Financial Statements

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

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
December 31, 2007 and 2006

Assets

			As of				As of		
			Dec. 31, 2007				Dec. 31, 2006		

	Current Assets
	CASH IN BANK-CHECKING	$		4,814.63	$		2,775.92	
	CASH IN BANK-SAVINGS			13,092.97			9,659.59	
	ACCOUNTS RECEIVABLE-DUES			(38.00)			(340.00)	

	Total Current Assets	$		17,869.60	$		12,095.51	

	Total Assets	$		17,869.60	$		12,095.51	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
December 31, 2007 and 2006

Liabilities and Equity

			As of				As of		
			Dec. 31, 2007				Dec. 31, 2006		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			12,613.69			9,293.69	

	Total Current Liabilities	$		13,273.69	$		9,953.69	

	Equity
	RETAINED EARNINGS			2,141.82			(1,356.14)	
	Current Income (Loss)			2,454.09			3,497.96	

	Total Equity			4,595.91			2,141.82	

	Total Liabilities & Equity	$		17,869.60	$		12,095.51	

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

			1 Month Ended								1 Month Ended								12 Months Ended								12 Months Ended						
			Dec. 31, 2007				Pct				Dec. 31, 2006				Pct				Dec. 31, 2007				Pct				Dec. 31, 2006				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			85.32	$		1,980.00			84.64	$		23,760.00			83.78	$		23,306.33			78.03	
	INCOME-RESERVE			330.00			14.22			330.00			14.11			3,960.00			13.96			3,960.00			13.26	
	INCOME-WORK DAY			0.00			0.00			0.00			0.00			420.00			1.48			0.00			0.00	
	INCOME-LATE FEES			0.00			0.00			21.00			0.90			105.00			0.37			21.00			0.07	
	INCOME-TRANSFERS			0.00			0.00			0.00			0.00			0.00			0.00			50.00			0.17	
	INCOME-INTEREST			10.62			0.46			8.32			0.36			113.38			0.40			132.85			0.44	
	SPECIAL ASSESSMENT			0.00			0.00			0.00			0.00			0.00			0.00			2,400.00			8.03	

	Total Revenue			2,320.62			100.00			2,339.32			100.00			28,358.38			100.00			29,870.18			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.31			100.00			4.27			1,200.00			4.23			1,200.00			4.02	
	CABLE TV			356.85			15.38			342.80			14.65			4,260.40			15.02			4,072.06			13.63	
	INSURANCE			0.00			0.00			0.00			0.00			4,935.00			17.40			4,760.00			15.94	
	LICENSES			0.00			0.00			10.00			0.43			10.00			0.04			10.00			0.03	
	OFFICE EXPENSES			36.00			1.55			26.00			1.11			102.53			0.36			89.00			0.30	
	REPAIRS & MAINTENANCE			0.00			0.00			36.00			1.54			376.40			1.33			1,473.21			4.93	
	RESERVE ACCOUNT			360.00			15.51			360.00			15.39			4,320.00			15.23			4,320.00			14.46	
	SNOWPLOWING			408.83			17.62			375.00			16.03			2,303.83			8.12			2,287.50			7.66	
	TRANSFER FEE			0.00			0.00			0.00			0.00			0.00			0.00			50.00			0.17	
	TRASH REMOVAL			111.51			4.81			106.20			4.54			1,811.60			6.39			1,456.43			4.88	
	WATER & SEWER			0.00			0.00			0.00			0.00			4,722.84			16.65			5,097.50			17.07	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			1,050.52			3.70			806.83			2.70	
	UTILITIES			43.33			1.87			102.68			4.39			811.17			2.86			749.69			2.51	

	Total Expenses			1,416.52			61.04			1,458.68			62.35			25,904.29			91.35			26,372.22			88.29	

	Net Income (Loss)	$		904.10			38.96	$		880.64			37.65	$		2,454.09			8.65	$		3,497.96			11.71