Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended October 31, 2008 and 2007

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
October 31, 2008 and 2007

Assets

			As of				As of		
			Oct. 31, 2008				Oct. 31, 2007		

	Current Assets
	CASH IN BANK-CHECKING	$		3,978.31	$		2,861.88	
	CASH IN BANK-SAVINGS			16,798.00			12,351.37	
	ACCOUNTS RECEIVABLE-DUES			(20.00)			172.00	

	Total Current Assets	$		20,756.31	$		15,385.25	

	Total Assets	$		20,756.31	$		15,385.25	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
October 31, 2008 and 2007

Liabilities and Equity

			As of				As of		
			Oct. 31, 2008				Oct. 31, 2007		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			15,853.69			11,893.69	

	Total Current Liabilities	$		16,513.69	$		12,553.69	

	Equity
	RETAINED EARNINGS			4,595.91			2,141.82	
	Current Income (Loss)			(353.29)			689.74	

	Total Equity			4,242.62			2,831.56	

	Total Liabilities & Equity	$		20,756.31	$		15,385.25	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended October 31, 2008 and 2007

			1 Month Ended								1 Month Ended								10 Months Ended								10 Months Ended						
			Oct. 31, 2008				Pct				Oct. 31, 2007				Pct				Oct. 31, 2008				Pct				Oct. 31, 2007				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			85.27	$		1,980.00			85.33	$		19,800.00			83.56	$		19,800.00			83.49	
	INCOME-RESERVE			330.00			14.21			330.00			14.22			3,300.00			13.93			3,300.00			13.91	
	INCOME-WORK DAY			0.00			0.00			0.00			0.00			420.00			1.77			420.00			1.77	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			21.00			0.09			105.00			0.44	
	INCOME-TRANSFERS			0.00			0.00			0.00			0.00			50.00			0.21			0.00			0.00	
	INCOME-INTEREST			11.99			0.52			10.29			0.44			105.03			0.44			91.78			0.39	

	Total Revenue			2,321.99			100.00			2,320.29			100.00			23,696.03			100.00			23,716.78			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.31			100.00			4.31			1,000.00			4.22			1,000.00			4.22	
	CABLE TV			375.10			16.15			357.76			15.42			3,713.75			15.67			3,545.79			14.95	
	INSURANCE			5,012.00			215.85			4,842.00			208.68			5,012.00			21.15			4,842.00			20.42	
	LICENSES			10.00			0.43			10.00			0.43			10.00			0.04			10.00			0.04	
	OFFICE EXPENSES			0.00			0.00			21.75			0.94			41.00			0.17			66.53			0.28	
	REPAIRS & MAINTENANCE			385.00			16.58			0.00			0.00			1,149.00			4.85			376.40			1.59	
	RESERVE ACCOUNT			360.00			15.50			360.00			15.52			3,240.00			13.67			3,600.00			15.18	
	SNOWPLOWING			0.00			0.00			0.00			0.00			1,680.33			7.09			1,500.00			6.32	
	TRANSFER FEE			0.00			0.00			0.00			0.00			50.00			0.21			0.00			0.00	
	TRASH REMOVAL			120.55			5.19			584.99			25.21			1,208.50			5.10			1,588.58			6.70	
	WATER & SEWER			1,308.56			56.36			900.00			38.79			5,219.38			22.03			4,722.84			19.91	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			949.99			4.01			1,050.52			4.43	
	UTILITIES			38.03			1.64			40.68			1.75			775.37			3.27			724.38			3.05	

	Total Expenses			7,709.24			332.01			7,217.18			311.05			24,049.32			101.49			23,027.04			97.09	

	Net Income (Loss)	$		(5,387.25)			(232.01)	$		(4,896.89)			(211.05)	$		(353.29)			(1.49)	$		689.74			2.91