Financial Statements

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

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
March 31, 2003

Assets

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

	Current Assets
	CASH IN BANK-CHECKING	$		3,153.48	$		2,714.44	$		439.04			16	
	CASH IN BANK-SAVINGS			6,128.20			3,268.29			2,859.91			88	
	ACCOUNTS RECEIVABLE-DUES			(128.00)			0.00			(128.00)			0	
	PREPAID INSURANCE			0.00			2,238.33			(2,238.33)			(100	)	

	Total Current Assets	$		9,153.68	$		8,221.06	$		932.62			11	

	Total Assets	$		9,153.68	$		8,221.06	$		932.62			11	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
March 31, 2003

Liabilities and Equity

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

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			6,023.00			3,240.00			2,783.00			86	

	Total Current Liabilities	$		6,683.00	$		3,900.00	$		2,783.00			71	

	Equity
	RETAINED EARNINGS			2,030.32			3,662.81			(1,632.49)			(45	)	
	Current Income (Loss)			440.36			658.25			(217.89)			(33	)	

	Total Equity			2,470.68			4,321.06			(1,850.38)			(43	)	

	Total Liabilities & Equi	$		9,153.68	$		8,221.06	$		932.62			11	

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

			1 Month Ended				Prior Year												3 Months Ended				Prior Year										
			Mar. 31, 2003				Period				Variance				Pct				Mar. 31, 2003				Period				Variance				Pct		

	Revenue
	INCOME-DUES	$		1,430.00	$		1,430.00	$		0.00			0	$		4,320.00	$		4,290.00	$		30.00			1	
	INCOME-RESERVE			330.00			330.00			0.00			0			960.00			990.00			(30.00)			(3	)	
	INCOME-LATE FEES			0.00			0.00			0.00			0			0.00			16.00			(16.00)			(100	)	
	INCOME-INTEREST			5.23			4.93			0.30			6			16.41			13.05			3.36			26	

	Total Revenue			1,765.23			1,764.93			0.30			0			5,296.41			5,309.05			(12.64)			(0	)	

	Operating Expenses
	BOOKKEEPING			100.00			100.00			0.00			0			300.00			300.00			0.00			0	
	CABLE TV			286.59			270.02			16.57			6			827.91			780.40			47.51			6	
	OFFICE EXPENSES			0.00			0.00			0.00			0			0.00			6.00			(6.00)			(100	)	
	REPAIRS & MAINTE			0.00			0.00			0.00			0			0.00			58.80			(58.80)			(100	)	
	RESERVE ACCOUNT			360.00			360.00			0.00			0			1,080.00			1,080.00			0.00			0	
	SNOWPLOWING			220.00			220.00			0.00			0			660.00			440.00			220.00			50	
	TRASH REMOVAL			160.60			146.00			14.60			10			481.80			438.00			43.80			10	
	WATER & SEWER			0.00			0.00			0.00			0			1,260.00			1,256.25			3.75			0	
	UTILITIES			75.67			90.76			(15.09)			(17	)			246.34			291.35			(45.01)			(15	)	

	Total Expenses			1,202.86			1,186.78			16.08			1			4,856.05			4,650.80			205.25			4	

	Net Income (L	$		562.37	$		578.15	$		(15.78)			(3	)	$		440.36	$		658.25	$		(217.89)			(33	)