Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended October 31, 2005 and 2004

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
October 31, 2005 and 2004

Assets

			As of				As of		
			Oct. 31, 2005				Oct. 31, 2004		

	Current Assets
	CASH IN BANK-CHECKING	$		330.44	$		247.83	
	CASH IN BANK-SAVINGS			10,693.58			7,751.81	
	ACCOUNTS RECEIVABLE-DUES			0.00			510.00	

	Total Current Assets	$		11,024.02	$		8,509.64	

	Total Assets	$		11,024.02	$		8,509.64	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
October 31, 2005 and 2004

Liabilities and Equity

			As of				As of		
			Oct. 31, 2005				Oct. 31, 2004		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			12,848.00			9,213.00	

	Total Current Liabilities	$		13,508.00	$		9,873.00	

	Equity
	RETAINED EARNINGS			963.17			308.13	
	Current Income (Loss)			(3,447.15)			(1,671.49)	

	Total Equity			(2,483.98)			(1,363.36)	

	Total Liabilities & Equity	$		11,024.02	$		8,509.64	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended October 31, 2005 and 2004

			1 Month Ended								1 Month Ended								10 Months Ended								10 Months Ended						
			Oct. 31, 2005				Pct				Oct. 31, 2004				Pct				Oct. 31, 2005				Pct				Oct. 31, 2004				Pct		

	Revenue
	INCOME-DUES	$		1,540.00			81.82	$		1,540.00			81.74	$		15,400.00			81.56	$		15,290.00			81.94	
	INCOME-RESERVE			330.00			17.53			330.00			17.52			3,300.00			17.48			3,300.00			17.69	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			68.50			0.36			0.00			0.00	
	INCOME-INTEREST			12.20			0.65			14.05			0.75			112.53			0.60			69.70			0.37	

	Total Revenue			1,882.20			100.00			1,884.05			100.00			18,881.03			100.00			18,659.70			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			5.31			100.00			5.31			1,000.00			5.30			1,000.00			5.36	
	CABLE TV			322.03			17.11			303.73			16.12			3,183.70			16.86			3,002.98			16.09	
	INSURANCE			4,672.00			248.22			4,062.00			215.60			4,672.00			24.74			4,062.00			21.77	
	LICENSES			0.00			0.00			0.00			0.00			0.00			0.00			45.00			0.24	
	OFFICE EXPENSES			12.00			0.64			0.00			0.00			12.00			0.06			44.00			0.24	
	REPAIRS & MAINTENANCE			0.00			0.00			685.00			36.36			555.00			2.94			1,257.33			6.74	
	RESERVE ACCOUNT			360.00			19.13			360.00			19.11			3,600.00			19.07			3,600.00			19.29	
	SNOWPLOWING			0.00			0.00			0.00			0.00			1,225.00			6.49			660.00			3.54	
	TAXES			10.00			0.53			0.00			0.00			10.00			0.05			0.00			0.00	
	TRASH REMOVAL			151.60			8.05			130.00			6.90			1,321.60			7.00			1,300.00			6.97	
	WATER & SEWER			1,394.00			74.06			1,297.50			68.87			5,189.00			27.48			4,735.00			25.38	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			1,017.86			5.39			0.00			0.00	
	UTILITIES			25.95			1.38			35.52			1.89			542.02			2.87			624.88			3.35	

	Total Expenses			7,047.58			374.43			6,973.75			370.15			22,328.18			118.26			20,331.19			108.96	

	Net Income (Loss)	$		(5,165.38)			(274.43)	$		(5,089.70)			(270.15)	$		(3,447.15)			(18.26)	$		(1,671.49)			(8.96)