Financial Statements

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

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
October 31, 2007 and 2006

Assets

			As of				As of		
			Oct. 31, 2007				Oct. 31, 2006		

	Current Assets
	CASH IN BANK-CHECKING	$		2,861.88	$		912.92	
	CASH IN BANK-SAVINGS			12,351.37			8,923.79	
	ACCOUNTS RECEIVABLE-DUES			172.00			(270.00)	

	Total Current Assets	$		15,385.25	$		9,566.71	

	Total Assets	$		15,385.25	$		9,566.71	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
October 31, 2007 and 2006

Liabilities and Equity

			As of				As of		
			Oct. 31, 2007				Oct. 31, 2006		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			11,893.69			8,573.69	

	Total Current Liabilities	$		12,553.69	$		9,233.69	

	Equity
	RETAINED EARNINGS			2,141.82			(1,356.14)	
	Current Income (Loss)			689.74			1,689.16	

	Total Equity			2,831.56			333.02	

	Total Liabilities & Equity	$		15,385.25	$		9,566.71	

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

			1 Month Ended								1 Month Ended								10 Months Ended								10 Months Ended						
			Oct. 31, 2007				Pct				Oct. 31, 2006				Pct				Oct. 31, 2007				Pct				Oct. 31, 2006				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			85.33	$		1,966.33			80.14	$		19,800.00			83.49	$		19,346.33			76.73	
	INCOME-RESERVE			330.00			14.22			330.00			13.45			3,300.00			13.91			3,300.00			13.09	
	INCOME-WORK DAY			0.00			0.00			0.00			0.00			420.00			1.77			0.00			0.00	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			105.00			0.44			0.00			0.00	
	INCOME-TRANSFERS			0.00			0.00			50.00			2.04			0.00			0.00			50.00			0.20	
	INCOME-INTEREST			10.29			0.44			7.21			0.29			91.78			0.39			117.05			0.46	
	SPECIAL ASSESSMENT			0.00			0.00			100.00			4.08			0.00			0.00			2,400.00			9.52	

	Total Revenue			2,320.29			100.00			2,453.54			100.00			23,716.78			100.00			25,213.38			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.31			100.00			4.08			1,000.00			4.22			1,000.00			3.97	
	CABLE TV			357.76			15.42			342.80			13.97			3,545.79			14.95			3,386.46			13.43	
	INSURANCE			4,842.00			208.68			4,760.00			194.01			4,842.00			20.42			4,760.00			18.88	
	LICENSES			10.00			0.43			0.00			0.00			10.00			0.04			0.00			0.00	
	OFFICE EXPENSES			21.75			0.94			39.00			1.59			66.53			0.28			63.00			0.25	
	REPAIRS & MAINTENANCE			0.00			0.00			0.00			0.00			376.40			1.59			1,437.21			5.70	
	RESERVE ACCOUNT			360.00			15.52			360.00			14.67			3,600.00			15.18			3,600.00			14.28	
	SNOWPLOWING			0.00			0.00			0.00			0.00			1,500.00			6.32			1,480.00			5.87	
	TRANSFER FEE			0.00			0.00			50.00			2.04			0.00			0.00			50.00			0.20	
	TRASH REMOVAL			584.99			25.21			106.20			4.33			1,588.58			6.70			1,244.03			4.93	
	WATER & SEWER			900.00			38.79			1,270.00			51.76			4,722.84			19.91			5,097.50			20.22	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			1,050.52			4.43			806.83			3.20	
	UTILITIES			40.68			1.75			28.59			1.17			724.38			3.05			599.19			2.38	

	Total Expenses			7,217.18			311.05			7,056.59			287.61			23,027.04			97.09			23,524.22			93.30	

	Net Income (Loss)	$		(4,896.89)			(211.05)	$		(4,603.05)			(187.61)	$		689.74			2.91	$		1,689.16			6.70