Cardinal Glen HOA 1&2
                       Budget Category Annual Totals 1997
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INCOME CATEGORIES                                               ANNUAL TOTAL
  Dues and Disclosure Packets Fees                                 $8,497.60 
  Interest Earned                                                    $624.07 
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TOTAL INCOME:                                                      $9,121.67 
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EXPENSE CATEGORIES
  Accounting          (annual audit review, postage, supplies)       $580.60 
  Electric Service    (lights at entrance)                           $284.86 
  Grounds Maintenance (cleanup days, dead tree removal)            $1,576.63 
  Insurance Payments (common ground and director's liability)      $1,262.00 
  Lawn Care          (grass cutting of common ground)              $2,690.00 
  Legal Expenses    (includes transfer of title of eastern parcel)   $405.09 
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TOTAL EXPENSES:                                                     $6,799.18 


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Report of Assets:
  Checking Account Beginning Balance               $ 6,125.77
  Plus Income                                        9,121.67
                                                    ---------
                                                    15,247.44
  Less Expenses                                    ( 6,799.18 )
                                                    ---------
  Checking Account Ending Balance                  $ 8,448.26

  Certificate of Deposit, renewed Jan and June     $10,487.06


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Proposed Expenses for 1998:
       Accounting                                 600
       Electric Service                           300
       Grounds Maintenance                      1,500
       Insurance Payments                       1,000
       Lawn Care                                2,700
       Legal Expenses                             200
       Erosion Control Projects                 5,000
                                               ------
       Total Projected Expeses                $11,300