Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended April 30, 2005 and April 30, 2004

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
April 30, 2005 and April 30, 2004

Assets

			As of				As of										
			Apr. 30, 2005				Apr. 30, 2004				Change				Pct		

	Current Assets
	CASH IN BANK-CHECKING	$		1,411.22	$		1,275.68	$		135.54			11	
	CASH IN BANK-SAVINGS			10,958.62			7,229.02			3,729.60			52	
	ACCOUNTS RECEIVABLE-DUES			80.00			10.00			70.00			700	

	Total Current Assets	$		12,449.84	$		8,514.70	$		3,935.14			46	

	Total Assets	$		12,449.84	$		8,514.70	$		3,935.14			46	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
April 30, 2005 and April 30, 2004

Liabilities and Equity

			As of				As of										
			Apr. 30, 2005				Apr. 30, 2004				Change				Pct		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			11,373.00			7,053.00			4,320.00			61	

	Total Current Liabilities	$		12,033.00	$		7,713.00	$		4,320.00			56	

	Equity
	RETAINED EARNINGS			278.17			308.13			(29.96)			(10)	
	Current Income (Loss)			138.67			493.57			(354.90)			(72)	

	Total Equity			416.84			801.70			(384.86)			(48)	

	Total Liabilities & Equi	$		12,449.84	$		8,514.70	$		3,935.14			46	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended April 30, 2005 and April 30, 2004

			1 Month Ended								1 Month Ended								4 Months Ended								4 Months Ended						
			Apr. 30, 2005				Pct				Apr. 30, 2004				Pct				Apr. 30, 2005				Pct				Apr. 30, 2004				Pct		

	Revenue
	INCOME-DUES	$		1,540.00			81.87	$		1,540.00			82.08	$		6,160.00			81.57	$		6,050.00			81.85	
	INCOME-RESERVE			330.00			17.54			330.00			17.59			1,320.00			17.48			1,320.00			17.86	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			34.00			0.45			0.00			0.00	
	INCOME-INTEREST			10.94			0.58			6.22			0.33			37.57			0.50			21.91			0.30	

	Total Revenue			1,880.94			100.00			1,876.22			100.00			7,551.57			100.00			7,391.91			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			5.32			100.00			5.33			400.00			5.30			400.00			5.41	
	CABLE TV			322.03			17.12			303.73			16.19			1,251.52			16.57			1,180.60			15.97	
	LICENSES			0.00			0.00			0.00			0.00			0.00			0.00			45.00			0.61	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			0.00			0.00			7.00			0.09	
	REPAIRS & MAINTENANCE			0.00			0.00			0.00			0.00			0.00			0.00			64.84			0.88	
	RESERVE ACCOUNT			360.00			19.14			360.00			19.19			1,440.00			19.07			1,440.00			19.48	
	SNOWPLOWING			245.00			13.03			220.00			11.73			980.00			12.98			660.00			8.93	
	TRASH REMOVAL			130.00			6.91			130.00			6.93			520.00			6.89			520.00			7.03	
	WATER & SEWER			1,260.00			66.99			1,260.00			67.16			2,520.00			33.37			2,160.00			29.22	
	UTILITIES			65.91			3.50			81.64			4.35			301.38			3.99			420.90			5.69	

	Total Expenses			2,482.94			132.01			2,455.37			130.87			7,412.90			98.16			6,898.34			93.32	

	Net Income (Loss)	$		(602.00)			(32.01)	$		(579.15)			(30.87)	$		138.67			1.84	$		493.57			6.68