Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Period Ended September 30, 2004

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
September 30, 2004

Assets

			As of				As of										
			Sep. 30, 2004				Sep. 30, 2003				Change				Pct		

	Current Assets
	CASH IN BANK-CHECKING	$		3,836.58	$		3,511.94	$		324.64			9	
	CASH IN BANK-SAVINGS			9,055.47			6,671.70			2,383.77			36	
	ACCOUNTS RECEIVABLE-DUES			340.00			0.00			340.00			0	

	Total Current Assets	$		13,232.05	$		10,183.64	$		3,048.41			30	

	Total Assets	$		13,232.05	$		10,183.64	$		3,048.41			30	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
September 30, 2004

Liabilities and Equity

			As of				As of										
			Sep. 30, 2004				Sep. 30, 2003				Change				Pct		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			8,853.00			6,533.00			2,320.00			36	

	Total Current Liabilities	$		9,513.00	$		7,193.00	$		2,320.00			32	

	Equity
	RETAINED EARNINGS			308.13			2,030.32			(1,722.19)			(85)	
	Current Income (Loss)			3,410.92			960.32			2,450.60			255	

	Total Equity			3,719.05			2,990.64			728.41			24	

	Total Liabilities & Equi	$		13,232.05	$		10,183.64	$		3,048.41			30	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Period Ended September 30, 2004

			1 Month Ended				Prior Year												9 Months Ended				Prior Year										
			Sep. 30, 2004				Period				Variance				Pct				Sep. 30, 2004				Period				Variance				Pct		

	Revenue
	INCOME-DUES	$		1,540.00	$		1,430.00	$		110.00			8	$		13,750.00	$		12,870.00	$		880.00			7	
	INCOME-RESERVE			330.00			330.00			0.00			0			2,970.00			2,970.00			0.00			0	
	INCOME-WORK DA			0.00			0.00			0.00			0			0.00			160.00			(160.00)			(100)	
	INCOME-LATE FEES			0.00			0.00			0.00			0			0.00			16.00			(16.00)			(100)	
	INCOME-INTEREST			0.00			5.21			(5.21)		(100	)			48.36			49.91			(1.55)			(3)	

	Total Revenue			1,870.00			1,765.21			104.79			6			16,768.36			16,065.91			702.45			4	

	Operating Expenses
	BOOKKEEPING			100.00			100.00			0.00			0			900.00			900.00			0.00			0	
	CABLE TV			303.73			286.59			17.14			6			2,699.25			2,547.45			151.80			6	
	LICENSES			0.00			0.00			0.00			0			45.00			45.00			0.00			0	
	OFFICE EXPENSES			37.00			0.00			37.00			0			44.00			0.00			44.00			0	
	REPAIRS & MAINTE			0.00			578.30			(578.30)		(100	)			572.33			1,523.98			(951.65)			(62)	
	RESERVE ACCOUNT			360.00			360.00			0.00			0			3,240.00			3,240.00			0.00			0	
	SNOWPLOWING			0.00			0.00			0.00			0			660.00			1,100.00			(440.00)			(40)	
	TRASH REMOVAL			130.00			160.60			(30.60)			(19)			1,170.00			1,445.40			(275.40)			(19)	
	WATER & SEWER			0.00			0.00			0.00			0			3,437.50			3,792.50			(355.00)			(9)	
	UTILITIES			11.00			36.99			(25.99)			(70)			589.36			511.26			78.10			15	

	Total Expenses			941.73			1,522.48			(580.75)			(38)			13,357.44			15,105.59			(1,748.15)			(12)	

	Net Income (L	$		928.27	$		242.73	$		685.54			282	$		3,410.92	$		960.32	$		2,450.60			255