BALANCE SHEET - PWHOA (07/31/04)
ASSETS:
Operating Assets - General
Checking-Bank Atlantic	4,821.86
Savings - Bank Atlantic	80,530.24
Checking - Union Bank	49,248.05
Money Market - SouthTrust	3,638.40
Total Operating Assets - General		138,238.55
Operating Assets - Cable
Cable Account - Washington Mutual	7,360.85
Cable Account - Regent Bank	121,896.57
Total Operating Assets - Cable		129,257.42
Other Assets
Accounts Receivable	1,940.55
Bulk Cable Receivables	44,552.26
Newsletter Income Due	4,443.50
Prepaid Insurance	18,019.80
Total Other Assets		68,956.11
TOTAL ASSETS			$336,452.08
LIABILITIES & EQUITY:
Operating Liabilities
Accounts Payable	2,758.98
Prepaid Assessments	821.71
Prepaid Cable Assessment	95.79
Deferred Revenue	116,666.65
Deferred Cable Income	176,201.67
Total Operating Liabilities		296,544.80
Members Equity
Members Equity	37,532.41
Current Year Earnings	2,374.87
Total Members Equity		39,907.28
TOTAL LIABILITIES & EQUITY			$336,452.08
HOMEOWNERS EQUITY:
Total Members Equity	39,907.28
Less Cable Adjustment	-2,487.78
TOTAL HOMEOWNERS EQUITY	$42,395.06

BUDGET COMPARISON - PWHOA (07/31/04)
	MTD	MTD	YTD	YTD	Annual
	Actual	Budget	Actual	Budget	Budget
INCOME:
Homeowner Assessment	23,333.33	23,333.33	163,333.35	163,333.33	280,000.00
Interest Income	133.80	166.67	423.06	1,166.67	2,000.00
Bulk Cable Assessment	16,018.33	16,018.75	107,805.81	112,131.25	192,225.00
HO Dock Ins. Premium	0.00	45.83	0.00	320.83	550.00
Newsletter Advertising	0.00	320.83	7,711.50	2,245.83	3,850.00
Golf Tournament Income	0.00	625.00	100.00	4,375.00	7,500.00
Miscellaneous Income	0.00	0.00	2,540.00	0.00	0.00
TOTAL INCOME	39,485.46	40,510.42	281,913.72	283,572.92	486,125.00
EXPENSES:
Maintenance & Common Area Expense:
Irrigation Maint/Upgrade	936.03	833.33	7,339.69	5,833.33	10,000.00
Landscape Replacements	150.00	550.00	13,474.00	3,850.00	6,600.00
Lawn/Landscaping/Tree Trim	3,250.00	4,250.00	24,809.00	29,750.00	51,000.00
Lake & Dock Maintenance	150.00	150.00	1,050.00	1,050.00	1,800.00
Playground Maintenance	0.00	375.00	600.00	2,625.00	4,500.00
Pressure Cleaning	0.00	166.67	2,750.00	1,166.67	2,000.00
Security	7,755.67	8,250.00	57,451.76	57,750.00	99,000.00
Miscellaneous General Maintenance	100.00	100.00	709.88	700.00	1,200.00
Street Signs	73.02	250.00	680.74	1,750.00	3,000.00
Improvements - Golf Proceeds	0.00	375.00	0.00	2,625.00	4,500.00
Cable TV	15,820.69	16,018.75	109,777.48	112,131.25	192,225.00
Utilities - Electric	1,958.10	2,250.00	15,279.22	15,750.00	27,000.00
Total Maint. & Com. Area Expense	30,193.51	33,568.75	233,921.77	234,981.25	402,825.00
Administrative Expense:
Accounting Fees	0.00	125.00	1,250.00	875.00	1,500.00
Insurance	2,419.89	1,700.00	12,177.45	11,900.00	20,400.00
Legal	0.00	666.67	4,929.11	4,666.67	8,000.00
Office Supplies	411.35	500.00	2,338.79	3,500.00	6,000.00
Postage/Other	455.25	300.00	1,613.51	2,100.00	3,600.00
Holiday Lights	0.00	8.33	24.37	58.33	100.00
Meeting Room Fees	0.00	8.33	80.00	58.33	100.00
Newsletter Printing Expense	283.50	400.00	2,707.60	2,800.00	4,800.00
Management Fees	2,900.00	2,900.00	20,300.00	20,300.00	34,800.00
Golf Tournament Expenses	0.00	250.00	0.00	1,750.00	3,000.00
Website Management Fees	45.00	75.00	135.00	525.00	900.00
Taxes-Licenses-Permits	0.00	8.33	61.25	58.33	100.00
Total Administrative Expense	6,514.99	6,941.67	45,617.08	48,591.67	83,300.00
TOTAL EXPENSE	36,708.50	40,510.42	279,538.85	283,572.92	486,125.00
NET INCOME/(LOSS)	2,776.96	0.00	2,374.87	0.00	0.00