CAUSEWAY ON GULL ASSOCIATION, INC.
BALANCE SHEET
DECEMBER 31, 2005
ASSETS
Current assets
	Cash - checking and savings					$	595,046
	Cash - replacement reserve						133,404
	Receivable - owner maintenance fees						1,159,249
	Receivable - Causeway Development						48,341
	Inventory						3,979
	Prepaid expense and other current assets						17,831
			Total current assets				1,957,850
Property and Equipment
	Land						305,000
	Buildings and improvements						1,386,026
	Furnishings and equipment						207,918
	Vehicles						61,973
		Total property and equipment					1,960,917
		Less accumulated depreciation					(576,335)
			Net property and equipment				1,384,582
						$	3,342,432
LIABILITIES AND ASSOCIATION EQUITY
Current liabilities
	Notes payable - line of credit					$	200,000
	Deferred revenues - owner fees						1,626,863
	Other liabilities						2,141
			Total current liabilities				1,829,003
Long-term debt:
	Building loan						122,126
	Outlot A						829,180
			Total long-term debt				951,306
Association equity							562,123
						$	3,342,432