2015-05-01T13:42:24-05:00 2014-12-31 420714325 MCGLADREY LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2014-01-01 237211935 FINANCIAL ACCOUNTING FOUNDATION FINA 2038470700 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 TERESA S POLLEY PRESIDENT AND CEO 2038470700 2015-04-28 1 JAMES P SWEENEY CPA P01263012 7033366400 2014 2016-02-25 16:41:14Z TERESA S POLLEY 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 48944795 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. 17 17 202 150 0 0 0 0 0 0 931040 924706 52829425 47680134 53760465 48604840 0 3000000 0 0 36611504 36718671 0 0 0 13309263 13240436 49920767 52959107 3839698 -4354267 99080044 93190840 15275323 19091101 83804721 74099739 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 35417156 3000000 39808552 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 2014 FOCUSED 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-INCLUDING IMPAIRMENT, CLASSIFICATION AND MEASUREMENT, INSURANCE, AND LEASES. THE FOLLOWING ARE SOME SPECIFIC ACCOMPLISHMENTS AND INITIATIVES IN 2014 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 DETAILED TIMETABLE OF FASB'S 2014 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 MAY 2014, THE FASB ISSUED ASU NO. 2014-09, REVENUE FROM CONTRACTS WITH CUSTOMERS (TOPIC 606), COMPLETING ONE OF THE MAJOR JOINT PROJECTS WITH THE IASB. THE FASB CONTINUED WORK ON THE REMAINING JOINT PROJECTS WITH THE IASB- FINANCIAL INSTRUMENTS (CLASSIFICATION AND MEASUREMENT), FINANCIAL INSTRUMENTS (IMPAIRMENT), LEASING, AND INSURANCE CONTRACTS, REACHING SEVERAL KEY PROJECT MILESTONES. THE FAF ALSO MADE A NON-RECURRING CONTRIBUTION OF $3 MILLION TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION TO SUPPORT THE EFFORTS OF THE IASB TO COMPLETE WORK ON THESE REMAINING PROJECTS. 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. IN 2014, THE JOINT REVENUE RECOGNITION TRANSITION RESOURCE GROUP WAS ESTABLISHED WITH THE IASB. THE GROUP COMPRISES FINANCIAL STATEMENT PREPARERS, AUDITORS, AND USERS ACROSS MANY INDUSTRIES, GEOGRAPHIC LOCATIONS, AND PUBLIC AND PRIVATE COMPANIES. ITS OBJECTIVE IS TO DISCUSS IMPLEMENTATION QUESTIONS RAISED BY STAKEHOLDERS SO THAT THE BOARDS CAN DECIDE IF ADDITIONAL ACTION IS NECESSARY. THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE ASPECTS OF GAAP, ISSUING 18 FINAL ACCOUNTING STANDARDS UPDATES (ASUS) IN 2014.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 DEVELOPING A NUMBER OF ASUS. THE FASB CONTINUED WITH THE CONTINUED 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 TWO FASB STANDARDS PROJECTS. 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 79 DIFFERENT CONFERENCES DURING THE YEAR - 40 PRESS RELEASES, MEDIA ADVISORIES AND TWEETS WERE SENT ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES - 10 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 2014. 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 , THE SMALL BUSINESS ADVISORY COMMITTEE, AND EMERGING ISSUES TASK FORCE ALL HELD MEETINGS IN 2014 TO SUPPORT THE EFFORTS OF THE FASB. 7339153 7865868 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. THE GASB MARKED ITS 30TH YEAR IN 2014.IN 2014, GASB ISSUED EIGHT DOCUMENTS INCLUDING A CONCEPT STATEMENT, EXPOSURE DRAFTS, AND PRELIMINARY VIEWS DOCUMENTS. 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 2014 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2014.THE GASB CONTINUED ITS OUTREACH AND EDUCATIONAL ACTIVITIES RELATED TO THE PENSION STANDARD ISSUED BY THE BOARD IN 2012, WHICH APPLIES TO FISCAL YEARS ENDING JUNE 2015. ACTIVITIES INCLUDED THE CREATION OF THE PENSION COMMUNICATION RESOURCE GROUP WHICH BRINGS TOGETHER A CROSS SECTION OF KEY STAKEHOLDER ORGANIZATIONS. THE OBJECTIVE IS TO IDENTIFY SUMMARIES, COMMENTARIES, PRESENTATIONS AND OTHER DOCUMENTS THAT CLEARLY CONVEY THE NATURE OF THE NEW PENSION STANDARDS AND WHAT THE PUBLIC CAN EXPECT FROM GOVERNMENTAL REPORTING ON PENSION PROGRAMS IN THE FUTURE. THE COMPANION PROJECT TO 2012'S PENSION STANDARDS ADDRESSES OTHER POSTEMPLOYMENT BENEFITS (OPEB). IN 2014, THE GASB ISSUED TWO EXPOSURE DRAFTS INTENDED TO SIGNIFICANTLY IMPROVE FINANCIAL REPORTING BY STATE AND LOCAL GOVERNMENTS OF OTHER POST-EMPLOYMENT BENEFITS (OPEB), WHICH RELATE MAINLY TO POST-EMPLOYMENT HEALTH CARE BENEFITS.IN 2014, THE GASB SUBSTANTIALLY COMPLETED ITS WORK ON GUIDANCE ON ACCOUNTING AND FINANCIAL REPORTING ISSUES RELATED TO FAIR VALUE MEASUREMENTS, WHICH PRIMARILY APPLIES TO INVESTMENTS MADE BY STATE AND LOCAL GOVERNMENTS. THE FINAL STATEMENT WAS ISSUED FEBRUARY 2015, AND IS EXPECTED TO BRING GREATER CONSISTENCY TO HOW GOVERNMENTS DETERMINE THE FAIR MARKET VALUE OF THEIR INVESTMENTS, ESPECIALLY THOSE FOR WHICH MARKET VALUES ARE NOT READILY AVAILABLE.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 2014, GASB MEMBERS AND STAFF DELIVERED SPEECHES AT 86 DIFFERENT CONFERENCES DURING THE YEAR. THE GASB ISSUED 18 PRESS RELEASES, MEDIA ADVISORIES AND TWEETS ON A VARIETY OF GASB STANDARD SETTING ACTIVITIES AND OFFERED 15 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 TWO YEARS, CONTINUED WITH THE COMPLETION OF ONE GASB STANDARDS PROJECT. 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 2014, THE GASAC HELD THREE MEETINGS. 42756309 1 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 1 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 1 104 0 1 202 1 0 0 0 0 0 0 0 0 0 0 X 17 17 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 10.00 X X 150000 0 0 CAROL A JOHN DAVIDSON TRUSTEE, VICE CHAIRMAN 5.00 X X 65000 0 0 ANN MARIE PETACH TRUSTEE, TREASURER 3.00 X X 55000 0 0 JOHN J BRENNAN TRUSTEE 4.00 X 27500 0 0 LUIS M VICEIRA TRUSTEE 3.00 X 56667 0 0 EDWARD E NUSBAUM TRUSTEE 3.00 X 0 0 0 WMMACK LAWHON TRUSTEE 4.00 X 65000 0 0 STEPHEN R HOWE JR TRUSTEE 3.00 X 0 0 0 MICHELLE R SEITZ TRUSTEE 4.00 X 63333 0 0 W DANIEL EBERSOLE TRUSTEE 4.00 X 65000 0 0 PAUL G CAMELL TRUSTEE 4.00 X 65000 0 0 CHARLES S COX TRUSTEE 3.00 X 55000 0 0 JOHN C DUGAN TRUSTEE 3.00 X 55000 0 0 TERI L LIST-STOLL TRUSTEE 4.00 X 65000 0 0 TERRY WARFIELD TRUSTEE 3.00 X 55000 0 0 GARY H BRUEBAKER TRUSTEE 3.00 X 0 0 0 NANCY K KOPP TRUSTEE 3.00 X 0 0 0 ANN M SPRUILL TRUSTEE 3.00 X 55000 0 0 TERESA S POLLEY PRESIDENT 40.00 X 599584 0 99384 RONALD P GUERRETTE VICE PRESIDENT 40.00 X 338169 0 70667 JODI P DOTTORI VICE PRESIDENT AND CHIEF O 40.00 X 400796 0 20420 JEFFREY W RUBIN VICE PRESIDENT AND GENERAL 40.00 X 340817 0 96658 RUSSELL G GOLDEN CHAIRMAN, FASB 40.00 X 979787 0 76213 DAVID A VAUDT CHAIRMAN, GASB 40.00 X 463152 0 81388 JAMES L KROEKER VICE CHAIRMAN, FASB 40.00 X 860007 0 51210 LAWRENCE W SMITH FASB BOARD MEMBER 40.00 X 791881 0 147166 MARC A SIEGEL FASB BOARD MEMBER 40.00 X 761805 0 61667 THOMAS J LINSMEIER FASB BOARD MEMBER 40.00 X 778633 0 106141 DARYL E BUCK FASB BOARD MEMBER 40.00 X 766409 0 70429 R HAROLD SCHROEDER FASB BOARD MEMBER 40.00 X 779660 0 91841 8758200 0 973184 87 0 1 0 PWC 400 CAMPUS DRIVE FLORHAM PARK NJ 07932 PAYMENTS FOR FELLOWS 1084228 EY 200 PLAZA DRIVE SECAUCUS NJ 07094 PAYMENTS FOR FELLOWS 534728 ADVANCED COMPUTER TECHNOLOGIES 108 MAIN STREET NORWALK CT 06856 IT CONSULTANT 526138 K & L GATES 1601 K STREET NW WASHINGTON DC 20006 CONSULTANT EXTERNAL RELATIONS 470646 DELOITTE LLP 10 WESTPORT ROAD WILTON CT 06897 PAYMENTS FOR FELLOWS 433636 15 924970 924970 5714 5714 4343 4607 -264 -264 -264 557881 335348 222533 222533 ACCOUNTING SUPPORT FEES 900099 30193496 30193496 LICENSE FEE AND SUBSCRIPTION REVE 900099 17243787 17243787 OTHER REVENUE 900099 14604 14604 47451887 48604840 47674420 0 930420 3000000 3000000 5375752 2511757 2863995 24753420 22330445 2422975 2334461 2082580 251881 2999296 2488028 511268 1255742 1077674 178068 1987458 926358 1061100 55962 55962 197108 197108 298662 298662 2116 2116 401960 135064 266896 765195 298181 467014 2020102 1303444 716658 604267 524119 80148 656633 393508 263125 746202 514941 231261 243414 243414 COST OF LICENSE FEE AND 3832284 3832284 PLACEMENT & RECRUITING 468407 353275 115132 SUBSCRIPTION & LIBRARY 313137 302026 11111 BILLING AND COLLECTION 239400 239400 408129 144563 263566 52959107 42756309 10202798 0 3804937 3764154 10303207 10966321 5336755 5326149 78660 83071 314865 299751 13111026 10800608 2718030 2310418 72139972 67588325 2390366 2852651 1993252 0 99080044 93190840 655418 1484932 6518107 6603408 8101798 11002761 15275323 19091101 X 83804721 74099739 83804721 74099739 99080044 93190840 X -4354267 14435 -5365150 X 0 1 X 1 0 X 35286613 31225803 38220788 32917201 30193496 167843901 35286613 31225803 38220788 32917201 30193496 167843901 167843901 1286945 1212046 1060769 953145 930684 5443589 2539003 2539003 175826493 89930305 0.95460 0.95180 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: CLASS ACTION SETTLEMENT - 2013 AMOUNT: $ 2,539,003. 0 650000 650000 52309107 52959107 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 620000 740000 726800 650000 2736800 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 2014, WE ENGAGED IN LOBBYING EFFORTS WITH RESPECT TO (I) LEGISLATION TO EXEMPT THE FASB FROM SEQUESTRATION; (II) LEGISLATION THAT WOULD HAVE ASSIGNED TO THE FAF AND FASB CERTAIN RESPONSIBILITIES RELATING TO THE FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD; AND (III) U.S. EFFORTS REGARDING ACCOUNTING CONVERGENCE. 5153396 3867319 1286077 7957630 6933289 1024341 2310418 ACCRUED PAYROLL AND RELATED BENEFITS 1131629 ACCRUED RENT EXPENSE 2352475 ACCRUED PENSION COSTS 5161181 ACCRUED 457B PLAN COSTS 768724 ACCRUED POSTRETIREMENT HEALTH CARE COSTS 1588752 11002761 X 44977375 14435 192500 206935 44770440 2116 3832284 3834400 48604840 49317207 192500 192500 49124707 2116 3832284 3834400 52959107 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. 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, 2011 THROUGH 2013. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF SUBSCRIPTION AND LICENSE FEE REVENUE - 3,832,284 PART XII, LINE 4B - OTHER ADJUSTMENTS: COST OF SUBSCRIPTION AND LICENSE FEE REVENUE - 3,832,284 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ATTEND MEETINGS AND ROUNDTABLES WITH INTERNATIONAL ACCOUNTING STANDARDS BOARD AND OTHER NATIONAL STANDARD SETTERS ON ISSUES RELATED TO INTERNATIONAL CONVERGENCE OF ACCOUNTING STANDARDS 167123 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 32401 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 3000000 0 0 0 0 0 0 3199524 0 3199524 EUROPE (INCLUDING ICELAND & GREENLAND) CONTRIBUTION TO SUPPORT STANDARD SETTING CONVERGENCE ACTIVITIES 3000000 WIRE TRANSFER 1 0 0 0 0 0 0 0 PART I, LINE 2: THE NON-RECURRING CONTRIBUTION TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS FOUNDATION (IFRS FOUNDATION) WAS MADE TO SUPPORT THE EFFORTS OF THE IFRS FOUNDATIONS'S STANDARD-SETTING BODY, THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) TO COMPLETE WORK ON PROJECTS UNDERWAY WITH THE FASB. THE CONTRIBUTION WAS MADE UP OF THREE EQUAL PAYMENTS THROUGHOUT THE YEAR, WHICH WERE SEPARATELY APPROVED BY THE BOARD OF TRUSTEES BASED ON THEIR DETERMINATION THAT THE IASB IS COLLABORATING SATISFACTORILY WITH THE FASB ON THESE PROJECTS. PART I, LINE 3: THE ORGANIZATION USES GAAP TO REPORT EXPENDITURES IN A FOREIGN REGION. X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 TERESA S POLLEY PRESIDENT 515000 0 45000 0 39584 0 95504 0 3880 0 698968 0 0 0 RONALD P GUERRETTE VICE PRESIDENT 318098 0 0 0 20071 0 44895 0 25772 0 408836 0 0 0 JODI P DOTTORI VICE PRESIDENT AND CHIEF O 93053 0 272016 0 35727 0 7274 0 13146 0 421216 0 0 0 JEFFREY W RUBIN VICE PRESIDENT AND GENERAL 323459 0 0 0 17358 0 59004 0 37654 0 437475 0 0 0 RUSSELL G GOLDEN CHAIRMAN, FASB 867759 0 0 0 112028 0 40224 0 35989 0 1056000 0 0 0 DAVID A VAUDT CHAIRMAN, GASB 429202 0 0 0 33950 0 66490 0 14898 0 544540 0 0 0 JAMES L KROEKER VICE CHAIRMAN, FASB 769280 0 0 0 90727 0 24765 0 26445 0 911217 0 0 0 LAWRENCE W SMITH FASB BOARD MEMBER 687427 0 0 0 104454 0 110784 0 36382 0 939047 0 0 0 MARC A SIEGEL FASB BOARD MEMBER 687427 0 0 0 74378 0 25285 0 36382 0 823472 0 0 0 THOMAS J LINSMEIER FASB BOARD MEMBER 686882 0 0 0 91751 0 77398 0 28743 0 884774 0 0 0 DARYL E BUCK FASB BOARD MEMBER 686532 0 0 0 79877 0 41072 0 29357 0 836838 0 0 0 R HAROLD SCHROEDER FASB BOARD MEMBER 687559 0 0 0 92101 0 55588 0 36253 0 871501 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 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 OCCURRED IN MARCH 2015, AFTER A MANDATORY DEFERRAL PERIOD. THE PORTION OF THESE PAYOUTS NOT PREVIOUSLY TAXED AND RELATED TAX GROSS-UPS ARE INCLUDED AS 2014 DEFERRED COMPENSATION IN SCHEDULE J, COLUMN C. 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 - $94,190 RONALD GUERRETTE- $19,160 LAWRENCE SMITH- $172,398 THOMAS LINSMEIER- $114,825 DAVID VAUDT- $26,053 RUSSELL GOLDEN- $125,280 DARYL BUCK- $75,867 HAROLD SCHROEDER - $85,752 MARC SIEGEL - $71,221 JAMES KROEKER - $87,907 JODI DOTTORI- $252 JEFFREY RUBIN- $11,329 PART I, LINE 7 THE AMOUNT SHOWN ON PART II, COLUMN B (II) FOR TERESA POLLEY, PRESIDENT AND CEO, WAS PAID AND AWARDED BASED ON 2014 PERFORMANCE AND APPROVED BY THE BOARD OF TRUSTEES. THE AMOUNT SHOWN ON PART II, COLUMN B (II) FOR JODI DOTTORI, VICE PRESIDENT AND CHIEF OF STAFF, WAS PAID AND AWARDED BASED ON PERFORMANCE AND OTHER CONSIDERATIONS AND APPROVED BY THE 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 FAF 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 FAF 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 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, AND THE FASB AND GASB MEMBERS. 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 IS RESPONSIBLE FOR REVIEWING THE PERFORMANCE OF THE 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. THE APPOINTMENTS AND EVALUATIONS COMMITTEE DETERMINES THE SPECIFIC COMPENSATION RECOMMENDATION FOR THE FASB AND GASB MEMBERS, WHILE THE EXECUTIVE COMMITTEE DETERMINES THE SPECIFIC COMPENSATION RECOMMENDATION FOR THE FAF PRESIDENT AND CHIEF EXECUTIVE OFFICER. THESE COMPENSATION RECOMMENDATIONS ARE THEN 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 2014. 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. THIS REVIEW WILL BE PERFORMED AGAIN IN 2015. 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 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 -5,365,150.