Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended June 30, 2008 and 2007

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
June 30, 2008 and 2007

Assets

			As of				As of		
			Jun. 30, 2008				Jun. 30, 2007		

	Current Assets
	CASH IN BANK-CHECKING	$		6,719.53	$		4,968.50	
	CASH IN BANK-SAVINGS			15,314.11			10,872.54	
	ACCOUNTS RECEIVABLE-DUES			0.00			290.00	

	Total Current Assets	$		22,033.64	$		16,131.04	

	Total Assets	$		22,033.64	$		16,131.04	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
June 30, 2008 and 2007

Liabilities and Equity

			As of				As of		
			Jun. 30, 2008				Jun. 30, 2007		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			14,413.69			10,453.69	

	Total Current Liabilities	$		15,073.69	$		11,113.69	

	Equity
	RETAINED EARNINGS			4,595.91			2,141.82	
	Current Income (Loss)			2,364.04			2,875.53	

	Total Equity			6,959.95			5,017.35	

	Total Liabilities & Equity	$		22,033.64	$		16,131.04	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended June 30, 2008 and 2007

			1 Month Ended								1 Month Ended								6 Months Ended								6 Months Ended						
			Jun. 30, 2008				Pct				Jun. 30, 2007				Pct				Jun. 30, 2008				Pct				Jun. 30, 2007				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			78.28	$		1,980.00			71.73	$		11,880.00			83.65	$		11,880.00			82.64	
	INCOME-RESERVE			330.00			13.05			330.00			11.95			1,980.00			13.94			1,980.00			13.77	
	INCOME-WORK DAY			210.00			8.30			420.00			15.22			210.00			1.48			420.00			2.92	
	INCOME-LATE FEES			0.00			0.00			21.00			0.76			21.00			0.15			42.00			0.29	
	INCOME-TRANSFERS			0.00			0.00			0.00			0.00			50.00			0.35			0.00			0.00	
	INCOME-INTEREST			9.47			0.37			9.38			0.34			61.14			0.43			52.95			0.37	

	Total Revenue			2,529.47			100.00			2,760.38			100.00			14,202.14			100.00			14,374.95			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			3.95			100.00			3.62			600.00			4.22			600.00			4.17	
	CABLE TV			375.03			14.83			357.76			12.96			2,213.42			15.59			2,114.75			14.71	
	LEGAL			0.00			0.00			(1,000.00)			(36.23)			0.00			0.00			0.00			0.00	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			41.00			0.29			44.78			0.31	
	REPAIRS & MAINTENANCE			157.00			6.21			0.00			0.00			674.00			4.75			247.53			1.72	
	RESERVE ACCOUNT			360.00			14.23			360.00			13.04			1,800.00			12.67			2,160.00			15.03	
	SNOWPLOWING			0.00			0.00			0.00			0.00			1,680.33			11.83			1,500.00			10.43	
	TRANSFER FEE			0.00			0.00			0.00			0.00			50.00			0.35			0.00			0.00	
	TRASH REMOVAL			120.55			4.77			111.51			4.04			723.30			5.09			669.06			4.65	
	WATER & SEWER			0.00			0.00			0.00			0.00			2,586.30			18.21			2,530.80			17.61	
	WORK DAY EXPENSES			884.89			34.98			1,050.52			38.06			884.89			6.23			1,050.52			7.31	
	UTILITIES			103.20			4.08			100.87			3.65			584.86			4.12			581.98			4.05	

	Total Expenses			2,100.67			83.05			1,080.66			39.15			11,838.10			83.35			11,499.42			80.00	

	Net Income (Loss)	$		428.80			16.95	$		1,679.72			60.85	$		2,364.04			16.65	$		2,875.53			20.00