Financial Statements

of
COBBLESTONE CONDOMINIUM ASSOCIATION
For the Periods Ended May 31, 2009 and 2008

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
May 31, 2009 and 2008

Assets

			As of				As of		
			May 31, 2009				May 31, 2008		

	Current Assets
	CASH IN BANK-CHECKING	$		7,179.82	$		6,930.20	
	CASH IN BANK-SAVINGS			19,372.31			14,944.64	
	ACCOUNTS RECEIVABLE-DUES			(110.00)			(630.00)	

	Total Current Assets	$		26,442.13	$		21,244.84	

	Total Assets	$		26,442.13	$		21,244.84	

COBBLESTONE CONDOMINIUM ASSOCIATION
Balance Sheet
May 31, 2009 and 2008

Liabilities and Equity

			As of				As of		
			May 31, 2009				May 31, 2008		

	Current Liabilities
	DEPOSITS PAYABLE	$		660.00	$		660.00	
	RESERVE			18,733.69			14,413.69	

	Total Current Liabilities	$		19,393.69	$		15,073.69	

	Equity
	RETAINED EARNINGS			5,446.33			4,595.91	
	Current Income (Loss)			1,602.11			1,575.24	

	Total Equity			7,048.44			6,171.15	

	Total Liabilities & Equity	$		26,442.13	$		21,244.84	

COBBLESTONE CONDOMINIUM ASSOCIATION
Income Statement
For the Periods Ended May 31, 2009 and 2008

			1 Month Ended								1 Month Ended								5 Months Ended								5 Months Ended						
			May 31, 2009				Pct				May 31, 2008				Pct				May 31, 2009				Pct				May 31, 2008				Pct		

	Revenue
	INCOME-DUES	$		1,980.00			85.47	$		1,980.00			83.53	$		9,900.00			84.76	$		9,900.00			84.81	
	INCOME-RESERVE			330.00			14.25			330.00			13.92			1,650.00			14.13			1,650.00			14.14	
	INCOME-LATE FEES			0.00			0.00			0.00			0.00			92.00			0.79			21.00			0.18	
	INCOME-TRANSFERS			0.00			0.00			50.00			2.11			0.00			0.00			50.00			0.43	
	INCOME-INTEREST			6.51			0.28			10.34			0.44			37.38			0.32			51.67			0.44	

	Total Revenue			2,316.51			100.00			2,370.34			100.00			11,679.38			100.00			11,672.67			100.00	

	Operating Expenses
	BOOKKEEPING			100.00			4.32			100.00			4.22			500.00			4.28			500.00			4.28	
	CABLE TV			399.68			17.25			375.03			15.82			1,949.10			16.69			1,838.39			15.75	
	OFFICE EXPENSES			0.00			0.00			0.00			0.00			38.02			0.33			41.00			0.35	
	REPAIRS & MAINTENANCE			0.00			0.00			517.00			21.81			0.00			0.00			517.00			4.43	
	RESERVE ACCOUNT			360.00			15.54			360.00			15.19			1,800.00			15.41			1,800.00			15.42	
	SNOWPLOWING			0.00			0.00			0.00			0.00			2,000.00			17.12			1,680.33			14.40	
	TRANSFER FEE			0.00			0.00			50.00			2.11			0.00			0.00			50.00			0.43	
	TRASH REMOVAL			120.55			5.20			120.55			5.09			602.75			5.16			602.75			5.16	
	WATER & SEWER			0.00			0.00			0.00			0.00			2,714.32			23.24			2,586.30			22.16	
	UTILITIES			96.18			4.15			100.84			4.25			473.08			4.05			481.66			4.13	

	Total Expenses			1,076.41			46.47			1,623.42			68.49			10,077.27			86.28			10,097.43			86.50	

	Net Income (Loss)	$		1,240.10			53.53	$		746.92			31.51	$		1,602.11			13.72	$		1,575.24			13.50