NEWS RELEASE 03/06/06

Financial Accounting Foundation Announces Appointments to Governmental Accounting Standards Advisory Council

Norwalk, CT, March 6, 2006—Robert J. DeSantis, President and Chief Operating Officer of the Financial Accounting Foundation (FAF) today announced that the FAF Trustees have approved four appointments to the Governmental Accounting Standards Advisory Council (GASAC).

The FAF Trustees are responsible for the oversight, administration, and finances of both Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB). The Trustees are also responsible for selecting the members of Boards and their respective Advisory Councils, the GASAC and FASAC.

The new GASAC appointments include G. Robert Smith, Jr., associate professor of accounting at Middle Tennessee State University (MTSU), Eric Lupher, director of local affairs for the Citizens Research Council of Michigan, Thomas Lee, executive director of the State Retirement and Pension System of Maryland, and Susan M. Menditto, director of accounting policy for the National Association of College and University Business Officers (NACUBO).

GASAC’s twenty-nine members are primarily appointed based on nominations from GASB constituent groups and are broadly representative of the preparers, auditors, and users of state and local government financial information. The GASAC has an integral role in the process of improving standards of financial accounting and reporting of state and local government entities. An organization of knowledgeable and experienced individuals, GASAC works closely with the GASB in an advisory capacity to ensure that the views if its members are effectively communicated on a timely basis. The GASAC members provide valuable input and advice to the GASB, including constituent views regarding technical issues on the GASB’s agenda.

"We are delighted with the appointments of G. Robert Smith, Eric Lupher, Thomas Lee, and Susan Menditto," said Keith Johnson, GASAC Chairman. "Each of these appointments combines deep experience with a unique constituent perspective that enables us to advise and support the GASB as they tackle the critical issues in governmental accounting today."

G. Robert Smith, Jr.

A representative of the American Accounting Association, Dr. Robert Smith is an associate professor at MTSU and has also taught governmental and financial accounting and reporting courses at Auburn University and Texas Tech University. He is a licensed CPA in Tennessee and Alabama, and is professionally affiliated with the American Institute of Certified Public Accountants, the Tennessee Society of Certified Public Accountants, Government Finance Officers Association, and the Association of Government Accountants.

Eric Lupher

Mr. Lupher, a representative of the Governmental Research Association (GRA), has been the director of local affairs for the Citizens Research Council of Michigan (CRC) since 1989. Previously, he was the Lent Upson-Loren Miller Fellow at the CRC. Mr. Lupher has served as Treasurer of the GRA since 1995. He received a Masters of Public Administration with honors from Wayne State University and a B.A. in International Relations from Michigan State University.

Thomas Lee

Mr. Lee is a representative of the National Association of State Retirement Administrators (NASRA). He has been the executive director of the State Retirement and Pension System of Maryland since May 2003. Mr. Lee’s career has also included service in the State of Maryland as Deputy Secretary of the Department of Budget and Management, Chief Financial Officer of the State Department of Education, committee staff to the House Ways and Means Committee, and legislative budget analyst.

Susan Menditto

Ms. Menditto has been with NACUBO since August 2002. She is a certified public accountant and leads NACUBO’s efforts on accounting issues that impact higher education. A member of the organization’s Advocacy and Issue Analysis department, Susan is an expert on accounting standards, financial accounting and reporting, managerial analysis, research accounting and reporting, and tax accounting.

Other members of GASAC and their affiliations include:

John Andreason
National Conference of State Legislatures

Douglas Benton
Bond Rater

Michael A. Crawford
AICPA

Karen L. Daly
Association of Financial Guaranty Insurers

Paul L. Dion
National Association of State Budget Officers

Daniel Ebersole
Council of State Governments

Martha Garner
Healthcare Financial Management Association

William H. Hirata
National Association of Bond Lawyers

Keith Johnson
National Association of State Auditors, Comptrollers & Treasurers

Joyce L. Miller
The Bond Market Association

J. Virgil Moon
Government Finance Officers Association

Jesus Nava, Jr.
International City/County Management Association

Julie A. O’Brien
National Association of Counties

Patrick J. O’Reilly
National League of Cities

Robert M. Reardon, Jr.
Insurance Industry Investors

Anne G. Ross
National Federation of Municipal Analysts

Sharon R. Russell
Association of Government Accountants

Donna K. Starzec
American Public Power Association

Neil A. Sullivan
Association of School Business Officials International

William Voorhees
Association for Budgeting and Financial Management

David M. Walker
Government Accountability Office

Corrine Wilson
Native American Finance Officers Association

Henry S. Wulf
Member-at-Large


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.

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.