1998-99 ANNUAL REPORT.

                                  1998-99
                               ANNUAL REPORT
                    CONSOLIDATED STATEMENT OF FINANCIAL
                        POSITION SEPTEMBER 30, 1999
Assets
CASH AND CASH EQUIVALENTS             $ 1,879,195
ACCOUNTS RECEIVABLE,
 net of allowance for doubtful
 accounts of $38,600                      124,991
CONTRIBUTIONS RECEIVABLE, due in 2002       9,000
INVENTORY                                  77,248
PREPAID EXPENSES AND OTHER ASSETS          77,381
FURNITURE, EQUIPMENT AND LEASEHOLD
  IMPROVEMENTS, net                       308,707
TOTAL ASSETS                          $ 2,476,522
Liabilities and Net Assets
LIABILITIES:
  Accounts payable                    $   348,727
  Accrued expenses                        237,846
  Deferred dues revenue                 1,370,799
  Total liabilities                     1,957,372
NET ASSETS:
  Unrestricted                            499,029
  Temporarily restricted                   20,121
  Total net assets                        519,150
TOTAL LIABILITIES AND NET ASSETS      $ 2,476,522
A more detailed breakdown of revenues and
expenses is available online at www.iabc.com
                   CONSOLIDATED STATEMENT OF ACTIVITIES
                         AND CHANGES IN NET ASSETS
                       YEAR ENDED SEPTEMBER 30, 1999
CHANGES IN UNRESTRICTED NET ASSETS:
 Revenue and support:
  Membership dues and fees             $ 2,148,079
  Conferences, seminars, and awards      1,733,582
  Information resources/publications       582,455
  Advertising, exhibit and list rental     153,654
  Other revenue                             83,626
  Interest and dividends                    93,824
  Contributions                             47,423
  Net assets released from
   restrictions                              2,418
  Total revenue and support              4,845,061
Expenses:
 Program services:
  Membership                             1,161,422
  Conferences, seminars, and awards      1,304,024
  Information resources/publications       498,479
  Communication World and World Book       623,440
  Research                                 163,131
  Other                                    548,955
  General and administrative               856,006
  Fundraising                               29,591
  Total expenses                         5,185,048
DECREASE IN UNRESTRICTED NET ASSETS      (339,987)
CHANGES IN TEMPORARILY RESTRICTED
 NET ASSETS:
 Contributions                                 800
 Net assets released from restrictions     (2,418)
DECREASE IN TEMPORARILY RESTRICTED
 NET ASSETS                                (1,618)
DECREASE IN NET ASSETS                   (341,605)
NET ASSETS, BEGINNING OF YEAR              860,755
NET ASSETS, END OF YEAR                $   519,150
                   CONSOLIDATED STATEMENT OF CASH FLOWS
                       YEAR ENDED SEPTEMBER 30, 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
 Decrease in net assets                        $ (341,605)
 Adjustments to reconcile decrease in
  net assets to net cash provided by
  operating activities:
  Depreciation                                     162,155
  Change in assets and liabilities:
             Accounts receivable                  (38,381)
             Contributions receivable                1,000
             Inventory                            (10,769)
             Prepaid expenses and other assets    (22,566)
             Accounts payable                     (27,884)
             Accrued expenses                       66,246
             Deferred dues revenues                230,056
Net cash provided by operating activities           18,252
CASH FLOWS FROM INVESTING ACTIVITIES
 Purchases of equipment                          (149,802)
CASH FLOWS FROM FINANCING ACTIVITIES
 Principal payments on note payable                (4,166)
NET DECREASE IN CASH
  AND CASH EQUIVALENTS                           (135,716)
CASH AND CASH EQUIVALENTS,
  BEGINNING OF YEAR                              2,014,911
CASH AND CASH EQUIVALENTS,
  END OF YEAR                                  $ 1,879,195
SUPPLEMENTAL CASH FLOW DISCLOSURE
  Cash paid for interest                       $     4,274