Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended November 30, 2006 and 2005

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
November 30, 2006 and 2005

Assets

			As of				As of		
			Nov. 30, 2006				Nov. 30, 2005		

	Current Assets
	CASH IN BANK-CHECKING	$		2,013.60	$		1,241.26	
	CASH IN BANK-SAVINGS			9,291.27			11,065.48	
	ACCOUNTS RECEIVABLE-DUES			(450.00)			0.00	

	Total Current Assets	$		10,854.87	$		12,306.74	

	Total Assets	$		10,854.87	$		12,306.74	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
November 30, 2006 and 2005

Liabilities and Equity

			As of				As of		
			Nov. 30, 2006				Nov. 30, 2005		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			8,933.69			13,208.00	

	Total Current Liabilities	$		9,593.69	$		13,868.00	

	Equity
	RETAINED EARNINGS			(1,356.14)			963.17	
	Current Income (Loss)			2,617.32			(2,524.43)	

	Total Equity			1,261.18			(1,561.26)	

	Total Liabilities & Equity	$		10,854.87	$		12,306.74	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended November 30, 2006 and 2005

			1 Month Ended								1 Month Ended								11 Months Ended								11 Months Ended						
			Nov. 30, 2006				Pct				Nov. 30, 2005				Pct				Nov. 30, 2006				Pct				Nov. 30, 2005				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			85.44	$		1,540.00			81.83	$		21,326.33			77.46	$		16,940.00			81.59	
	INCOME-RESERVE			330.00			14.24			330.00			17.54			3,630.00			13.19			3,630.00			17.48	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			0.00			0.00			68.50			0.33	
	INCOME-TRANSFERS			0.00			0.00			0.00			0.00			50.00			0.18			0.00			0.00	
	INCOME-INTEREST			7.48			0.32			11.90			0.63			124.53			0.45			124.43			0.60	
	SPECIAL ASSESSMENT			0.00			0.00			0.00			0.00			2,400.00			8.72			0.00			0.00	

	Total Revenue			2,317.48			100.00			1,881.90			100.00			27,530.86			100.00			20,762.93			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.32			100.00			5.31			1,100.00			4.00			1,100.00			5.30	
	CABLE TV			342.80			14.79			322.03			17.11			3,729.26			13.55			3,505.73			16.88	
	INSURANCE			0.00			0.00			0.00			0.00			4,760.00			17.29			4,672.00			22.50	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			63.00			0.23			12.00			0.06	
	REPAIRS & MAINTENANCE			0.00			0.00			0.00			0.00			1,437.21			5.22			555.00			2.67	
	RESERVE ACCOUNT			360.00			15.53			360.00			19.13			3,960.00			14.38			3,960.00			19.07	
	SNOWPLOWING			432.50			18.66			0.00			0.00			1,912.50			6.95			1,225.00			5.90	
	TAXES			0.00			0.00			0.00			0.00			0.00			0.00			10.00			0.05	
	TRANSFER FEE			0.00			0.00			0.00			0.00			50.00			0.18			0.00			0.00	
	TRASH REMOVAL			106.20			4.58			148.00			7.86			1,350.23			4.90			1,469.60			7.08	
	WATER & SEWER			0.00			0.00			0.00			0.00			5,097.50			18.52			5,189.00			24.99	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			806.83			2.93			1,017.86			4.90	
	UTILITIES			47.82			2.06			29.15			1.55			647.01			2.35			571.17			2.75	

	Total Expenses			1,389.32			59.95			959.18			50.97			24,913.54			90.49			23,287.36			112.16	

	Net Income (Loss)	$		928.16			40.05	$		922.72			49.03	$		2,617.32			9.51	$		(2,524.43)			(12.16)