Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended July 31, 2007 and 2006

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
July 31, 2007 and 2006

Assets

			As of				As of		
			Jul. 31, 2007				Jul. 31, 2006		

	Current Assets
	CASH IN BANK-CHECKING	$		4,469.34	$		3,102.10	
	CASH IN BANK-SAVINGS			11,232.54			16,549.20	
	ACCOUNTS RECEIVABLE-DUES			710.00			(290.00)	

	Total Current Assets	$		16,411.88	$		19,361.30	

	Total Assets	$		16,411.88	$		19,361.30	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
July 31, 2007 and 2006

Liabilities and Equity

			As of				As of		
			Jul. 31, 2007				Jul. 31, 2006		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			10,813.69			16,226.69	

	Total Current Liabilities	$		11,473.69	$		16,886.69	

	Equity
	RETAINED EARNINGS			2,141.82			(1,356.14)	
	Current Income (Loss)			2,796.37			3,830.75	

	Total Equity			4,938.19			2,474.61	

	Total Liabilities & Equity	$		16,411.88	$		19,361.30	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended July 31, 2007 and 2006

			1 Month Ended								1 Month Ended								7 Months Ended								7 Months Ended						
			Jul. 31, 2007				Pct				Jul. 31, 2006				Pct				Jul. 31, 2007				Pct				Jul. 31, 2006				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			85.71	$		1,980.00			85.24	$		13,860.00			83.07	$		13,420.00			75.31	
	INCOME-RESERVE			330.00			14.29			330.00			14.21			2,310.00			13.84			2,310.00			12.96	
	INCOME-WORK DAY			0.00			0.00			0.00			0.00			420.00			2.52			0.00			0.00	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			42.00			0.25			0.00			0.00	
	INCOME-INTEREST			0.00			0.00			12.98			0.56			52.95			0.32			89.46			0.50	
	SPECIAL ASSESSMENT			0.00			0.00			0.00			0.00			0.00			0.00			2,000.00			11.22	

	Total Revenue			2,310.00			100.00			2,322.98			100.00			16,684.95			100.00			17,819.46			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.33			100.00			4.30			700.00			4.20			700.00			3.93	
	CABLE TV			357.76			15.49			342.80			14.76			2,472.51			14.82			2,358.06			13.23	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			44.78			0.27			24.00			0.13	
	REPAIRS & MAINTENANCE			128.87			5.58			730.00			31.43			376.40			2.26			837.21			4.70	
	RESERVE ACCOUNT			360.00			15.58			360.00			15.50			2,520.00			15.10			2,520.00			14.14	
	SNOWPLOWING			0.00			0.00			0.00			0.00			1,500.00			8.99			1,480.00			8.31	
	TRASH REMOVAL			111.51			4.83			106.20			4.57			780.57			4.68			925.43			5.19	
	WATER & SEWER			1,292.04			55.93			1,307.50			56.29			3,822.84			22.91			3,827.50			21.48	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			1,050.52			6.30			806.83			4.53	
	UTILITIES			38.98			1.69			7.72			0.33			620.96			3.72			509.68			2.86	

	Total Expenses			2,389.16			103.43			2,954.22			127.17			13,888.58			83.24			13,988.71			78.50	

	Net Income (Loss)	$		(79.16)			(3.43)	$		(631.24)			(27.17)	$		2,796.37			16.76	$		3,830.75			21.50