NEWS RELEASE 05/18/10
FASB Announces Members of Not-for-Profit Advisory CommitteeNorwalk, 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:
President and CEO, The Calvert Foundation
Professor of Accounting, University of Idaho
Partner, Moss Adams LLP
Partner, Capin Crouse LLP
President and COO, Philadelphia Museum of Art
Executive VP and CFO, Jewish Federation of Metropolitan Chicago
VP & Controller, Legacy Health
Executive Director, Nonprofit Risk Management Center
Partner, Ernst & Young
VP—Membership Accountability, United Way Worldwide
Partner-in-Charge, Higher Education and Not-for-Profit Industry Practice, PricewaterhouseCoopers
COO, Better Business Bureau Wise Giving Alliance
Vice President Finance and Treasurer, University of Pennsylvania
President and CEO, Nonprofit Finance Fund
CFO, Roman Catholic Diocese of Charlotte
VP—Senior Credit Officer and Team Leader, Higher Education and Not-for-Profit Industry Practice, Moody’s Investor Services
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.