Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended February 28, 2005 and February 28, 2004

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
February 28, 2005 and February 28, 2004

Assets

			As of				As of										
			Feb. 28, 2005				Feb. 28, 2004				Change				Pct		

	Current Assets
	CASH IN BANK-CHECKING	$		1,506.40	$		1,196.84	$		309.56			26	
	CASH IN BANK-SAVINGS			10,217.91			6,497.09			3,720.82			57	
	ACCOUNTS RECEIVABLE-DUES			(60.00)			20.00			(80.00)			(400)	

	Total Current Assets	$		11,664.31	$		7,713.93	$		3,950.38			51	

	Total Assets	$		11,664.31	$		7,713.93	$		3,950.38			51	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
February 28, 2005 and February 28, 2004

Liabilities and Equity

			As of				As of										
			Feb. 28, 2005				Feb. 28, 2004				Change				Pct		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			10,653.00			6,333.00			4,320.00			68	

	Total Current Liabilities	$		11,313.00	$		6,993.00	$		4,320.00			62	

	Equity
	RETAINED EARNINGS			278.17			308.13			(29.96)			(10)	
	Current Income (Loss)			73.14			412.80			(339.66)			(82)	

	Total Equity			351.31			720.93			(369.62)			(51)	

	Total Liabilities & Equi	$		11,664.31	$		7,713.93	$		3,950.38			51	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended February 28, 2005 and February 28, 2004

			1 Month Ended								1 Month Ended								2 Months Ended								2 Months Ended						
			Feb. 28, 2005				Pct				Feb. 28, 2004				Pct				Feb. 28, 2005				Pct				Feb. 28, 2004				Pct		

	Revenue
	INCOME-DUES	$		1,540.00			81.25	$		1,540.00			82.14	$		3,080.00			81.61	$		2,970.00			81.59	
	INCOME-RESERVE			330.00			17.41			330.00			17.60			660.00			17.49			660.00			18.13	
	INCOME-LATE FEES			17.00			0.90			0.00			0.00			17.00			0.45			0.00			0.00	
	INCOME-INTEREST			8.49			0.45			4.88			0.26			16.86			0.45			9.98			0.27	

	Total Revenue			1,895.49			100.00			1,874.88			100.00			3,773.86			100.00			3,639.98			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			5.28			100.00			5.33			200.00			5.30			200.00			5.49	
	CABLE TV			303.73			16.02			286.57			15.28			607.46			16.10			573.14			15.75	
	LICENSES			0.00			0.00			45.00			2.40			0.00			0.00			45.00			1.24	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			0.00			0.00			7.00			0.19	
	REPAIRS & MAINTENANCE			0.00			0.00			0.00			0.00			0.00			0.00			64.84			1.78	
	RESERVE ACCOUNT			360.00			18.99			360.00			19.20			720.00			19.08			720.00			19.78	
	SNOWPLOWING			245.00			12.93			220.00			11.73			490.00			12.98			220.00			6.04	
	TRASH REMOVAL			130.00			6.86			99.40			5.30			260.00			6.89			260.00			7.14	
	WATER & SEWER			0.00			0.00			900.00			48.00			1,260.00			33.39			900.00			24.73	
	UTILITIES			85.97			4.54			106.06			5.66			163.26			4.33			237.20			6.52	

	Total Expenses			1,224.70			64.61			2,117.03			112.92			3,700.72			98.06			3,227.18			88.66	

	Net Income (Loss)	$		670.79			35.39	$		(242.15)			(12.92)	$		73.14			1.94	$		412.80			11.34