2012-05-14T08:54:06-05:00 2011-12-31 420714325 MCGLADREY LLP 8000 TOWERS CRESCENT DR STE 500 VIENNA VA 221826205 990 2011-01-01 237211935 FINANCIAL ACCOUNTING FOUNDATION FINA 2038470700 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 TERESA S POLLEY 2038470700 2012-05-14 1 JAMES P SWEENEY CPA P01263012 7033366400 2011 2016-02-24 21:20:13Z TERESA S POLLEY 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 50462039 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. 15 13 177 180 0 0 1201974 1175115 0 0 1192041 1135265 47791445 43984043 50185460 46294423 0 500000 0 0 30134836 33625307 0 0 10250 10615921 9750434 40750757 43875741 9434703 2418682 82657790 82341462 14369342 14355612 68288448 67985850 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 29751864 500000 42434860 FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL (FASAC)THE FASB IS THE PRIVATE-SECTOR BOARD WITHIN THE FINANCIAL ACCOUNTING FOUNDATION (FAF) RESPONSIBLE FOR SETTING ACCOUNTING STANDARDS FOR NONGOVERNMENTAL ENTITIES IN THE UNITED STATES; THOSE STANDARDS ARE OFTEN REFERRED TO AS U.S. GAAP. THE MISSION OF THE FASB IS TO ESTABLISH AND IMPROVE STANDARDS OF FINANCIAL ACCOUNTING AND REPORTING THAT FOSTER FINANCIAL REPORTING BY NONGOVERNMENTAL ENTITIES THAT PROVIDES DECISION-USEFUL INFORMATION TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS. THAT MISSION IS ACCOMPLISHED THROUGH A COMPREHENSIVE AND INDEPENDENT PROCESS THAT ENCOURAGES BROAD PARTICIPATION, OBJECTIVELY CONSIDERS ALL STAKEHOLDER VIEWS, AND IS SUBJECT TO OVERSIGHT BY THE FAF'S BOARD OF TRUSTEES. THE FASB BELIEVES THAT BY FAITHFULLY IMPLEMENTING U.S. GAAP, ENTITIES WILL PRODUCE FINANCIAL REPORTS THAT PROVIDE USEFUL INFORMATION TO INVESTORS, CREDITORS, AND OTHER PROVIDERS OF CAPITAL.IN 2011, THE FASB BOARD TOOK A NUMBER OF SIGNIFICANT STEPS TO BETTER UNDERSTAND AND RESPOND TO EXPRESSED CONCERNS ABOUT THE APPROPRIATENESS OF U.S. GAAP FOR PRIVATE COMPANIES. * THE FASB BEGAN A PROJECT TO DEVELOP A COLLECTIVE, COMMON UNDERSTANDING OF THE INFORMATION NEEDS OF USERS OF PRIVATE COMPANY FINANCIAL STATEMENTS. THE FASB PLANS TO USE THAT INFORMATION TO DEVELOP A FRAMEWORK FOR DECIDING WHETHER AND WHEN THE ACCOUNTING AND DISCLOSURE REQUIREMENTS FOR PUBLIC COMPANIES SHOULD BE ADJUSTED TO BEST MEET THE NEEDS OF USERS OF PRIVATE COMPANY FINANCIAL STATEMENTS. THE FASB ALSO ESTABLISHED A WORKING GROUP TO HELP IT WITH THIS ANALYSIS COMPRISED OF PREPARERS, AUDITORS, AND USERS OF PRIVATE COMPANY FINANCIAL STATEMENTS. * TO IMPROVE THE OUTREACH TO PRIVATE COMPANIES ON ACTIVE AGENDA PROJECTS, THE FASB ASSIGNED A PRIVATE COMPANY LIAISON TO EVERY FASB PROJECT TEAM. * THE FASB HOSTED PRIVATE COMPANY ROUNDTABLES IN VARIOUS CITIES TO HEAR GENERAL CONCERNS AND SUGGESTIONS FROM STAKEHOLDERS IN THAT SECTOR. THE FASB ALSO HOSTED PRIVATE COMPANY-SPECIFIC ROUNDTABLES ON REVENUE RECOGNITION, LEASES, AND OTHER KEY PROJECTS. * TO HELP PRIVATE COMPANIES AND THEIR AUDITORS STAY INFORMED ABOUT FASB ACTIVITIES, THE FASB NOW HOLDS SEMIANNUAL EDUCATIONAL WEBCASTS THAT EXPLAIN HOW KEY PROJECTS COULD AFFECT PRIVATE COMPANIES.THESE EFFORTS HAVE ALREADY GENERATED SOME IMPORTANT RESULTS; INCLUDING ISSUING AN ACCOUNTING STANDARDS UPDATE (ASU) THAT MODIFIED REQUIREMENTS FOR GOODWILL FOR IMPAIRMENT TO REDUCE THE COST OF APPLICATION AND ADDING A PROJECT TO POSSIBLY REDUCE THE DISCLOSURES ABOUT FAIR VALUE FOR PRIVATE COMPANIES AND NOT-FOR-PROFITS. IN RESPONSE TO FEEDBACK RECEIVED FROM ITS NOT-FOR-PROFIT ADVISORY COMMITTEE, THE FASB ALSO ADDED A PROJECT TO REVIEW AND MODERNIZE THE FINANCIAL REPORTING MODEL FOR NOT-FOR-PROFIT ORGANIZATIONS.THE FASB CONTINUES TO MAKE STRIDES TOWARD THE GOAL OF A COMMON SET OF HIGH-QUALITY, GLOBALLY ACCEPTED ACCOUNTING STANDARDS BY WORKING COLLABORATIVELY WITH THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) ON JOINT PROJECTS TO IMPROVE AND CONVERGE STANDARDS IN SEVERAL KEY FINANCIAL REPORTING AREAS IN 2011 INCLUDING: * THE FASB AND IASB ISSUED A REVISED EXPOSURE DRAFT (ED) ON REVENUE RECOGNITION THAT INCORPORATED FEEDBACK FROM MORE THAN 1,000 COMMENT LETTERS RECEIVED ON THE 2010 ED. * THE FASB AND IASB ANNOUNCED THAT THAT A REVISED ED ON LEASES IS EXPECTED TO BE ISSUED IN 2012. * THE FASB AND IASB ISSUED COMMON FAIR VALUE MEASUREMENT AND DISCLOSURE REQUIREMENTS. * THE FASB AND IASB HAVE BEGUN WORK TO REDUCE DIFFERENCES IN OUR RESPECTIVE MODELS FOR ACCOUNTING FOR FINANCIAL INSTRUMENTS. * THE FASB AND IASB REAFFIRMED THE DESIRE FOR A CONVERGED STANDARD ON INSURANCE CONTRACTS AND ARE DEVELOPING A MODEL THAT WOULD REFLECT CURRENT ESTIMATES OF THE AMOUNT NECESSARY TO FULFILL AN INSURANCE OBLIGATION. IN 2011, THE FASB COMPLETED SEVERAL PROJECTS TO BRING ABOUT NEEDED IMPROVEMENTS IN U.S. GAAP. FOR EXAMPLE, THE FASB ISSUED STANDARDS TO IMPROVE FINANCIAL REPORTING ABOUT TROUBLED DEBT RESTRUCTURING, REPURCHASE AGREEMENTS, AND EMPLOYER DISCLOSURES ABOUT MULTIEMPLOYER PENSION PLANS. THE FASB ALSO CONTINUED ITS RESPONSIBILITY FOR PRESCRIBING THE U.S. GAAP TAXONOMY FOR THE EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL). IN 2011, THE FASB LAUNCHED A NEW TAXONOMY ONLINE REVIEW AND COMMENT SYSTEM. HAVING CONSISTENT TAGGING OF INFORMATION THAT IS BASED ON U.S. GAAP WILL ENHANCE THE QUALITY AND CONSISTENCY OF INFORMATION THAT PUBLIC COMPANIES PROVIDE IN THIS FLEXIBLE FORMAT. IN 2011, THE FOUNDATION INITIATED ITS FIRST POST-IMPLEMENTATION REVIEW (PIR) AS PART OF ITS RESPONSIBILITY FOR OVERSEEING THE STANDARD-SETTING PROCESSES OF THE FASB AND GASB. THE FOUNDATION DECIDED TO TEST THE PIR PROCESS WITH A REVIEW OF FASB INTERPRETATION (FIN) NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. FOR MUCH OF 2011, A PIR TEAM OF EXPERIENCED STAFF MEMBERS CONDUCTED RESEARCH AND OUTREACH THAT LED TO THE ISSUANCE OF A FINAL REPORT IN JANUARY 2012. THE REPORT CONCLUDED THAT FIN 48 HAD GENERALLY MET ITS OBJECTIVES, BUT SUGGESTED SEVERAL PROCESS IMPROVEMENTS TO THE FASB. SOME OF THESE RECOMMENDATIONS ALREADY HAVE BEEN ADOPTED BY THE FASB, AND THE FASB SAID IT WILL EVALUATE HOW BEST TO RESPOND TO OTHER RECOMMENDATIONS. THE FASAC COMPRISES 36 MEMBERS WHO REPRESENT A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS. THE MEMBERS OF THE FASAC, WITH THE EXCEPTION OF THE FASAC CHAIRMAN, ARE VOLUNTEERS WHO ARE APPOINTED FOR A ONE-YEAR TERM AND ARE ELIGIBLE TO BE REAPPOINTED FOR THREE ADDITIONAL ONE-YEAR TERMS. 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 BY THE CHAIRMAN OF THE FASB. FASAC MEETINGS PROVIDE THE FASB WITH AN OPPORTUNITY TO OBTAIN AND DISCUSS THE VIEWS OF A VERY DIVERSE GROUP OF INDIVIDUALS FROM VARIED BUSINESS AND PROFESSIONAL BACKGROUNDS. 5749277 1537518 GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL (GASAC)THE GASB IS THE PRIVATE-SECTOR BOARD WITHIN THE FAF RESPONSIBLE FOR SETTING ACCOUNTING AND FINANCIAL REPORTING STANDARDS FOR STATE AND LOCAL GOVERNMENTS. OPERATING WITHIN THE FAF, THE GASB ESTABLISHES ACCOUNTING AND REPORTING STANDARDS THAT RESULT IN THE COMMUNICATION OF DECISION-USEFUL INFORMATION AND THAT FACILITATE PUBLIC ACCOUNTABILITY OF GOVERNMENT FINANCIAL OPERATIONS FOR CITIZENS AND OTHER CONSTITUENCIES, SUCH AS LEGISLATIVE AND OVERSIGHT BODIES, AND INVESTORS AND CREDITORS. 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. WE MADE SIGNIFICANT PROGRESS TOWARD THOSE ENDS IN 2011.THE GASB ISSUED TWO FINAL STATEMENTS IN 2011 THAT SOLVED IMPORTANT PRACTICE ISSUES FACING OUR CONSTITUENTS. STATEMENT NO. 63, FINANCIAL REPORTING OF DEFERRED OUTFLOWS OF RESOURCES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION, CLARIFIES WHERE DEFERRED AMOUNTS SHOULD APPEAR IN A NEW STATEMENT OF NET POSITION. STATEMENT NO. 64, DERIVATIVE INSTRUMENTS: APPLICATION OF HEDGE ACCOUNTING TERMINATION PROVISIONS, AMENDS EXISTING STANDARDS TO RESPOND TO CONCERNS OF GOVERNMENTS WHOSE DERIVATIVES HAD BECOME INEFFECTIVE FROM A FINANCIAL REPORTING PERSPECTIVE THROUGH NO FAULT OF THEIR OWN.THE GASB BOARD AND STAFF DEVOTED SIGNIFICANT TIME AND ATTENTION TO THE REVIEW AND IMPROVEMENT OF THE CURRENT PENSION ACCOUNTING AND FINANCIAL REPORTING STANDARDS, AND IN 2011 THE GASB ISSUED TWO EXPOSURE DRAFTS, ACCOUNTING AND FINANCIAL REPORTING FOR PENSIONS, AND FINANCIAL REPORTING FOR PENSION PLANS. IN ADDITION TO REEXAMINING EXISTING GASB STANDARDS, THE GASB ALSO CONTINUED ITS WORK ON OTHER PROJECTS, INCLUDING: * A PRELIMINARY VIEWS, ECONOMIC CONDITION REPORTING: FINANCIAL PROJECTIONS. THE PRELIMINARY VIEWS PRESENTS THE GASB'S INITIAL THINKING ON THE KEY ISSUES RELATED TO REPORTING FINANCIAL PROJECTIONS TO ASSIST USERS WITH ASSESSING A GOVERNMENT'S FISCAL SUSTAINABILITY AND OVERALL ECONOMIC CONDITION. * PRELIMINARY VIEWS OF A CONCEPTS STATEMENT, RECOGNITION OF ELEMENTS OF FINANCIAL STATEMENTS AND MEASUREMENT APPROACHES. IT ADDRESSES HOW AND WHEN AN ITEM SHOULD BE REPORTED IN FINANCIAL STATEMENTS AND HOW TO MEASURE THE AMOUNT OF THE ITEM TO BE REPORTED. * TWO ADDITIONAL EXPOSURE DRAFTS ISSUED IN 2011 LED TO FINAL STATEMENTS ISSUED IN MARCH 2012. ONE DRAFT ADDRESSED ITEMS PREVIOUSLY REPORTED AS ASSETS AND LIABILITIES THAT SHOULD HENCEFORTH BE REPORTED AS DEFERRED OUTFLOWS OF RESOURCES, DEFERRED INFLOWS OF RESOURCES, OR CURRENT-PERIOD OUTFLOWS OR INFLOWS. THE OTHER DRAFT PROPOSED TECHNICAL CORRECTIONS TO ELIMINATE CONFLICTING GUIDANCE THAT AROSE DUE TO THE ISSUANCE OF TWO RECENT STATEMENTS.WHILE THE MAJORITY OF TIME IS DEVOTED TO DEVELOPING ACCOUNTING AND FINANCIAL REPORTING STANDARDS, THE GASB STAFF SPENDS A SIGNIFICANT AMOUNT OF TIME HELPING CONSTITUENTS UNDERSTAND AND IMPLEMENT STANDARDS BY PROVIDING THEM WITH DIRECT ASSISTANCE ADDRESSING THEIR SPECIFIC FACTS AND CIRCUMSTANCES. DURING THE PAST YEAR, THE GASB RESPONDED TO NEARLY 1,800 TECHNICAL INQUIRIES THAT REQUIRED A SPECIFIC RESPONSE ABOUT THE APPLICATION AND IMPLEMENTATION OF OUR STANDARDS. IN ADDITION, THE GASB BOARD AND STAFF MADE APPROXIMATELY 100 PRESENTATIONS AT CONFERENCES AND CONSTITUENT EVENTS ACROSS THE COUNTRY AND PUBLISHED EDUCATIONAL MATERIALS DESIGNED TO ENHANCE THE UNDERSTANDABILITY OF OUR WORK, INCLUDING PLAIN LANGUAGE ARTICLES, PODCASTS, A MONTHLY NEWSLETTER, AND A USER-ORIENTED ELECTRONIC NEWSLETTER. ALSO, THE ANNUAL UPDATED COMPREHENSIVE IMPLEMENTATION GUIDE WAS PUBLISHED, WHICH ANSWERS NEARLY 2,000 QUESTIONS ON GOVERNMENTAL ACCOUNTING TOPICS.THE GASB STAFF MADE SIGNIFICANT PROGRESS IN UPDATING AND EXPANDING THE GASB'S SERIES OF USER GUIDES, WHICH ARE WRITTEN FOR A NONTECHNICAL AUDIENCE USING PLAIN LANGUAGE AND ARE INTENDED TO SERVE AS A PRIMER TO UNDERSTANDING GOVERNMENTAL FINANCIAL REPORTS. THE FIRST REVISED GUIDE, WHICH ADDRESSES LOCAL GOVERNMENT FINANCES, WAS ISSUED LATE LAST YEAR. UPDATED OR ENTIRELY NEW GUIDES ADDRESSING SCHOOL DISTRICTS, BUSINESS-TYPE ACTIVITIES, AND INFORMATION FOR FINANCIAL ANALYSTS WILL BE PUBLISHED IN 2012.THE THIRTY-MEMBER GASAC IS AN ORGANIZATION OF KNOWLEDGEABLE AND EXPERIENCED PROFESSIONALS REPRESENTING THE GASB'S VARIED CONSTITUENTS 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. GASAC MEMBERS ALSO PROVIDE AN IMPORTANT COMMUNICATION LINK BETWEEN THE GASB AND CONSTITUENT GROUPS, AND THEY STRIVE TO ENSURE THAT CONSTITUENT VIEWS ARE CONSISTENTLY AND EFFECTIVELY COMMUNICATED TO THE GASB ON A TIMELY BASIS. 35501141 1 1 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 1 0 0 0 0 0 0 0 0 0 0 1 103 0 1 177 1 0 0 0 0 0 0 0 0 0 0 X 15 13 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 X JOHN J BRENNAN 20.00 X X 240000 0 0 ROBERT T BLAKELY 5.00 X X 55000 0 0 JEFFREY J DIERMEIER 5.00 X 55000 0 0 CYNTHIA P EISENHAUER 5.00 X 45000 0 0 EDWARD M HARRINGTON 5.00 X 45000 0 0 DENNIS M KASS 5.00 X 55000 0 0 JOHN J PERRELL 5.00 X 55000 0 0 JOHN J RADFORD 5.00 X 55000 0 0 LUIS M VICEIRA 5.00 X 45000 0 0 EDWARD E NUSBAUM 5.00 X 0 0 0 FRANK H BROD 5.00 X X 45000 0 0 DOUGLAS A DONAHUE JR 5.00 X 39375 0 0 JOHN DAVIDSON 5.00 X 45000 0 0 MARY S STONE 5.00 X 45000 0 0 MACK LAWHON 5.00 X 45000 0 0 ELLYN L BROWN 5.00 X 45000 0 0 STEPHEN R HOWE JR 5.00 X 0 0 0 TERESA S POLLEY 40.00 X 560347 0 53869 RONALD P GUERRETTE 40.00 X 332576 0 68122 JODI P DOTTORI 40.00 X 256206 0 79626 ROBERT H ATTMORE 40.00 X 440773 0 71860 LESLIE F SEIDMAN 40.00 X 953403 0 72760 LAWRENCE W SMITH 40.00 X 827759 0 100020 MARC A SEIGEL 40.00 X 702182 0 52563 THOMAS J LINSMEIER 40.00 X 890560 0 93609 RUSSELL G GOLDEN 40.00 X 720213 0 67150 DARYL E BUCK 40.00 X 635262 0 52222 ROBERT H HERZ 0.00 X 651627 0 0 7885283 0 711801 12 1 1 0 OVITAS INC 111 SOUTH BEDFORD ST BURLINGTON MA 01803 IT AND SOFTWARE CONSULTING 1260908 ADVANCED COMPUTER TECHNOLOGIES 108 MAIN STREET NORWALK CT 06851 IT OUTSOURCING 598052 K & L GATES 1601 K STREET NW WASHINGTON DC 20006 CONSULTANT EXTERNAL RELATIONS 453468 CONNECTRIA CORPORATION 10845 OLIVE BLVD CREVE COUER MO 63141 HOSTING SERVICES 344311 HAMILTON PRINTING COMPANY 22 HAMILTON WAY CASTLETON NY 12033 PRINTING SERVICES 310173 14 1175115 1175115 1135236 1135236 11665 11665 29 29 29 29 4748549 4167616 580933 580933 ACCOUNTING SUPPORT FEE 900099 29960689 29960689 LICENSE FEE REVENUES 900099 13365605 13365605 OTHER REVENUE 900099 65151 65151 43391445 46294423 43972378 0 1146930 500000 500000 3803445 1540152 2263293 23046020 21127119 1918901 3171676 2841520 330156 2539025 2094237 444788 1065141 925837 139304 252913 252913 159481 159481 420864 420864 988 988 1689807 1157205 532602 391314 88344 302937 33 762934 332325 430609 1572578 1019956 552622 1157016 1097175 59841 740528 547769 192759 1288964 1050680 238284 179377 179377 PLACEMENT & RECRUITING 278671 149420 129251 SUBSCRIPTION & LIBRARY 273146 263455 9691 BILLING AND COLLECTION 209400 209400 ANNUAL REPORT 97200 69984 27216 275253 65699 199337 10217 43875741 35501141 8364350 10250 4237342 4205031 8157688 8565042 25000 25000 3174545 2780709 96468 104340 357575 291207 15405665 13697554 2575698 1708111 63215080 63177722 818394 819359 664941 82657790 82341462 2313348 1501586 6678094 6624733 5377900 6229293 14369342 14355612 X 68288448 67985850 68288448 67985850 82657790 82341462 X 2418682 -2721280 X X 0 1 1 X 0 X 24150378 25200793 30079783 35286613 31225803 145943370 24150378 25200793 30079783 35286613 31225803 145943370 145943370 3179420 2257605 1448199 1286945 1212046 9384215 155327585 83882444 0.93960 0.93300 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 620000 620000 43255741 43875741 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 130189 510000 640000 620000 1900189 250000 250000 250000 250000 1000000 1500000 PART IV, SUPPLEMENTAL INFORMATION: EXPENSES PAID TO CONSULTANTS RELATED TO EDUCATING AND INFORMING LAWMAKERS ABOUT THE ACCOUNTING STANDARD SETTING PROCESS AND SPECIFICALLY POTENTIAL LEGISLATION RELATING TO THE OVERSIGHT AND/OR TECHNICAL ACTIVITIES OF THE FASB AND THE GASB INCLUDING THE FOLLOWING: * PUBLIC EMPLOYEE PENSION TRANSPARENCY ACT (H.R. 567 AND S. 347) * SPENDING REDUCTION ACT OF 2011 (H.R. 408) * GSE PORTFOLIO RISK REDUCTION ACT OF 2011 (H.R. 1224) * NATIONAL ACTIVITY BASED TOTAL ACCOUNTABILITY ACT OF 2011 (H.R. 1376) * COMMUNITIES FIRST ACT (H.R. 1697 AND S. 1600) * REOPENING AMERICAN CAPITAL MARKETS TO EMERGING GROWTH COMPANIES ACT (H.R. 3606 AND S. 1933) 3662024 3556976 105048 11743641 10140578 1603063 1708111 ACCRUED PAYROLL AND RELATED BENEFITS 932555 ACCRUED RENT EXPENSE 435252 ACCRUED PENSION COSTS 1769642 ACCRUED POSTRETIREMENT HEALTH CARE COSTS 3091844 6229293 46294423 43875741 2418682 -435451 -2285829 -2721280 -302598 45947984 -435451 90000 -345451 46293435 988 988 46294423 43964753 90000 90000 43874753 988 988 43875741 PART XI, LINE 8 - OTHER ADJUSTMENTS: PENSION RELATED CHANGES-AMOUNTS REFLECTED AS OTHER CHANGE IN NET ASSETS -2,285,829. FORM 990, PART IV, LINE 11F TAX POSITION FOOTNOTE IN AUDITED FINANCIAL STATEMENTS: THE FOUNDATION IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. TAX POSITIONS FOR OPEN TAX YEARS WERE REVIEWED AND IT WAS DETERMINED THAT NO PROVISION FOR UNCERTAIN TAX POSITIONS IS 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, 2008 THROUGH 2010. 1 EUROPE (INCLUDING ICELAND & GREENLAND) - 0 0 GRANTMAKING 500000 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 711993 EAST ASIA AND THE PACIFIC - 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL CONVERGENCE OF ACCOUNTING STANDARDS 26710 0 0 0 0 0 0 1238703 0 1238703 EUROPE (INCLUDING ICELAND & GREENLAND) CONTRIBUTION FOR GENERAL SUPPORT 500000 WIRE TRANSFER 0 1 0 0 0 0 0 0 0 X X X 1 1 X X X X X 1 1 0 0 0 0 0 0 0 JOHN J BRENNAN 240000 0 0 0 0 0 0 0 0 0 240000 0 0 0 TERESA S POLLEY 433800 0 25000 0 101547 0 48976 0 4893 0 614216 0 0 0 RONALD P GUERRETTE 289677 0 0 0 42899 0 46652 0 21470 0 400698 0 0 0 JODI P DOTTORI 245004 0 8000 0 3202 0 46652 0 32974 0 335832 0 0 0 ROBERT H ATTMORE 377396 0 0 0 63377 0 68239 0 4977 0 513989 0 0 0 LESLIE F SEIDMAN 775616 0 0 0 177787 0 42169 0 30591 0 1026163 0 0 0 LAWRENCE W SMITH 629548 0 0 0 198211 0 73218 0 30861 0 931838 0 0 0 MARC A SEIGEL 629476 0 0 0 72706 0 25693 0 26870 0 754745 0 0 0 THOMAS J LINSMEIER 627418 0 0 0 263142 0 60902 0 32707 0 984169 0 0 0 RUSSELL G GOLDEN 629599 0 0 0 90614 0 36624 0 30526 0 787363 0 0 0 DARYL E BUCK 526307 0 0 0 108955 0 25548 0 26674 0 687484 0 0 0 ROBERT H HERZ 0 0 0 0 651627 0 0 0 0 0 651627 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL IS ALLOWED PER POLICY ONLY UNDER CERTAIN CIRCUMSTANCES. PRIOR TO JUNE 2011, FOR DOMESTIC TRAVEL CROSSING MORE THAN TWO TIME ZONES BOARD MEMBERS, TRUSTEES AND THE PRESIDENT WERE ABLE TO ELECT BUSINESS CLASS (OR THE NEXT AVAILABLE CLASS OF SERVICE ABOVE COACH IF BUSINESS WAS NOT PROVIDED), WHICH MAY BE FIRST CLASS. THE POLICY WAS REVISED IN JUNE 2011 TO REQUIRE ALL EMPLOYEES AND TRUSTEES FLY COACH ON DOMESTIC FLIGHTS, WITH THE ONLY EXCEPTION BEING FOR TRUSTEES WHOSE TERM BEGAN BEFORE THE REVISION OF THE POLICY AND CURRENTLY LIVE MORE THAN TWO TIME ZONES FROM FAF OFFICES. OTHER EMPLOYEES MUST OBTAIN APPROVAL FOR SUCH TRAVEL. FOR INTERNATIONAL TRAVEL OUTSIDE NORTH AMERICA GREATER THAN SIX HOURS, ALL INDIVIDUALS MAY ELECT BUSINESS CLASS (OR THE NEXT HIGHEST CLASS OF SERVICE ABOVE COACH, IF UNAVAILABLE), WHICH MAY BE FIRST CLASS. REIMBURSEMENT FOR FIRST CLASS TRAVEL WAS NOT INCLUDED AS COMPENSATION. 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 MONTHLY PAYMENTS TOTALING $651,627 WERE MADE TO ROBERT HERZ, FORMER FASB CHAIRMAN, IN CONNECTION WITH THE TWELVE MONTH AGREEMENT ENTERED INTO IN CONNECTION WITH HIS DEPARTURE FROM THE FAF. THE FOLLOWING COVERED INDIVIDUALS PARTICIPATED IN THE FOUNDATION'S NON-QUALIFIED RETIREMENT BENEFIT PLAN/PROGRAMS IN 2011 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: TERESA POLLEY - $98,044 RONALD GUERRETTE- $37,754 LAWRENCE SMITH- $191,649 LESLIE SEIDMAN- $174,416 THOMAS LINSMEIER- $257,516 ROBERT ATTMORE- $51,375 RUSSELL GOLDEN- $88,354 MARC SEIGEL- $70,326 DARYL BUCK- $52,832 JODI DOTTORI- $1,596 AMOUNTS REPRESENT BENEFITS RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED UNDER SUPPLEMENTAL PLANS THAT ARE SUBSTANTIALLY EQUIVALENT TO THE BENEFITS PROVIDED UNDER FAF'S QUALIFIED RETIREMENT PLANS ON COMPENSATION IN EXCESS OF THE INTERNAL REVENUE CODE COMPENSATION LIMIT. ERNST YOUNG STEPHEN HOWE IS AMERICAS MANAGING PARTNER-ERNST & YOUNG,LLP/TRUSTEE OF FAF 2079684 THERE ARE SEVERAL TRANSACTIONS BETWEEN ERNST & YOUNG AND THE FOUNDATION. THE FOUNDATION LICENSES SUBSCRIPTION SERVICES TO ITS AUTHORITATIVE LITERATURE TO ERNST & YOUNG FOR ITS INTERNAL USE AS WELL AS SUBLICENSING AND ARE SUBSTANTIALLY SIMILAR TO THOSE FEES CHARGED TO SIMILARLY SIZED LICENSEES. IN ADDITION, ERNST & YOUNG PURCHASES HARDCOPY PUBLICATIONS AND SUBSCRIPTIONS OF THE AUTHORITATIVE LITERATURE. THESE TRANSACTIONS ARE AT ARMS-LENGTH, AND BASED UPON THE FOUNDATION'S STATUS AS THE AUTHORITATIVE STANDARD SETTER FOR ACCOUNTING, ARE A NECESSITY. IN ADDITION, SEVERAL MEMBERS OF ERNST & YOUNG PARTICIPATED IN THE FAF'S FELLOWSHIP PROGRAM. THESE INDIVIDUALS WORK AT THE FASB & GASB FOR PERIODS RANGING FROM 18-24 MONTHS, AND FAF REIMBURSES ERNST & YOUNG AN AGREED UPON FEE FOR THEIR SERVICES. STEPHEN HOWE HAS NO DIRECT INVOLVEMENT IN NEGOTIATING THE TERMS OR AMOUNTS IN THE AGREEMENTS AND RECEIVES NO BENEFIT FROM THE TRANSACTIONS. 0 GRANT THORNTON LLP EDWARD NUSBAUM IS CEO OF GRANT THORNTON/TRUSTEE OF FAF 251540 THERE ARE SEVERAL TRANSACTIONS BETWEEN GRANT THORNTON AND THE FOUNDATION. GRANT THORNTON PURCHASES HARDCOPY PUBLICATIONS AND SUBSCRIPTIONS OF THE AUTHORITATIVE LITERATURE. THESE TRANSACTIONS ARE AT ARMS-LENGTH, AND BASED UPON THE FOUNDATION'S STATUS AS THE AUTHORITATIVE STANDARD SETTER FOR ACCOUNTING, ARE A NECESSITY. IN ADDITION, SEVERAL MEMBERS OF GRANT THORNTON PARTICIPATED IN THE FAF'S FELLOWSHIP PROGRAM. THESE INDIVIDUALS WORK AT THE FASB & GASB FOR PERIODS RANGING FROM 18-24 MONTHS, AND FAF REIMBURSES GRANT THORNTON AN AGREED UPON FEE FOR THEIR SERVICES. EDWARD NUSBAUM HAS NO DIRECT INVOLVEMENT IN NEGOTIATING THE TERMS OR AMOUNTS IN THE AGREEMENTS AND RECEIVES NO BENEFIT FROM THE TRANSACTIONS. 0 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. FORM 990, PART VI, SECTION B, LINE 12C THE FOUNDATION HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT COVERS THE FASB AND GASB BOARD MEMBERS, THE FAF PRESIDENT, AND ALL OTHER EMPLOYEES OF THE FAF. ON A QUARTERLY BASIS THESE INDIVIDUALS ARE REQUIRED TO REPORT THEIR INTERESTS THAT WOULD POSE A CONFLICT TO THE FOUNDATION. FAILURE TO ADHERE TO THE POLICY CAN INCLUDE TERMINATION. THE FAF ALSO MAINTAINS AN OMBUDS POLICY APPLICABLE TO ALL FAF EMPLOYEES AND THE MEMBERS OF THE FAF BOARD OF TRUSTEES. UNDER THE OMBUDS POLICY, EACH EMPLOYEE AND TRUSTEE HAS AN AFFIRMATIVE DUTY TO REPORT PROMPTLY VIOLATIONS OF LAWS AND UNETHICAL (INCLUDING CONFLICTS OF INTEREST), UNWANTED AND/OR QUESTIONABLE BEHAVIOR. THE OMBUDS POLICY PROVIDES SPECIFIC PROTECTIONS FROM EMPLOYMENT RETALIATION TO INDIVIDUALS WHO, IN GOOD FAITH, REPORT POTENTIAL VIOLATIONS OF THE OMBUDS AND OTHER POLICIES OF THE FAF. THE FAF IS ALSO IN THE PROCESS OF DEVELOPING A STAND-ALONE CODE OF ETHICS/CONFLICTS POLICY THAT WILL BE APPLICABLE TO THE FAF TRUSTEES. 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, FASB AND GASB CHAIRS (AS KEY EMPLOYEES), AND CERTAIN OTHER FAF EMPLOYEES, INCLUDING FASB MEMBERS WHO ARE AMONG THE 5 HIGHEST COMPENSATED EMPLOYEES OF THE FAF. 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, WHICH IS COMPRISED OF INDEPENDENT TRUSTEES, IS RESPONSIBLE FOR REVIEWING THE PERFORMANCE OF 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. SINCE THE ACTUAL COMPENSATION AMOUNT IS TIED TO PERFORMANCE, THE APPOINTMENTS AND EVALUATIONS COMMITTEE SHALL DETERMINE THE SPECIFIC COMPENSATION RECOMMENDATION FOR THE FASB AND GASB MEMBERS, WHILE THE EXECUTIVE COMMITTEE SHALL DETERMINE THE SPECIFIC COMPENSATION RECOMMENDATION FOR THE FAF PRESIDENT AND CHIEF EXECUTIVE OFFICER. THESE COMPENSATION RECOMMENDATIONS WILL THEN BE 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 2011. 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. 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 COMPENSATION STUDIES WITH RESPECT TO THESE FAF STAFF POSITIONS WERE PERFORMED IN 2010 FOR IMPLEMENTATION TO COINCIDE WITH THE ANNUAL 2011 SALARY INCREASES. 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. PART VII, COLUMN F THE ORGANIZATION HAS ELECTED TO DISREGARD THE EXCLUSION UNDER THE $10,000 PER ITEM EXCEPTION FOR THE PART VII REPORTING, AND INCLUDES ALL BENEFIT AMOUNTS IN THE COLUMN F TOTALS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -435,451. PENSION RELATED CHANGES-AMOUNTS REFLECTED AS OTHER CHANGE IN NET ASSETS -2,285,829. TOTAL TO FORM 990, PART XI, LINE 5: -2,721,280. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.