Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended May 31, 2006 and 2005

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
May 31, 2006 and 2005

Assets

			As of				As of		
			May 31, 2006				May 31, 2005		

	Current Assets
	CASH IN BANK-CHECKING	$		2,694.28	$		2,243.36	
	CASH IN BANK-SAVINGS			15,802.22			11,329.56	
	ACCOUNTS RECEIVABLE-DUES			0.00			(90.00)	

	Total Current Assets	$		18,496.50	$		13,482.92	

	Total Assets	$		18,496.50	$		13,482.92	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
May 31, 2006 and 2005

Liabilities and Equity

			As of				As of		
			May 31, 2006				May 31, 2005		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			15,506.69			11,048.00	

	Total Current Liabilities	$		16,166.69	$		11,708.00	

	Equity
	RETAINED EARNINGS			(1,356.14)			963.17	
	Current Income (Loss)			3,685.95			811.75	

	Total Equity			2,329.81			1,774.92	

	Total Liabilities & Equity	$		18,496.50	$		13,482.92	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended May 31, 2006 and 2005

			1 Month Ended								1 Month Ended								5 Months Ended								5 Months Ended						
			May 31, 2006				Pct				May 31, 2005				Pct				May 31, 2006				Pct				May 31, 2005				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			78.47	$		1,540.00			81.14	$		9,460.00			72.92	$		7,700.00			81.49	
	INCOME-RESERVE			330.00			13.08			330.00			17.39			1,650.00			12.72			1,650.00			17.46	
	INCOME-LATE FEES			0.00			0.00			17.00			0.90			0.00			0.00			51.00			0.54	
	INCOME-INTEREST			13.25			0.53			10.94			0.58			62.48			0.48			48.51			0.51	
	SPECIAL ASSESSMENT			200.00			7.93			0.00			0.00			1,800.00			13.88			0.00			0.00	

	Total Revenue			2,523.25			100.00			1,897.94			100.00			12,972.48			100.00			9,449.51			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			3.96			100.00			5.27			500.00			3.85			500.00			5.29	
	CABLE TV			342.80			13.59			322.03			16.97			1,672.46			12.89			1,573.55			16.65	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			24.00			0.19			0.00			0.00	
	REPAIRS & MAINTENANCE			0.00			0.00			0.00			0.00			107.21			0.83			0.00			0.00	
	RESERVE ACCOUNT			360.00			14.27			360.00			18.97			1,800.00			13.88			1,800.00			19.05	
	SNOWPLOWING			0.00			0.00			245.00			12.91			1,480.00			11.41			1,225.00			12.96	
	TRASH REMOVAL			148.00			5.87			130.00			6.85			740.00			5.70			650.00			6.88	
	WATER & SEWER			0.00			0.00			0.00			0.00			2,520.00			19.43			2,520.00			26.67	
	UTILITIES			79.33			3.14			67.83			3.57			442.86			3.41			369.21			3.91	

	Total Expenses			1,030.13			40.83			1,224.86			64.54			9,286.53			71.59			8,637.76			91.41	

	Net Income (Loss)	$		1,493.12			59.17	$		673.08			35.46	$		3,685.95			28.41	$		811.75			8.59