IJA Financial Statement
December 31, 1998

Note: Amounts in color have been corrected from previously published versions. The previous errors were due to the failure to include the final audited inventory figures in the statements and the omission of liabilities and expenses of employee taxes incurred but not paid by 12/31/98.

                                 Balance Sheet
                               December 31, 1998
           
                                     ASSETS
           
Current Assets:
  Cash                               35,060.86  (note 17)
  Life Member Fund                   79,634.33
  Advances                            1,504.97
  Archival Fund                      31,198.97
  Inventory                          23,929.95
                                --------------
   TOTAL CURRENT ASSETS             171,329.08  (note 17)
           
Fixed Assets:
  Furniture and Fixtures              8,611.50
  Accum depre - F & F                -8,611.50
  Equipment                             725.16
  Accum. Deprc. Equipment              -725.16
                                --------------
   TOTAL ASSETS                     171,329.08  (note 17)
                                ==============
           
                              LIABILITIES & EQUITY
           
Liabilities:
  Accrued Expenses FWT/FICA             679.12
  Accrued Expenses SWT                  175.08
                                --------------
   Total Liabilities                    854.20
           
Equity:
  Beginning Retained Earnings       229,330.64  (note 17)
  Current Period Profit (Loss)      -58,855.76  (note 17)
                                --------------
Total Equity                        170,474.88  (note 17)
                                --------------
TOTAL LIABILITIES & EQUITY          171,329.08  (note 17)
                                ==============
           
 
                                Income Statement
                    12 Month Period Ending December 31, 1998
           
INCOME:
  Affiliates                             25.00
  Pittsburgh 1997 Festival              116.00
  Primm 1998 Festival               105,850.95
  Winterfest 1999                       650.00
  Las Vegas Showboat 1998             2,303.01
  Donations                             196.50
  Canadian Exchange                   1,225.20  (note 17)
  Randi Project                       5,190.00
  Membership dues                    62,523.28
  Interest - General Fund             6,438.10  (note 5)
  JUGGLE ads                          2,544.00
  Merchandise sold                    2,310.82
  JUGGLE back issues                  1,058.18
  Miscellaneous income                   21.47
  Auction                             2,249.01
  Shipping                            2,475.40
  Video Sales                        16,243.12
           
   TOTAL INCOME                     211,420.04  (note 17)
           
EXPENSES:
           
JUGGLE Magazine Expenses:
  Office supplies                        29.55
  Postage                             8,274.76
  Printing                            7,735.52
  Professional services              55,700.00
  Telephone                             342.26
   Total JUGGLE Magazine Expenses    72,082.09
           
General Account Expenses:
  Insurance                           3,099.00
  Randi Project                       5,347.62
  Bank charges                          926.33
  Inventory change                   -6,163.41
  Office Supplies                     2,131.28
  Miscellaneous                         415.74
  Postage                             6,996.16
  Printing                            3,114.13
  Professional services              24,565.25  (note 14)
  Travel expenses                     3,451.22  (note 15)
  Video Expense                      18,661.68
  Telephone                          17,410.04  (note 6)
  Merchandise for resale              2,198.72
   Total General Expenses            82,153.76
           
Winterfest 1999 Expenses:
  Miscellaneous                         123.99
  Postage                                63.75
  Professional services                 300.00  (note 3)
  Telephone                             122.25
  Travel expenses                     2,883.05
   Total Winterfest 1999 Exp          3,493.04
           
Primm Nevada 1998 Festival Expenses:
  Bank Charges                        1,029.80  (note 4)
  Championships                       3,950.00
  Equipment rental                    6,776.70
  Facility                            3,600.00
  Insurance                             661.54
  Merchandise for resale              3,520.53
  Miscellaneous                       1,177.38
  Office Supplies                       283.29
  Postage                             3,615.62
  Printing                            7,728.62
  Professional services              27,526.55  (note 3)
  Telephone                           4,227.69
  Travel expenses                    32,636.38  (note 3)
   Total Primm Nevada 1998 Fst Exp   96,734.10
           
Niagara Falls 1999 Festival Expenses:
  Facility                            3,000.00
  Insurance                             661.54
  Office supplies                       111.07
  Postage                                18.56
  Professional services               8,517.86  (note 3)
  Telephone                           1,072.53
  Travel expenses                       674.91
   Total Niagara Falls 1999 Fst Exp  14,056.47
           
Pittsburgh 1997 Festival Expenses:
  Postage                                22.75
  Professional services                 400.00  (note 3)
  Telephone                              74.50
  Travel expenses                     1,259.09
   Total Pittsburgh 1997 Fest Exp     1,756.34
           
   TOTAL EXPENSES                   270,275.80
           
   NET PROFIT (LOSS)                -58,855.76  (note 17)
           

Notes for Financial Statements 1998-2001:

(1) (No longer applicable.)

(2) (No longer applicable.)

(3) Festival Professional Services and festival Travel Expenses (including room and/or board) include fees paid for some people in the following categories: Board of Directors (room/board only; from 1999 onward), Special guests (e.g., Historical Achievement Award winner), Festival Coordinator (under Prof. Services through 1998 only), Championships & Cascade of Stars directors, Guest workshop leaders, Workshops director, Stage managers, Graphic artist, Illustrator, Performers, Registrar, Security.

(4) Bank charges includes fees for processing credit card transactions.

(5) Interest paid was not recorded separately by fund before 2000. Starting in 2000, Archival Fund interest is recorded separately. Starting in 2001, Life Member Fund interest is recorded separately.

(6) Telephone charges for the board were grouped with general telephone expenses until July 2000.

(7) (No longer applicable.)

(8) The IJA uses a cash basis accounting method, showing expenses when paid and income when received. Accounts receivable and accounts payable are thus not included in this statement. To clarify the financial status, however, we note the following:

(8a) As of 12/31/1999, there was $23,428 due but not yet paid for JUGGLE Magazine Professional Services. If an accrual basis were used for IJA accounting instead of a cash basis, JUGGLE Magazine Professional Services would be increased by $23,428 in 1999 and decreased by $23,428 in 2000, with the effect that profit would be $23,428 lower for year 1999 and $23,428 higher for year 2000.

(8b) (No longer applicable.)

(8c) As of 12/31/1999, there was $4,332 due for JUGGLE but not yet paid for labeling, polybagging, copyrighting, mailing and overage printing charges; that amount is included as paid under 2000 JUGGLE Professional Services.

(8d) As of 12/31/1999, there was income due but not yet received for: JUGGLE ads $2,920; JUGGLE wholesale $411; and JUGGLE buy backs $543; the total amount of $3,875 is included as a negative portion under 2000 JUGGLE Professional Services.

(8e) (No longer applicable.)

(9) The 1999 JUGGLE Magazine Professional Services expense was reduced because of accrued late-publication penalties of $7,500 and by non-payment of $23,428 because of two skipped JUGGLE issues.

(10) For the version of these statements printed in The Insider for Jan/Feb 2001, to save space the 2000 Montreal festival expenses incurred in 1999 were combined with same category Niagara Falls expenses incurred in 1999. Here the two festivals' 1999 expenses are detailed separately.

(11) The 1999 JUGGLE Magazine Postage amount of $1,754.11 is for mailing the roster.

(12) The 1999 amounts for the following items are printed incorrectly in The Insider for Jan/Feb 2001 but are correct here: General Account Postage, Niagara Falls 1999 Festival Facility, and Total Niagara Falls 1999 Fst Exp.

(13) The Secretary/Treasurer and the Festival Coordinator became IJA employees in August of 1998, before which time they were independent contractors. Fees paid to the Secretary/Treasurer and the Festival Coordinator for service through 12/31/1998 are listed under Professional Services; fees paid them for service beginning 1/1/1999 are listed under Salaries.

(14) Professional Services under General Expenses includes fees paid for people in the following categories: Secretary/Treasurer (through 1998), Chief Administrative Officer, legal advisor, consultant, accountant.

(15) Through 1998, General Account Travel Expenses (including room and/or board) includes costs of festival room and board for the Board of Directors and half of the travel/room/board costs for the Chief Administrative Officer. In subsequent years, all these costs are shown under Festival Travel Expenses.

(16) In 1999, some Archival Funds were used to bring a popular juggling collection to the Niagara Falls festival for display in the history lounge.

(17) For IJA Balance Sheets from 1992 through 2000, each year-end balance of cash in Canadian dollars that the IJA held in a Canadian bank was mistakenly added to US dollar amounts held in other accounts. That is, the Canadian dollar amounts were not converted to US dollar amounts before being added to US dollar amounts. This caused the total Cash amount shown on each such year-end Balance Sheet to be higher than the correct total Cash. This also caused incorrect annual Profit/Loss amounts to be reported. The amount of the error in total year-end Cash ranged approximately from $400 to $2000 during the period 1996 to 2000. Year-to-year changes in this Cash error amount were adjusted for in the annual Income Statements with items under Income or Expenses called "Canadian Exchange" which were included to make the books "balance." This mistaken form of foreign-cash bookkeeping was used during this period at the recommendation of the IJA's accounting firm. So that Balance Sheets from 2001 onward will be correct, the Beginning Retained Earnings on the 12/31/2001 Balance Sheet has been adjusted from the reported 12/31/2000 Equity of $201,616.88 (which it would normally match) by subtracting $606.42 (the amount of the error in total Cash as of 12/31/2000). The resulting reported 2001 Beginning Retained Earnings represents the correct Equity of the IJA as of 1/1/2001. No total Cash errors appear after year-end 2000, and no "Canadian Exchange" items appear after year 2000.

(18) NET PROFIT (LOSS) LESS MEMBER PAYMENTS TO LIFE MEMBER FUNDS is calculated by subtracting from NET PROFIT (LOSS) the payments into the life member funds that totaled $6,133.00, which represents (a) donations from life members to strengthen the original life member fund and (b) fees from new life member(s). The life member funds are intended to support membership services for life members in future years and increases to these funds do not represent pro forma profit to the organization.