NEWS RELEASE 01/13/11

Financial Accounting Foundation Appoints Thomas J. Weyl to Represent the Investment Company Institute on the Governmental Accounting Standards Advisory Council

Norwalk, CT, January 13, 2011—The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Thomas J. Weyl as a member of the Governmental Accounting Standards Advisory Council (GASAC), effective January 1. The GASAC is responsible for advising the Governmental Accounting Standards Board (GASB) on technical issues, project priorities, and other matters that affect standard setting for state and local governments’ accounting and financial reporting.

Mr. Weyl is vice president and director of municipal research at Eaton Vance Management, which provides investment solutions to institutions and individuals. Prior to joining Eaton Vance in 1995, Mr. Weyl worked as a corporate high-yield portfolio manager and a workout analyst for Van Kampen Merritt Investment Advisory Corporation. In addition, he has held health care finance positions with G.E. Capital, MBIA, and Smith Barney, and is a past chairman of the National Federation of Municipal Analysts.

“Tom Weyl brings a strong investor perspective to the GASAC, which is a critical component of the input GASAC members provide to the GASB on issues of importance in standard setting for state and local governments,” stated GASB Chairman Robert H. Attmore. “We look forward to obtaining Tom’s views and advice as we seek to continue to improve the information contained in government financial reports.”

Mr. Weyl was nominated to his new role by the Investment Company Institute, which was recently designated an official nominating organization of the GASAC. The Institute is the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds, and unit-investment trusts. Its core missions include encouraging adherence to high ethical standards by all industry participants; advancing the interests of funds, their shareholders, directors, and investment advisers; and promoting public understanding of mutual funds and other investment companies.

Members of the GASAC are chosen from a broad cross-section of the GASB’s state and local government constituencies, including preparers, attestors, and users of financial information. They are selected based on their professional expertise and in consideration of the need to bring a wide variety of constituent views to the table.

“On behalf of the FAF, I am pleased to welcome Tom Weyl to the GASAC,” said Teresa S. Polley, FAF president and CEO. “The input received from GASAC members is of great value to the GASB, and Tom’s investment experience and expertise will continue to enhance the feedback the GASB receives on issues being confronted by the Board.”


About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website, www.gasb.org.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Governmental Accounting Standards Board and its counterpart for the private sector, the Financial Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.