Financial Accounting Foundation

“The audit and finance committee of the board of trustees reviews and approves the form 990 prior to it being filed. In addition, a copy of the a form 990 is provided to the full board of trustees prior to it being filed.”

“The foundation has written conflict of interest policies that cover all employees. All employees are required, on a quarterly basis, to report certain interests that might pose a conflict to the foundation. Failure to comply with the conflict of interest policy can result in sanctions, which may include termination. In addition, the foundation also has adopted a trustee code of conduct, which includes conflict of interest provisions, and requires each trustee to certify compliance annually. The faf also maintains an ombuds policy that enables employees and trustees to report violations of law or foundation policies, either on a disclosed or on an anonymous basis. Each employee, and each trustee, has an affirmative duty to report promptly violations of law or foundation policies. Persons reporting in good faith pursuant to the ombuds policy are protected from employment retaliation.”

“The compensation committee of the faf board of trustees, which is comprised of independent trustees, is responsible for reviewing the performance annually of the executive director and fasb and gasb members and for making compensation recommendations annually to the faf board of trustees for the faf executive director, fasb and gasb members, the faf chair and faf trustees. The compensation committee obtains and relies upon periodic market research studies conducted by independent compensation consultants and, in intervening years, updates to such studies based on comprehensive compensation comparability reports and projected market compensation data collected and prepared by independent compensation consultants and the faf's human resources department. The faf board of trustees, which also is comprised of independent trustees, approves the compensation committee's compensation recommendations annually. All votes are memorialized in minutes and preserved, together with all background data and materials. The compensation committee also recommends policies for salaries and benefits for all faf employees and monitors their implementation. In this regard, salary ranges are reviewed by the compensation committee for certain positions based on periodic market compensation data provided by independent compensation consultants and updates to such studies based on market compensation data prepared by independent compensation consultants and the faf's human resources department.”

“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.”

“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.”

“Pension related changes-amounts reflected as other change in net assets $1,127,053. Other components of net periodic pension cost - $82,567.”