2011-08-15T12:14:34-05:00 2010-12-31 MCGLADREY & PULLEN LLP 8000 TOWERS CRESCENT DRIVE STE 500 VIENNA VA 22184 990 2010-01-01 237211935 FINANCIAL ACCOUNTING FOUNDATION FINA 2038470700 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 TERESA S POLLEY 2038470700 2011-08-15 1 JAMES P SWEENEY CPA 7033366400 2010 2016-02-24 21:20:13Z TERESA S POLLEY 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 54971859 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. 16 14 167 160 0 0 1225559 1201974 0 0 1320553 1192041 37032022 47791445 39578134 50185460 0 0 0 0 27532970 30134836 0 0 58867 9208797 10615921 36741767 40750757 2836367 9434703 70469302 82657790 11075933 14369342 59393369 68288448 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 26362219 46580502 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 2010, THE FASB ADAPTED TO AND EMBRACED A NUMBER OF CHALLENGES ARISING FROM OUR DYNAMIC FINANCIAL REPORTING ENVIRONMENT, RANGING FROM OUR STANDARD-SETTING PROJECTS, ENHANCEMENTS TO OUR DUE PROCESS PROCEDURES, AND EXPANDED RESPONSIBILITIES. THE FASB RECENTLY INSTITUTED A NUMBER OF INITIATIVES TO HELP STAKEHOLDERS MONITOR THE DEVELOPMENT OF STANDARDS AND LEARN ABOUT PROPOSED AND RECENTLY ISSUED ACCOUNTING STANDARDS INCLUDING: * VIDEOCASTING BOARD MEETINGS AND EDUCATION SESSIONS OVER THE INTERNET, * ENHANCING OUR COMMUNICATIONS BY USING PODCASTS AND WEBCASTS TO PROVIDE HIGH LEVEL OVERVIEWS OF PROPOSALS AND NEW STANDARDS.MOREOVER, THE FASB CONTINUED TO PROACTIVELY ENGAGE STAKEHOLDERS IN THE STANDARD SETTING PROCESS THROUGH MEANS SUCH AS SURVEYS OF INVESTORS, FIELD VISITS WITH COMPANIES THAT PREPARE FINANCIAL STATEMENTS, AND BY HOSTING WORKSHOPS ON PROPOSED STANDARDS THAT GENERALLY INCLUDED REPRESENTATIVES OF INVESTORS, AUDITORS, REPORTING ENTITIES, AND REGULATORS. OVER THE PAST SEVERAL YEARS, THE FASB HAS TAKEN STEPS TO ENHANCE ITS UNDERSTANDING OF THE INFORMATION NEEDS OF USERS OF FINANCIAL STATEMENTS OF NONPUBLIC COMPANIES AND ITS ASSESSMENT OF THE BENEFITS AND COSTS OF NEW STANDARDS FROM THE PERSPECTIVE OF NONPUBLIC COMPANIES. THOSE STEPS INCLUDED ESTABLISHING A PRIVATE COMPANY FINANCIAL REPORTING COMMITTEE IN 2006, A NONPROFIT ADVISORY COMMITTEE IN 2010 AND THE DEVELOPMENT OF A "WHITE PAPER" TO IDENTIFY THE DIFFERENT NEEDS OF THE USERS OF PRIVATE COMPANY FINANCIAL STATEMENTS. THE FASB HOPES TO PUBLISH FOR PUBLIC COMMENT A DRAFT OF THE WHITE PAPER IN 2011.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 OUR STANDARDS IN SEVERAL KEY FINANCIAL REPORTING AREAS. IN 2010, THE FASB AND IASB ISSUED CONVERGED AND IMPROVED STATEMENTS OF CONCEPTS FOR THE OBJECTIVE OF FINANCIAL REPORTING AND THE QUALITATIVE CHARACTERISTICS OF ACCOUNTING INFORMATION, AND ISSUED EXPOSURE DRAFTS OF PROPOSED STANDARDS TO IMPROVE AND CONVERGE REQUIREMENTS IN THE AREAS OF ACCOUNTING FOR FINANCIAL INSTRUMENTS, THE PRESENTATION OF OTHER COMPREHENSIVE INCOME, LEASING, AND REVENUE RECOGNITION. THE FASB AND IASB PLAN TO ISSUE CONVERGED AND IMPROVED STANDARDS ON FAIR VALUE MEASUREMENT AND THE PRESENTATION OF OTHER COMPREHENSIVE INCOME IN EARLY 2011 AND WILL CONTINUE TO EVALUATE THE FEEDBACK THEY RECEIVED ON THEIR PROPOSALS IN THE AREAS OF FINANCIAL INSTRUMENTS, LEASING, REVENUE RECOGNITION, AND INSURANCE.IN 2010, THE FASB COMPLETED SEVERAL PROJECTS TO BRING ABOUT NEEDED IMPROVEMENTS IN U.S. GAAP. FOR EXAMPLE, THE FASB ISSUED STANDARDS TO EXPAND AND ENHANCE DISCLOSURES COMPANIES PROVIDE ABOUT THE CREDIT QUALITY OF RECEIVABLES AND THE ALLOWANCE FOR LOAN LOSSES, FAIR VALUE MEASUREMENTS, AND SUBSEQUENT EVENTS. THE FASB'S EMERGING ISSUES TASK FORCE FINALIZED GUIDANCE ON A NUMBER OF ISSUES INCLUDING ASPECTS OF REVENUE RECOGNITION, THE ACCOUNTING FOR DEFERRED ACQUISITION COSTS FOR INSURANCE COMPANIES, AND SEVERAL ISSUES IMPORTANT TO HEALTH CARE ENTITIES. THE FASB ALSO MADE FORWARD PROGRESS ON SEVERAL OTHER PROJECTS, INCLUDING ENHANCING DISCLOSURES COMPANIES PROVIDE ABOUT THEIR INVOLVEMENT IN MULTIEMPLOYER BENEFIT PLANS, CLARIFYING THE TYPES OF DEBT MODIFICATIONS THAT REPRESENT A TROUBLED DEBT RESTRUCTURING, SHARPENING EXISTING CONSOLIDATION GUIDANCE, AND IMPROVING THE ACCOUNTING AND REPORTING OF INVESTMENT PROPERTIES. THE FASB ALSO CONTINUED WORK ON ITS DISCLOSURE FRAMEWORK PROJECT; THE OBJECTIVE OF WHICH IS A FRAMEWORK THAT WOULD ENHANCE YET STREAMLINE EXISTING DISCLOSURES AND PROVIDE A MECHANISM FOR ESTABLISHING FUTURE DISCLOSURE REQUIREMENTS IN A MORE CONSISTENT, DISCIPLINED WAY.IN 2010, THE FASB ASSUMED RESPONSIBILITY FOR PRESCRIBING THE TAXONOMY FOR THE EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL). HAVING CONSISTENT TAGGING OF INFORMATION THAT IS BASED ON GENERALLY ACCEPTED ACCOUNTING STANDARDS (GAAP) WILL ENHANCE THE QUALITY AND CONSISTENCY OF INFORMATION THAT COMPANIES PROVIDE IN THIS FLEXIBLE FORMAT. THE FASAC COMPRISES 36 MEMBERS WHO REPRESENT A BROAD CROSS-SECTION OF THE BOARD'S CONSTITUENCY. 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 BOARD ON ISSUES RELATED TO PROJECTS ON THE BOARD'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. 5607770 1210941 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. THE BOARD, WITH THE ASSISTANCE AND SUPPORT OF OUR STAFF, MADE MEANINGFUL PROGRESS TOWARD THOSE ENDS IN 2010. OVER THE COURSE OF THE PAST YEAR, THE GASB FINALIZED FIVE DOCUMENTS, INCLUDING A STATEMENT THAT SIGNIFICANTLY REDUCES THE NEED FOR PRACTITIONERS TO SEARCH THROUGH VARIOUS SOURCES OUTSIDE OF THE GASB LITERATURE TO LOCATE THE NECESSARY ACCOUNTING GUIDANCE FOR THE GOVERNMENTAL ENVIRONMENT, AND NEW SUGGESTED GUIDELINES FOR GOVERNMENTS THAT VOLUNTARILY REPORT ON THEIR SERVICE PERFORMANCE RESULTS. THE FINAL DOCUMENTS ISSUED IN 2010 PROMOTE GREATER TRANSPARENCY AND ACCOUNTABILITY FOR STATE AND LOCAL GOVERNMENTS IN THE FOLLOWING AREAS: * FINANCIAL INSTRUMENTSSTATEMENT NO. 59, FINANCIAL INSTRUMENTS OMNIBUS UPDATES AND ENHANCES OUR EXISTING STANDARDS REGARDING FINANCIAL REPORTING AND DISCLOSURE REQUIREMENTS FOR FINANCIAL INSTRUMENTS AND EXTERNAL INVESTMENT POOLS. STATEMENT 59 OFFERS REAL BENEFITS TO FINANCIAL REPORT PREPARERS, IN TERMS OF PROVIDING GREATER CLARITY AND MINIMIZING UNCERTAINTY, AND TO USERS OF FINANCIAL REPORTS BY EQUIPPING THEM WITH MORE COMPLETE INFORMATION ON WHICH TO BASE THEIR RELATED DECISION MAKING. * SERVICE CONCESSION ARRANGEMENTSSTATEMENT NO. 60, ACCOUNTING AND FINANCIAL REPORTING FOR SERVICE CONCESSION ARRANGEMENTS, ESTABLISHES REPORTING GUIDANCE FOR SERVICE CONCESSION ARRANGEMENTS (SCA'S), WHICH ARE A TYPE OF PARTNERSHIP BETWEEN GOVERNMENTS AND PUBLIC OR PRIVATE OPERATORS FOR THE PROVISION OF PUBLIC SERVICES. STATEMENT 60 PROVIDES GUIDANCE ON THE ACCOUNTING AND FINANCIAL REPORTING FOR THE CAPITAL ASSETS AND ANY UP-FRONT PAYMENTS FROM OPERATORS, AND ON HOW TO RECORD THE TRANSFEROR GOVERNMENT'S SCA RELATED OBLIGATIONS. * THE FINANCIAL REPORTING ENTITYSTATEMENT NO. 61, THE FINANCIAL REPORTING ENTITY: OMNIBUS, AMENDS THE GASB'S ACCOUNTING AND FINANCIAL REPORTING STANDARDS FOR INCLUDING, PRESENTING, AND DISCLOSING INFORMATION ABOUT GOVERNMENTAL COMPONENT UNITS THAT, TOGETHER WITH THE PRIMARY GOVERNMENT, CONSTITUTE THE FINANCIAL REPORTING ENTITY. STATEMENT 61 IS DESIGNED TO IMPROVE THE STANDARDS FOR DEFINING AND PRESENTING THE FINANCIAL REPORTING ENTITY BY PROVIDING GUIDANCE THAT WILL ENABLE GOVERNMENTS TO INCLUDE ORGANIZATIONS THAT SHOULD BE INCLUDED, EXCLUDE ENTITIES THAT SHOULD BE NOT BE INCLUDED, AND DISPLAY AND DISCLOSE FINANCIAL INFORMATION ABOUT COMPONENT UNITS IN THE MOST APPROPRIATE AND USEFUL WAY. * CODIFICATION OF APPLICABLE FASB AND AICPA PRONOUNCEMENTSSTATEMENT NO. 62, CODIFICATION OF ACCOUNTING AND FINANCIAL REPORTING GUIDANCE CONTAINED IN PRE-NOVEMBER 30, 1989 FASB AND AICPA PRONOUNCEMENTS, SPECIFICALLY IDENTIFIES AND MAKES AVAILABLE THE ACCOUNTING AND FINANCIAL REPORTING PROVISIONS THAT APPLY TO STATE AND LOCAL GOVERNMENTS IN A SINGLE PRONOUNCEMENT AND MODIFIES THEM WHERE NECESSARY FOR THE GOVERNMENTAL ENVIRONMENT. THE GASB ISSUED ITS FIRST SUGGESTED GUIDELINES, WHICH ADDRESSES THE REPORTING OF INFORMATION ABOUT A GOVERNMENT'S SERVICE EFFORTS AND ACCOMPLISHMENTS (SEA) FOR THOSE ENTITIES THAT CHOOSE TO DO SO. THE SUGGESTED GUIDELINES ADDRESS THE ESSENTIAL COMPONENTS OF AN EFFECTIVE SEA REPORT, THE ASSOCIATED QUALITATIVE CHARACTERISTICS THAT REPRESENT THE ATTRIBUTES SEA PERFORMANCE INFORMATION NEEDS TO POSSESS, AND THE KEYS TO EFFECTIVE COMMUNICATION OF THIS INFORMATION. IN ADDITION TO THE FINAL DOCUMENTS ISSUED IN 2010, THE GASB ALSO ISSUED A NUMBER OF PROPOSALS OVER THE COURSE OF THE YEAR - SOME OF WHICH LED TO THE DOCUMENTS DESCRIBED ABOVE. THE GASB BOARD ALSO ISSUED PROPOSALS IN ITS ONGOING REEXAMINATION OF ITS EXISTING PENSION ACCOUNTING AND FINANCIAL REPORTING STANDARDS, AND REGARDING ELEMENTS OF NET POSITION IN A STATEMENT OF FINANCIAL POSITION.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 31969989 1 1 0 1 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 1 0 0 0 0 0 0 0 0 0 0 1 125 0 1 167 1 0 0 0 0 0 0 0 0 0 0 X 16 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 AZ AR CA CT DE DC FL GA IL IA KS KY ME MD MA MI MN MS NC ND OH OK OR PA SC SD TN UT VA WA WV WI WY NH NJ NM NY NE X PETER SPENCER 2038470700 401 MERRITT 7 PO BOX 5116 NORWALK CT 06856 JOHN J BRENNAN 20.00 X X 240000 0 0 ROBERT T BLAKELY 5.00 X X 55000 0 0 ELLYN L BROWN 5.00 X 45000 0 0 JEFFREY J DIERMEIER 5.00 X 45000 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 45000 0 0 SUSAN M PHILLIPS 5.00 X 55000 0 0 JOHN J RADFORD 5.00 X 55000 0 0 LUIS M VICEIRA 5.00 X 45000 0 0 RICK ANDERSON 5.00 X 0 0 0 TIMOTHY P FLYNN 5.00 X 0 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 38250 0 0 TERESA S POLLEY 40.00 X 451710 0 43522 RONALD P GUERRETTE 40.00 X 321381 0 64356 JODI P DOTTORI 40.00 X 244879 0 63330 ROBERT H ATTMORE 40.00 X 424480 0 69748 ROBERT H HERZ 40.00 X 896890 0 43136 LESLIE F SEIDMAN 40.00 X 762104 0 63226 LAWRENCE W SMITH 40.00 X 778816 0 78358 MARC A SEIGEL 40.00 X 679235 0 48935 THOMAS J LINSMEIER 40.00 X 685737 0 71533 RUSSELL G GOLDEN 40.00 X 491114 0 55506 DAVID R BEAN 40.00 X 350379 0 66132 6899975 0 667782 78 0 1 0 ADVANCED COMPUTER TECHNOLOGIES 108 MAIN STREET NORWALK CT 06851 IT OUTSOURCING 508481 K & L GATES 1601 K STREET NW WASHINGTON DC 20006 CONSULTANT EXTERNAL RELATIONS 483178 THOMAS HOEY & ASSOCIATES 1446 TERRANCE DRIVE NAPERVILLE IL 60565 CONSULTANT-FASB CODIFICATION AND TAXONOM 402745 RIDGEWAY PARTNERS LLC 1370 AVENUE OF THE AMERICAS NEW YORK NY 10019 RECRUITERS 264311 MCGLADREY PULLEN LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 AUDITOR 181269 13 1201974 1201974 1191314 1191314 15656 15656 1000 273 727 727 727 5471138 4786126 685012 685012 ACCOUNTING SUPPORT FEE 900099 34084640 34084640 LICENSE FEE REVENUES 900099 12926162 12926162 OTHER REVENUE 900099 79975 79975 47090777 50185460 47775789 0 1207697 4262012 2259584 1993101 9327 20080877 19311675 737279 31923 2563245 2240378 318283 4584 2206616 1752004 452652 1960 1022086 890854 129152 2080 186770 186770 222707 222707 483178 483178 625 625 2647484 1767236 880248 488080 59777 428303 634073 634073 1619508 1049220 570288 845263 792086 53177 941176 730174 211002 1029830 457268 572562 185619 185619 PLACEMENT & RECRUITING 514752 71639 443113 0 SUBSCRIPTION & LIBRARY 238085 226653 11432 BILLING AND COLLECTION 209400 209400 ANNUAL REPORT 106056 76360 29696 MEMBERSHIPS 39447 29701 9746 223868 45980 168895 8993 40750757 31969989 8721901 58867 2835500 4237342 7757880 8157688 25000 25000 2563792 3174545 72701 96468 233624 357575 15057852 12482154 2094381 2575698 54408626 63215080 477798 818394 70469302 82657790 1171359 2313348 3404412 6678094 6500162 5377900 11075933 14369342 X 59393369 68288448 59393369 68288448 70469302 82657790 X 9434703 -539624 X X 0 1 1 X 0 X 24565340 24150378 25200793 30079783 35286613 139282907 24565340 24150378 25200793 30079783 35286613 139282907 139282907 1825485 3179420 2257605 1448199 1286945 9997654 149280561 82361261 0.93300 0.90900 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 640000 640000 40110757 40750757 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 130189 510000 640000 1280189 250000 250000 250000 250000 1000000 1500000 0 0 0 0 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: * THE WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2009 (H.R. 4173) * THE RESTORING AMERICAN FINANCIAL STABILITY ACT OF 2009 (UNNUMBERED) * THE FEDERAL ACCOUNTING OVERSIGHT BOARD ACT OF 2009 (H.R. 1349) * PUBLIC EMPLOYEE PENSION TRANSPARENCY ACT (H.R. 6484) * SMALL BUSINESS LENDING FUNDING ACT (H.R. 5297) 3662024 3346882 315142 11395828 9135272 2260556 2575698 ACCRUED PAYROLL AND RELATED BENEFITS 827116 ACCRUED RENT EXPENSE 973068 ACCRUED PENSION COSTS 2954380 ACCRUED POSTRETIREMENT HEALTH CARE COSTS 623336 5377900 50185460 40750757 9434703 629606 -1169230 -539624 8895079 50956191 629606 141750 771356 50184835 625 625 50185460 40891882 141750 141750 40750132 625 625 40750757 PART XI, LINE 8 - OTHER ADJUSTMENTS: PENSION RELATED CHANGES-AMOUNTS REFLECTED AS OTHER CHANGE IN NET ASSETS 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, 2007 THROUGH 2009. EUROPE (INCLUDING ICELAND & GREENLAND) PROGRAM SERVICES ATTEND MEETINGS AND ROUNDTABLES WITH INTERNATIONAL ACCOUNTING STANDARDS BOARD ON ISSUES RELATED TO INTERNATIONAL CONVERGENCE OF ACCOUNTING STANDARDS 442000 EAST ASIA AND THE PACIFIC PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL CONVERGENCE OF ACCOUNTING STANDARDS 66000 SOUTH AMERICA PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL CONVERGENCE OF ACCOUNTING STANDARDS 9000 0 0 0 517000 0 517000 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 386800 0 0 0 64910 0 42322 0 4847 0 498879 0 0 0 RONALD P GUERRETTE 280411 0 0 0 40970 0 45973 0 21046 0 388400 0 0 0 JODI P DOTTORI 235762 0 7500 0 1617 0 33259 0 32365 0 310503 0 0 0 ROBERT H ATTMORE 366596 0 0 0 57884 0 66427 0 6790 0 497697 0 0 0 ROBERT H HERZ 565623 0 0 0 331267 0 29407 0 16999 0 943296 0 0 0 LESLIE F SEIDMAN 646824 0 0 0 115280 0 37419 0 30167 0 829690 0 0 0 LAWRENCE W SMITH 611219 0 0 0 167597 0 52829 0 29889 0 861534 0 0 0 MARC A SEIGEL 611087 0 0 0 68148 0 22791 0 30504 0 732530 0 0 0 THOMAS J LINSMEIER 609276 0 0 0 76461 0 43578 0 32015 0 761330 0 0 0 RUSSELL G GOLDEN 456449 0 0 0 34665 0 29699 0 29681 0 550494 0 0 0 DAVID R BEAN 315682 0 7000 0 27697 0 45797 0 23349 0 419525 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL IS ALLOWED PER POLICY ONLY UNDER CERTAIN CIRCUMSTANCES. FOR DOMESTIC TRAVEL CROSSING MORE THAN TWO TIME ZONES BOARD MEMBERS, TRUSTEES AND THE PRESIDENT MAY ELECT BUSINESS CLASS (OR THE NEXT AVAILABLE CLASS OF SERVICE ABOVE COACH IF BUSINESS IS NOT PROVIDED), WHICH MAY BE FIRST CLASS. 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 MADE RELATIVE TO THE FOUNDATION'S 457(F)SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN. GROSS-UP PAYMENTS ARE ALSO MADE ON CERTAIN PORTIONS OF THE FAF'S NON-QUALIFIED DEFINED CONTRIBUTIONS MADE ON COMPENSATION IN EXCESS OF THE IRC ANNUAL LIMIT. TO THE EXTENT THAT DEFINED CONTRIBUTIONS ON COMPENSATION IN EXCESS OF THE IRC LIMIT EXCEED THE AMOUNT THAT AN EMPLOYEE MAY INDIVIDUALLY CONTRIBUTE BEFORE TAXES TO THE FAF'S QUALIFIED 403(B) DEFINED CONTRIBUTION PLAN, THE FAF PROVIDES GROSS-UP PAYMENTS ON SUCH AMOUNTS. 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 $206,804 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 2010 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: TERESA POLLEY - $61,587 RONALD GUERRETTE - $35,917 ROBERT HERZ - $118,135 LAWRENCE SMITH - $161,064 LESLIE SEIDMAN - $111,760 THOMAS LINSMEIER - $72,754 ROBERT ATTMORE - $46,143 RUSSELL GOLDEN - $32,445 MARC SEIGEL - $65,648 DAVID BEAN - $23,558 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. KPMG LLP TIMOTHY FLYNN IS CHAIRMAN OF KPMG, LLP/TRUSTEE OF THE FOUNDATION 1723120 THERE ARE SEVERAL TRANSACTIONS BETWEEN BETWEEN KPMG AND THE FOUNDATION. THE FOUNDATION LICENSES SUBSCRIPTION SERVICES TO ITS AUTHORITATIVE LITERATURE TO KPMG FOR ITS INTERNAL USE AS WELL AS SUBLICENSING AND ARE SUBSTANTIALLY SIMILAR TO THOSE FEES CHARGED TO SIMILIARLY SIZED LICENSEES. IN ADDITION, KPMG 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 KPMG PARTICIPATED IN THE FAF'S FELLOWSHIP PROGRAM. THESE INDIVIDUALS WORK AT THE FASB & GASB FOR PERIODS RANGING FROM 18-24 MONTHS, AND FAF REIMBURSES KPMG AN AGREED UPON FEE FOR THEIR SERVICES. TIMOTHY FLYNN 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 THE FOUNDATION 248747 THERE ARE SEVERAL TRANSACTIONS BETWEEN 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. ONCE APPROVED BY THE AUDIT AND COMPLIANCE COMMITTEE, A COPY OF THE 990 IS SENT TO THE FULL BOARD OF TRUSTEES PRIOR TO THE FILING. 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 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 COMPENSATION STUDIES CONDUCTED BY INDEPENDENT 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 ITS APPROVAL. FULL COMPENSATION STUDIES ARE COMPLETED AT LEAST EVERY THREE YEARS, WITH THE LAST STUDY BEING PERFORMED IN 2008. IN THE INTERVENING YEARS, THE COMPENSATION DATA IS UPDATED BY THE CONSULTANTS. ADDITIONALLY, THE INDEPENDENT CONSULTING FIRMS PROVIDED WRITTEN OPINIONS AFFIRMING THE FAIRNESS (UNDER THE INTERMEDIATE SANCTIONS RULES PROMULGATED PURSUANT TO THE IRC) OF THE COMPENSATION DETERMINATIONS MADE BY THE BOARD OF TRUSTEES WITH RESPECT TO KEY EMPLOYEES. FOR OTHER FAF OFFICERS AND SENIOR LEVEL EMPLOYEES, SALARY RANGES ARE REVIEWED AT LEAST EVERY THREE YEARS ON THE BASIS OF MARKET COMPENSATION DATA PROVIDED BY OUTSIDE COMPENSATION FIRMS. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 629,606. PENSION RELATED CHANGES-AMOUNTS REFLECTED AS OTHER CHANGE IN NET ASSETS -1,169,230. TOTAL TO FORM 990, PART XI, LINE 5: -539,624. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY FORM 990, PART VI, SECTION B, LINE 14 THE FOUNDATION HAS ADOPTED A WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY IN 2011.