Financial Reports

                   Tallow Creek Homeowners Association
        Income/Reserve Statement Compared with Budget
                For the Period Ending November 31, 2011

Year to Date Year to Date Year to Date

      Actual      Budget     Variance
Revenues
Dues    $112,335.31     $78,000.00        $2,388.38
Late Fees           9,575.00                       0           3,179.71
Interest Income              647.14                       0              647.14
Other Income              112.50                       0              112.50
Total Revenues    $122,669.95     $78,000.00      $44,669.95

Expenses
Accounting Expenses 3301.1 3,100.00 201.1
Bank Charges 30 0.00 30
Hospitality, Decorating, Parties 684.34 1,100.00 -415.66
Insurance Expense 1,871.00 2,750.00 -879
Legal and Professional Expense 3,121.11 20,167.00 -17,045.89
Licenses/Property Taxes/Bank Fees 27.00 10.00 17.00
Landscaping/Grass Cutting Expense 19,550.00 19,250.00 300.00
Meeting Expenses 200.00 917.00 -717.00
Office Expense 677.56 458.00 219.56
Postage Expense 80.10 687.50 -607.40
Printing 6.50 367.00 -360.50
Repair and Maintenance Expense 1,342.17 917.00 425.17
Security Expense 240.00 0.00 240.00
Supplies Expense 292.23 0.00 292.23
Telephone Expense 30.02 0.00 30.02
Utilities Expense 12,303.92 12,375.00 -71.08
Reserve/Capital Improvements        10,000.00       10,000.00                        0
Other Expense              173.89                 0.00              173.89
Total Expenses      $53,930.94     $72,098.50    ($18,167.56)

Net Income      $68,739.01       $5,901.50      $62,837.51