NEWS RELEASE 05/18/10

FASB Announces Members of Not-for-Profit Advisory Committee

Norwalk, CT, May 18, 2010—Today, the Financial Accounting Standards Board (FASB) announced the members of its newly established Not-for-Profit Advisory Committee (NAC). The NAC will serve as a standing resource for the FASB in obtaining input from the not-for-profit sector on existing financial reporting guidance, current and proposed technical agenda projects, and longer-term or pervasive financial reporting matters affecting those organizations.

The NAC’s membership is comprised of 17 individuals from the not-for-profit sector, including users of not-for-profit financial reports, preparers, practitioners, and those with backgrounds in academia and law. The NAC’s members bring a wide spectrum of expertise and interests in both large and small organizations and in the various areas of the not-for-profit sector—higher education, healthcare, religious, cultural, social services, and other.

The NAC members are:

Shari Berenbach President and CEO, The Calvert Foundation	Teresa Gordon Professor of Accounting, University of Idaho	Laura Roos Partner, Moss Adams LLP
Gregory Capin Partner, Capin Crouse LLP	Gail Harrity President and COO, Philadelphia Museum of Art	Michael Tarnoff Executive VP and CFO, Jewish Federation of Metropolitan Chicago
Gordon Edwards VP & Controller, Legacy Health	Melanie Herman Executive Director, Nonprofit Risk Management Center	Bill Titera Partner, Ernst & Young
Kenneth Euwema VP—Membership Accountability, United Way Worldwide	John Mattie Partner-in-Charge, Higher Education and Not-for-Profit Industry Practice, PricewaterhouseCoopers	Bennett Weiner COO, Better Business Bureau Wise Giving Alliance
Stephen Golding Vice President Finance and Treasurer, University of Pennsylvania	Clara Miller President and CEO, Nonprofit Finance Fund	William Weldon CFO, Roman Catholic Diocese of Charlotte
Roger Goodman VP—Senior Credit Officer and Team Leader, Higher Education and Not-for-Profit Industry Practice, Moody’s Investor Services	Cynthia Pierce Partner-in-Charge, Higher Education and Not-for-Profit Industry Practice, Crowe Horwath LLP

The members will be joined by participating observers representing the National Association of State Charity Officials (Dena Markowitz, audit division chief of the Pennsylvania Bureau of Charitable Organizations) and the American Institute of Certified Public Accountants (Joel Tanenbaum, the technical manager who supports the AICPA’s Not-for-Profit Expert Panel).

The FASB anticipates the NAC will meet in public sessions two or three times per year.

“The members of the NAC are an impressive group who individually and collectively bring extensive professional and volunteer experience in, and tremendous dedication to, the not-for-profit sector,” states FASB Assistant Director Jeff Mechanick, who will serve as the NAC’s chair. “They will significantly enrich the two-way communication with the not-for-profit sector that is so important to the Board’s and staff’s ability to identify and address the sector’s needs and concerns during the FASB’s standard-setting activities.”

“I am very pleased that we have been able to create this important addition to our roster of advisory groups,” states FASB Member Larry Smith, who will serve as the NAC’s Board liaison. “I have had a long-standing appreciation for and involvement in the sector, and look forward to the input that the NAC will be providing to our standard-setting efforts.”

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.