Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Period Ended May 31, 2004

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
May 31, 2004

Assets

			As of				As of										
			May 31, 2004				May 31, 2003				Change				Pct		

	Current Assets
	CASH IN BANK-CHECKING	$		2,031.17	$		3,216.35	$		(1,185.18)			(37)	
	CASH IN BANK-SAVINGS			7,589.02			6,860.43			728.59			11	
	ACCOUNTS RECEIVABLE-DUES			180.00			(348.00)			528.00			(152)	

	Total Current Assets	$		9,800.19	$		9,728.78	$		71.41			1	

	Total Assets	$		9,800.19	$		9,728.78	$		71.41			1	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
May 31, 2004

Liabilities and Equity

			As of				As of										
			May 31, 2004				May 31, 2003				Change				Pct		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			7,413.00			6,743.00			670.00			10	

	Total Current Liabilities	$		8,073.00	$		7,403.00	$		670.00			9	

	Equity
	RETAINED EARNINGS			308.13			2,030.32			(1,722.19)			(85)	
	Current Income (Loss)			1,419.06			295.46			1,123.60			380	

	Total Equity			1,727.19			2,325.78			(598.59)			(26)	

	Total Liabilities & Equi	$		9,800.19	$		9,728.78	$		71.41			1	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Period Ended May 31, 2004

			1 Month Ended				Prior Year												5 Months Ended				Prior Year										
			May 31, 2004				Period				Variance				Pct				May 31, 2004				Period				Variance				Pct		

	Revenue
	INCOME-DUES	$		1,540.00	$		1,430.00	$		110.00			8	$		7,590.00	$		7,180.00	$		410.00			6	
	INCOME-RESERVE			330.00			330.00			0.00			0			1,650.00			1,620.00			30.00			2	
	INCOME-INTEREST			0.00			6.50			(6.50)		(100	)			21.91			28.64			(6.73)			(23)	

	Total Revenue			1,870.00			1,766.50			103.50			6			9,261.91			8,828.64			433.27			5	

	Operating Expenses
	BOOKKEEPING			100.00			100.00			0.00			0			500.00			500.00			0.00			0	
	CABLE TV			303.73			286.59			17.14			6			1,484.33			1,401.09			83.24			6	
	LICENSES			0.00			0.00			0.00			0			45.00			45.00			0.00			0	
	OFFICE EXPENSES			0.00			0.00			0.00			0			7.00			0.00			7.00			0	
	REPAIRS & MAINTE			0.00			0.00			0.00			0			64.84			0.00			64.84			0	
	RESERVE ACCOUNT			360.00			360.00			0.00			0			1,800.00			1,800.00			0.00			0	
	SNOWPLOWING			0.00			220.00			(220.00)	(100	)			660.00			1,100.00			(440.00)			(40)	
	TRASH REMOVAL			130.00			160.60			(30.60)	(19)			650.00			803.00			(153.00)			(19)	
	WATER & SEWER			0.00			0.00			0.00			0			2,160.00			2,520.00			(360.00)			(14)	
	UTILITIES			50.78			52.63			(1.85)	(4)			471.68			364.09			107.59			30	

	Total Expenses			944.51			1,179.82			(235.31)	(20)			7,842.85			8,533.18			(690.33)			(8)	

	Net Income (L	$		925.49	$		586.68	$		338.81			58	$		1,419.06	$		295.46	$		1,123.60			380