Jul 1,101 - Mar22, '02

         Income

           Barn Fee                                                          1,250.00

           Interest Income                                                    175.18

           Lot Assessments                                             39,457.12

         Total Income                                                     40,882.30

         Expense

            Association Operations

            Accounting

             Tax Preparation                                                  150.00

             Total Accounting                                                 150.00

             Bank Fee                                                              21.99

             Corp Expenses                                                    102.00

             HOA Events

              Picnic                                                                  300.00

             Total HOA Events                                                300.00

             Insurance                                                           1,582.00

             Legal Fees                                                            527.50

             Management                                                      1,750.00

             PostagelDelivery                                                     54.40

             Void Check                                                              0.00

             Association Operations - Other                                 0.00

                                                                                       4,487.89

            Total Association Operations

            Easement & Prope~ Maintenance

             Common Area Maintenance                                1,232.50

             Common Area Repair                                              54.90

             Electric Service                                                    1,180.10

           Total Easement & Property Mainte...                      2,467.50

            Roads 

             Road Maintenance                                              13,733.58

           Total Roads                                                          13,733.58

         Total Expense                                                         20,688.97

         Net Income                                                             20,193.33