NEWS RELEASE 10/27/00

Green, Tracy Reappointed to Governmental Accounting Standards Board

Norwalk, CT, October 27, 2000—Cynthia B. Green and Richard C. Tracy were reappointed today to the Governmental Accounting Standards Board for five-year terms, effective July 1, 2001. Dr. Green, former vice president for state studies of New York's Citizens Budget Commission, has been a member of the GASB since July 1997. Mr. Tracy, director of audits for the City of Portland, Oregon, was first appointed to the GASB effective July 1999, to complete the balance of the term of a former member.

The GASB is responsible for setting standards of financial accounting and reporting for state and local governments. Members of the GASB are appointed by the Trustees of the Financial Accounting Foundation, which is also responsible for overseeing and funding the Board. The Trustees have the same responsibilities with regard to the Financial Accounting Standards Board.

"The Trustees of the Financial Accounting Foundation are pleased to reappoint Cindy and Dick," said Manuel H. Johnson, who is chairman and president of the Foundation. "Both Board members have been outstanding contributors to the GASB. We have no doubt that the Board will continue to benefit from their active involvement for years to come."

Dr. Green joined the staff of the Citizens Budget Commission in 1983. The 68-year-old watchdog organization is devoted to influencing constructive change in the governments of New York City and New York State. From 1992 to 1998 she was the Commission's vice president for state studies. She is a member of the board of New York's Statewide Youth Advocacy, Inc., a member of the Governmental Research Association, and she previously served on the GASB's Advisory Council. Dr. Green holds a doctorate in public administration from the Robert F. Wagner School of Public Service at New York University, a masters of urban affairs and policy analysis from the New School University in New York, and a bachelor's degree from Cornell University.

Mr. Tracy has been director of audits for the City of Portland, Oregon, since 1983. He has been an adjunct professor at Portland State University for eight years. Before joining the city, he was an audit manager for the Office of the California Auditor General. Mr. Tracy served as the chair of the U.S. General Accounting Office's Advisory Council on Government Auditing Standards and is the former president of the National Association of Local Government Auditors. He previously served as a member of the Government Finance Officers Association's Committee on Accounting, Auditing, and Financial Reporting. Mr. Tracy holds a bachelor's degree from Arizona State University and a master's degree from Golden Gate University.