Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended February 28, 2006 and 2005

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
February 28, 2006 and 2005

Assets

			As of				As of		
			Feb. 28, 2006				Feb. 28, 2005		

	Current Assets
	CASH IN BANK-CHECKING	$		(575.22)	$		1,506.40	
	CASH IN BANK-SAVINGS			14,683.70			10,217.91	
	ACCOUNTS RECEIVABLE-DUES			(150.00)			(60.00)	

	Total Current Assets	$		13,958.48	$		11,664.31	

	Total Assets	$		13,958.48	$		11,664.31	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
February 28, 2006 and 2005

Liabilities and Equity

			As of				As of		
			Feb. 28, 2006				Feb. 28, 2005		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			14,426.69			10,653.00	

	Total Current Liabilities	$		15,086.69	$		11,313.00	

	Equity
	RETAINED EARNINGS			(1,356.14)			278.17	
	Current Income (Loss)			227.93			73.14	

	Total Equity			(1,128.21)			351.31	

	Total Liabilities & Equity	$		13,958.48	$		11,664.31	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended February 28, 2006 and 2005

			1 Month Ended								1 Month Ended								2 Months Ended								2 Months Ended						
			Feb. 28, 2006				Pct				Feb. 28, 2005				Pct				Feb. 28, 2006				Pct				Feb. 28, 2005				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			81.77	$		1,540.00			81.25	$		3,520.00			81.79	$		3,080.00			81.61	
	INCOME-RESERVE			330.00			13.63			330.00			17.41			660.00			15.33			660.00			17.49	
	INCOME-LATE FEES			0.00			0.00			17.00			0.90			0.00			0.00			17.00			0.45	
	INCOME-INTEREST			11.44			0.47			8.49			0.45			23.96			0.56			16.86			0.45	
	SPECIAL ASSESSMENT			100.00			4.13			0.00			0.00			100.00			2.32			0.00			0.00	

	Total Revenue			2,421.44			100.00			1,895.49			100.00			4,303.96			100.00			3,773.86			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.13			100.00			5.28			200.00			4.65			200.00			5.30	
	CABLE TV			322.03			13.30			303.73			16.02			644.06			14.96			607.46			16.10	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			24.00			0.56			0.00			0.00	
	RESERVE ACCOUNT			360.00			14.87			360.00			18.99			720.00			16.73			720.00			19.08	
	SNOWPLOWING			397.50			16.42			245.00			12.93			740.00			17.19			490.00			12.98	
	TRASH REMOVAL			148.00			6.11			130.00			6.86			296.00			6.88			260.00			6.89	
	WATER & SEWER			0.00			0.00			0.00			0.00			1,260.00			29.28			1,260.00			33.39	
	UTILITIES			89.63			3.70			85.97			4.54			191.97			4.46			163.26			4.33	

	Total Expenses			1,417.16			58.53			1,224.70			64.61			4,076.03			94.70			3,700.72			98.06	

	Net Income (Loss)	$		1,004.28			41.47	$		670.79			35.39	$		227.93			5.30	$		73.14			1.94