CAUSEWAY ON GULL ASSOCIATION, INC.
STATEMENT OF OPERATIONS
DECEMBER 31, 2005
Revenue
	Owner maintenance fees					$	1,624,546
	Building rental						76,800
	Other rental						37,930
	Activity fees and store						11,091
	Housekeeping						17,641
	Other revenue						8,050
			Total revenue				1,776,058
Operating expenses
	Administration contract						165,000
	Adminstration						91,814
	Bad debts						33,118
	Depreciation						47,199
	General & Finance						15,112
	Housekeeping contract and supplies						320,767
	Insurance						107,427
	Maintenance contract						200,004
	Management fees						92,400
	Pool and hot tub						26,984
	Real estate taxes						166,418
	Refuse and snow removal						10,348
	Repairs and maintenance						82,024
	Replacement expenses						39,091
	Sewer connection fees						13,021
	Supplies						18,772
	Utilities						251,713
			Total operating expenses				1,681,213
	Operating income						94,845
Other income (expense)
	Interest income						14,698
	Interest expense						(64,278)
			Total other income and expense				(49,580)
Net income (loss)							45,265
Equity, beginning of year							516,858
Equity, end of year						$	562,123