Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended December 31, 2005 and 2004

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
December 31, 2005 and 2004

Assets

			As of				As of		
			Dec. 31, 2005				Dec. 31, 2004		

	Current Assets
	CASH IN BANK-CHECKING	$		(929.19)	$		1,390.12	
	CASH IN BANK-SAVINGS			13,939.74			9,481.05	

	Total Current Assets	$		13,010.55	$		10,871.17	

	Total Assets	$		13,010.55	$		10,871.17	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
December 31, 2005 and 2004

Liabilities and Equity

			As of				As of		
			Dec. 31, 2005				Dec. 31, 2004		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			13,706.69			9,933.00	

	Total Current Liabilities	$		14,366.69	$		10,593.00	

	Equity
	RETAINED EARNINGS			963.17			308.13	
	Current Income (Loss)			(2,319.31)			(29.96)	

	Total Equity			(1,356.14)			278.17	

	Total Liabilities & Equity	$		13,010.55	$		10,871.17	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended December 31, 2005 and 2004

			1 Month Ended								1 Month Ended								12 Months Ended								12 Months Ended						
			Dec. 31, 2005				Pct				Dec. 31, 2004				Pct				Dec. 31, 2005				Pct				Dec. 31, 2004				Pct		

	Revenue
	INCOME-DUES	$		1,540.00			88.22	$		1,540.00			81.95	$		18,480.00			82.10	$		18,370.00			81.79	
	INCOME-RESERVE			330.00			18.91			330.00			17.56			3,960.00			17.59			3,960.00			17.63	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			68.50			0.30			51.00			0.23	
	INCOME-INTEREST			(124.43)			(7.13)			9.24			0.49			0.00			0.00			78.94			0.35	

	Total Revenue			1,745.57			100.00			1,879.24			100.00			22,508.50			100.00			22,459.94			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			5.73			100.00			5.32			1,200.00			5.33			1,200.00			5.34	
	CABLE TV			322.03			18.45			303.73			16.16			3,827.76			17.01			3,610.44			16.08	
	INSURANCE			0.00			0.00			0.00			0.00			4,672.00			20.76			4,062.00			18.09	
	LICENSES			0.00			0.00			0.00			0.00			0.00			0.00			45.00			0.20	
	OFFICE EXPENSES			0.00			0.00			24.00			1.28			12.00			0.05			68.00			0.30	
	REPAIRS & MAINTENANCE			0.00			0.00			0.00			0.00			555.00			2.47			1,257.33			5.60	
	RESERVE ACCOUNT			360.00			20.62			360.00			19.16			4,320.00			19.19			4,320.00			19.23	
	SNOWPLOWING			520.00			29.79			245.00			13.04			1,745.00			7.75			905.00			4.03	
	TAXES			0.00			0.00			0.00			0.00			10.00			0.04			0.00			0.00	
	TRASH REMOVAL			148.00			8.48			130.00			6.92			1,617.60			7.19			1,560.00			6.95	
	WATER & SEWER			0.00			0.00			0.00			0.00			5,189.00			23.05			4,735.00			21.08	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			1,017.86			4.52			0.00			0.00	
	UTILITIES			90.42			5.18			76.41			4.07			661.59			2.94			727.13			3.24	

	Total Expenses			1,540.45			88.25			1,239.14			65.94			24,827.81			110.30			22,489.90			100.13	

	Net Income (Loss)	$		205.12			11.75	$		640.10			34.06	$		(2,319.31)			(10.30)	$		(29.96)			(0.13)