Cardinal Glen HOA 1&2
                       Budget Category Annual Totals 1998
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INCOME CATEGORIES                                               ANNUAL TOTAL
  Dues and Disclosure Packets Fees                                $10,042.60 
  CD Interest Earned                                                 $481.96 
  Checking Interest Earned                                           $161.23 
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TOTAL INCOME:                                                     $10,586.79
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EXPENSE CATEGORIES
  Advertising          (annual community yard sale)                   $38.68
  Electric Service    (lights at entrance)                           $272.38
  Grounds Maintenance (cleanup days, dead tree removal)            $2,370.20
  Insurance Payments (common ground and director's liability)        $850.00
  Lawn Care          (grass cutting of common ground)              $2,880.00
  Legal Expenses     (attorney and state corporate fees)             $468.09 
  Postage and Mailing  (newsletters, PO Box rental)                  $300.68
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TOTAL EXPENSES:                                                    $7,180.03


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Report of Assets:
  Checking Account Beginning Balance               $ 8,448.26
  Plus Income                                       10,685.79
                                                    ---------
                                                    19,134.05
  Less Expenses                                    ( 7,180.03 )
                                                    ---------
  Checking Account Ending Balance                  $11,954.02

  Certificate of Deposit, renewed Jan and June     $10,487.06
    Note that $4,000 has been removed from
    the CD to fund an erosion control project
    on the common ground.


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Proposed Expenses for 1999:
       Advertising                                 40
       Electric Service                           300
       Grounds Maintenance                      2,500
       Insurance Payments                       1,000
       Lawn Care                                2,900
       Legal Expenses                             400
       Erosion Control Projects                13,940
                                               ------
       Total Projected Expeses                $21,080