NEWS RELEASE 03/08/06

Cynthia B. Green and Richard C. Tracy Reappointed to Governmental Accounting Standards Board

Norwalk, CT, March 8, 2006—Robert E. Denham, Chairman of the Financial Accounting Foundation (FAF) Board of Trustees today announced that Cynthia B. Green and Richard C. Tracy have been reappointed to the Governmental Accounting Standards Board (GASB) effective July 1, 2006.

“The Trustees are very pleased to announce the reappointments of Cindy Green and Dick Tracy to the GASB,” said Chairman Denham. “Both Cindy and Dick have been instrumental to the GASB’s success in establishing and improving standards of accounting and financial reporting that foster the accountability of state and local governments.”

Cynthia B. Green

Cynthia B. Green joined the GASB on July 1, 1997. She was formerly Vice President for State Studies with the Citizens Budget Commission, a watchdog organization devoted to influencing constructive change in the governments of New York City and New York State. She is a member of the Dean’s College of Human Ecology Advisory Council at Cornell University and previously served on the Governmental Accounting Standards Advisory Council (GASAC). Ms. Green holds a bachelor’s degree from Cornell University, a master’s degree from Milano The New School for Management and Urban Policy, and a doctorate from New York University.

Richard C. Tracy

Richard C. Tracy joined the GASB July 1, 1999. He retired in 2005 as Director of Audits for the city of Portland, Oregon. He previously served as an Audit Manager with the California State Auditor’s Office. Mr. Tracy is also a past Chairman of the U.S. Comptroller General’s Advisory Council on Governmental Auditing Standards. He formerly served on the GASB’s Task Force on Service Efforts and Accomplishments and the Government Finance Officer Association’s CAAFR Committee. He holds bachelor’s degrees from Arizona State University and the American Graduate School of International Management and a master’s degree from Golden Gate University.

Robert J. DeSantis, President and Chief Operating Officer of the FAF noted that Ms. Green has been reappointed to a one year term, bringing her total tenure at the GASB to the maximum ten years and that Mr. Tracy has been reappointed to a three year term, which will extend his years of service as a GASB member to the maximum ten years.


About the Financial Accounting Foundation

The Trustees of the Financial Accounting Foundation (FAF) are responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). For more information on the organizations it oversees, visit the Foundation’s websites at www.fasb.org and www.gasb.org.

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 prepares and auditors of government financial statements, users of those statements, and members of the academic community. More information about both the GASAC and the GASB can be found at the GASB’s website www.gasb.org.