Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended February 28, 2007 and 2006

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
February 28, 2007 and 2006

Assets

			As of				As of		
			Feb. 28, 2007				Feb. 28, 2006		

	Current Assets
	CASH IN BANK-CHECKING	$		3,338.07	$		(575.22)	
	CASH IN BANK-SAVINGS			10,395.55			14,683.70	
	ACCOUNTS RECEIVABLE-DUES			(340.00)			(150.00)	

	Total Current Assets	$		13,393.62	$		13,958.48	

	Total Assets	$		13,393.62	$		13,958.48	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
February 28, 2007 and 2006

Liabilities and Equity

			As of				As of		
			Feb. 28, 2007				Feb. 28, 2006		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			10,013.69			14,426.69	

	Total Current Liabilities	$		10,673.69	$		15,086.69	

	Equity
	RETAINED EARNINGS			2,141.82			(1,356.14)	
	Current Income (Loss)			578.11			227.93	

	Total Equity			2,719.93			(1,128.21)	

	Total Liabilities & Equity	$		13,393.62	$		13,958.48	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended February 28, 2007 and 2006

			1 Month Ended								1 Month Ended								2 Months Ended								2 Months Ended						
			Feb. 28, 2007				Pct				Feb. 28, 2006				Pct				Feb. 28, 2007				Pct				Feb. 28, 2006		  	Pct		

	Revenue
	INCOME-DUES	$		1,980.00			85.43	$		1,980.00			81.77	$		3,960.00			85.42	$		3,520.00			81.79	
	INCOME-RESERVE			330.00			14.24			330.00			13.63			660.00			14.24			660.00			15.33	
	INCOME-INTEREST			7.82			0.34			11.44			0.47			15.96			0.34			23.96			0.56	
	SPECIAL ASSESSMENT			0.00			0.00			100.00			4.13			0.00			0.00			100.00			2.32	

	Total Revenue			2,317.82			100.00			2,421.44			100.00			4,635.96			100.00			4,303.96			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.31			100.00			4.13			200.00			4.31			200.00			4.65	
	CABLE TV			342.80			14.79			322.03			13.30			685.60			14.79			644.06			14.96	
	OFFICE EXPENSES			32.38			1.40			0.00			0.00			32.38			0.70			24.00			0.56	
	RESERVE ACCOUNT			360.00			15.53			360.00			14.87			720.00			15.53			720.00			16.73	
	SNOWPLOWING			375.00			16.18			397.50			16.42			750.00			16.18			740.00			17.19	
	TRASH REMOVAL			111.51			4.81			148.00			6.11			223.02			4.81			296.00			6.88	
	WATER & SEWER			0.00			0.00			0.00			0.00			1,260.00			27.18			1,260.00			29.28	
	UTILITIES			83.73			3.61			89.63			3.70			186.85			4.03			191.97			4.46	

	Total Expenses			1,405.42			60.64			1,417.16			58.53			4,057.85			87.53			4,076.03			94.70	

	Net Income (Loss)	$		912.40			39.36	$		1,004.28			41.47	$		578.11			12.47	$		227.93			5.30