2020-05-15T07:09:47-05:00 2019-12-31 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2019-01-01 237211935 FINANCIAL ACCOUNTING FOUNDATION FINA 2038470700 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 JOHN W AUCHINCLOSS EXECUTIVE DIRECTOR 2038470700 2020-05-07 1 YONG ZHANG CPA P01249785 7033366400 96.241.128.75 2020-05-07 08:46:45 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 5BB3B986E96693C9FA12ABDB8E5DE88F5CFF60A5 2019 2020-11-19 02:30:22Z JOHN W AUCHINCLOSS 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 58582422 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 1436290 1675044 55232829 56662480 56669119 58337524 0 0 0 0 39936423 40353789 0 0 0 12123096 15678532 52059519 56032321 4609600 2305203 89054313 91667009 18925377 18243684 70128936 73423325 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 29138469 29294077 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 2019 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 2019 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG.THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE ASPECTS OF GAAP, ISSUING 12 FINAL ACCOUNTING STANDARDS UPDATES (ASUS) IN 2019. AMONG THE MOST SIGNIFICANT OF THESE WERE TWO ASUS THAT DEFERRED THE EFFECTIVE DATES OF CERTAIN RECENT MAJOR STANDARDS FOR NONPUBLIC AND SMALL PUBLIC ENTITIES AND AN ASU THAT SIMPLIFIED CERTAIN ASPECTS OF THE ACCOUNTING FOR INCOME TAXES. THE FASB ALSO ISSUED 15 PROPOSED ASUS. THE MORE SIGNIFICANT PROPOSALS RELATED TO FACILITATING THE EFFECTS OF REFERENCE RATE REFORM ON FINANCIAL REPORTING AND THE ACCOUNTING FOR CERTAIN COMPLEX FINANCIAL INSTRUMENTS THAT MAY CONTAIN BOTH LIABILITY AND EQUITY COMPONENTS. FINALLY, THE FASB ISSUED TWO INVITATIONS TO COMMENT, ONE OF WHICH WAS RELATED TO GOODWILL AND OTHER INTANGIBLE ASSETS, TO HELP DETERMINE WHETHER FUTURE IMPROVEMENTS TO GAAP WERE NEEDED. THE PRIVATE COMPANY COUNCIL (PCC) CONTINUED ITS WORK WITH IMPROVEMENTS THAT ADDRESS THE NEEDS OF PRIVATE COMPANY USERS OF FINANCIAL STATEMENTS IN THE STANDARDS DEVELOPMENT PROCESS AND WERE INSTRUMENTAL IN ADVISING THE FASB ON A NUMBER OF 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 145 DIFFERENT CONFERENCES DURING THE YEAR * 70 PRESS RELEASES, MEDIA ADVISORIES AND TWEETS WERE SENT ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES * 24 EDUCATIONAL WEBCASTS AND VIDEOS WERE PROVIDED.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 2019. 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 2019 TO SUPPORT THE EFFORTS OF THE FASB. 8165561 8935500 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 2019 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2019. IN 2019, GASB ISSUED GASB STATEMENT NO. 91, CONDUIT DEBT OBLIGATIONS, THREE FINAL IMPLEMENTATION GUIDES, FIVE EXPOSURE DRAFTS OF PROPOSED STATEMENTS, AND TWO EXPOSURE DRAFTS OF PROPOSED IMPLEMENTATION GUIDES.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). DURING 2019, GASB MEMBERS AND STAFF DELIVERED SPEECHES AT 118 DIFFERENT CONFERENCES DURING THE YEAR. THE GASB ISSUED 16 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 16 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 2019, THE GASAC HELD THREE MEETINGS. 5884633 18427685 PUBLISHING PUBLISHING REPRESENT 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. THE FASB CODIFICATION ALSO IS DIRECTLY ACCESSIBLE THROUGH AN ONLINE PLATFORM AND CAN BE 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. GASB MATERIALS ARE ALSO DIRECTLY ACCESSIBLE ONLINE THROUGH THE GOVERNMENTAL ACCOUNTING RESEARCH SYSTEM (GARS). GARS ONLINE CAN BE 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 ARE AVAILABLE THROUGH VARIOUS SUBSCRIPTION PLANS SOLD DIRECTLY BY THE FAF, INCLUDING THE GASB SUBSCRIPTION (CONSISTING OF FINAL DOCUMENTS AS ISSUED) AND THE GASB BOARD PACKAGES. IN ADDITION, THE FAF SELLS 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 COMMENCED A MULTI-YEAR MONTH CONTENT, VISION, & ENABLEMENT (CVE) INITIATIVE IN LATE 2018. THE CVE INITIATIVE BEGAN WITH THE OBJECTIVE OF MODERNIZING THE PRODUCTION AND DISTRIBUTION OF FASB AND GASB STANDARDS. THE PROJECT HAS THREE COMPONENTS: 1) FINALIZE AND OPERATIONALIZE THE ORGANIZATION'S CONTENT STRATEGY, 2) IMPLEMENT A NEW PUBLISHING PLATFORM, AND 3) REDESIGN THE BUSINESS PROCESSES UNDERPINNING OUR CONTENT CREATION, PRODUCTION, AND DISTRIBUTION.THE INITIAL DISCOVERY AND SOLUTION SELECTION PHASE OF THE CVE INITIATIVE WAS COMPLETED DURING 2019. 43188663 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 0 0 0 0 0 0 0 0 0 0 1 97 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 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 CHARLES H NOSKI CHAIRMAN 8.00 X X 180000 0 0 CHRISTINE M CUMMING SECRETARY AND TREASURER 3.00 X X 70000 0 0 DIANE M RUBIN VICE CHAIR 4.00 X 82000 0 0 CHARLES M ALLEN TRUSTEE 4.00 X 82000 0 0 EUGENE FLOOD JR TRUSTEE 3.00 X 70000 0 0 KENNETH B ROBINSON TRUSTEE 4.00 X 82000 0 0 JOHN B VEIHMEYER TRUSTEE 3.00 X 70000 0 0 NANCY K KOPP TRUSTEE 3.00 X 0 0 0 DAVID C VILLA TRUSTEE 3.00 X 70000 0 0 TERRY DWARFIELD TRUSTEE 3.00 X 20417 0 0 MYRA R DRUCKER TRUSTEE 4.00 X 82000 0 0 ANN M SPRUILL TRUSTEE 3.00 X 70000 0 0 JEFFREY L ESSER TRUSTEE 3.00 X 70000 0 0 ANTHONY J DOWD TRUSTEE 4.00 X 82000 0 0 SUSAN JCARTER TRUSTEE 3.00 X 70000 0 0 T ELOISE FOSTER TRUSTEE 4.00 X 82000 0 0 KATHLEEN L CASEY TRUSTEE 3.00 X 70000 0 0 DAVID H LILLARD JR TRUSTEE 3.00 X 49583 0 0 MARY E BARTH TRUSTEE 3.00 X 49583 0 0 GARY H BRUEBAKER TRUSTEE 3.00 X 0 0 0 TERESA S POLLEY PRESIDENT THROUGH 6/30/19 40.00 X 694308 0 66150 MARY P CROTTY CHIEF OPERATING OFFICER 40.00 X 533177 0 86742 JOHN W AUCHINCLOSS GENERAL COUNSEL/ACTING PRESIDENT 40.00 X 516324 0 103599 RUSSELL G GOLDEN CHAIR, FASB 40.00 X 1153105 0 82173 JAMES A KROEKER VICE CHAIR, FASB 40.00 X 1022859 0 52810 DAVID A VAUDT CHAIR, GASB 40.00 X 666246 0 55604 SUSAN M COSPER FASB MEMBER 40.00 X 986680 0 77332 R HAROLD SCHROEDER FASB MEMBER 40.00 X 923121 0 81163 GARY R BUESSER FASB MEMBER 40.00 X 915023 0 95505 MARSHA L HUNT FASB MEMBER 40.00 X 907403 0 63774 CHRISTINE ANN BOTOSAN FASB MEMBER 40.00 X 907344 0 93892 10577173 0 858744 99 0 1 0 TAHZOO 1015 7TH ST 2ND FLOOR WASHINGTON DC 20001 IT CONSULTING AND SERVICES 2658500 MCKINSEY & COMPANY 1200 19TH ST NW SUITE 1100 WASHINGTON DC 20001 IT CONSULTANT 1650000 DESROSIER OF GREENWICH 103 MASON STREET GREENWICH CT 06830 IT CONSULTANT 899731 OVITAS 60 MALL ROAD BURLINGTON MA 01803 IT CONSULTANT 717258 SSI US INC PO BOX 98991 CHICAGO IL 60693 EXECUTIVE RECRUITER 556924 29 1675044 1675044 5218 5218 278942 244898 34044 34044 ACCOUNTING SUPPORT FEE 900099 38229577 38229577 LICENSE FEE AND SUBSCR 900099 18386595 18386595 OTHER REVENUE 900099 7046 7046 56623218 58337524 56657262 0 1680262 6157570 3187956 2969614 27180369 23796353 3384016 2390068 2114883 275185 3136852 2651932 484920 1488930 1254418 234512 375763 28527 347236 384074 384074 230000 230000 3267599 1488701 1778898 776089 157306 618783 4979794 4657690 322104 2145176 1532812 612364 782254 586891 195363 635165 341754 293411 690455 479231 211224 248843 248843 SUBSCRIPTIONS AND INFOR 420946 398401 22545 BILLING AND COLLECTION 239400 239400 RELOCATION AND RECRUITI 156580 152148 4432 346394 129660 216734 56032321 43188663 12843658 0 4106689 4605144 9113750 9250425 5806254 6272664 52340 25578 905555 1252838 16836715 13012246 2032078 3824469 61082268 60924772 1895601 2517345 4059778 2993774 89054313 91667009 1490033 1657144 6630411 6765142 10804933 9821398 18925377 18243684 X 70128936 73423325 70128936 73423325 89054313 91667009 X 2305203 823369 165817 X 0 1 X 1 0 X 31264665 33092084 36072277 37427680 38229577 176086283 31264665 33092084 36072277 37427680 38229577 176086283 176086283 766449 766406 902483 1443095 1680262 5558695 181644978 89001534 0.96940 0.97220 X 0 590000 590000 55442321 56032321 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 460000 490000 470000 590000 2010000 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 2019, WE ENGAGED IN LOBBYING EFFORTS WITH RESPECT TO: LEGISLATION TO EXEMPT THE FASB'S ACCOUNTING SUPPORT FEES FROM THE FEDERAL BUDGETARY SEQUESTRATION PROCESS; LEGISLATION TO PROVIDE REGULATORY RELIEF TO BANKS RELATING TO THE FASB'S STANDARD ON CURRENT EXPECTED CREDIT LOSSES (CECL); AND THE ACCOUNTING STANDARD-SETTING PROCESS IN GENERAL. 5651583 4887720 763863 11185132 8124526 3060606 3824469 ACCRUED PAYROLL AND RELATED BENEFITS 1066371 OPERATING LEASE LIABILITY 4453892 ACCRUED PENSION COSTS 646124 ACCRUED 457B PLAN COSTS 2517345 ACCRUED POSTRETIREMENT HEALTH CARE COSTS 1137666 9821398 X 59536207 823369 130416 244898 1198683 58337524 0 58337524 56407635 130416 244898 375314 56032321 0 56032321 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 244,898. PART XII, LINE 2D - OTHER ADJUSTMENTS: PUBLISHING COST OF GOODS SOLD 244,898. NORTH AMERICA 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 6511 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 15040 SOUTH AMERICA 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 20365 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 176897 0 0 0 0 0 0 218813 0 218813 0 0 0 0 0 0 PART I, LINE 3: THE ORGANIZATION USES GAAP TO REPORT EXPENDITURES IN FOREIGN REGIONS. PART III ACCOUNTING METHOD: X X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 CHARLES H NOSKI CHAIRMAN 180000 0 0 0 0 0 0 0 0 0 180000 0 0 0 TERESA S POLLEY PRESIDENT THROUGH 6/30/19 529102 0 68000 0 97206 0 49200 0 16950 0 760458 0 0 0 MARY P CROTTY CHIEF OPERATING OFFICER 444922 0 56776 0 31479 0 53184 0 33558 0 619919 0 0 0 JOHN W AUCHINCLOSS GENERAL COUNSEL/ACTING PRESIDENT 452141 0 29400 0 34783 0 71343 0 32256 0 619923 0 0 0 RUSSELL G GOLDEN CHAIR, FASB 1006729 0 0 0 146376 0 38130 0 44043 0 1235278 0 0 0 JAMES A KROEKER VICE CHAIR, FASB 900500 0 0 0 122359 0 49302 0 3508 0 1075669 0 0 0 DAVID A VAUDT CHAIR, GASB 594891 0 0 0 71355 0 37490 0 18114 0 721850 0 0 0 SUSAN M COSPER FASB MEMBER 756189 0 65000 0 165491 0 44940 0 32392 0 1064012 0 0 0 R HAROLD SCHROEDER FASB MEMBER 798597 0 0 0 124524 0 36731 0 44432 0 1004284 0 0 0 GARY R BUESSER FASB MEMBER 796197 0 0 0 118826 0 48925 0 46580 0 1010528 0 0 0 MARSHA L HUNT FASB MEMBER 800191 0 0 0 107212 0 47598 0 16176 0 971177 0 0 0 CHRISTINE ANN BOTOSAN FASB MEMBER 798597 0 0 0 108747 0 49712 0 44180 0 1001236 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL, AS APPROVED BY THE FAF BOARD OF TRUSTEES, WAS REIMBURSED TO THE FAF CHAIR FOR SEVERAL DOMESTIC FLIGHTS LASTING LONGER THAN 4 HOURS TO ACCOMMODATE AND ALLEVIATE TRAVEL DEMANDS. 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 2019 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: TERESA POLLEY - $9,500 DAVID VAUDT- $56,800 RUSSELL GOLDEN- $143,606 HAROLD SCHROEDER - $115,760 JAMES KROEKER - $118,773 MARY CROTTY - $25,570 SUSAN COSPER - $78,660 CHRISTINE BOTOSAN - $102,791 MARSHA HUNT - $101,586 GARY BUESSER - $110,854 JOHN AUCHINCLOSS - $27,186 PART I, LINE 7 THE AMOUNTS SHOW ON PART II, COLUMN B (II) FOR TERESA POLLEY, MARY CROTTY, JOHN AUCHINCLOSS, AND SUSAN COSPER (FOR HER PREVIOUS ROLE AS FASB TECHNICAL DIRECTOR), WERE PAID AND AWARDED BASED ON PERFORMANCE AND APPROVED BY THE FAF BOARD OF TRUSTEES. FORM 990, PART VII AND SCHEDULE J, PART II IN ADDITION, MS. TERESA POLLEY WAS PAID $192,000 IN 2019 PURSUANT TO A CONSULTING ARRANGEMENT TO PROVIDE VARIOUS ADVISORY SERVICES FROM THE PERIOD 7/1/19-12/31/19, AND ARE APPROPRIATELY INCLUDED IN FORM 990, PART VII, AND IN SCHEDULE J, PART II AS A PART OF REPORTABLE COMPENSATION. 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 TRUSTEE 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 OMBUDSMAN 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 OMBUDSMAN 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 OF THE FAF PRESIDENT AND CHIEF EXECUTIVE OFFICER AND FASB AND GASB MEMBERS ANNUALLY. THE COMPENSATION COMMITTEE IS RESPONSIBLE FOR MAKING RECOMMENDATIONS TO THE FAF BOARD OF TRUSTEES, BASED ON STUDIES CONDUCTED BY INDEPENDENT COMPENSATION CONSULTANTS THAT PERFORM MARKET RESEARCH AND PROVIDE COMPREHENSIVE COMPENSATION COMPARABILITY REPORTS, AND INPUT FROM THE APPOINTMENTS COMMITTEE, FOR THE FAF PRESIDENT AND CHIEF EXECUTIVE OFFICER (CEO) AND THE FASB AND GASB MEMBERS. IN 2019, THIS INCLUDED THE FAF PRESIDENT AND CEO, WHO RESIGNED EFFECTIVE JUNE 30 BUT SERVED AS A CONSULTANT TO THE FAF FOR THE REMAINDER OF THE YEAR. IT ALSO INCLUDED THE ACTING PRESIDENT, WHO STARTED JULY 1. THESE COMPENSATION RECOMMENDATIONS ARE PROVIDED TO THE FAF BOARD OF TRUSTEES FOR THEIR APPROVAL. COMPREHENSIVE COMPENSATION STUDIES OF KEY EMPLOYEE COMPENSATION ARE CONDUCTED EVERY THREE TO FIVE YEARS, WITH THE LAST STUDY CONCLUDING IN 2018. IN THE INTERVENING YEARS, THE COMPENSATION DATA IS UPDATED BY THE CONSULTANTS BASED ON MARKETPLACE DATA. ADDITIONALLY, DURING 2018, 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 2018 WITH RESPECT TO KEY EMPLOYEES, AND (2) THE FAIRNESS OF 2018 TRUSTEE COMPENSATION. FOR OTHER FAF EMPLOYEES, INCLUDING OFFICERS NOT CONSIDERED KEY EMPLOYEES, PERFORMANCE IS REVIEWED ANNUALLY AND SALARY RANGES ARE REVIEWED EVERY THREE TO FIVE 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 COMPREHENSIVE REVIEW OF FAF STAFF SALARY RANGES WAS PERFORMED IN 2018 FOR IMPLEMENTATION IN 2019 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 496,179. OTHER COMPONENTS OF NET PERIODIC PENSION COST -330,362.