IJA Financial Statement
December 31, 2001

Note: This statement is preliminary. A final version is expected to be available by June or July, 2002, by which time the Federal Form 990 should have been filed and also posted here. In particular, there may be a change in the Liability entries (for Employee Taxes unpaid by the IJA as of 12/31/01) in the final version of this statement.

                                 Balance Sheet
                               December 31, 2001
           
                                     ASSETS
           
Current Assets:
  Cash                               35,425.99
  Life Member Fund                   81,296.66
  Advance                             1,500.00
  Archival Fund                      35,208.17
  Inventory                          31,591.39
                                --------------
   TOTAL CURRENT ASSETS             185,022.21
           
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                     185,022.21
                                ==============
           
                              LIABILITIES & EQUITY
           
Liabilities:
  Accrued Expenses FWT/FICA             679.12  (Preliminary)
  Accrued Expenses SWT                  175.08  (Preliminary)
                                --------------
   Total Liabilities                    854.20  (Preliminary)
           
Equity:
  Beginning Retained Earnings       201,010.46  (note 17)
  Current Period Profit (Loss)      -16,842.45  (Preliminary)
                                --------------
   Total Equity                     184,168.01  (Preliminary)
                                --------------
   TOTAL LIABILITIES & EQUITY       185,022.21
                                ==============
           
 
                                Income Statement
                    12 Month Period Ending December 31, 2001
           
INCOME:
  Affiliates                             80.00
  Festival Fund                       4,750.00
  Bud's Kids                          3,450.00
  Niagara Falls 1999 Festival           -90.00
  Donations                           1,815.00
  Randi Project                       2,700.00
  Membership dues                    50,088.10
  Intro                                 132.00
  Life Member Donations               4,833.00
  New Life Members                    1,300.00
  Interest - General Fund               833.53
  Interest - Archival Fund            1,302.29
  Interest LM Fund                    3,196.66
  Merchandise sold                    1,080.30
  JUGGLE back issues                  1,014.00
  Auction                             3,935.36
  Shipping                            3,539.24
  Video Sales                        18,742.60
  Madison 2001 Festival             171,006.50
           
   TOTAL INCOME                     273,708.58
           
EXPENSES:
           
JUGGLE Magazine Expenses:
  Postage                             8,569.49
  Printing                            2,843.88
  Professional services              70,871.62
   Total JUGGLE Magazine Expenses    82,284.99
           
General Account Expenses:
  Insurance                           3,370.00
  Archives/Auction                    1,030.55
  Awards                                100.54
  Bank charges                        1,001.63
  Equipment Rental                      103.43
  Office Supplies                       817.71
  Randi Project                       1,531.20
  Inventory change                     -915.89
  Postage                             7,817.26
  Printing                            4,213.68
  Employee taxes - State/Fed          5,721.68  (Preliminary)
  Prof services-accountant,CAO        5,789.44  (note 14)
  Video Expense                      15,390.49
  Salaries                           13,856.88
  Telephone                           4,087.24
  Telephone - Board                   3,124.66
  Shipping                               39.72
   Total General Expense             67,080.22  (Preliminary)
           
Madison 2001 Festival:
  Bank charges                        2,418.09
  Championships                       4,058.17
  Equipment rental                   12,367.31
  Facility                           19,024.86
  Insurance                           2,136.16
  Merchandise for resale              5,615.89
  Miscellaneous                       5,286.73
  Office supplies                     1,117.02
  Postage                             4,628.44
  Printing                            7,317.30
  Professional Services              15,659.33  (note 3)
  Telephone                           2,934.33
  Travel Expenses                    27,741.66  (note 3)
  Employee taxes - State/Fed          5,507.50
  Salaries                           12,595.04
   Total Madison 2001 Fest Exp      128,407.83
           
Reading 2002 Festival:
  Advertising and promotion             100.00
  Championships                         661.05
  Insurance                           1,831.16
  Postage                                28.17
  Telephone                           1,146.31
  Employee taxes - State/Fed          2,713.78  (Preliminary)
  Salaries                            6,297.52
   Total Reading 2002 Fest Exp       12,777.99  (Preliminary)
           
   TOTAL EXPENSE                    290,551.03  (Preliminary)
           
   NET PROFIT (LOSS)                -16,842.45  (Preliminary)
           
   NET PROFIT (LOSS) LESS MEMBER
     PAYMENTS TO LIFE MEMBER FUNDS  -22,975.45  (note 18)  (Preliminary)
           

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.