2019-05-10T12:25:56-05:00 2018-12-31 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2018-01-01 237211935 FINANCIAL ACCOUNTING FOUNDATION FINA 2038470700 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 TERESA S POLLEY PRESIDENT AND CEO 2038470700 2019-05-10 1 YONG ZHANG P01249785 7033366400 108.171.131.188 2019-05-10 12:08:54 ED P 048AAE353965785BC0F25745B11F3B788C6137D6 2655692EA76717C3CE5ECCE656AE594EF6287ECE 2018 2019-02-21 02:37:17Z TERESA S POLLEY 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 56984356 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 18 174 175 0 34590 0 0 0 0 906704 1436290 53433794 55232829 54340498 56669119 0 0 0 0 40472950 39936423 0 0 0 15013139 12123096 55486089 52059519 -1145591 4609600 86447007 89054313 20571663 18925377 65875344 70128936 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 28559986 29081380 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 2018 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 2018 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG.THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE ASPECTS OF GAAP, ISSUING 20 FINAL ACCOUNTING STANDARDS UPDATES (ASUS) IN 2018. AMONG THE MOST SIGNIFICANT OF THESE WERE ASUS ON ACCOUNTING FOR LONG-DURATION INSURANCE CONTRACTS AND ON GRANTS AND CONTRACTS, PRIMARILY TO NOT-FOR-PROFIT ENTITIES. THE FASB ALSO ISSUED 12 PROPOSED ASUS, SEVERAL OF WHICH RELATED TO IMPLEMENTATION MATTERS CONCERNING RECENTLY ISSUED STANDARDS ON REVENUE RECOGNITION, LEASES, AND CREDIT LOSSES. MOST OF THESE WERE SUBSEQUENTLY ISSUED AS FINAL ASUS IN 2018.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 156 DIFFERENT CONFERENCES DURING THE YEAR * 79 PRESS RELEASES, MEDIA ADVISORIES AND TWEETS WERE SENT ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES * 21 EDUCATIONAL WEBCASTS AND VIDEOS WERE PROVIDED.THE FASAC, WHICH COMPRISES 35 MEMBERS WHO REPRESENT A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS, MET FOUR TIMES IN 2018. 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 2018 TO SUPPORT THE EFFORTS OF THE FASB. 7912008 8346300 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 HIGHLIGHT OF GASB'S 2018 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2018. IN 2018, GASB ISSUED THREE FINAL STATEMENTS: GASB STATEMENT NO. 90, MAJORITY EQUITY INTERESTS-AN AMENDMENT OF GASB STATEMENTS NO. 14 AND NO. 61; GASB STATEMENT NO. 89, ACCOUNTING FOR INTEREST COST INCURRED BEFORE THE END OF A CONSTRUCTION PERIOD; AND GASB STATEMENT NO. 88, CERTAIN DISCLOSURES RELATED TO DEBT, INCLUDING DIRECT BORROWINGS AND DIRECT PLACEMENTS. 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 2018, GASB MEMBERS AND STAFF DELIVERED SPEECHES AT APPROXIMATELY 120 DIFFERENT CONFERENCES DURING THE YEAR HOSTED 58 LIAISON, ADVISORY GROUP, AND PROJECT OUTREACH MEETINGS AND CONDUCTED 3 PUBLIC HEARINGS. THE THIRTY-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 2018, THE GASAC HELD THREE MEETINGS. 4277222 17798344 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) PROJECT IN LATE 2018. THE CVE PROJECT HAS THREE COMPONENTS: FINALIZING THE ORGANIZATION'S CONTENT STRATEGY, DESIGNING AND INSTALLING A NEW DIGITAL PUBLISHING SYSTEM, AND UPDATING THE TECHNOLOGY AND BUSINESS PROCESSES BEHIND OUR CONTENT DISTRIBUTION. 40749216 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 89 0 1 174 1 1 1 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 M ALLEN TRUSTEE 3.00 X 60000 0 0 CHRISTINE M CUMMING TRUSTEE 3.00 X X 60000 0 0 EUGENE FLOOD JR TRUSTEE 3.00 X 60000 0 0 KENNETH B ROBINSON TRUSTEE 3.00 X 72000 0 0 DIANE M RUBIN TRUSTEE 3.00 X 60000 0 0 JOHN B VEIHMEYER TRUSTEE 3.00 X 60000 0 0 NANCY K KOPP TRUSTEE 3.00 X 0 0 0 DAVID C VILLA TRUSTEE 3.00 X 60000 0 0 TERRY WARFIELD TRUSTEE 4.00 X 72000 0 0 MYRA R DRUCKER TRUSTEE 4.00 X 72000 0 0 ANN SPRUILL TRUSTEE 4.00 X 72000 0 0 CHARLES H NOSKI CHAIRMAN 8.00 X X 160000 0 0 GARY H BRUEBAKER VICE CHAIRMAN 5.00 X X 0 0 0 JEFFREY L ESSER TRUSTEE 3.00 X 60000 0 0 ANTHONY J DOWD TRUSTEE 3.00 X 60000 0 0 SUSAN JCARTER TRUSTEE 3.00 X 60000 0 0 T ELOISE FOSTER TRUSTEE 3.00 X 60000 0 0 KATHLEEN L CASEY TRUSTEE 3.00 X 60000 0 0 TERESA S POLLEY PRESIDENT 40.00 X 788240 0 65783 MARY P CROTTY CHIEF OPERATING OFFICER 40.00 X 501442 0 80608 JOHN W AUCHINCLOSS VP AND GENERAL COUNSEL (BE 40.00 X 416001 0 79356 RUSSELL G GOLDEN CHAIRMAN, FASB 40.00 X 1115406 0 78682 DAVID A VAUDT CHAIRMAN, GASB 40.00 X 625172 0 65911 JAMES L KROEKER VICE CHAIRMAN, FASB 40.00 X 989274 0 46418 CHRISTINE ANN BOTOSON BOARD MEMBER 40.00 X 877424 0 88157 SUSAN M COSPER TECHNICAL DIRECTOR, FASB 40.00 X 769893 0 72255 R HAROLD SCHROEDER BOARD MEMBER 40.00 X 892945 0 79720 MARSHA L HUNT BOARD MEMBER 40.00 X 877765 0 58118 GARY R BUESSER BOARD MEMBER 40.00 X 690586 0 61577 9652148 0 776585 100 0 1 0 OVITAS 60 MALL ROAD BURLINGTON MA 01803 IT CONSULTANT 1719506 K&L GATES 1601 K STREET NW WASHINGTON DC 20006 EXTERNAL RELATIONS CONSULTANT 556924 RACKSPACE US INC 1 FANATICAL PLACE WINDCREST TX 06830 IT SERVICES 520419 DESROSIER OF GREENWICH 103 MASON STREET GREENWICH CT 06830 IT CONSULTANT 386012 INNOVATIVE SERVICES TECHNOLOGY 934 GLENWOOD AVENUE ATLANTA GA 30316 IT OUTSOURCE 366841 25 1436290 1436290 6805 6805 294925 315237 -20312 -20312 ACCOUNTING SUPPORT FEES 900099 37427680 37427680 LICENSE FEE AND SUBSCRIPTION REVE 900099 17808282 17808282 OTHER REVENUE 900099 10374 10374 55246336 56669119 55226024 0 1443095 5960382 3066398 2893984 26850132 23659807 3190325 2197182 1888473 308709 3474635 2806419 668216 1454092 1224330 229762 152049 152049 197334 197334 140000 140000 1970928 1093142 877786 861915 265978 595937 3110027 2842194 267833 2161892 1544144 617748 782365 596026 186339 517458 266625 250833 694006 478915 215091 245946 245946 SUBSCRIPTION & INFORMAT 406873 393289 13584 RELOCATION AND RECRUITI 333093 325707 7386 BILLING AND COLLECTION 239400 239400 309810 157769 152041 52059519 40749216 11310303 0 4653827 4106689 9371432 9113750 5176320 5806254 50698 52340 394221 905555 14804867 12772789 2117742 2032078 57435050 61082268 1701895 1895601 5545822 4059778 86447007 89054313 1885501 1490033 6407187 6630411 12278975 10804933 20571663 18925377 X 65875344 70128936 65875344 70128936 86447007 89054313 X 4609600 -509322 153314 X 0 1 X 1 0 X 30193496 31264665 33092084 36072277 37427680 168050202 30193496 31264665 33092084 36072277 37427680 168050202 168050202 930684 766449 766406 902483 1443095 4809117 172859319 88150936 0.97220 0.95980 X 0 470000 470000 51589519 52059519 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 520000 460000 490000 470000 1940000 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 FROM TIME TO TIME TO REACH OUT TO CONGRESSIONAL MEMBERS AND STAFF AND OTHERS WITH RESPECT TO SUCH LEGISLATION AND RULEMAKING. DURING 2018, 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 REPEAL CERTAIN PROVISIONS OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT AND THEREBY IMPACT THE GASB'S ACCOUNTING SUPPORT FEES; 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. 5647283 4611012 1036271 9157584 8161777 995807 2032078 ACCRUED PAYROLL AND RELATED BENEFITS 1461067 OPERATING LEASE LIABILITY 6037951 ACCRUED PENSION COSTS 652437 ACCRUED 457B PLAN COSTS 1895601 ACCRUED POSTRETIREMENT HEALTH CARE COSTS 757877 10804933 X 56659034 -509322 184000 315237 -10085 56669119 0 56669119 52558756 184000 315237 499237 52059519 0 52059519 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 315,237. PART XII, LINE 2D - OTHER ADJUSTMENTS: PUBLISHING COST OF GOODS SOLD 315,237. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 210628 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 23698 NORTH AMERICA 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 6734 SOUTH ASIA 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 9107 0 0 0 0 0 0 250167 0 250167 0 0 0 0 0 0 PART I, LINE 3: THE ORGANIZATION USES GAAP TO REPORT EXPENDITURES IN FOREIGN REGIONS. X X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 CHARLES H NOSKI CHAIRMAN 160000 0 0 0 0 0 0 0 0 0 160000 0 0 0 TERESA S POLLEY PRESIDENT 654206 0 60000 0 74034 0 31884 0 33899 0 854023 0 0 0 MARY P CROTTY CHIEF OPERATING OFFICER 414706 0 59500 0 27236 0 47354 0 33254 0 582050 0 0 0 JOHN W AUCHINCLOSS VP AND GENERAL COUNSEL (BE 360775 0 35000 0 20226 0 47642 0 31714 0 495357 0 0 0 RUSSELL G GOLDEN CHAIRMAN, FASB 977229 0 0 0 138177 0 34638 0 44044 0 1194088 0 0 0 DAVID A VAUDT CHAIRMAN, GASB 561391 0 0 0 63781 0 47801 0 18110 0 691083 0 0 0 JAMES L KROEKER VICE CHAIRMAN, FASB 874500 0 0 0 114774 0 42910 0 3508 0 1035692 0 0 0 CHRISTINE ANN BOTOSON BOARD MEMBER 775097 0 0 0 102327 0 43977 0 44180 0 965581 0 0 0 SUSAN M COSPER TECHNICAL DIRECTOR, FASB 649439 0 59146 0 61308 0 39863 0 32392 0 842148 0 0 0 R HAROLD SCHROEDER BOARD MEMBER 775097 0 0 0 117848 0 35288 0 44432 0 972665 0 0 0 MARSHA L HUNT BOARD MEMBER 776682 0 0 0 101083 0 42129 0 15989 0 935883 0 0 0 GARY R BUESSER BOARD MEMBER 515131 0 0 0 175455 0 34188 0 27389 0 752163 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 ACCOMODATE 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 2018 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: TERESA POLLEY - $67,893 DAVID VAUDT- $49,154 RUSSELL GOLDEN- $135,407 HAROLD SCHROEDER - $109,084 JAMES KROEKER - $112,004 MARY CROTTY - $21,497 SUSAN COSPER - $58,538 CHRISTINE BOTOSAN - $96,611 MARSHA HUNT - $95,457 GARY BUESSER - $37,030 PART I, LINE 7 THE AMOUNTS SHOWN ON PART II, COLUMN B (II) FOR TERESA POLLEY, MARY CROTTY, SUSAN COSPER, AND JOHN AUCHINCLOSS WERE PAID AND AWARDED BASE ON PERFORMANCE AND 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 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 AND THE FASB AND GASB MEMBERS. 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 909,245. OTHER COMPONENTS OF NET PERIODIC PENSION COST -755,931.