Catoctin Meadows Homeowners Association
                        CY 2003 Cash Flow Report Report
                          1/1/2003 Through 12/31/2003
2/25/2004                                                                Page 1

                                                        1/1/2003-
                      Category Description             12/31/2003

            INFLOWS

                HOA Dues                                    3,915.55
                Interest Inc                                   17.96

            TOTAL INFLOWS                                   3,933.51

            OUTFLOWS

                Bank Charge                                     9.95
                Insurance
                    D&O Liability                             863.00
                    Land Liability                            250.00
                TOTAL Insurance                             1,113.00
                Legal Costs                                   687.50
                License Costs                                  25.00
                Office Supplies                                71.75
                Postage                                       106.10

            TOTAL OUTFLOWS                                  2,013.30

            OVERALL TOTAL                                   1,920.21