2016-05-12T12:40:35-05:00 2015-12-31 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2015-01-01 237211935 FINANCIAL ACCOUNTING FOUNDATION FINA 2038470700 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 TERESA S POLLEY PRESIDENT AND CEO 2038470700 2016-05-12 1 JAMES SWEENEY P01263012 7033366400 2015 2016-09-27 15:27:22Z TERESA S POLLEY 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 51701153 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. 16 16 193 150 0 0 0 0 0 0 924706 845211 47680134 48451498 48604840 49296709 3000000 0 0 0 36718671 39310339 0 0 0 13240436 14981829 52959107 54292168 -4354267 -4995459 93190840 86612474 19091101 17247619 74099739 69364855 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 34558346 39526073 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 FASB'S AGENDA FOR 2015 INCLUDED A FOCUS ON THE FOLLOWING:- FOUNDATIONAL PROJECTS THAT DEFINE LONG-TERM STANDARD-SETTING GOALS THAT OVER TIME WILL HELP KEEP US FOCUSED ON THE CRITICAL ISSUES MOST IMPORTANT TO STAKEHOLDERS. - SHORT-TERM SIMPLIFICATION PROJECTS THAT TARGET IMMEDIATE AREAS OF IMPROVEMENT. - ADDRESSING COMPLEXITY IN ONGOING MAJOR PROJECTS SO THAT ISSUES ARE RESOLVED BEFORE THE FINAL ACCOUNTING STANDARDS UPDATES ARE IMPLEMENTED.- COST-BENEFIT ASSESSMENTS THAT WERE CONDUCTED ON PROJECTS IN PROGRESS. THE FOLLOWING ARE SOME SPECIFIC ACCOMPLISHMENTS AND INITIATIVES IN 2015 RELATED TO THESE AGENDA ITEMS AND IMPROVING GAAP IN GENERAL. HOWEVER, FOR A COMPLETE AND DETAILED DESCRIPTION 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 DETAILED TIMETABLE OF FASB'S 2015 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG.THE FASB CONTINUED ITS WORK TOWARD THE DEVELOPMENT OF MORE COMPARABLE GLOBAL ACCOUNTING STANDARDS THROUGH COLLABORATION WITH THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) AND NATIONAL STANDARDS SETTERS. IN NOVEMBER 2015, THE FASB APPROVED A NEW LEASES STANDARD, COMPLETING ANOTHER OF ITS MAJOR PROJECTS WITH THE IASB. DURING 2015, THE FASB ALSO CONTINUED WORK ON OTHER PROJECTS ON WHICH IT HAD WORKED JOINTLY WITH THE IASB. OF PARTICULAR NOTE IS THE PROJECT ON MEASURING CREDIT LOSSES FOR LOANS AND OTHER FINANCIAL INSTRUMENTS. A FINAL STANDARD IS TO BE PUBLISHED IN MID-2016. IN ADDITION, FASB CONTINUED AS A MEMBER OF THE IASB'S ACCOUNTING STANDARDS ADVISORY FORUM (ASAF), A FORUM WHICH ALLOWS FASB REPRESENTATIVES TO PROVIDE U.S. INPUT INTO THE DEVELOPMENT OF IFRS, AND THE INTERNATIONAL FORUM OF ACCOUNTING STANDARDS SETTERS (IFASS), A FORUM WHICH ALLOWS FASB REPRESENTATIVES TO ENGAGE WITH OTHER NATIONAL STANDARDS SETTERS IN DISCUSSING AND COMPARING APPROACHES TO COMMON ISSUES AND CHALLENGES. DURING 2015, THE FASB ALSO ENGAGED IN SIGNIFICANT EFFORTS RELATED TO IMPLEMENTING MAJOR RECENT AND PENDING STANDARDS. THROUGHOUT THE YEAR, THE FASB, ALONG WITH ITS REVENUE RECOGNITION TRANSITION RESOURCE GROUP(TRG), MADE SIGNIFICANT PROGRESS IN CONSIDERING IMPLEMENTATION ISSUES RELATED TO THE GUIDANCE ON REVENUE FROM CONTRACTS WITH CUSTOMERS (TOPIC 606) (PUBLISHED IN 2014). IN LATE 2015, THE FASB CONVENED A TRG FOR THE UPCOMING FINAL CREDIT LOSSES STANDARD. THE MEMBERS OF THAT TRG INCLUDE FINANCIAL STATEMENT PREPARERS (INCLUDING COMMUNITY BANKS AND CREDIT UNIONS), AUDITORS, USERS, AND REGULATORS. THE TRG WAS CREATED PRIOR TO THE ISSUANCE OF THE FINAL STANDARD SO THAT MEMBERS COULD REVIEW AND PROVIDE INPUT ON THE DRAFT GUIDANCE BEFORE IT IS FINAL. THE TRG WILL CONTINUE TO HELP THE FASB PROACTIVELY ADDRESS QUESTIONS AND CONCERNS FROM A WIDE VARIETY OF STAKEHOLDERS, INCLUDING COMMUNITY BANKS AND CREDIT UNIONS.THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE ASPECTS OF GAAP, ISSUING 17 FINAL ACCOUNTING STANDARDS UPDATES (ASUS) IN 2015. AMONG THE IMPROVEMENTS WERE CERTAIN TARGETED IMPROVEMENTS TO THE FINANCIAL STATEMENTS OF EMPLOYEE BENEFIT PLANS.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 WAS INSTRUMENTAL IN DEVELOPING A NUMBER OF ASUS, THROUGH DELIBERATION OR ADVISEMENT OF THE FASB. THE FASB CONTINUED ITS PROJECT ON IMPROVING THE FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ORGANIZATIONS, ISSUING A PROPOSAL FOR PUBLIC COMMENT IN APRIL 2015. AFTER RECEIVING FEEDBACK FROM RESPONDENTS TO THAT PROPOSAL, THE FASB DECIDED TO SPLIT THE PROJECT INTO TWO PHASES, WITH THE AIM OF ISSUING A FINAL ASU ON THE FIRST PHASE IN MID-2016. THE FASB ALSO CONTINUED THE DEVELOPMENT OF THE GAAP FINANCIAL REPORTING TAXONOMY (TAXONOMY) FOR EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL). THE POST-IMPLEMENTATION REVIEW PROCESS (PIR), WHICH REVIEWS THE EFFECTIVENESS OF SIGNIFICANT STANDARDS THAT HAVE BEEN IN PLACE FOR AT LEAST TWO YEARS, CONTINUED WITH THE COMPLETION OF ONE FASB STANDARDS PROJECT. 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 121 DIFFERENT CONFERENCES DURING THE YEAR- 53 PRESS RELEASES, MEDIA ADVISORIES AND TWEETS WERE SENT ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES- 15 EDUCATIONAL WEBCASTS AND VIDEOS WERE PROVIDEDTHE FASAC, WHICH COMPRISES 35 MEMBERS WHO REPRESENT A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS, MET FOUR TIMES IN 2015. 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, EMERGING ISSUES TASK FORCE ALL HELD MEETINGS IN 2015 TO SUPPORT THE EFFORTS OF THE FASB. 8648798 8918045 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 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (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 DESCRIPTION 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 2015 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2015. IN 2015, GASB ISSUED EIGHT FINAL STATEMENTS, WHICH INCLUDED THE FOLLOWING:GASB STATEMENT NO. 72, FAIR VALUE MEASUREMENT AND APPLICATION, DEFINES FAIR VALUE AND DESCRIBES HOW FAIR VALUE SHOULD BE MEASURED, WHAT ASSETS AND LIABILITIES SHOULD BE MEASURED AT FAIR VALUE, AND WHAT INFORMATION ABOUT FAIR VALUE SHOULD BE DISCLOSED IN THE NOTES TO THE FINANCIAL STATEMENTS.GASB STATEMENT NO. 74, FINANCIAL REPORTING FOR POSTEMPLOYMENT BENEFIT PLANS OTHER THAN PENSION PLANS, ADDRESSES REPORTING BY OPEB PLANS THAT ADMINISTER RETIREE HEALTHCARE AND OTHER BENEFITS ON BEHALF OF GOVERNMENTS. GASB STATEMENT NO. 75, ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS, ADDRESSES REPORTING BY GOVERNMENTS THAT PROVIDE OPEB TO THEIR EMPLOYEES AND FOR GOVERNMENTS THAT FINANCE OPEB FOR EMPLOYEES OF OTHER GOVERNMENTS.GASB STATEMENT NO. 77, TAX ABATEMENT DISCLOSURES, ADDRESSES REPORTING FOR TAX ABATEMENTS AGREEMENTS ENTERED INTO BY GOVERNMENTS, INCLUDING DESCRIPTIVE INFORMATION ABOUT THE AGREEMENTS AND THE AMOUNT OF TAXES ABATED AS A RESULT OF THOSE AGREEMENTS. 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, DIFFERENT REPRESENTATIVES OF USERS, PREPARERS, AND AUDITORS, AND OTHER STAKEHOLDERS. DURING 2015, GASB MEMBERS AND STAFF DELIVERED SPEECHES AT 119 DIFFERENT CONFERENCES DURING THE YEAR. THE GASB ISSUED 16 PRESS RELEASES, SENT MEDIA ADVISORIES AND TWEETS ON A VARIETY OF GASB STANDARD SETTING ACTIVITIES AND OFFERED 10 EDUCATIONAL WEBCASTS AND VIDEOS. THE POST-IMPLEMENTATION REVIEW PROCESS (PIR), WHICH REVIEWS THE EFFECTIVENESS OF SIGNIFICANT STANDARDS THAT HAVE BEEN IN PLACE FOR AT LEAST THREE YEARS, CONTINUED WITH THE COMPLETION OF ONE GASB STANDARDS PROJECT. 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 2015, THE GASAC HELD THREE MEETINGS. 43207144 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 99 0 1 193 1 0 0 0 0 0 0 0 0 X 16 16 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 JEFFREY J DIERMEIER TRUSTEE, CHAIRMAN 8.00 X X 150000 0 0 CAROL A JOHN DAVIDSON TRUSTEE, VICE CHAIRMAN 5.00 X X 72000 0 0 ANN MARIE PETACH TRUSTEE 3.00 X X 60000 0 0 LUIS M VICEIRA TRUSTEE 3.00 X 2500 0 0 EDWARD E NUSBAUM TRUSTEE 3.00 X 0 0 0 STEPHEN R HOWE JR TRUSTEE 3.00 X 0 0 0 MICHELLE R SEITZ TRUSTEE 3.00 X 72000 0 0 W DANIEL EBERSOLE TRUSTEE 3.00 X 72000 0 0 PAUL G CAMELL TRUSTEE 3.00 X 72000 0 0 CHARLES S COX TRUSTEE 3.00 X 60000 0 0 JOHN C DUGAN TRUSTEE 3.00 X 60000 0 0 TERRY D WARFIELD TRUSTEE 3.00 X 72000 0 0 WMMACK LAWHON TRUSTEE 4.00 X 72000 0 0 MYRA R DRUCKER TRUSTEE 3.00 X 57500 0 0 ANN M SPRUILL TRUSTEE 3.00 X 60000 0 0 GARY H BRUEBAKER TRUSTEE 3.00 X 0 0 0 TERESA S POLLEY PRESIDENT 40.00 X 717146 0 41089 MARY P CROTTY CHIEF OPERATING OFFICER 40.00 X 382145 0 61903 JEFFREY W RUBIN VICE PRESIDENT AND GENERAL 40.00 X 380966 0 97710 RONALD P GUERRETTE VICE PRESIDENT 40.00 X 366547 0 50466 RUSSELL G GOLDEN CHAIRMAN, FASB 40.00 X 1045527 0 69283 DAVID A VAUDT CHAIRMAN, GASB 40.00 X 512011 0 82566 JAMES L KROEKER VICE CHAIRMAN, FASB 40.00 X 894504 0 58182 LAWRENCE W SMITH BOARD MEMBER 40.00 X 970852 0 72961 MARC A SIEGEL BOARD MEMBER 40.00 X 788862 0 72644 THOMAS J LINSMEIER BOARD MEMBER 40.00 X 858462 0 82226 DARYL E BUCK BOARD MEMBER 40.00 X 793601 0 72677 R HAROLD SCHROEDER BOARD MEMBER 40.00 X 806778 0 94484 9399401 0 856191 103 0 1 0 OVITAS 60 MALL ROAD BURLINGTON MA 01803 IT SERVICES AND CONSULTING 1292912 SPENCER STUART PO BOX 98891 CHICAGO IL 60693 EXECUTIVE RECRUITING 695799 PWC 400 CAMPUS DRIVE FLORHAM PARK NJ 07932 PAYMENTS FOR FELLOWS 555666 ADVANCED COMPUTER TECHNOLOGIES 108 MAIN STREET NORWALK CT 06851 IT CONSULTANT 510436 K&L GATES 1601 K STREET NW WASHINGTON DC 20006 CONSULTANT EXTERNAL RELATIONS 457855 16 766449 766449 7380 7380 2174573 2095811 78762 78762 78762 437871 308633 129238 129238 ACCOUNTING SUPPORT FEES 900099 31264665 31264665 LICENSE FEE AND SUBSCRIPTION REVE 900099 17043243 17043243 OTHER REVENUE 900099 6972 6972 48314880 49296709 48444118 0 852591 5692044 2662072 3029972 26796928 24022018 2774910 2365371 2134990 230381 3132684 2477626 655058 1323312 1129878 193434 2233714 1078480 1155234 56014 56014 224164 224164 220000 220000 621 621 398114 166884 231230 1491668 1148430 343238 2133475 1379154 754321 764563 693055 71508 752540 446367 306173 701187 465232 235955 258598 258598 COST OF LICENSE FEE AND 4017660 4017660 PLACEMENT & RECRUITING 710779 447636 263143 SUBSCRIPTION & INFORMAT 369981 335385 34596 BILLING AND COLLECTION 239400 239400 409351 142877 266474 54292168 43207144 11085024 0 3764154 5897148 10966321 9921784 5326149 5051018 83071 51639 299751 277666 13421663 11499550 2310418 1922113 67588325 62431256 2852651 1059850 93190840 86612474 1484932 2045378 6603408 6623158 11002761 8579083 19091101 17247619 X 74099739 69364855 74099739 69364855 93190840 86612474 X -4995459 -293629 554204 X 0 1 X 1 0 X 31225803 38220788 32917201 30193496 31264665 163821953 31225803 38220788 32917201 30193496 31264665 163821953 163821953 1212046 1060769 953145 930684 766449 4923093 2539003 2539003 171284049 89047788 0.95640 0.95460 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: CLASS ACTION SETTLEMENT - 2013 AMOUNT: $ 2,539,003. 0 520000 520000 53772168 54292168 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 740000 726800 650000 520000 2636800 250000 250000 250000 250000 1000000 1500000 0 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 WE REACH OUT TO CONGRESSIONAL STAFF AND OTHERS WITH RESPECT TO SUCH LEGISLATION AND RULEMAKING. DURING 2015, WE ENGAGED IN LOBBYING EFFORTS WITH RESPECT TO LEGISLATION TO EXEMPT THE FASB FROM SEQUESTRATON AND U.S. EFFORTS REGARDING ACCOUNTING CONVERGENCE. 5173489 4034295 1139194 8248174 7465255 782919 1922113 ACCRUED PAYROLL AND RELATED BENEFITS 1259151 ACCRUED RENT EXPENSE 1976283 ACCRUED PENSION COSTS 2761353 ACCRUED 457B PLAN COSTS 1059851 ACCRUED POSTRETIREMENT HEALTH CARE COSTS 1522445 8579083 X 45224799 -293629 240000 -53629 45278428 621 4017660 4018281 49296709 50513887 240000 240000 50273887 621 4017660 4018281 54292168 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 4B - OTHER ADJUSTMENTS: COST OF SUBSCRIPTION AND LICENSE FEE REVENUE PART XII, LINE 4B - OTHER ADJUSTMENTS: COST OF SUBSCRIPTION AND LICENSE FEE REVENUE 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 215535 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 35351 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 15794 0 0 0 0 0 0 266680 0 266680 0 0 0 0 0 1 PART I, LINE 3: THE ORGANIZATION USES GAAP TO REPORT EXPENDITURES IN FOREIGN REGIONS. SCHEDULE F, PART IV, LINE 6: THE ORGANIZATION HAS FILED FORM 5713 UNDER SEPARATE COVER TO THE IRS. THE ORGANIZATION IS NOT REQUIRED TO FILE FORM 990-T. X X 1 1 X X X X X 1 1 0 0 0 0 0 1 0 TERESA S POLLEY PRESIDENT 550000 0 0 0 167146 0 37329 0 3760 0 758235 0 58828 0 MARY P CROTTY CHIEF OPERATING OFFICER 353652 0 10500 0 17993 0 30996 0 30907 0 444048 0 0 0 JEFFREY W RUBIN VICE PRESIDENT AND GENERAL 332519 0 27500 0 20947 0 58180 0 39530 0 478676 0 0 0 RONALD P GUERRETTE VICE PRESIDENT 322131 0 4000 0 40416 0 35883 0 14583 0 417013 0 9730 0 RUSSELL G GOLDEN CHAIRMAN, FASB 894701 0 0 0 150826 0 31661 0 37622 0 1114810 0 15719 0 DAVID A VAUDT CHAIRMAN, GASB 471203 0 0 0 40808 0 66595 0 15971 0 594577 0 0 0 JAMES L KROEKER VICE CHAIRMAN, FASB 797434 0 0 0 97070 0 31658 0 26524 0 952686 0 0 0 LAWRENCE W SMITH BOARD MEMBER 709569 0 0 0 261283 0 34955 0 38006 0 1043813 0 77005 0 MARC A SIEGEL BOARD MEMBER 709569 0 0 0 79293 0 34638 0 38006 0 861506 0 0 0 THOMAS J LINSMEIER BOARD MEMBER 708602 0 0 0 149860 0 51870 0 30356 0 940688 0 25848 0 DARYL E BUCK BOARD MEMBER 708736 0 0 0 84865 0 42203 0 30474 0 866278 0 0 0 R HAROLD SCHROEDER BOARD MEMBER 709569 0 0 0 97209 0 56478 0 38006 0 901262 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, LINES 4A-B PAYMENTS TOTALING $135,000 WERE MADE TO RONALD GUERRETTE, FORMER VICE PRESIDENT, IN CONNECTION WITH AN AGREEMENT ENTERED INTO IN CONNECTION WITH HIS DEPARTURE FROM THE FAF. THE FOUNDATION SPONSORED A NON-QUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) TO PROVIDE ELIGIBLE PARTICIPANTS (THOSE HIRED PRIOR TO JANUARY 1, 2008) WITH DEFINED BENEFITS SUBSTANTIALLY EQUIVALENT TO THE BENEFITS PROVIDED UNDER THE FOUNDATION'S EMPLOYEES' PENSION PLAN ON COMPENSATION IN EXCESS OF THE INTERNAL REVENUE CODE (IRC) COMPENSATION LIMIT. BENEFITS IN THE SERP VEST WHEN A PARTICIPANT COMPLETES 5 YEARS OF SERVICE, AND COMPENSATION (INCLUDING TAX GROSS-UPS) IS RECOGNIZED IN THE 5TH YEAR AND EACH ELIGIBLE SERVICE YEAR THEREAFTER. THE SERP WAS TERMINATED EFFECTIVE DECEMBER 31, 2013. IN ACCORDANCE WITH THE PROVISIONS OF THE PLAN, FINAL PAYOUTS TO VESTED PARTICIPANTS OCCURED IN 2015, AFTER A MANDATORY DEFERRAL PERIOD. IN 2014, AMOUNTS RELATED TO THE TAX GROSS-UPS FOR AMOUNTS NOT PREVIOUSLY TAXES WERE INCLUDED AS DEFERRED COMPENSATION. IN ADDITION, 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 SERP AND OTHER SUPPLEMENTAL PROGRAMS IN 2014 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: TERESA POLLEY - $161,003 ($58,828 INCLUDED ON THE 2014 FORM 990 AS DEFERRED COMPENSATION) RONALD GUERRETTE- $39,948 ($9,730 INCLUDED ON THE 2014 FORM 990 AS DEFERRED COMPENSATION) LAWRENCE SMITH- $252,519 ($77,005 INCLUDED ON THE 2014 FORM 990 AS DEFERRED COMPENSATION) THOMAS LINSMEIER- $144,234 ($25,848 INLCUDED AS 2014 DEFERRED COMPENSATION) DAVID VAUDT- $32,186 RUSSELL GOLDEN- $130,783 ($15,719 INCLUDED ON THE 2014 FORM 990 AS DEFERRED COMPENSATION) DARYL BUCK- $80,783 HAROLD SCHROEDER - $91,067 MARC SIEGEL - $76,342 JAMES KROEKER - $94,299 MARY CROTTY - $13,845 JEFFREY RUBIN- $12,080 PART I, LINE 7 THE AMOUNTS SHOWN ON PART II, COLUMN B (II) FOR RONALD GUERRETTE, MARY CROTTY, AND JEFFREY RUBIN WERE PAID AND AWARDED BASED ON PERFORMANCE AND APPROVED BY THE FAF BOARD OF TRUSTEES. 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. 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 A WRITTEN CONFLICT OF INTEREST POLICY THAT COVERS ALL EMPLOYEES. ALL EMPLOYEES ARE REQUIRED, ON A QUARTERLY BASIS, TO REPORT INTERESTS THAT WOULD 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 WHICH 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 APPOINTMENTS AND EVALUATIONS 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 FINANCE AND COMPENSATION COMMITTEE OF THE FAF BOARD OF TRUSTEES, WHICH IS COMPRISED OF INDEPENDENT TRUSTEES, 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 AND EVALUATIONS COMMITTEE, FOR THE COMPENSATION OF 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 YEARS, WITH THE LAST STUDY BEING PERFORMED IN 2014. IN THE INTERVENING YEARS, THE COMPENSATION DATA IS UPDATED BY THE CONSULTANTS BASED ON MARKETPLACE DATA. ADDITIONALLY, DURING 2015, 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 2014 WITH RESPECT TO KEY EMPLOYEES, AND (2) THE FAIRNESS OF 2014 TRUSTEE COMPENSATION. THIS REVIEW WILL BE PERFORMED AGAIN IN 2017. FOR OTHER FAF EMPLOYEES, INCLUDING OFFICERS NOT CONSIDERED KEY EMPLOYEES, PERFORMANCE IS REVIEWED ANNUALLY AND 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 COMPREHENSIVE REVIEW OF FAF STAFF SALARY RANGES WAS PERFORMED IN 2014 FOR IMPLEMENTATION IN 2015. 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. FORM 990, PART XI, LINE 9: PENSION RELATED CHANGES-AMOUNTS REFLECTED AS OTHER CHANGE IN NET ASSETS 554,204.