2024-05-14T16:01:44-05:00 2023-12-31 420714325 RSM US LLP 151 WEST 42ND STREET 19TH FLOOR NEW YORK NY 10036 990 2023-01-01 237211935 FINANCIAL ACCOUNTING FOUNDATION FINA 2038470700 801 MAIN AVENUE NORWALK CT 068511127 JOHN W AUCHINCLOSS EXECUTIVE DIRECTOR 2038470700 2024-05-13 1 JOHN AUCHINCLOSS 999009999 0 KRISTIN ANDERSON P01231300 2123721000 2024-05-13 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z JOHN W AUCHINCLOSS 801 MAIN AVENUE NORWALK CT 068511127 80965468 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. 18 18 178 175 0 0 0 0 0 0 1014513 2576434 74581165 78225584 75595678 80802018 0 0 0 0 46016544 48790049 0 0 0 17878047 21299724 63894591 70089773 11701087 10712245 140571027 145667550 46250049 38632465 94320978 107035085 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 34986129 45289928 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 ESTABLISHES AND IMPROVES STANDARDS OF FINANCIAL ACCOUNTING AND REPORTING THAT FOSTER FINANCIAL REPORTING FOR NONGOVERNMENTAL ENTITIES THAT PROVIDES DECISION-USEFUL INFORMATION TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS. THE FINANCIAL ACCOUNTING FOUNDATION (FAF) SUPPORTS AND OVERSEES THE FASB. THE FOLLOWING ARE SOME SPECIFIC ACCOMPLISHMENTS AND INITIATIVES IN 2023 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 HIGHLIGHT OF FASB'S 2023 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE THE DECISION-USEFULNESS OF INFORMATION PROVIDED TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS, ISSUING 9 FINAL ACCOUNTING STANDARDS UPDATES (ASU) IN 2023. THESE INCLUDED: ASUS THAT PROVIDED ENHANCED DISCLOSURE REQUIREMENTS FOR INCOME TAXES AND REPORTABLE SEGMENTS; AN ASU THAT PROVIDED ACCOUNTING AND DISCLOSURE GUIDANCE FOR CRYPTO ASSETS; AN ASU THAT PROVIDED GUIDANCE ON APPLYING THE FASB'S NEW LEASES STANDARD TO ARRANGEMENTS BETWEEN ENTITIES UNDER COMMON CONTROL AND ASUS THAT PROVIDED GUIDANCE ON JOINT VENTURE FORMATIONS AND INVESTMENTS IN TAX CREDIT STRUCTURES. THE FASB ALSO ISSUED 6 PROPOSED ASUS. BESIDES THOSE THAT HAVE RESULTED IN FINAL ASUS, THE MOST SIGNIFICANT PROPOSALS RELATED TO ENHANCING DISCLOSURES OF INCOME STATEMENT EXPENSES AND ACCOUNTING FOR CREDIT LOSSES ON PURCHASED FINANCIAL ASSETS. FINALLY, THE BOARD ISSUED TWO FINAL STATEMENTS OF FINANCIAL ACCOUNTING CONCEPTS (SFAC) AND ONE PROPOSED SFAC, TO IMPROVE A KEY TOOL THAT GUIDES THE BOARD IN ITS DECISION-MAKING. THE PCC CONTINUED ITS WORK WITH IMPROVEMENTS THAT ADDRESS THE NEEDS OF PRIVATE COMPANY USERS OF FINANCIAL STATEMENTS IN THE STANDARDS DEVELOPMENT PROCESS AND, ADVISING THE FASB ON A NUMBER OF ASUS AND PROPOSED ASUS. THE FASB CONTINUED WITH THE CONTINUED DEVELOPMENT OF THE GAAP FINANCIAL REPORTING TAXONOMY (TAXONOMY) FOR EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL). 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 AND OTHER ACTIVITIES INCLUDING: FASB MEMBERS AND STAFF DELIVERED SPEECHES AT 100 DIFFERENT CONFERENCES DURING THE YEAR; 55 PRESS RELEASES, MEDIA ADVISORIES, AND MEETING RECAPS WERE ISSUED ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES, WITH ACCOMPANYING SOCIAL MEDIA; 15 EDUCATIONAL WEBCASTS AND VIDEOS WERE PROVIDED; AND 28 MEETINGS WERE HELD WITH NATIONAL AND INTERNATIONAL STANDARD SETTERS.THE FASAC, WHICH COMPRISES 36 VOLUNTEER MEMBERS (WITH THE EXCEPTION OF ITS CHAIR, WHO IS COMPENSATED), REPRESENT A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS, MET FOUR TIMES IN 2023. 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, AND THE EMERGING ISSUES TASK FORCE ALL HELD MEETINGS IN 2023 TO SUPPORT THE EFFORTS OF THE FASB. 10847047 14403500 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 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 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 2023 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2023.IN 2023, GASB ISSUED ONE FINAL STATEMENT (STATEMENT NO. 102, CERTAIN RISK DISCLOSURES) AND TWO EXPOSURE DRAFTS. 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 AND INTERACTIONS WITH REPRESENTATIVES OF GASB'S THREE PRIMARY STAKEHOLDER GROUPS (USERS, PREPARERS, AND AUDITORS). GASB MEMBERS AND STAFF DELIVERED SPEECHES AT 100 DIFFERENT CONFERENCES DURING THE YEAR. THE GASB ISSUED 14 PRESS RELEASES AND MEDIA ADVISORIES DURING THE YEAR. IN ADDITION, TWEETS WERE SENT ON A VARIETY OF GASB STANDARD SETTING ACTIVITIES AND THE GASB OFFERED 13 EDUCATIONAL WEBCASTS AND VIDEOS. 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 2023, THE GASAC HELD THREE MEETINGS. 10578569 18526273 PUBLISHING PUBLISHING REPRESENTS THE DISTINCT ACTIVITIES OF PUBLISHING AND DISTRIBUTING THE FASB AND GASB STANDARD-SETTING MATERIALS. THE FAF LICENSES THE CONTENT OF THE FASB ACCOUNTING STANDARDS CODIFICATION (FASB CODIFICATION) TO COMMERCIAL PUBLISHERS AND OTHERS FOR SPECIFIC USES. BEGINNING IN EARLY 2023, THE FASB CODIFICATION WAS DIRECTLY ACCESSIBLE THROUGH A FREE ENHANCED ONLINE PLATFORM. PRIOR TO THIS, IT WAS AVAILABLE EITHER THROUGH A FREE BASIC VIEW OR AS AN ANNUAL PAID SUBSCRIPTION TO THE PROFESSIONAL VIEW. THE FAF ALSO SOLD A BOUND EDITION OF THE FASB CODIFICATION AND PROVIDED THE FASB SUBSCRIPTION, AN ANNUAL PAID SERVICE THAT INCLUDES THE DISTRIBUTION OF PRINTED COPIES OF FASB ACCOUNTING STANDARDS UPDATES (ASUS) WHEN ISSUED. BOTH OF THESE PRODUCTS WERE TERMINATED DURING 2023 DUE TO THEIR AVAILABILITY ONLINE FOR FREE.THE FAF LICENSES GASB MATERIALS TO COMMERCIAL PUBLISHERS AND OTHERS FOR SPECIFIC USES. BEGINNING IN 2023, GASB MATERIALS ARE ALSO ACCESSIBLE ONLINE THROUGH A FREE ENHANCED VIEW OF THE GOVERNMENTAL ACCOUNTING RESEARCH SYSTEM (GARS). PRIOR TO THIS, THEY WERE AVAILABLE EITHER THROUGH A FREE BASIC VIEW OR AS AN ANNUAL PAID SUBSCRIPTION TO THE PROFESSIONAL VIEW. GASB MATERIALS ALSO INCLUDED THE GASB SUBSCRIPTION, AN ANNUAL PAID SERVICE THAT INCLUDES THE DISTRIBUTION OF PRINTED COPIES OF FINAL DOCUMENTS AS ISSUED. DURING 2023, THE FAF ALSO SOLD BOUND EDITIONS OF THE GASB CODIFICATION, GASB ORIGINAL PRONOUNCEMENTS, AND THE GASB COMPREHENSIVE IMPLEMENTATION GUIDE, AS WELL AS HARD COPIES OF INDIVIDUAL PRONOUNCEMENTS, USER GUIDES, RESEARCH REPORTS, AND OTHER DOCUMENTS. THE GASB SUBSCRIPTION AND SALES OF BOUND EDITIONS ANS HARD COPIES TERMINATED DURING 2023 DUE TO THEIR AVAILABILITY ONLINE FOR FREE. 56411745 1 0 0 1 0 0 0 0 0 0 1 0 0 1 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 1 106 0 1 178 1 0 0 0 0 0 0 0 0 0 0 1 0 X 18 18 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 801 MAIN AVENUE NORWALK CT 068511127 RICHARD R JONES CHAIR, FASB 40.00 X 1286406 0 85683 JAMES L KROEKER VICE CHAIR 40.00 X 1121052 0 86679 CHRISTINE ANN BOTOSAN FASB MEMBER 40.00 X 1000761 0 87885 FREDERICK L CANNON FASB MEMBER 40.00 X 1011709 0 82250 SUSAN M COSPER FASB MEMBER 40.00 X 982077 0 87886 MARSHA L HUNT FASB MEMBER 40.00 X 1003251 0 68099 JOYCE JOSEPH FASB MEMBER (APPOINTED 7/1/2023) 40.00 X 673369 0 59771 JOEL BLACK CHAIR, GASB 40.00 X 778761 0 78998 JOHN W AUCHINCLOSS EXECUTIVE DIRECTOR 40.00 X 734936 0 77819 MARY P CROTTY VP/CHIEF OPERATING OFFICER 40.00 X 573442 0 78639 STEVEN A HOBBS VP-GENERAL COUNSEL 40.00 X 521199 0 77813 EDWARD BERNARD CHAIR 15.00 X X 200000 0 0 MARY E BARTH TRUSTEE 4.00 X 97000 0 0 TIMOTHY L CHRISTEN TRUSTEE 3.00 X 80000 0 0 MANJU GANERIWALA TRUSTEE 3.00 X 80000 0 0 MARION GEE TRUSTEE 3.00 X 80000 0 0 EDWARD J GOLDTHORPE TRUSTEE 3.00 X 80000 0 0 BRUCE T HERRING TRUSTEE 3.00 X 97000 0 0 LYNNETTE KELLY TRUSTEE 3.00 X 97000 0 0 W BRYAN LEWIS TRUSTEE 3.00 X 80000 0 0 DAVID H LILLARD JR TRUSTEE 4.00 X 97000 0 0 DIANE C NORDIN TRUSTEE 3.00 X 80000 0 0 RICHARD N REISIG TRUSTEE 3.00 X 80000 0 0 MICHAEL T ROLLINGS TRUSTEE 3.00 X 0 0 0 TIMOTHY F RYAN TRUSTEE 3.00 X 0 0 0 LAWRENCE SALVA TRUSTEE 4.00 X 97000 0 0 SARAH E SMITH TRUSTEE 3.00 X 80000 0 0 SHUNDRAWN A THOMAS TRUSTEE 3.00 X 80000 0 0 ROBIN L WASHINGTON TRUSTEE 3.00 X 80000 0 0 11171963 0 871522 116 0 1 0 DELOITTE CONSULTING 1919 N LYNN STREET ARLINGTON VA 22209 IT CONSULTANT 7517954 PETRETTI 279 MADISON AVENUE SUITE 404 NEW YORK NY 10016 CONSTRUCTION SERVICES 2809948 SDL INC 201 EDGEWATER DRIVE SUITE 225 WAKEFIELD MA 01880 IT SERVICES 950738 IST MANAGEMENT SERVICES INC 1341 MORELAND AVENUE ATLANTA GA 30316 ADMINISTRATIVE SUPPORT 497628 CORETELLIGENT LLC 197 FIRST AVENUE SUITE 360 NEEDHAM MA 02494 IT SUPPORT 345238 18 2576434 2576434 5883 5883 71281 163450 -92169 -92169 ACCOUNTING SUPPORT FEE 900099 59693428 59693428 LICENSE FEE & SUB. REV 900099 18618442 18618442 78311870 80802018 78219701 0 2582317 6986429 3600600 3385829 33899505 29381382 4518123 3150308 2718930 431378 2908930 2369973 538957 1844877 1534556 310321 117824 50000 67824 260916 260916 340000 340000 1452968 758067 694901 1054220 250544 803676 4514712 4477862 36850 1971172 1415675 555497 618739 519811 98928 631479 310736 320743 8774825 7798786 976039 265635 62482 203153 SUBSCRIPTIONS AND INFOR 502054 492526 9528 MISCELLANEOUS 286623 113324 173299 PLACEMENT AND RECRUITIN 269157 216491 52666 BILLING AND COLLECTION 239400 239400 70089773 56411745 13678028 0 14153022 7684130 2822303 112973 13622817 11277053 962917 1105271 49810889 13160659 42000922 36650230 48134149 68762563 2787338 3686423 16087559 16388907 140571027 145667550 10614736 1576392 6916384 4603349 28718929 32452724 46250049 38632465 X 94320978 107035085 94320978 107035085 140571027 145667550 X 10712245 679432 1322430 X 0 1 X 1 0 X 38229577 41354231 42146122 53562888 59693428 234986246 38229577 41354231 42146122 53562888 59693428 234986246 234986246 1680262 927946 702084 1016538 2582317 6909147 241895393 96149568 0.97140 0.97360 X 0 620000 620000 70709773 71329773 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 580000 580000 430000 620000 2210000 250000 250000 250000 250000 1000000 1500000 0 0 0 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 ENGAGE WITH CONGRESSIONAL MEMBERS AND STAFFS, AND OTHERS WITH RESPECT TO SUCH LEGISLATION AND RULEMAKING. DURING 2023, WE ENGAGED IN LOBBYING EFFORTS WITH RESPECT TO: ISSUES RELATING TO THE ACCOUTING STANDARD-SETTING PROCESS GENERALLY; ISSUES RELATED TO. H.R. 7900 NATIONAL DEFENSE AUTHORIZATION ACT, FINANCIAL DATA TRANSPARENCY ACT AND H.R. 9315 RESPONSIBLE ACCOUNTING STANDARDS ACT. 21766486 1665285 20101201 28044403 11495374 16549029 36650230 OPERATING LEASE - RIGHT OF USE ASSET 15012695 DEFINED BENEFIT USE ASSET 1376212 16388907 ACCRUED PAYROLL AND RELATED BENEFITS 1778633 OPERATING LEASE LIABILITY 26202568 ACCRUED PENSION COSTS 785100 ACCRUED 457B PLAN COSTS 3686423 32452724 X 81861900 679432 217000 163450 1059882 80802018 0 80802018 70470220 217000 163447 380447 70089773 0 70089773 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 2D - OTHER ADJUSTMENTS: PUBLISHING COST OF GOODS SOLD 163,450. PART XII, LINE 2D - OTHER ADJUSTMENTS: PUBLISHING COST OF GOODS SOLD 163,447. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 106869 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 36915 0 0 0 0 0 0 143784 0 143784 0 0 0 0 0 0 X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 RICHARD R JONES CHAIR, FASB 1110368 0 0 0 176038 0 39369 0 46314 0 1372089 0 0 0 JAMES L KROEKER VICE CHAIR 990706 0 0 0 130346 0 36729 0 49950 0 1207731 0 0 0 CHRISTINE ANN BOTOSAN FASB MEMBER 880145 0 0 0 120616 0 41349 0 46536 0 1088646 0 0 0 FREDERICK L CANNON FASB MEMBER 876730 0 0 0 134979 0 43989 0 38261 0 1093959 0 0 0 SUSAN M COSPER FASB MEMBER 879912 0 0 0 102165 0 36729 0 51157 0 1069963 0 0 0 MARSHA L HUNT FASB MEMBER 883887 0 0 0 119364 0 40689 0 27410 0 1071350 0 0 0 JOYCE JOSEPH FASB MEMBER (APPOINTED 7/1/2023) 625338 0 0 0 48031 0 40029 0 19742 0 733140 0 0 0 JOEL BLACK CHAIR, GASB 719777 0 0 0 58984 0 36069 0 42929 0 857759 0 0 0 JOHN W AUCHINCLOSS EXECUTIVE DIRECTOR 664731 0 0 0 70205 0 43989 0 33830 0 812755 0 0 0 MARY P CROTTY VP/CHIEF OPERATING OFFICER 531295 0 1000 0 41147 0 43157 0 35482 0 652081 0 0 0 STEVEN A HOBBS VP-GENERAL COUNSEL 485529 0 2000 0 33670 0 43831 0 33982 0 599012 0 0 0 EDWARD BERNARD CHAIR 200000 0 0 0 0 0 0 0 0 0 200000 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. THE ORGANIZATION REIMBURSES FOR FITNESS MEMBERSHIP UP TO AN ANNUAL MAXIMUM, OF WHICH ALL EMPLOYEES ARE ELIGIBLE TO PARTICIPATE. PART I, LINE 4B 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 OTHER SUPPLEMENTAL PROGRAMS IN 2023 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: JOEL BLACK - $55,478 MARY CROTTY - $32,925 MARSHA HUNT - $111,471 STEVEN HOBBS - $25,779 RICHARD JONES - $170,492 CHRISTINE BOTOSAN - $112,724 JAMES KROEKER - $126,840 JOHN AUCHINCLOSS - $56,091 SUSAN COSPER - $98,441 FRED CANNON - $120,864 JOYCE JOSEPH - $44,548 PART I, LINE 7 THE AMOUNTS SHOW ON PART II, COLUMN B (II) FOR THOSE EMPLOYEES WERE PAID AND AWARDED BASED ON A SPECIAL RECOGNITION AWARD PROGRAM APPROVED BY THE FAF BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B 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. FORM 990, PART VI, SECTION B, LINE 12C 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. FORM 990, PART VI, SECTION B, LINE 15 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. FORM 990, PART VI, SECTION C, LINE 19 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 1,624,500. OTHER COMPONENTS OF NET PERIODIC PENSION COST -302,070.