2013-05-15T13:18:12-05:00 2012-12-31 420714325 MCGLADREY LLP 8000 TOWERS CRESCENT DR STE 500 VIENNA VA 221826205 990 2012-01-01 237211935 FINANCIAL ACCOUNTING FOUNDATION FINA 2038470700 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 TERESA S POLLEY 2038470700 2013-05-14 1 JAMES P SWEENEY CPA P01263012 7033366400 2012 2016-03-07 17:11:31Z TERESA S POLLEY 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 57145837 0 X ACCOUNTINGFOUNDATION.ORG,FASB.ORG,GASB.ORG X 1972 DE THE MISSION OF THE FINANCIAL ACCOUNTING FOUNDATION (FAF) IS TO ESTABLISH FINANCIAL ACCOUNTING AND REPORTING STANDARDS, THROUGH AN INDEPENDENT AND OPEN PROCESS, RESULTING IN FINANCIAL REPORTS THAT PROVIDE DECISION-USEFUL INFORMATION. THE FAF, ORGANIZED IN 1972, IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION WITH RESPONSIBILITY FOR THE OVERSIGHT, ADMINISTRATION, AND FINANCES OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB), AND THEIR ADVISORY COUNCILS, THE FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL (FASAC) AND THE GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL (GASAC), ALL OF WHICH WERE ESTABLISHED TO PERFORM DISTINCT FUNCTIONS IN THE PROCESS OF ESTABLISHING AND IMPROVING FINANCIAL ACCOUNTING AND REPORTING STANDARDS. 16 14 171 200 0 0 1175115 0 0 0 1135265 1125678 43984043 51420149 46294423 52545827 500000 0 0 0 33625307 35539041 0 0 2927 9750434 9569541 43875741 45108582 2418682 7437245 82341462 91141745 14355612 15396364 67985850 75745381 X ESTABLISH AND IMPROVE FINANCIAL ACCOUNTING AND REPORTING STANDARDS, THROUGH AN INDEPENDENT AND OPEN PROCESS, RESULTING IN FINANCIAL REPORTS THAT PROVIDE DECISION-USEFUL INFORMATION. 0 0 30204202 42171845 FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL (FASAC)THE FASB IS THE PRIVATE-SECTOR BOARD WITHIN THE FINANCIAL ACCOUNTING FOUNDATION (FAF) RESPONSIBLE FOR SETTING ACCOUNTING STANDARDS FOR NONGOVERNMENTAL ENTITIES IN THE UNITED STATES; THOSE STANDARDS ARE OFTEN REFERRED TO AS U.S. GAAP. THE MISSION OF THE FASB IS TO ESTABLISH AND IMPROVE STANDARDS OF FINANCIAL ACCOUNTING AND REPORTING THAT FOSTER FINANCIAL REPORTING BY NONGOVERNMENTAL ENTITIES THAT PROVIDES DECISION-USEFUL INFORMATION TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS. THAT MISSION IS ACCOMPLISHED THROUGH A COMPREHENSIVE AND INDEPENDENT PROCESS THAT ENCOURAGES BROAD PARTICIPATION, OBJECTIVELY CONSIDERS ALL STAKEHOLDER VIEWS, AND IS SUBJECT TO OVERSIGHT BY THE FAF'S BOARD OF TRUSTEES. THE FASB BELIEVES THAT BY FAITHFULLY IMPLEMENTING U.S. GAAP, ENTITIES WILL PRODUCE FINANCIAL REPORTS THAT PROVIDE USEFUL INFORMATION TO INVESTORS, CREDITORS, AND OTHER PROVIDERS OF CAPITAL.FOUR MAJOR PROJECTS - FINANCIAL INSTRUMENTS, REVENUE RECOGNITION, LEASING, AND INSURANCE CONTRACTS - CONTINUED TO BE THE PRIMARY FOCUS OF THE FASB'S TECHNICAL WORK PROGRAM. ALL OF THOSE PROJECTS ARE BEING CONDUCTED COLLABORATIVELY WITH THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB).BY THE END OF 2012, THE FASB AND THE IASB HAD AGREED ON A SUBSTANTIALLY CONVERGED APPROACH TO THE CLASSIFICATION AND MEASUREMENT OF FINANCIAL INSTRUMENTS. IN FEBRUARY 2013, THE FASB ISSUED AN EXPOSURE DRAFT TO SOLICIT BROAD-BASED PUBLIC COMMENT ON THAT APPROACH. THE FASB ALSO CONDUCTED OUTREACH TO INVESTORS, LENDERS, AND OTHERS, FOR WHOM FINANCIAL INFORMATION IS CRITICAL, ABOUT AN APPROACH TO ACCOUNTING FOR THE IMPAIRMENT OF FINANCIAL ASSETS THAT HAD BEEN DEVELOPED JOINTLY WITH THE IASB. IN RESPONSE TO THAT FEEDBACK, THE FASB CONCLUDED THAT MODIFICATIONS TO THE APPROACH WERE NEEDED. IN LATE 2012, THE FASB ISSUED FOR PUBLIC COMMENT A PROPOSED MODIFIED CREDIT IMPAIRMENT MODEL. IN 2013, THE FASB AND THE IASB WILL CONSIDER THE FEEDBACK RECEIVED ON THEIR RESPECTIVE APPROACHES IN AN EFFORT TO BOTH IMPROVE AND CONVERGE EXISTING REQUIREMENTS IN THIS AREA.IN 2012, THE FASB AND THE IASB WORKED TOGETHER TO ADDRESS FEEDBACK ON A REVISED EXPOSURE DRAFT ON REVENUE RECOGNITION ISSUED IN NOVEMBER 2011, POSITIONING THE BOARDS TO ISSUE A FINAL AND CONVERGED STANDARD IN THIS IMPORTANT AREA IN 2013. THE FASB AND THE IASB ALSO MADE SIGNIFICANT PROGRESS IN THEIR COLLABORATIVE PROJECT ON LEASE ACCOUNTING, SUBSTANTIALLY COMPLETING THEIR CONSIDERATION OF FEEDBACK RECEIVED ON A 2010 PROPOSAL. AS A RESULT OF THOSE EFFORTS, THE FASB AND THE IASB EXPECT TO ISSUE A REVISED EXPOSURE DRAFT FOR PUBLIC COMMENT IN THE FIRST HALF OF 2013. THE TWO BOARDS ALSO SUBSTANTIALLY COMPLETED THEIR DISCUSSION OF ISSUES IN THE PROJECT ON INSURANCE CONTRACTS. THE FASB PLANS TO SEEK PUBLIC COMMENT ON PROPOSED CHANGES TO U.S. GAAP THROUGH AN EXPOSURE DRAFT ISSUED IN MID-2013. IN RESPONSE TO CONCERNS ABOUT SO-CALLED "DISCLOSURE OVERLOAD," THE FASB ISSUED IN 2012 AN INVITATION TO COMMENT TO SOLICIT FEEDBACK ON IDEAS FOR A FRAMEWORK FOR IMPROVING THE EFFECTIVENESS OF DISCLOSURES IN NOTES TO FINANCIAL STATEMENTS. SPECIFICALLY, THE BOARD SOUGHT INPUT ON WHETHER THE FRAMEWORK WOULD HELP BRING MORE CONSISTENCY AND RIGOR TO THE PROCESS OF DECIDING WHAT DISCLOSURES SHOULD BE REQUIRED, THEREBY ENSURING THAT REPORTING ENTITIES COMMUNICATE THE INFORMATION THAT IS MOST IMPORTANT TO USERS OF THEIR FINANCIAL STATEMENTS.IN ADDITION TO ITS WORK ON TECHNICAL AGENDA PROJECTS, THE FASB ALSO SEEKS TO ENHANCE THE EFFICIENCY AND EFFECTIVENESS OF THE STANDARDS SETTING PROCESS. THROUGHOUT 2012, THE FASB SOUGHT TO ENHANCE ITS OUTREACH TO INVESTORS, LENDERS, AND OTHERS FOR WHOM FINANCIAL INFORMATION IS CRITICAL. IN RESPONSE TO CONCERNS EXPRESSED ABOUT U.S. GAAP FOR PRIVATE COMPANIES, THE FAF ESTABLISHED THE PRIVATE COMPANY COUNCIL (PCC) IN MAY 2012 TO STRENGTHEN THE PROCESS FOR IDENTIFYING AND CONSIDERING THE NEEDS OF PRIVATE COMPANY USERS OF FINANCIAL STATEMENTS IN THE STANDARDS DEVELOPMENT PROCESS. SPECIFICALLY, THE PCC WILL DETERMINE, BASED ON CRITERIA MUTUALLY AGREED BY THE FASB AND THE PCC, WHEN EXCEPTIONS OR MODIFICATIONS TO EXISTING U.S. GAAP FOR PRIVATE COMPANIES ARE REQUIRED TO ADDRESS THE NEEDS OF USERS OF THEIR FINANCIAL STATEMENTS. THE PCC ALSO WILL SERVE AS THE PRIMARY ADVISORY BODY TO THE FASB ON THE APPROPRIATE TREATMENT FOR PRIVATE COMPANIES FOR STANDARDS UNDER ACTIVE CONSIDERATION BY THE BOARD. THE PCC HELD ITS INAUGURAL MEETING IN DECEMBER 2012. THE FASB ALSO COOPERATED WITH THE CHAIRMAN OF FASAC IN A REVIEW OF THE STRUCTURE AND ORGANIZATION OF THE FASB'S OTHER ADVISORY COMMITTEES. THE REVIEW RESULTED IN A NUMBER OF RECOMMENDATIONS TO STRENGTHEN THE GOVERNANCE AND OPERATIONS OF THOSE COMMITTEES, WHICH THE FASB PLANS TO IMPLEMENT IN EARLY 2013.THE FAF ESTABLISHED A FORMAL POST-IMPLEMENTATION REVIEW (PIR) FUNCTION TO FORMALIZE THE PROCESS OF REVIEWING THE EFFECTIVENESS OF SIGNIFICANT STANDARDS THAT HAVE BEEN IN PLACE FOR AT LEAST TWO YEARS. THE OBJECTIVE OF THE REVIEW IS TO LEARN WHETHER THE STANDARDS ARE ACCOMPLISHING THEIR INTENDED OBJECTIVES. IN JANUARY 2012, THE FAF ISSUED ITS FIRST REVIEW, WHICH EXAMINED FASB INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE REPORT CONCLUDED THAT FIN 48 HAD GENERALLY MET ITS OBJECTIVE, BUT SUGGESTED SEVERAL PROCESS IMPROVEMENTS TO THE FASB. THE BOARD ADOPTED MANY OF THESE RECOMMENDATIONS BY THE END OF 2012. THE NEXT PIR REVIEW EXAMINED FASB STATEMENT NO. 131, DISCLOSURES ABOUT SEGMENTS OF AN ENTERPRISE AND RELATED INFORMATION. THE REPORT WAS COMPLETED IN JANUARY 2013 AND CONCLUDED THAT THE STANDARD GENERALLY ACHIEVES ITS PURPOSE OF IMPROVING THE WAY PUBLIC COMPANIES REPORT FINANCIAL INFORMATION ABOUT THEIR BUSINESS SEGMENTS GENERALLY, ALTHOUGH SOME STAKEHOLDERS SUGGEST IMPROVEMENTS, WHICH ARE BEING REVIEWED BY THE FASB.2012 WAS A MILESTONE YEAR FOR XBRL, OR EXTENSIBLE BUSINESS REPORTING LANGUAGE. ALL PUBLIC COMPANIES AND US-GAAP FOREIGN PRIVATE ISSUERS SUBJECT TO THE SEC INTERACTIVE DATA RULES FOR OPERATING COMPANIES ARE NOW FILING DETAILED TAGGED FINANCIAL STATEMENTS USING THE U.S. GAAP FINANCIAL REPORTING TAXONOMY. THE FASB IS RESPONSIBLE FOR THE ONGOING DEVELOPMENT AND MAINTENANCE OF THIS TAXONOMY AND COMPLETED THE 5TH ANNUAL RELEASE IN 2012 SINCE SEC PROGRAM INCEPTION. HAVING CONSISTENT TAGGING OF INFORMATION THAT IS BASED ON U.S. GAAP WILL ENHANCE THE QUALITY AND CONSISTENCY OF INFORMATION THAT PUBLIC COMPANIES PROVIDE IN THIS FLEXIBLE FORMAT. THE FASAC COMPRISES 35 MEMBERS WHO REPRESENT A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS. THE MEMBERS OF THE FASAC, WITH THE EXCEPTION OF THE FASAC CHAIRMAN, ARE VOLUNTEERS WHO ARE APPOINTED FOR A ONE-YEAR TERM AND ARE ELIGIBLE TO BE REAPPOINTED FOR THREE ADDITIONAL ONE-YEAR TERMS. THE PRIMARY FUNCTION OF FASAC IS TO ADVISE THE FASB ON ISSUES RELATED TO PROJECTS ON THE FASB'S AGENDA, POSSIBLE NEW AGENDA ITEMS, PROJECT PRIORITIES, PROCEDURAL MATTERS THAT MAY REQUIRE THE ATTENTION OF THE FASB, AND OTHER MATTERS AS REQUESTED BY THE CHAIRMAN OF THE FASB. FASAC MEETINGS PROVIDE THE FASB WITH AN OPPORTUNITY TO OBTAIN AND DISCUSS THE VIEWS OF A VERY DIVERSE GROUP OF INDIVIDUALS FROM VARIED BUSINESS AND PROFESSIONAL BACKGROUNDS. 6075154 9241153 GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL (GASAC)THE GASB IS THE PRIVATE-SECTOR BOARD WITHIN THE FAF RESPONSIBLE FOR SETTING ACCOUNTING AND FINANCIAL REPORTING STANDARDS FOR STATE AND LOCAL GOVERNMENTS. THE GASB ESTABLISHES ACCOUNTING AND REPORTING STANDARDS THAT RESULT IN THE COMMUNICATION OF DECISION-USEFUL INFORMATION AND THAT FACILITATE PUBLIC ACCOUNTABILITY OF GOVERNMENT FINANCIAL OPERATIONS FOR CITIZENS AND OTHER CONSTITUENCIES, SUCH AS LEGISLATIVE AND OVERSIGHT BODIES, AND INVESTORS AND CREDITORS. WHETHER SETTING NEW STANDARDS, IMPROVING EXISTING ONES, OR HELPING CONSTITUENTS TO IMPLEMENT AND UNDERSTAND THOSE STANDARDS, GASB'S AIM IS TO PROMOTE GREATER TRANSPARENCY, TO SUPPORT WELL-INFORMED DECISION MAKING, AND TO HELP USERS ASSESS A GOVERNMENT'S FINANCIAL ACCOUNTABILITY. WE MADE SIGNIFICANT PROGRESS TOWARD THOSE ENDS IN 2012.THE GASB ISSUED FOUR FINAL STATEMENTS DURING 2012, INCLUDING TWO NEW PENSION STATEMENTS. STATEMENTS NO. 67, FINANCIAL REPORTING FOR PENSION PLANS, AND NO. 68, ACCOUNTING AND FINANCIAL REPORTING FOR PENSIONS, FINALIZED IN JUNE 2012, SUBSTANTIALLY IMPROVE HOW BOTH PENSION PLANS AND STATE AND LOCAL GOVERNMENTS ACCOUNT FOR AND REPORT PENSION INFORMATION. THESE NEW STANDARDS SIGNIFICANTLY ENHANCE THE USEFULNESS OF REPORTED PENSION INFORMATION. THEY REQUIRE GOVERNMENT EMPLOYERS TO CLEARLY DISPLAY THEIR NET PENSION LIABILITY (OR ASSET) ON THE FACE OF THE FINANCIAL STATEMENTS AND TO EXPAND NOTE DISCLOSURES. THE NEW STANDARDS ALSO BETTER LINK PENSION COSTS TO THE PERIODS DURING WHICH EMPLOYEES PROVIDE SERVICES. TAKEN TOGETHER, THESE CHANGES WILL INCREASE TRANSPARENCY, CONSISTENCY, AND COMPARABILITY OF REPORTED PENSION INFORMATION. ONCE THE STANDARDS ARE FULLY IMPLEMENTED, FINANCIAL STATEMENT USERS WILL HAVE ACCESS TO EASIER TO UNDERSTAND PENSION INFORMATION ON WHICH TO BASE DECISIONS. THE GASB HAS BEEN ENGAGED IN EDUCATIONAL AND OUTREACH EFFORTS REGARDING THE NEW STANDARDS AND IS SCHEDULED TO PUBLISH AN IMPLEMENTATION GUIDE ADDRESSING PENSION PLAN FINANCIAL REPORTING ISSUES IN THE SUMMER OF 2013. A SECOND IMPLEMENTATION GUIDE ON EMPLOYER-SPECIFIC ISSUES IS SCHEDULED FOR RELEASE IN EARLY 2014.STATEMENT NO. 65, ITEMS PREVIOUSLY REPORTED AS ASSETS AND LIABILITIES, REQUIRES THAT CERTAIN ITEMS PREVIOUSLY REPORTED AS ASSETS AND LIABILITIES BE REPORTED AS DEFERRED OUTFLOWS OF RESOURCES, DEFERRED INFLOWS OF RESOURCES, OR CURRENT-PERIOD OUTFLOWS OR INFLOWS. THIS GUIDANCE IMPROVES CONSISTENCY AND COMPARABILITY OF REPORTED INFORMATION. FINALLY, STATEMENT NO. 66, TECHNICAL CORRECTIONS2012, ELIMINATES CERTAIN POTENTIALLY CONFLICTING GUIDANCE THAT AROSE AS THE RESULT OF RECENTLY ISSUED STATEMENTS.IN 2012, THE GASB ISSUED TWO EXPOSURE DRAFTS (WHICH LED TO THE RELEASE OF FINAL STATEMENTS IN THE FIRST THIRD OF 2013): STATEMENT NO. 69 GOVERNMENT COMBINATIONS AND DISPOSALS OF GOVERNMENT OPERATIONS; AND STATEMENT NO. 70 ACCOUNTING AND FINANCIAL REPORTING FOR NONEXCHANGE FINANCIAL GUARANTEES.THE GASB STAFF HAS NOW COMPLETED ITS WORK UPDATING AND EXPANDING THE GASB'S USER GUIDES, WHICH ARE WRITTEN FOR A NONTECHNICAL AUDIENCE USING PLAIN LANGUAGE. THE GUIDES INCLUDE UPDATED VOLUMES ON LOCAL GOVERNMENT FINANCES, SCHOOL DISTRICTS, AND INFORMATION FOR FINANCIAL ANALYSTS, AS WELL AS A NEW GUIDE ON BUSINESS-TYPE ACTIVITIES.WHILE THE MAJORITY OF TIME IS DEVOTED TO DEVELOPING ACCOUNTING AND FINANCIAL REPORTING STANDARDS, THE GASB STAFF SPENDS A SIGNIFICANT AMOUNT OF TIME HELPING CONSTITUENTS UNDERSTAND AND IMPLEMENT STANDARDS BY PROVIDING THEM WITH DIRECT ASSISTANCE ADDRESSING THEIR SPECIFIC FACTS AND CIRCUMSTANCES. DURING THE PAST YEAR, THE GASB RESPONDED TO OVER 1200 TECHNICAL INQUIRIES THAT REQUIRED A SPECIFIC RESPONSE ABOUT THE APPLICATION AND IMPLEMENTATION OF OUR STANDARDS. IN ADDITION, THE GASB BOARD AND STAFF MADE OVER 100 PRESENTATIONS AT CONFERENCES AND CONSTITUENT EVENTS ACROSS THE COUNTRY AND PUBLISHED EDUCATIONAL MATERIALS DESIGNED TO ENHANCE THE UNDERSTANDABILITY OF GASB STANDARDS, INCLUDING PLAIN LANGUAGE ARTICLES, PODCASTS, A MONTHLY NEWSLETTER, AND A USER-ORIENTED ELECTRONIC NEWSLETTER. ALSO, THE ANNUAL UPDATED COMPREHENSIVE IMPLEMENTATION GUIDE WAS PUBLISHED, WHICH ANSWERS OVER 1,900 QUESTIONS ON GOVERNMENTAL ACCOUNTING TOPICS.IN 2012, THE FAF'S PIR TEAM REVIEWED GASB STATEMENTS NO. 3, DEPOSITS WITH FINANCIAL INSTITUTIONS, INVESTMENTS (INCLUDING REPURCHASE AGREEMENTS), AND REVERSE REPURCHASE AGREEMENTS, AND NO. 40, DEPOSIT AND INVESTMENT RISK DISCLOSURES. THE REPORT WAS COMPLETED IN FEBRUARY 2013 AND CONCLUDED THAT THESE STANDARDS, WHICH WERE ESTABLISHED TO IMPROVE THE WAY STATE AND LOCAL GOVERNMENTS REPORT DEPOSIT AND INVESTMENT RISKS, AND REPURCHASE AND REVERSE REPURCHASE AGREEMENTS, HAVE ACHIEVED THEIR PURPOSE AND PROVIDE DECISION-USEFUL INFORMATION TO CREDITORS AND OTHER FINANCIAL STATEMENT USERS.THE THIRTY-MEMBER GASAC IS AN ORGANIZATION OF KNOWLEDGEABLE AND EXPERIENCED PROFESSIONALS REPRESENTING THE GASB'S VARIED CONSTITUENTS WHO VOLUNTEER THEIR SERVICES TO WORK WITH THE GASB IN AN ADVISORY CAPACITY TO ENHANCE THE STANDARD SETTING PROCESS BY CONSULTING WITH THE GASB ON TECHNICAL ISSUES, PROJECT PRIORITIES, AND OTHER MATTERS LIKELY TO CONCERN THE GASB. GASAC MEMBERS ALSO PROVIDE AN IMPORTANT COMMUNICATION LINK BETWEEN THE GASB AND CONSTITUENT GROUPS, AND THEY STRIVE TO ENSURE THAT CONSTITUENT VIEWS ARE CONSISTENTLY AND EFFECTIVELY COMMUNICATED TO THE GASB ON A TIMELY BASIS. 36279356 1 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 112 0 1 171 1 0 0 0 0 0 0 0 0 0 0 X 16 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CT DE DC X PETER SPENCER 2038470700 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 JOHN J BRENNAN 10.00 X X 201458 0 0 JEFFREY J DIERMEIER 5.00 X X 82709 0 0 CYNTHIA P EISENHAUER 3.00 X 55000 0 0 EDWARD M HARRINGTON 4.00 X 65000 0 0 DENNIS M KASS 4.00 X 65000 0 0 JOHN J PERRELL 4.00 X 65000 0 0 LUIS M VICEIRA 3.00 X 55000 0 0 EDWARD E NUSBAUM 3.00 X 0 0 0 FRANK H BROD 3.00 X X 55000 0 0 DOUGLAS A DONAHUE JR 3.00 X 0 0 0 CAROL A JOHN DAVIDSON 4.00 X 67083 0 0 MARY S STONE 3.00 X 51508 0 0 WMMACK LAWHON 4.00 X 61087 0 0 STEPHEN R HOWE JR 3.00 X 0 0 0 ANN MARIE PETACH 3.00 X 11458 0 0 MICHELLE R SEITZ 3.00 X 55000 0 0 W DANIEL EBERSOLE 3.00 X 55000 0 0 PAUL G CAMELL 3.00 X 55000 0 0 TERESA S POLLEY 40.00 X 610041 0 46467 RONALD P GUERRETTE 40.00 X 354730 0 69637 JODI P DOTTORI 40.00 X 293156 0 92623 ROBERT H ATTMORE 40.00 X 455002 0 77161 LESLIE F SEIDMAN 40.00 X 1023996 0 79302 LAWRENCE W SMITH 40.00 X 848436 0 96179 THOMAS J LINSMEIER 40.00 X 789225 0 80756 RUSSELL G GOLDEN 40.00 X 746945 0 74941 DARYL E BUCK 40.00 X 714400 0 62748 R HAROLD SCHROEDER 40.00 X 724353 0 108387 7560587 0 788201 80 0 1 0 ERNST & YOUNG 200 PLAZA DRIVE SECAUCUS NJ 07094 PAYMENTS FOR FELLOWS 1014892 DELOITTE & TOUCHE LLP 10 WESTPORT ROAD WILTON CT 06897 PAYMENTS FOR FELLOWS 608706 KPMG LLP THREE CHESTNUT RIDGE ROAD MONTVALE NJ 07645 PAYMENTS FOR FELLOWS 580570 K & L GATES 1601 K STREET NW WASHINGTON DC 20006 CONSULTANT EXTERNAL RELATIONS 508469 ADVANCED COMPUTER TECHNOLOGIES 108 MAIN STREET NORWALK CT 06851 IT OUTSOURCING 506252 27 1020114 1020114 7151 7151 105564 0 105564 105564 105564 4268640 4600010 -331370 -331370 ACCOUNTING SUPPORT FEES 900099 38219788 38219788 LICENSE FEE REVENUES 900099 13491076 13491076 OTHER REVENUE 900099 33504 33504 51744368 52545827 51412998 0 1132829 4102417 1635460 2466957 23959226 22138589 1820637 3195353 2740868 454485 3183203 2411858 771345 1098842 961917 136925 223944 223944 198802 198802 458533 458533 1120 1120 1472446 1005873 466573 390693 49952 340741 842961 409905 433056 1686254 1093256 592998 839184 783532 55652 741778 479253 262525 1099294 931736 167558 207856 207856 PLACEMENT & RECRUITING 511497 499621 11876 SUBSCRIPTION & LIBRARY 272857 263751 9106 BILLING AND COLLECTION 259400 259400 ANNUAL REPORT 65473 47141 18332 297449 108711 185811 2927 45108582 36279356 8826299 2927 4205031 3733321 8565042 8682643 25000 0 2780709 6298449 104340 101409 291207 264026 15817735 14792205 1708111 1025530 63177722 68715325 819359 2321042 664941 0 82341462 91141745 1501586 845897 6624733 6436934 6229293 8113533 14355612 15396364 X 67985850 75745381 67985850 75745381 82341462 91141745 X 7437245 542471 -220185 X 0 1 X 1 0 X 25200793 30079783 35286613 31225803 38220788 160013780 25200793 30079783 35286613 31225803 38220788 160013780 160013780 2257605 1448199 1286945 1212046 1060769 7265564 167279344 85015607 0.95660 0.93960 X 0 740000 740000 44368582 45108582 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 510000 640000 620000 740000 2510000 250000 250000 250000 250000 1000000 1500000 PART IV, SUPPLEMENTAL INFORMATION: EXPENSES PAID TO CONSULTANTS RELATED TO EDUCATING AND INFORMING LAWMAKERS ABOUT THE ACCOUNTING STANDARD SETTING PROCESS AND SPECIFICALLY POTENTIAL LEGISLATION RELATING TO THE OVERSIGHT AND/OR TECHNICAL ACTIVITIES OF THE FASB AND THE GASB INCLUDING THE FOLLOWING: * PUBLIC EMPLOYEE PENSION TRANSPARENCY ACT (H.R. 567 AND S. 347) * SPENDING REDUCTION ACT OF 2011 (H.R. 408) * GSE PORTFOLIO RISK REDUCTION ACT OF 2011 (H.R. 1224) * NATIONAL ACTIVITY BASED TOTAL ACCOUNTABILITY ACT OF 2011 (H.R. 1376) * COMMUNITIES FIRST ACT (H.R. 1697 AND S. 1600) * REOPENING AMERICAN CAPITAL MARKETS TO EMERGING GROWTH COMPANIES ACT (H.R. 3606 AND S. 1933) 3662024 3662024 0 12155711 11130181 1025530 1025530 ACCRUED PAYROLL AND RELATED BENEFITS 1086582 ACCRUED RENT EXPENSE 2712270 ACCRUED PENSION COSTS 2589521 ACCRUED POSTRETIREMENT HEALTH CARE COSTS 1480680 ACCRUED 457B PLAN COSTS 244480 8113533 53197178 542471 110000 652471 52544707 1120 1120 52545827 45217462 110000 110000 45107462 1120 1120 45108582 FORM 990, PART IV, LINE 11F THE FOUNDATION IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT HAS REVIEWED TAX POSITIONS FOR OPEN TAX YEARS AND DETERMINED THAT A PROVISION FOR UNCERTAIN TAX POSITIONS IS NOT REQUIRED. THE FOUNDATION IS CURRENTLY OPEN TO AUDIT UNDER THE STATUTE OF LIMITATIONS BY THE INTERNAL REVENUE SERVICE AND STATE TAXING AUTHORITIES FOR THE YEARS ENDING DECEMBER 31, 2009 THROUGH 2011. EUROPE (INCLUDING ICELAND & GREENLAND) - 0 0 PROGRAM SERVICES ATTEND MEETINGS AND ROUNDTABLES WITH INTERNATIONAL ACCOUNTING STANDARDS BOARD ON ISSUES RELATED TO INTERNATIONAL CONVERGENCE OF ACCOUNTING STANDARDS 424299 EAST ASIA AND THE PACIFIC - 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL CONVERGENCE OF ACCOUNTING STANDARDS 36781 0 0 0 0 0 0 461080 0 461080 0 0 0 0 0 0 X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 JOHN J BRENNAN 201458 0 0 0 0 0 0 0 0 0 201458 0 0 0 TERESA S POLLEY 446850 0 45000 0 118191 0 41497 0 4970 0 656508 0 0 0 RONALD P GUERRETTE 299935 0 9000 0 45795 0 46792 0 22845 0 424367 0 0 0 JODI P DOTTORI 255366 0 33000 0 4790 0 58926 0 33697 0 385779 0 0 0 ROBERT H ATTMORE 389232 0 0 0 65770 0 70513 0 6648 0 532163 0 0 0 LESLIE F SEIDMAN 820740 0 0 0 203256 0 46886 0 32416 0 1103298 0 0 0 LAWRENCE W SMITH 648191 0 0 0 200245 0 63418 0 32761 0 944615 0 0 0 THOMAS J LINSMEIER 647473 0 0 0 141752 0 47555 0 33201 0 869981 0 0 0 RUSSELL G GOLDEN 648323 0 0 0 98622 0 42590 0 32351 0 821886 0 0 0 DARYL E BUCK 647262 0 0 0 67138 0 36044 0 26704 0 777148 0 0 0 R HAROLD SCHROEDER 646623 0 0 0 77730 0 74054 0 34333 0 832740 0 0 0 PART I, LINE 1A GROSS-UP PAYMENTS ARE PROVIDED RELATIVE TO CERTAIN RETIREMENT PLAN PAYMENTS. SUCH PAYMENTS ARE TREATED AS TAXABLE COMPENSATION. ALL EMPLOYEES ARE ELIGIBLE FOR REIMBURSEMENT FOR A PORTION OF HEALTH CLUB DUES AT SELECTED FACILITIES, WHICH ARE INCLUDED AS COMPENSATION. PART I, LINE 4B THE FOLLOWING COVERED INDIVIDUALS PARTICIPATED IN THE FOUNDATION'S NON-QUALIFIED RETIREMENT BENEFIT PLAN/PROGRAMS IN 2012 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: TERESA POLLEY - $114,406 RONALD GUERRETTE- $40,452 LAWRENCE SMITH- $190,941 LESLIE SEIDMAN- $199,394 THOMAS LINSMEIER- $136,126 ROBERT ATTMORE- $53,385 RUSSELL GOLDEN- $96,362 DARYL BUCK- $63,276 HAROLD SCHROEDER - $71,587 JODI DOTTORI- $3,120 AMOUNTS REPRESENT BENEFITS RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED UNDER SUPPLEMENTAL PLANS THAT ARE SUBSTANTIALLY EQUIVALENT TO THE BENEFITS PROVIDED UNDER FAF'S QUALIFIED RETIREMENT PLANS ON COMPENSATION IN EXCESS OF THE INTERNAL REVENUE CODE COMPENSATION LIMIT. ERNST YOUNG STEPHEN HOWE IS AMERICAS MANAGING PARTNER-ERNST & YOUNG,LLP/TRUSTEE OF FAF 2457997 THERE ARE SEVERAL TRANSACTIONS BETWEEN ERNST & YOUNG AND THE FOUNDATION. THE FOUNDATION LICENSES SUBSCRIPTION SERVICES TO ITS AUTHORITATIVE LITERATURE TO ERNST & YOUNG FOR ITS INTERNAL USE AS WELL AS SUBLICENSING AND ARE SUBSTANTIALLY SIMILAR TO THOSE FEES CHARGED TO SIMILARLY SIZED LICENSEES. IN ADDITION, ERNST & YOUNG PURCHASES HARDCOPY PUBLICATIONS AND SUBSCRIPTIONS OF THE AUTHORITATIVE LITERATURE. THESE TRANSACTIONS ARE AT ARMS-LENGTH, AND BASED UPON THE FOUNDATION'S STATUS AS THE AUTHORITATIVE STANDARD SETTER FOR ACCOUNTING, ARE A NECESSITY. IN ADDITION, SEVERAL MEMBERS OF ERNST & YOUNG PARTICIPATED IN THE FAF'S FELLOWSHIP PROGRAM. THESE INDIVIDUALS WORK AT THE FASB & GASB FOR PERIODS RANGING FROM 18-24 MONTHS, AND FAF REIMBURSES ERNST & YOUNG AN AGREED UPON FEE FOR THEIR SERVICES. STEPHEN HOWE HAS NO DIRECT INVOLVEMENT IN NEGOTIATING THE TERMS OR AMOUNTS IN THE AGREEMENTS AND RECEIVES NO BENEFIT FROM THE TRANSACTIONS. 0 GRANT THORNTON LLP EDWARD NUSBAUM IS CEO OF GRANT THORNTON/TRUSTEE OF FAF 181280 THERE ARE SEVERAL TRANSACTIONS BETWEEN GRANT THORNTON AND THE FOUNDATION. GRANT THORNTON PURCHASES HARDCOPY PUBLICATIONS AND SUBSCRIPTIONS OF THE AUTHORITATIVE LITERATURE. THESE TRANSACTIONS ARE AT ARMS-LENGTH, AND BASED UPON THE FOUNDATION'S STATUS AS THE AUTHORITATIVE STANDARD SETTER FOR ACCOUNTING, ARE A NECESSITY. IN ADDITION, SEVERAL MEMBERS OF GRANT THORNTON PARTICIPATED IN THE FAF'S FELLOWSHIP PROGRAM. THESE INDIVIDUALS WORK AT THE FASB & GASB FOR PERIODS RANGING FROM 18-24 MONTHS, AND FAF REIMBURSES GRANT THORNTON AN AGREED UPON FEE FOR THEIR SERVICES. EDWARD NUSBAUM HAS NO DIRECT INVOLVEMENT IN NEGOTIATING THE TERMS OR AMOUNTS IN THE AGREEMENTS AND RECEIVES NO BENEFIT FROM THE TRANSACTIONS. 0 FORM 990, PART VI, SECTION B, LINE 11 THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE FORM 990 PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT COVERS THE FASB AND GASB BOARD MEMBERS, THE FAF PRESIDENT, AND ALL OTHER EMPLOYEES OF THE FAF. ON A QUARTERLY BASIS THESE INDIVIDUALS ARE REQUIRED TO REPORT THEIR INTERESTS THAT WOULD POSE A CONFLICT TO THE FOUNDATION. FAILURE TO ADHERE TO THE POLICY CAN INCLUDE TERMINATION. THE FAF ALSO MAINTAINS AN OMBUDS POLICY APPLICABLE TO ALL FAF EMPLOYEES AND THE MEMBERS OF THE FAF BOARD OF TRUSTEES. UNDER THE OMBUDS POLICY, EACH EMPLOYEE AND TRUSTEE HAS AN AFFIRMATIVE DUTY TO REPORT PROMPTLY VIOLATIONS OF LAWS AND UNETHICAL (INCLUDING CONFLICTS OF INTEREST), UNWANTED AND/OR QUESTIONABLE BEHAVIOR. THE OMBUDS POLICY PROVIDES SPECIFIC PROTECTIONS FROM EMPLOYMENT RETALIATION TO INDIVIDUALS WHO, IN GOOD FAITH, REPORT POTENTIAL VIOLATIONS OF THE OMBUDS AND OTHER POLICIES OF THE FAF. THE FAF IS ALSO IN THE PROCESS OF DEVELOPING A STAND-ALONE CODE OF ETHICS/CONFLICTS POLICY THAT WILL BE APPLICABLE TO THE FAF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE FINANCE AND COMPENSATION COMMITTEE OF THE FAF BOARD OF TRUSTEES, WHICH IS COMPRISED OF INDEPENDENT TRUSTEES, HAS THE AUTHORITY TO RECOMMEND ANNUAL COMPENSATION PARAMETERS FOR THE KEY EMPLOYEES, WHICH INCLUDES THE FAF PRESIDENT AND CHIEF EXECUTIVE OFFICER, FASB AND GASB CHAIRS (AS KEY EMPLOYEES), AND CERTAIN OTHER FAF EMPLOYEES, INCLUDING FASB MEMBERS WHO ARE AMONG THE 5 HIGHEST COMPENSATED EMPLOYEES OF THE FAF. THESE RECOMMENDATIONS ARE BASED ON STUDIES CONDUCTED BY INDEPENDENT COMPENSATION CONSULTANTS THAT PERFORM MARKET RESEARCH AND PROVIDE COMPREHENSIVE COMPENSATION COMPARABILITY REPORTS. THE APPOINTMENTS AND EVALUATIONS COMMITTEE OF THE FAF BOARD OF TRUSTEES, WHICH IS COMPRISED OF INDEPENDENT TRUSTEES, IS RESPONSIBLE FOR REVIEWING THE PERFORMANCE OF FASB AND GASB MEMBERS ANNUALLY, AND THE EXECUTIVE COMMITTEE OF THE FAF BOARD OF TRUSTEES, WHICH IS COMPRISED OF INDEPENDENT TRUSTEES, IS RESPONSIBLE FOR REVIEWING THE PERFORMANCE OF THE FAF PRESIDENT AND CHIEF EXECUTIVE OFFICER ANNUALLY. SINCE THE ACTUAL COMPENSATION AMOUNT IS TIED TO PERFORMANCE, THE APPOINTMENTS AND EVALUATIONS COMMITTEE SHALL DETERMINE THE SPECIFIC COMPENSATION RECOMMENDATION FOR THE FASB AND GASB MEMBERS, WHILE THE EXECUTIVE COMMITTEE SHALL DETERMINE THE SPECIFIC COMPENSATION RECOMMENDATION FOR THE FAF PRESIDENT AND CHIEF EXECUTIVE OFFICER. THESE COMPENSATION RECOMMENDATIONS WILL THEN BE PROVIDED TO THE FULL BOARD OF TRUSTEES FOR THEIR APPROVAL. COMPREHENSIVE COMPENSATION STUDIES OF KEY EMPLOYEE COMPENSATION ARE CONDUCTED EVERY THREE YEARS, WITH THE LAST STUDY BEING PERFORMED IN 2011. IN THE INTERVENING YEARS, THE COMPENSATION DATA IS UPDATED BY THE CONSULTANTS BASED ON MARKETPLACE DATA. ADDITIONALLY, DURING 2012, AN INDEPENDENT CONSULTING FIRM PROVIDED WRITTEN OPINIONS AFFIRMING (1) THE FAIRNESS (UNDER THE INTERMEDIATE SANCTIONS RULES PROMULGATED PURSUANT TO THE IRC) OF THE COMPENSATION DETERMINATIONS MADE BY THE BOARD OF TRUSTEES FOR 2011 WITH RESPECT TO KEY EMPLOYEES, AND (2) THE FAIRNESS OF 2011 TRUSTEE COMPENSATION. FOR OTHER FAF EMPLOYEES, SALARY RANGES ARE REVIEWED EVERY THREE YEARS ON THE BASIS OF MARKET COMPENSATION DATA PROVIDED BY INDEPENDENT COMPENSATION CONSULTANTS. DURING THE INTERVENING YEARS, SALARY RANGES ARE ADJUSTED FOR INFLATION. THE MOST RECENT COMPENSATION STUDIES WITH RESPECT TO THESE FAF STAFF POSITIONS WERE PERFORMED IN 2010 FOR IMPLEMENTATION TO COINCIDE WITH THE ANNUAL 2011 SALARY INCREASES. FORM 990, PART VI, SECTION C, LINE 19 THE ANNUAL REPORT, WHICH INCLUDES THE FOUNDATION'S AUDITED FINANCIAL STATEMENTS, AND GOVERNING DOCUMENTS ARE LOCATED ON THE FOUNDATION'S WEBSITE. AT THIS TIME, THE FOUNDATION'S CONFLICT OF INTEREST POLICY IS AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: PENSION RELATED CHANGES-AMOUNTS REFLECTED AS OTHER CHANGE IN NET ASSETS -220,185.