Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended August 31, 2007 and 2006

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
August 31, 2007 and 2006

Assets

			As of				As of		
			Aug. 31, 2007				Aug. 31, 2006		

	Current Assets
	CASH IN BANK-CHECKING	$		6,841.11	$		4,166.71	
	CASH IN BANK-SAVINGS			11,612.29			8,189.48	
	ACCOUNTS RECEIVABLE-DUES			(248.00)			(380.00)	

	Total Current Assets	$		18,205.40	$		11,976.19	

	Total Assets	$		18,205.40	$		11,976.19	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
August 31, 2007 and 2006

Liabilities and Equity

			As of				As of		
			Aug. 31, 2007				Aug. 31, 2006		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			11,173.69			7,853.69	

	Total Current Liabilities	$		11,833.69	$		8,513.69	

	Equity
	RETAINED EARNINGS			2,141.82			(1,356.14)	
	Current Income (Loss)			4,229.89			4,818.64	

	Total Equity			6,371.71			3,462.50	

	Total Liabilities & Equity	$		18,205.40	$		11,976.19	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended August 31, 2007 and 2006

			1 Month Ended								1 Month Ended								8 Months Ended								8 Months Ended						
			Aug. 31, 2007				Pct				Aug. 31, 2006				Pct				Aug. 31, 2007				Pct				Aug. 31, 2006				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			83.07	$		1,980.00			78.47	$		15,840.00			83.03	$		15,400.00			75.70	
	INCOME-RESERVE			330.00			13.84			330.00			13.08			2,640.00			13.84			2,640.00			12.98	
	INCOME-WORK DAY			0.00			0.00			0.00			0.00			420.00			2.20			0.00			0.00	
	INCOME-LATE FEES			63.00			2.64			0.00			0.00			105.00			0.55			0.00			0.00	
	INCOME-INTEREST			10.64			0.45			13.28			0.53			72.70			0.38			102.74			0.51	
	SPECIAL ASSESSMENT			0.00			0.00			200.00			7.93			0.00			0.00			2,200.00			10.81	

	Total Revenue			2,383.64			100.00			2,523.28			100.00			19,077.70			100.00			20,342.74			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.20			100.00			3.96			800.00			4.19			800.00			3.93	
	CABLE TV			357.76			15.01			342.80			13.59			2,830.27			14.84			2,700.86			13.28	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			44.78			0.23			24.00			0.12	
	REPAIRS & MAINTENANCE			0.00			0.00			600.00			23.78			376.40			1.97			1,437.21			7.06	
	RESERVE ACCOUNT			360.00			15.10			360.00			14.27			2,880.00			15.10			2,880.00			14.16	
	SNOWPLOWING			0.00			0.00			0.00			0.00			1,500.00			7.86			1,480.00			7.28	
	TRASH REMOVAL			111.51			4.68			106.20			4.21			892.08			4.68			1,031.63			5.07	
	WATER & SEWER			0.00			0.00			0.00			0.00			3,822.84			20.04			3,827.50			18.82	
	WORK DAY EXPENSES			0.00			0.00			0.00			0.00			1,050.52			5.51			806.83			3.97	
	UTILITIES			29.96			1.26			26.39			1.05			650.92			3.41			536.07			2.64	

	Total Expenses			959.23			40.24			1,535.39			60.85			14,847.81			77.83			15,524.10			76.31	

	Net Income (Loss)	$		1,424.41			59.76	$		987.89			39.15	$		4,229.89			22.17	$		4,818.64			23.69