Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended June 30, 2005 and June 30, 2004

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
June 30, 2005 and June 30, 2004

Assets

			As of				As of										
			Jun. 30, 2005				Jun. 30, 2004				Change				Pct		

	Current Assets
	CASH IN BANK-CHECKING	$		2,120.23	$		2,815.67	$		(695.44)			(25)	
	CASH IN BANK-SAVINGS			11,689.56			7,961.29			3,728.27			47	
	ACCOUNTS RECEIVABLE-DUES			(90.00)			(170.00)			80.00			(47)	

	Total Current Assets	$		13,719.79	$		10,606.96	$		3,112.83			29	

	Total Assets	$		13,719.79	$		10,606.96	$		3,112.83			29	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
June 30, 2005 and June 30, 2004

Liabilities and Equity

			As of				As of										
			Jun. 30, 2005				Jun. 30, 2004				Change				Pct		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	$		0.00			0	
	RESERVE			11,408.00			7,773.00			3,635.00			47	

	Total Current Liabilities	$		12,068.00	$		8,433.00	$		3,635.00			43	

	Equity
	RETAINED EARNINGS			963.17			308.13			655.04			213	
	Current Income (Loss)			688.62			1,865.83			(1,177.21)			(63)	

	Total Equity			1,651.79			2,173.96			(522.17)			(24)	

	Total Liabilities & Equi	$		13,719.79	$		10,606.96	$		3,112.83			29	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended June 30, 2005 and June 30, 2004

			1 Month Ended								1 Month Ended								6 Months Ended								6 Months Ended						
			Jun. 30, 2005				Pct				Jun. 30, 2004				Pct				Jun. 30, 2005				Pct				Jun. 30, 2004				Pct		

	Revenue
	INCOME-DUES	$		1,540.00			82.35	$		1,540.00			82.07	$		9,240.00			81.63	$		9,130.00			81.93	
	INCOME-RESERVE			330.00			17.65			330.00			17.59			1,980.00			17.49			1,980.00			17.77	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			51.00			0.45			0.00			0.00	
	INCOME-INTEREST			0.00			0.00			6.37			0.34			48.51			0.43			34.18			0.31	

	Total Revenue			1,870.00			100.00			1,876.37			100.00			11,319.51			100.00			11,144.18			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			5.35			100.00			5.33			600.00			5.30			600.00			5.38	
	CABLE TV			322.03			17.22			303.73			16.19			1,895.58			16.75			1,788.06			16.04	
	LICENSES			0.00			0.00			0.00			0.00			0.00			0.00			45.00			0.40	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			0.00			0.00			7.00			0.06	
	REPAIRS & MAINTENANCE			0.00			0.00			507.49			27.05			0.00			0.00			572.33			5.14	
	RESERVE ACCOUNT			360.00			19.25			360.00			19.19			2,160.00			19.08			2,160.00			19.38	
	SNOWPLOWING			0.00			0.00			0.00			0.00			1,225.00			10.82			660.00			5.92	
	TRASH REMOVAL			130.00			6.95			130.00			6.93			780.00			6.89			780.00			7.00	
	WATER & SEWER			0.00			0.00			0.00			0.00			2,520.00			22.26			2,160.00			19.38	
	WORK DAY EXPENSES			1,017.86			54.43			0.00			0.00			1,017.86			8.99			0.00			0.00	
	UTILITIES			63.24			3.38			34.28			1.83			432.45			3.82			505.96			4.54	

	Total Expenses			1,993.13			106.58			1,435.50			76.50			10,630.89			93.92			9,278.35			83.26	

	Net Income (Loss)	$		(123.13)			(6.58)	$		440.87			23.50	$		688.62			6.08	$		1,865.83			16.74