Income/Expense Statement WATERMILL VILLAGE Period: 10/01/06 to 10/31/06 REVENUE: 03000 Maintenance Fees 18,082.00 17,480.00 602.00 175,402.00 174,800.00 602.00 209,760.00 03030 Prepaid Assessments (1,159.78) .00 (1,159.78) (1,159.78) .00 (1,159.78) .00 03060 Prepaid Income 813.09 .00 813.09 813.09 .00 813.09 .00 03100 Operating Interest 4.73 .00 4.73 80.39 .00 80.39 .00 03120 Reserve Interest .00 .00 .00 387.85 .00 387.85 .00 03130 Res Interest Restore 147.66 .00 147.66 3,457.09 .00 3,457.09 .00 03140 Res. Interest Replace 442.98 .00 442.98 1,829.24 .00 1,829.24 .00 03200 Other Income .00 .00 .00 .50 .00 .50 .00 ______________ ______________ ______________ ______________ ______________ ______________ ______________ Total Revenue 18,330.68 17,480.00 850.68 180,810.38 174,800.00 6,010.38 209,760.00 EXPENSES: ADMINISTRATION 04060 Management & Bookkeeping 1,250.00 1,263.58 13.58 12,639.00 12,635.80 (3.20) 15,163.00 04120 Office Expense 66.41 200.00 133.59 1,036.53 2,000.00 963.47 2,400.00 04130 Other Assn Exp 185.39 .00 (185.39) 185.39 .00 (185.39) .00 04140 Bank Expense .00 .00 .00 45.96 .00 (45.96) .00 04510 License/Fees/Corp Filing .00 50.00 50.00 125.00 500.00 375.00 600.00 04730 CPA Review/Legal .00 250.00 250.00 1,650.00 2,500.00 850.00 3,000.00 04740 Taxes .00 41.66 41.66 .00 416.60 416.60 500.00 04970 Insurance (Liability/D&O) 7,193.67 541.66 (6,652.01) 8,944.28 5,416.60 (3,527.68) 6,500.00 ______________ ______________ ______________ ______________ ______________ ______________ ______________ Total Administration 8,695.47 2,346.90 (6,348.57) 24,626.16 23,469.00 (1,157.16) 28,163.00 MAINTENANCE 05000 Maintenance 1,904.00 1,250.00 (654.00) 10,061.08 12,500.00 2,438.92 15,000.00 05400 Pest Control .00 225.00 225.00 2,872.36 2,250.00 (622.36) 2,700.00 06010 Grounds Contract 1,100.00 1,166.66 66.66 11,150.00 11,666.60 516.60 14,000.00 06020 Irrigation 330.74 416.66 85.92 1,699.00 4,166.60 2,467.60 5,000.00 06310 Tree Trimming/Pruning 400.00 83.33 (316.67) 1,176.00 833.30 (342.70) 1,000.00 06550 Pool Service 232.50 300.00 67.50 1,420.00 3,000.00 1,580.00 3,600.00 06600 Contingency Fund .00 751.58 751.58 8,800.00 7,515.80 (1,284.20) 9,019.00 ______________ ______________ ______________ ______________ ______________ ______________ ______________ Total Maintenance 3,967.24 4,193.23 225.99 37,178.44 41,932.30 4,753.86 50,319.00 UTILITIES 07510 Electricity 17.84 58.33 40.49 833.51 583.30 (250.21) 700.00 07640 Water 57.03 333.33 276.30 733.83 3,333.30 2,599.47 4,000.00 07650 Trash 353.74 316.66 (37.08) 3,374.37 3,166.60 (207.77) 3,800.00 ______________ ______________ ______________ ______________ ______________ ______________ ______________ Total Utilities 428.61 708.32 279.71 4,941.71 7,083.20 2,141.49 8,500.00 RESERVE FUNDING 09010 Reserves - Roof 833.33 833.33 .00 4,999.98 8,333.30 3,333.32 10,000.00 09020 Reserves - Replacement 174.67 175.00 .33 1,048.02 1,750.00 701.98 2,100.00 09030 Reserves - Restoration 9,224.00 9,224.00 .00 55,344.00 92,240.00 36,896.00 110,688.00 09040 Reserve Int. Expense .00 .00 .00 7,660.06 .00 (7,660.06) .00 09050 Reserve Loan Pymt Restoration .00 .00 .00 20,464.00 .00 (20,464.00) .00 ______________ ______________ ______________ ______________ ______________ ______________ ______________ Total Reserve Expense 10,232.00 10,232.33 .33 89,516.06 102,323.30 12,807.24 122,788.00 TOTAL EXPENSES 23,323.32 17,480.78 (5,842.54) 156,262.37 174,807.80 18,545.43 209,770.00 CURRENT YEAR NET INCOME/(LOSS (4,992.64) (.78) (4,991.86) 24,548.01 (7.80) 24,555.81 (10.00) ============== ============== ============== ============== ============== ============== ==============