Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Period Ended February 28, 2003

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
February 28, 2003

Assets

			As of				As of										
			Feb. 28, 2003				Feb. 28, 2002				Change				Pct		

	Current Assets
	CASH IN BANK-CHECKING	$		2,596.34	$		2,141.22	$		455.12			21	
	CASH IN BANK-SAVINGS			5,762.97			2,903.36			2,859.61			98	
	ACCOUNTS RECEIVABLE-DUES			(128.00)			0.00			(128.00)			0	
	PREPAID INSURANCE			0.00			2,238.33			(2,238.33)			(100	)	

	Total Current Assets	$		8,231.31	$		7,282.91	$		948.40			13	

	Total Assets	$		8,231.31	$		7,282.91	$		948.40			13	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
February 28, 2003

Liabilities and Equity

			As of				As of										
			Feb. 28, 2003				Feb. 28, 2002				Change				Pct		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			5,663.00			2,880.00			2,783.00			97	

	Total Current Liabilities	$		6,323.00	$		3,540.00	$		2,783.00			79	

	Equity
	RETAINED EARNINGS			2,030.32			3,662.81			(1,632.49)			(45	)	
	Current Income (Loss)			(122.01)			80.10			(202.11)			(252	)	

	Total Equity			1,908.31			3,742.91			(1,834.60)			(49	)	

	Total Liabilities & Equi	$		8,231.31	$		7,282.91	$		948.40			13	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Period Ended February 28, 2003

			1 Month Ended				Prior Year												2 Months Ended				Prior Year										
			Feb. 28, 2003				Period				Variance				Pct				Feb. 28, 2003				Period				Variance				Pct		

	Revenue
	INCOME-DUES	$		1,430.00	$		1,430.00	$		0.00			0	$		2,890.00	$		2,860.00	$		30.00			1	
	INCOME-RESERVE			330.00			330.00			0.00			0			630.00			660.00			(30.00)			(5	)	
	INCOME-LATE FEES			0.00			16.00			(16.00)			(100	)			0.00			16.00			(16.00)			(100	)	
	INCOME-INTEREST			11.18			4.17			7.01			168			11.18			8.12			3.06			38	

	Total Revenue			1,771.18			1,780.17			(8.99)			(1	)			3,531.18			3,544.12			(12.94)			(0	)	

	Operating Expenses
	BOOKKEEPING			100.00			100.00			0.00			0			200.00			200.00			0.00			0	
	CABLE TV			270.66			255.19			15.47			6			541.32			510.38			30.94			6	
	OFFICE EXPENSES			0.00			0.00			0.00			0			0.00			6.00			(6.00)			(100	)	
	REPAIRS & MAINTE			0.00			0.00			0.00			0			0.00			58.80			(58.80)			(100	)	
	RESERVE ACCOUNT			360.00			360.00			0.00			0			720.00			720.00			0.00			0	
	SNOWPLOWING			220.00			220.00			0.00			0			440.00			220.00			220.00			100	
	TRASH REMOVAL			160.60			146.00			14.60			10			321.20			292.00			29.20			10	
	WATER & SEWER			0.00			0.00			0.00			0			1,260.00			1,256.25			3.75			0	
	UTILITIES			77.20			84.22			(7.02)			(8	)			170.67			200.59			(29.92)			(15	)	

	Total Expenses			1,188.46			1,165.41			23.05			2			3,653.19			3,464.02			189.17			5	

	Net Income (L	$		582.72	$		614.76	$		(32.04)			(5	)	$		(122.01)	$		80.10	$		(202.11)			(252	)