Financial Statements

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

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
December 31, 2006 and 2005

Assets

			As of				As of		
			Dec. 31, 2006				Dec. 31, 2005		

	Current Assets
	CASH IN BANK-CHECKING	$		2,775.92	$		(929.19)	
	CASH IN BANK-SAVINGS			9,659.59			13,939.74	
	ACCOUNTS RECEIVABLE-DUES			(340.00)			0.00	

	Total Current Assets	$		12,095.51	$		13,010.55	

	Total Assets	$		12,095.51	$		13,010.55	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
December 31, 2006 and 2005

Liabilities and Equity

			As of				As of		
			Dec. 31, 2006				Dec. 31, 2005		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			9,293.69			13,706.69	

	Total Current Liabilities	$		9,953.69	$		14,366.69	

	Equity
	RETAINED EARNINGS			(1,356.14)			963.17	
	Current Income (Loss)			3,497.96			(2,319.31)	

	Total Equity			2,141.82			(1,356.14)	

	Total Liabilities & Equity	$		12,095.51	$		13,010.55	

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

			1 Month Ended								1 Month Ended								12 Months Ended								12 Months Ended						
			Dec. 31, 2006				Pct				Dec. 31, 2005				Pct				Dec. 31, 2006				Pct				Dec. 31, 2005				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			84.64	$		1,540.00			88.22	$		23,306.33			78.03	$		18,480.00			82.10	
	INCOME-RESERVE			330.00			14.11			330.00			18.91			3,960.00			13.26			3,960.00			17.59	
	INCOME-LATE FEES			21.00			0.90			0.00			0.00			21.00			0.07			68.50			0.30	
	INCOME-TRANSFERS			0.00			0.00			0.00			0.00			50.00			0.17			0.00			0.00	
	INCOME-INTEREST			8.32			0.36			(124.43)			(7.13)			132.85			0.44			0.00			0.00	
	SPECIAL ASSESSMENT			0.00			0.00			0.00			0.00			2,400.00			8.03			0.00			0.00	

	Total Revenue			2,339.32			100.00			1,745.57			100.00			29,870.18			100.00			22,508.50			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.27			100.00			5.73			1,200.00			4.02			1,200.00			5.33	
	CABLE TV			342.80			14.65			322.03			18.45			4,072.06			13.63			3,827.76			17.01	
	INSURANCE			0.00			0.00			0.00			0.00			4,760.00			15.94			4,672.00			20.76	
	LICENSES			10.00			0.43			0.00			0.00			10.00			0.03			0.00			0.00	
	OFFICE EXPENSES			26.00			1.11			0.00			0.00			89.00			0.30			12.00			0.05	
	REPAIRS & MAINTENANCE			36.00			1.54			0.00			0.00			1,473.21			4.93			555.00			2.47	
	RESERVE ACCOUNT			360.00			15.39			360.00			20.62			4,320.00			14.46			4,320.00			19.19	
	SNOWPLOWING			375.00			16.03			520.00			29.79			2,287.50			7.66			1,745.00			7.75	
	TAXES			0.00			0.00			0.00			0.00			0.00			0.00			10.00			0.04	
	TRANSFER FEE			0.00			0.00			0.00			0.00			50.00			0.17			0.00			0.00	
	TRASH REMOVAL			106.20			4.54			148.00			8.48			1,456.43			4.88			1,617.60			7.19	
	WATER & SEWER			0.00			0.00			0.00			0.00			5,097.50			17.07			5,189.00			23.05	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			806.83			2.70			1,017.86			4.52	
	UTILITIES			102.68			4.39			90.42			5.18			749.69			2.51			661.59			2.94	

	Total Expenses			1,458.68			62.35			1,540.45			88.25			26,372.22			88.29			24,827.81			110.30	

	Net Income (Loss)	$		880.64			37.65	$		205.12			11.75	$		3,497.96			11.71	$		(2,319.31)			(10.30)