Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Period Ended December 31, 2004

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
December 31, 2004

Assets

			As of				As of										
			Dec. 31, 2004				Dec. 31, 2003				Change				Pct		

	Current Assets
	CASH IN BANK-CHECKING	$		1,390.12	$		654.02	$		736.10			113	
	CASH IN BANK-SAVINGS			9,481.05			5,767.11			3,713.94			64	
	ACCOUNTS RECEIVABLE-DUES			0.00			160.00			(160.00)			(100)	

	Total Current Assets	$		10,871.17	$		6,581.13	$		4,290.04			65	

	Total Assets	$		10,871.17	$		6,581.13	$		4,290.04			65	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
December 31, 2004

Liabilities and Equity

			As of				As of										
			Dec. 31, 2004				Dec. 31, 2003				Change				Pct		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			9,933.00			5,613.00			4,320.00			77	

	Total Current Liabilities	$		10,593.00	$		6,273.00	$		4,320.00			69	

	Equity
	RETAINED EARNINGS			308.13			2,030.32			(1,722.19)			(85)	
	Current Income (Loss)			(29.96)			(1,722.19)			1,692.23			(98)	

	Total Equity			278.17			308.13			(29.96)			(10)	

	Total Liabilities & Equi	$		10,871.17	$		6,581.13	$		4,290.04			65	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Period Ended December 31, 2004

			1 Month Ended				Prior Year												12 Months Ended				Prior Year										
			Dec. 31, 2004				Period				Variance				Pct				Dec. 31, 2004				Period				Variance				Pct		

	Revenue
	INCOME-DUES	$		1,540.00	$		1,430.00	$		110.00			8	$		18,370.00	$		17,160.00	$		1,210.00			7	
	INCOME-RESERVE			330.00			330.00			0.00			0			3,960.00			3,960.00			0.00			0	
	INCOME-WORK DA			0.00			0.00			0.00			0			0.00			160.00			(160.00)			(100)	
	INCOME-LATE FEES			0.00			0.00			0.00			0			51.00			32.00			19.00			59	
	INCOME-INTEREST			9.24			4.96			4.28			86			78.94			65.32			13.62			21	

	Total Revenue			1,879.24			1,764.96			114.28			6			22,459.94			21,377.32			1,082.62			5	

	Operating Expenses
	BOOKKEEPING			100.00			100.00			0.00			0			1,200.00			1,200.00			0.00			0	
	CABLE TV			303.73			286.59			17.14			6			3,610.44			3,407.22			203.22			6	
	INSURANCE			0.00			0.00			0.00			0			4,062.00			3,612.00			450.00			12	
	LICENSES			0.00			0.00			0.00			0			45.00			45.00			0.00			0	
	OFFICE EXPENSES			24.00			31.00			(7.00)			(23)			68.00			38.00			30.00			79	
	REPAIRS & MAINTE			0.00			0.00			0.00			0			1,257.33			1,282.71			(25.38)			(2)	
	RESERVE ACCOUNT			360.00			360.00			0.00			0			4,320.00			4,320.00			0.00			0	
	SNOWPLOWING			245.00			440.00			(195.00)			(44)			905.00			1,540.00			(635.00)			(41)	
	TRASH REMOVAL			130.00			160.60			(30.60)			(19)			1,560.00			1,927.20			(367.20)			(19)	
	WATER & SEWER			0.00			0.00			0.00			0			4,735.00			5,052.50			(317.50)			(6)	
	UTILITIES			76.41			72.82			3.59			5			727.13			674.88			52.25			8	

	Total Expenses			1,239.14			1,451.01			(211.87)			(15)			22,489.90			23,099.51			(609.61)			(3)	

	Net Income (L	$		640.10	$		313.95	$		326.15			104	$		(29.96)	$		(1,722.19)	$		1,692.23			(98)