298.61			166.12			7	

	Net Income (L	$		(704.73)	$		(534.66)	$		(170.07)			32	$		(704.73)	$		(534.66)	$		(170.07)			32