NEWS RELEASE 07/14/08

Girard Miller to Resign from Governmental Accounting Standards Board

Departure Will Avoid Any Potential Conflicts of Interest as Miller Assumes a New Public Sector Consulting Position

Norwalk, CT, July 14, 2008—Robert E. Denham, chairman of the Financial Accounting Foundation (FAF) Board of Trustees, today announced that Girard Miller, one of six part-time members of the Governmental Accounting Standards Board (GASB) is resigning from the Board, effective July 31, 2008, to accept a senior strategic consulting position in the private sector.

The FAF is responsible for the oversight, administration, and finances of the GASB and the Financial Accounting Standards Board (FASB) and selecting their members.

Although part-time GASB members are able to hold other employment positions while serving on GASB, the organization's code of conduct and ethical policies require that they avoid activities which may create the appearance of losing personal independence or objectivity or affect the confidence of the public in the integrity, independence, or objectivity of the GASB.

Because Miller's future work could potentially overlap with GASB initiatives, Mr. Miller suggested his resignation from GASB was appropriate, and the FAF concurred with his decision.

"I was honored to serve as a GASB member and, in the right circumstances, it would have been great to serve two organizations," said Girard Miller. "But given the high public confidence in GASB and its unquestioned integrity in avoiding the appearance of any conflict from its members, my decision to leave was difficult—but the best for all."

"Girard's tremendous user-based background, government experience, and expertise enabled him to make significant contributions to the GASB Board," said Robert Denham. "However, we understand and respect his thoughtful and highly ethical decision to step down from his part-time role at GASB in light of his new affiliation. We wish him the best in his future endeavors."

Robert Attmore, chairman of GASB, added, "Girard came to the GASB with a rich and diverse background, including involvement with ethics initiatives, so his decision to leave because of a desire to pursue another outside opportunity that could raise questions about an appearance of conflicts came instinctively. We will miss his valued contributions and informed perspectives as a user of government financial statements."

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.