2023-05-15T08:11:03-05:00 2022-12-31 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2022-01-01 237211935 FINANCIAL ACCOUNTING FOUNDATION FINA 2038470700 801 MAIN AVENUE NORWALK CT 068511127 JOHN W AUCHINCLOSS EXECUTIVE DIRECTOR 2038470700 2023-05-10 1 JOHN AUCHINCLOSS 999009999 0 LYNNE JOHNSON P00757336 6179129000 2023-04-30 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z X JOHN W AUCHINCLOSS 801 MAIN AVENUE NORWALK CT 068511127 75744080 0 X ACCOUNTINGFOUNDATION.ORG,FASB.ORG,GASB.ORG X 1972 DE THE MISSION OF THE FINANCIAL ACCOUNTING FOUNDATION (FAF) IS TO ESTABLISH AND IMPROVE FINANCIAL ACCOUNTING AND REPORTING STANDARDS, TO PROVIDE USEFUL INFORMATION TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS AND TO EDUCATE STAKEHOLDERS ON HOW TO MOST EFFECTIVELY UNDERSTAND AND IMPLEMENT THOSE STANDARDS. THE FAF, ORGANIZED IN 1972, IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION RESPONSIBLE FOR THE OVERSIGHT, ADMINISTRATION, FINANCING AND APPOINTMENT OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) AND THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB), WHICH WERE ESTABLISHED TO PERFORM DISTINCT FUNCTIONS IN THE PROCESS OF ESTABLISHING AND IMPROVING FINANCIAL ACCOUNTING AND REPORTING STANDARDS. 18 18 180 175 0 0 0 0 0 0 696866 1014513 60953615 74581165 61650481 75595678 0 0 0 0 43967532 46016544 0 0 0 12690231 17878047 56657763 63894591 4992718 11701087 105965089 140571027 22319318 46250049 83645771 94320978 X ESTABLISH AND IMPROVE FINANCIAL ACCOUNTING AND REPORTING STANDARDS TO PROVIDE USEFUL INFORMATION TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS AND TO EDUCATE STAKEHOLDERS ON HOW TO MOST EFFECTIVELY UNDERSTAND AND IMPLEMENT THOSE STANDARDS. 0 0 32858497 41054488 FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL (FASAC)ESTABLISHED IN 1973, THE FASB IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION, BASED IN NORWALK, CONNECTICUT, THAT ESTABLISHES FINANCIAL ACCOUNTING AND REPORTING STANDARDS FOR PUBLIC AND PRIVATE COMPANIES AND NOT-FOR-PROFIT ORGANIZATIONS THAT FOLLOW GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). THE FASB IS RECOGNIZED BY THE SECURITIES AND EXCHANGE COMMISSION AS THE DESIGNATED ACCOUNTING STANDARD SETTER FOR PUBLIC COMPANIES. FASB STANDARDS ARE RECOGNIZED AS AUTHORITATIVE BY MANY OTHER ORGANIZATIONS, INCLUDING STATE BOARDS OF ACCOUNTANCY AND THE AMERICAN INSTITUTE OF CPAS (AICPA). THE FASB DEVELOPS AND ISSUES FINANCIAL ACCOUNTING STANDARDS THROUGH A TRANSPARENT AND INCLUSIVE PROCESS INTENDED TO PROMOTE FINANCIAL REPORTING THAT PROVIDES USEFUL INFORMATION TO INVESTORS AND OTHERS WHO USE FINANCIAL REPORTS. THE FINANCIAL ACCOUNTING FOUNDATION (FAF) SUPPORTS AND OVERSEES THE FASB. THE FOLLOWING ARE SOME SPECIFIC ACCOMPLISHMENTS AND INITIATIVES IN 2022 RELATED TO THESE AGENDA ITEMS AND IMPROVING GAAP IN GENERAL. HOWEVER, FOR A COMPLETE AND DETAILED PICTURE OF THE WORK OF THE FASB, CURRENT AND COMPLETED PROJECTS, TIMETABLES AND OTHER INFORMATION, PLEASE VISIT FASB.ORG. IN ADDITION, THE FAF ANNUAL REPORT PROVIDES A HIGHLIGHT OF FASB'S 2022 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG.WHILE MAKING VARIOUS CHANGES TO ITS AGENDA IN RESPONSE TO PUBLIC FEEDBACK RECEIVED ON AN INVITATION TO COMMENT (ITC) ISSUED IN 2021, THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE ASPECTS OF GAAP, ISSUING 6 FINAL ACCOUNTING STANDARDS UPDATES (ASUS) IN 2022. THESE INCLUDED AN ASU THAT (1) UPON ADOPTION OF THE CURRENT EXPECTED CREDIT LOSSES MODEL, ELIMINATED THE CURRENT ACCOUNTING BY CREDITORS FOR TROUBLED DEBT RESTRUCTURINGS, WHILE ENHANCING DISCLOSURES RELATED TO CERTAIN LOAN MODIFICATIONS AND (2) ENHANCED EXISTING VINTAGE DISCLOSURES BY CREDITORS; AND AN ASU THAT REQUIRED DISCLOSURES FOR SUPPLIER FINANCE PROGRAM OBLIGATIONS. THE FASB ALSO ISSUED SIX PROPOSED ASUS. THE MORE SIGNIFICANT PROPOSALS RELATED TO: REPORTABLE SEGMENT DISCLOSURES, COMMON CONTROL LEASING ARRANGEMENTS, JOINT VENTURE FORMATIONS, AND INVESTMENTS IN TAX CREDIT STRUCTURES. IN ADDITION, THE FASB ISSUED AN ITC TO SEEK PUBLIC INPUT ON THE ACCOUNTING BY BUSINESS ENTITIES FOR GOVERNMENT GRANTS RECEIVED. FINALLY, THE BOARD ISSUED TWO PROPOSED STATEMENTS OF ACCOUNTING CONCEPTS, TO IMPROVE A KEY TOOL THAT THE BOARD USES IN ITS DECISION-MAKING.THE PCC CONTINUED ITS WORK WITH IMPROVEMENTS THAT ADDRESS THE NEEDS OF PRIVATE COMPANY USERS OF FINANCIAL STATEMENTS IN THE STANDARDS DEVELOPMENT PROCESS. THEY DISCUSSED POTENTIALLY CODIFYING EXAMPLES TO ASSIST IN ACCOUNTING FOR PROFITS INTEREST AND SIMILAR AWARDS, BEFORE THE FASB ADDED SUCH A PROJECT TO ITS AGENDA IN DECEMBER, TO BENEFIT BOTH PRIVATE AND PUBLIC COMPANIES, UPON THE PCC'S RECOMMENDATION. THE PCC WAS ALSO INSTRUMENTAL IN ADVISING THE FASB ON A NUMBER OF ASUS AND PROPOSED ASUS. THE FASB CONTINUED WITH THE CONTINUED DEVELOPMENT OF THE GAAP FINANCIAL REPORTING TAXONOMY (TAXONOMY) FOR EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL). OUTREACH AND OTHER STAKEHOLDER COMMUNICATIONS CONTINUED TO BE EXTENSIVE WITH NUMEROUS MEETINGS WITH LIAISON GROUPS, REPRESENTATIVES OF USERS, PREPARERS, AND AUDITORS, AND OTHER STAKEHOLDERS. OUTREACH ACTIVITIES ALSO INCLUDES VARIOUS COMMUNICATIONS, EDUCATIONAL MATERIALS AND OTHER ACTIVITIES INCLUDING: - FASB MEMBERS AND STAFF DELIVERED SPEECHES AT 100 DIFFERENT CONFERENCES DURING THE YEAR -8 PRESS RELEASES, MEDIA ADVISORIES AND TWEETS WERE SENT ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES - 10 EDUCATIONAL WEBCASTS AND VIDEOS WERE PROVIDED. - 23 MEETINGS WITH NATIONAL AND INTERNATIONAL STANDARD SETTERS THE FASAC, WHICH COMPRISES 35 VOLUNTEER MEMBERS (WITH THE EXCEPTION OF ITS CHAIR, WHO IS COMPENSATED), REPRESENT A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS, MET FOUR TIMES IN 2022. 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.FASB'S OTHER ADVISORY GROUPS, INCLUDING THE INVESTOR ADVISORY COMMITTEE, THE NOT-FOR-PROFIT ADVISORY COMMITTEE, AND THE SMALL BUSINESS ADVISORY COMMITTEE, AND THE EMERGING ISSUES TASK FORCE ALL HELD MEETINGS IN 2022 TO SUPPORT THE EFFORTS OF THE FASB. 9839351 12508400 GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL (GASAC)ESTABLISHED IN 1984, THE GASB IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION, BASED IN NORWALK, CONNECTICUT, THAT ESTABLISHES FINANCIAL ACCOUNTING AND REPORTING STANDARDS FOR U.S. STATE AND LOCAL GOVERNMENTS THAT FOLLOW GAAP. THESE STANDARDS ARE RECOGNIZED AS AUTHORITATIVE BY STATE AND LOCAL GOVERNMENTS; STATE BOARDS OF ACCOUNTANCY; AND THE AMERICAN INSTITUTE OF CPAS (AICPA). THE GASB DEVELOPS AND ISSUES FINANCIAL ACCOUNTING STANDARDS THROUGH A TRANSPARENT AND INCLUSIVE PROCESS INTENDED TO PROMOTE FINANCIAL REPORTING THAT PROVIDES USEFUL INFORMATION TO TAXPAYERS, PUBLIC OFFICIALS, INVESTORS, AND OTHERS WHO USE FINANCIAL REPORTS. THE FINANCIAL ACCOUNTING FOUNDATION (FAF) SUPPORTS AND OVERSEES THE GASB. 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. FOR A COMPLETE AND DETAILED PICTURE OF THE WORK OF THE GASB, CURRENT AND COMPLETED PROJECTS, TIMETABLES AND OTHER INFORMATION, PLEASE VISIT GASB.ORG. IN ADDITION, THE FAF ANNUAL REPORT PROVIDES A DETAILED TIMETABLE OF GASB'S 2022 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2022. IN 2022, GASB ISSUED THREE FINAL STATEMENTS (STATEMENT NO. 99, OMNIBUS 2022, STATEMENT NO. 100, ACCOUNTING CHANGES AND ERROR CORRECTIONS AN AMENDMENT OF STATEMENT NO. 62, AND STATEMENT NO. 101, COMPENSATED ABSENCES), CONCEPT STATEMENT NO. 7, AND TWO EXPOSURE DRAFTS. WHILE THE MAJORITY OF ITS TIME IS DEVOTED TO DEVELOPING ACCOUNTING AND FINANCIAL REPORTING STANDARDS, THE GASB STAFF ALSO HELPS STAKEHOLDERS UNDERSTAND AND IMPLEMENT STANDARDS BY PROVIDING THEM WITH DIRECT ASSISTANCE ADDRESSING THEIR SPECIFIC FACTS AND CIRCUMSTANCES. OUTREACH AND OTHER STAKEHOLDER COMMUNICATIONS CONTINUED TO BE EXTENSIVE WITH NUMEROUS MEETINGS WITH LIAISON GROUPS AND INTERACTIONS WITH REPRESENTATIVES OF GASB'S THREE PRIMARY STAKEHOLDER GROUPS (USERS, PREPARERS, AND AUDITORS). GASB MEMBERS AND STAFF DELIVERED SPEECHES AT 109 DIFFERENT CONFERENCES DURING THE YEAR. THE GASB ISSUED 8 PRESS RELEASES AND MEDIA ADVISORIES DURING THE YEAR. IN ADDITION, TWEETS WERE SENT ON A VARIETY OF GASB STANDARD SETTING ACTIVITIES AND THE GASB OFFERED 10 EDUCATIONAL WEBCASTS AND VIDEOS. THE THIRTY-ONE MEMBER GASAC IS AN ORGANIZATION OF KNOWLEDGEABLE AND EXPERIENCED PROFESSIONALS REPRESENTING THE GASB'S VARIED STAKEHOLDERS 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. IN 2022, THE GASAC HELD THREE MEETINGS. 8352369 21016252 PUBLISHING PUBLISHING REPRESENTS THE DISTINCT ACTIVITIES OF PUBLISHING AND DISTRIBUTING THE FASB AND GASB STANDARD-SETTING MATERIALS. THE FAF LICENSES THE CONTENT OF THE FASB ACCOUNTING STANDARDS CODIFICATION (FASB CODIFICATION) TO COMMERCIAL PUBLISHERS AND OTHERS FOR SPECIFIC USES. DURING 2022, THE FASB CODIFICATION WAS DIRECTLY ACCESSIBLE THROUGH AN ONLINE PLATFORM AND VIEWED EITHER THROUGH A FREE BASIC VIEW OR AS AN ANNUAL PAID SUBSCRIPTION TO THE PROFESSIONAL VIEW THAT PROVIDES ADVANCED FUNCTIONALITY AND NAVIGATION. THE FAF ALSO SELLS A BOUND EDITION OF THE FASB CODIFICATION AND PROVIDES THE FASB SUBSCRIPTION, AN ANNUAL PAID SERVICE THAT INCLUDES THE DISTRIBUTION OF PRINTED COPIES OF FASB ACCOUNTING STANDARDS UPDATES (ASUS) WHEN ISSUED. THE FAF LICENSES GASB MATERIALS TO COMMERCIAL PUBLISHERS AND OTHERS FOR SPECIFIC USES. DURING 2022, GASB MATERIALS WERE ALSO DIRECTLY ACCESSIBLE ONLINE THROUGH THE GOVERNMENTAL ACCOUNTING RESEARCH SYSTEM (GARS), VIEWED EITHER THROUGH A FREE BASIC VIEW OR AS AN ANNUAL PAID SUBSCRIPTION TO THE PROFESSIONAL VIEW THAT PROVIDES ADVANCED FUNCTIONALITY AND NAVIGATION. GASB MATERIALS ALSO INCLUDE THE GASB SUBSCRIPTION, AN ANNUAL PAID SERVICE THAT INCLUDES THE DISTRIBUTION OF PRINTED COPIES OF FINAL DOCUMENTS AS ISSUED. DURIMG 2022, THE FAF ALSO SOLD BOUND EDITIONS OF THE GASB CODIFICATION, GASB ORIGINAL PRONOUNCEMENTS, AND THE GASB COMPREHENSIVE IMPLEMENTATION GUIDE, AS WELL AS HARD COPIES OF INDIVIDUAL PRONOUNCEMENTS, USER GUIDES, RESEARCH REPORTS, AND OTHER DOCUMENTS.THE FAF COMPLETED ITS MULTI-YEAR CONTENT, VISION, & ENABLEMENT (CVE) INITIATIVE WITH THE OBJECTIVE OF MODERNIZING THE PRODUCTION AND DISTRIBUTION OF FASB AND GASB STANDARDS. THE PROJECT HAD THREE COMPONENTS: 1) FINALIZE AND OPERATIONALIZE THE ORGANIZATION'S CONTENT DISTRIBUTION STRATEGY, 2) IMPLEMENT A NEW PUBLISHING PLATFORM, AND 3) ENABLE MORE STREAMLINE BUSINESS PROCESS TO SUPPORT OUR CONTENT CREATION, PRODUCTION, AND DISTRIBUTION. 51050217 1 0 0 1 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 111 0 1 180 1 0 0 0 0 0 0 0 0 0 0 1 0 X 18 18 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 801 MAIN AVENUE NORWALK CT 068511127 KATHLEEN L CASEY TRUSTEE 8.00 X X 180000 0 0 MARY E BARTH TRUSTEE 4.00 X 82000 0 0 TIMOTHY L CHRISTEN TRUSTEE 3.00 X 70000 0 0 JEFFREY L ESSER TRUSTEE 4.00 X 82000 0 0 MANJU GANERIWALA TRUSTEE 3.00 X 70000 0 0 EDWARD J GOLDTHORPE TRUSTEE 3.00 X 70000 0 0 BRUCE T HERRING TRUSTEE 3.00 X 70000 0 0 LYNNETTE KELLY TRUSTEE 3.00 X 82000 0 0 W BRYAN LEWIS TRUSTEE 3.00 X 70000 0 0 DAVID H LILLARD JR TRUSTEE 4.00 X 82000 0 0 DIANE C NORDIN TRUSTEE 3.00 X 70000 0 0 RICHARD N REISIG TRUSTEE 3.00 X 70000 0 0 LAWRENCE SALVA TRUSTEE 4.00 X 82000 0 0 SARAH E SMITH TRUSTEE 3.00 X 70000 0 0 SHUNDRAWN A THOMAS TRUSTEE 3.00 X 70000 0 0 ROBIN L WASHINGTON TRUSTEE 3.00 X 70000 0 0 MICHAEL T ROLLINGS TRUSTEE 3.00 X 0 0 0 TIMOTHY F RYAN TRUSTEE 3.00 X 0 0 0 JOHN W AUCHINCLOSS EXECUTIVE DIRECTOR 40.00 X 743968 0 73935 MARY P CROTTY VP/CHIEF OPERATING OFFICER 40.00 X 661450 0 73320 STEVEN A HOBBS VP-GENERAL COUNSEL 40.00 X 528228 0 74159 JAMES L KROEKER FASB MEMBER 40.00 X 1084337 0 54107 RICHARD R JONES CHAIR, FASB 40.00 X 1239878 0 79953 JOEL BLACK CHAIR, GASB 40.00 X 752836 0 75491 GARY R BUESSER FASB MEMBER 40.00 X 972933 0 96902 MARSHA L HUNT FASB MEMBER 40.00 X 966202 0 69464 CHRISTINE ANN BOTOSAN FASB MEMBER 40.00 X 966483 0 90353 SUSAN M COSPER FASB MEMBER 40.00 X 947805 0 81091 FREDERICK L CANNON FASB MEMBER 40.00 X 979776 0 72011 11133896 0 840786 106 0 1 0 PETRETTI 279 MADISON AVENUE SUITE 404 NEW YORK NY 10016 CONSTRUCTION SERVICES 17007732 DELOITTE CONSULTING 1919 N LYNN STREET ARLINGTON VA 22209 IT CONSULTANT 2606099 OVITAS 60 MALL ROAD BURLINGTON MA 01803 IT CONSULTANT 1102228 DESROSIER OF GREENWICH 103 MASON STREET GREENWICH CT 06830 IT CONSULTANT 807928 SDL INC 201 EDGEWATER DRIVE SUITE 225 WAKEFIELD MA 01880 IT SERVICES 799365 19 1014513 1014513 2025 2025 109926 148402 -38476 -38476 ACCOUNTING SUPPORT FEE 900009 53562888 53562888 LICENSE FEE AND SUBSCR 900009 21052971 21052971 OTHER REVENUE 900009 1757 1757 74617616 75595678 74579140 0 1016538 6735877 3473223 3262654 31248431 27713733 3534698 2807717 2474222 333495 3519330 2850046 669284 1705189 1426623 278566 73067 19591 53476 287735 287735 250000 250000 2364484 1085439 1279045 976571 177211 799360 4629682 4190532 439150 2876018 2240294 635724 381687 303729 77958 515036 292676 222360 4021206 3762645 258561 295550 295550 SUBSCRIPTIONS AND INFOR 481974 473668 8306 MISCELLANEOUS 257210 99138 158072 BILLING AND COLLECTION 239400 239400 PLACEMENT AND RECRUITIN 228427 217447 10980 63894591 51050217 12844374 0 6441193 14153022 9278774 2822303 8847781 13622817 931049 962917 46233062 4232140 13883548 42000922 62501528 48134149 3271588 2787338 809628 16087559 105965089 140571027 7212328 10614736 6651559 6916384 8455431 28718929 22319318 46250049 X 83645771 94320978 83645771 94320978 105965089 140571027 X 11701087 -2291496 1265616 X 0 1 X 1 0 X 37427680 38229577 41354231 42146122 53562888 212720498 37427680 38229577 41354231 42146122 53562888 212720498 212720498 1443095 1680262 927946 702084 1016538 5769925 218490423 95573506 0.97360 0.97180 X 0 430000 430000 64324591 64754591 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 590000 580000 580000 430000 2180000 250000 250000 250000 250000 1000000 1500000 PART II-A, LINE 1B LOBBYING COSTS INCLUDES EXPENSES PAID TO CONSULTANTS AND OTHER COSTS TO REGULARLY MONITOR PROPOSED LEGISLATION AND RULEMAKING THAT MAY DIRECTLY OR INDIRECTLY AFFECT FINANCIAL ACCOUNTING AND REPORTING STANDARDS, AND ENGAGE WITH CONGRESSIONAL MEMBERS AND STAFFS, AND OTHERS WITH RESPECT TO SUCH LEGISLATION AND RULEMAKING. DURING 2022, WE ENGAGED IN LOBBYING EFFORTS WITH RESPECT TO: ISSUES RELATING TO THE ACCOUTING STANDARD-SETTING PROCESS GENERALLY; ISSUES RELATING TO WHETHER FASB'S ACCOUNTING SUPPORT FEES ARE EXEMPT FROM THE FEDERAL BUDGETARY SEQUESTRATION PROCESS; ISSUES RELATING TO IMPLEMENTATION OF FASB'S STANDARD ON CURRENT EXPECTED CREDIT LOSSES (CECL); ACCOUNTING ISSUES RELATED TO. H.R. 7900 NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2023 -FINANCIAL DATA TRANSPARENCY ACT AND H.R. 9315 RESPONSIBLE ACCOUNTING STANDARDS ACT OF 2022. 21396845 337845 21059000 24836217 3894295 20941922 42000922 OPERATING LEASE - RIGHT OF USE ASSET 15869751 DEFINED BENEFIT USE ASSET 217808 16087559 ACCRUED PAYROLL AND RELATED BENEFITS 1595497 OPERATING LEASE LIABILITY 22269385 ACCRUED PENSION COSTS 2066709 ACCRUED 457B PLAN COSTS 2787338 28718929 X 73669584 -2291496 217000 148402 -1926094 75595678 0 75595678 64259993 217000 148402 365402 63894591 0 63894591 PART X, LINE 2: 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: PUBLISHING COST OF GOODS SOLD 148,402. PART XII, LINE 2D - OTHER ADJUSTMENTS: PUBLISHING COST OF GOODS SOLD 148,402. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 84657 0 0 0 0 0 0 84657 0 84657 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 RICHARD R JONES CHAIR, FASB 1067360 0 0 0 172518 0 35835 0 44118 0 1319831 0 0 0 JAMES L KROEKER FASB MEMBER 955500 0 0 0 128837 0 33395 0 20712 0 1138444 0 0 0 GARY R BUESSER FASB MEMBER 844145 0 0 0 128788 0 33395 0 63507 0 1069835 0 0 0 CHRISTINE ANN BOTOSAN FASB MEMBER 846145 0 0 0 120338 0 37665 0 52688 0 1056836 0 0 0 FREDERICK L CANNON FASB MEMBER 843180 0 0 0 136596 0 40715 0 31296 0 1051787 0 0 0 MARSHA L HUNT FASB MEMBER 849388 0 0 0 116814 0 37055 0 32409 0 1035666 0 0 0 SUSAN M COSPER FASB MEMBER 845911 0 0 0 101894 0 33395 0 47696 0 1028896 0 0 0 JOEL BLACK CHAIR, GASB 691776 0 0 0 61060 0 32785 0 42706 0 828327 0 0 0 JOHN W AUCHINCLOSS EXECUTIVE DIRECTOR 629148 0 49700 0 65120 0 40105 0 33830 0 817903 0 0 0 MARY P CROTTY VP/CHIEF OPERATING OFFICER 501379 0 120000 0 40071 0 39338 0 33982 0 734770 0 0 0 STEVEN A HOBBS VP-GENERAL COUNSEL 461745 0 33000 0 33483 0 39962 0 34197 0 602387 0 0 0 KATHLEEN L CASEY TRUSTEE 180000 0 0 0 0 0 0 0 0 0 180000 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. THE ORGANIZATION REIMBURSES FOR FITNESS MEMBERSHIP UP TO AN ANNUAL MAXIMUM, OF WHICH ALL EMPLOYEES ARE ELIGIBLE TO PARTICIPATE. PART I, LINE 4B THE FAF PROVIDES ADDITIONAL DEFINED CONTRIBUTIONS TO PARTICIPANTS WHOSE ANNUAL COMPENSATION IS IN EXCESS OF THE IRC COMPENSATION LIMIT, FIRST TO A 457(B) DEFERRED COMPENSATION PLAN, AND IF THAT LIMIT IS REACHED DURING A CALENDAR YEAR, THEN CASH PAYMENTS (INCLUDING TAX GROSS-UPS) ARE MADE TO ELIGIBLE PARTICIPANTS. THE FOLLOWING COVERED INDIVIDUALS PARTICIPATED IN THE FOUNDATION'S OTHER SUPPLEMENTAL PROGRAMS IN 2022 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: JOEL BLACK - $57,553 GARY BUESSER - $120,896 MARY CROTTY - $31,819 MARSHA HUNT - $111,195 STEVEN HOBBS - $25,649 RICHARD JONES - $166,972 CHRISTINE BOTOSAN - $112,446 JAMES KROEKER - $125,331 JOHN AUCHINCLOSS - $57,228 SUSAN COSPER - $98,388 FRED CANNON - $122,481 PART I, LINE 7 THE AMOUNTS SHOW ON PART II, COLUMN B (II) FOR THOSE EMPLOYEES WERE PAID AND AWARDED BASED ON PERFORMANCE PURSUANT TO AN INCENTIVE COMPENSATION PROGRAM APPROVED BY THE FAF BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT AND FINANCE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE FORM 990 PRIOR TO IT BEING FILED. IN ADDITION, A COPY OF THE A FORM 990 IS PROVIDED TO THE FULL BOARD OF TRUSTEES PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION HAS WRITTEN CONFLICT OF INTEREST POLICIES THAT COVER ALL EMPLOYEES. ALL EMPLOYEES ARE REQUIRED, ON A QUARTERLY BASIS, TO REPORT CERTAIN INTERESTS THAT MIGHT POSE A CONFLICT TO THE FOUNDATION. FAILURE TO COMPLY WITH THE CONFLICT OF INTEREST POLICY CAN RESULT IN SANCTIONS, WHICH MAY INCLUDE TERMINATION. IN ADDITION, THE FOUNDATION ALSO HAS ADOPTED A TRUSTEE CODE OF CONDUCT, WHICH INCLUDES CONFLICT OF INTEREST PROVISIONS, AND REQUIRES EACH TRUSTEE TO CERTIFY COMPLIANCE ANNUALLY. THE FAF ALSO MAINTAINS AN OMBUDS POLICY THAT ENABLES EMPLOYEES AND TRUSTEES TO REPORT VIOLATIONS OF LAW OR FOUNDATION POLICIES, EITHER ON A DISCLOSED OR ON AN ANONYMOUS BASIS. EACH EMPLOYEE, AND EACH TRUSTEE, HAS AN AFFIRMATIVE DUTY TO REPORT PROMPTLY VIOLATIONS OF LAW OR FOUNDATION POLICIES. PERSONS REPORTING IN GOOD FAITH PURSUANT TO THE OMBUDS POLICY ARE PROTECTED FROM EMPLOYMENT RETALIATION. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE FAF BOARD OF TRUSTEES, WHICH IS COMPRISED OF INDEPENDENT TRUSTEES, IS RESPONSIBLE FOR REVIEWING THE PERFORMANCE ANNUALLY OF THE EXECUTIVE DIRECTOR AND FASB AND GASB MEMBERS AND FOR MAKING COMPENSATION RECOMMENDATIONS ANNUALLY TO THE FAF BOARD OF TRUSTEES FOR THE FAF EXECUTIVE DIRECTOR, FASB AND GASB MEMBERS, THE FAF CHAIR AND FAF TRUSTEES. THE COMPENSATION COMMITTEE OBTAINS AND RELIES UPON PERIODIC MARKET RESEARCH STUDIES CONDUCTED BY INDEPENDENT COMPENSATION CONSULTANTS AND, IN INTERVENING YEARS, UPDATES TO SUCH STUDIES BASED ON COMPREHENSIVE COMPENSATION COMPARABILITY REPORTS AND PROJECTED MARKET COMPENSATION DATA COLLECTED AND PREPARED BY INDEPENDENT COMPENSATION CONSULTANTS AND THE FAF'S HUMAN RESOURCES DEPARTMENT. THE FAF BOARD OF TRUSTEES, WHICH ALSO IS COMPRISED OF INDEPENDENT TRUSTEES, APPROVES THE COMPENSATION COMMITTEE'S COMPENSATION RECOMMENDATIONS ANNUALLY. ALL VOTES ARE MEMORIALIZED IN MINUTES AND PRESERVED, TOGETHER WITH ALL BACKGROUND DATA AND MATERIALS. THE COMPENSATION COMMITTEE ALSO RECOMMENDS POLICIES FOR SALARIES AND BENEFITS FOR ALL FAF EMPLOYEES AND MONITORS THEIR IMPLEMENTATION. IN THIS REGARD, SALARY RANGES ARE REVIEWED BY THE COMPENSATION COMMITTEE FOR CERTAIN POSITIONS BASED ON PERIODIC MARKET COMPENSATION DATA PROVIDED BY INDEPENDENT COMPENSATION CONSULTANTS AND UPDATES TO SUCH STUDIES BASED ON MARKET COMPENSATION DATA PREPARED BY INDEPENDENT COMPENSATION CONSULTANTS AND THE FAF'S HUMAN RESOURCES DEPARTMENT. FORM 990, PART VI, SECTION C, LINE 19 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. FORM 990, PART XI, LINE 9: PENSION RELATED CHANGES-AMOUNTS REFLECTED AS OTHER CHANGE IN NET ASSETS 1,249,771. OTHER COMPONENTS OF NET PERIODIC PENSION COST 15,845.