NEWS RELEASE 12/08/08

The Financial Accounting Foundation Reappoints Robert H. Attmore to a Second Term as GASB Chairman, and Appoints Michael D. Belsky to GASB

Norwalk, CT, December 8, 2008—The Financial Accounting Foundation (FAF) today announced that Robert H. Attmore has been elected to a second five-year term as chairman of the Governmental Accounting Standards Board (GASB) beginning July 1, 2009. The Foundation also announced that Michael D. Belsky, mayor of Highland Park, Illinois, and most recently a senior executive at Fitch Ratings in Chicago, has been named to the GASB. The appointments were made by the FAF Board of Trustees, which oversees the activities of the GASB and Financial Accounting Standards Board (FASB).

Robert Denham, FAF chairman stated, “Bob’s expert leadership of the GASB has been key to the Board’s ongoing success in establishing standards that result in more transparent, high-quality financial reporting by state and local governments. The FAF Trustees believe he is the right person to continue to lead the GASB during these challenging economic times, when transparency and accountability to citizens and taxpayers by their state and local governments are more critical than ever.”

Mr. Attmore was appointed to his first term as chairman of the GASB on July 1, 2004. Prior to his appointment, Mr. Attmore worked for New York State for more than 23 years, including serving as deputy state comptroller from 1986 until 2003. As deputy comptroller, Bob functioned as the de facto state auditor and had the responsibility of overseeing day-to-day financial services and accounting and financial reporting operations for the state. He began his work in government serving as the director of Internal Audit for a large state agency, after having spent eight years with the accounting firm Deloitte Haskins & Sells in New York City.

Regarding Mr. Belsky’s GASB appointment, Mr. Denham said, “On behalf of the FAF Board of Trustees, I am pleased to welcome Michael Belsky as the newest member of the GASB. His years of experience in the municipal bond industry as a financial statement user and his extensive knowledge of governmental financial issues will be extremely valuable to the Board in its mission to assure high-quality reporting standards.”

Mr. Belsky begins his term with the GASB December 31, 2008, when he will become one of six part-time members serving on the seven-member Board. His term extends until June 30, 2013.

Since 2003, Mr. Belsky has served as mayor of Highland Park, Illinois, which operates with a “city manager” form of government. During the past fifteen years Mr. Belsky also worked in senior management with Fitch Ratings. Earlier in his career, he was a senior vice president at Mesirow Financial, a Chicago-based regional investment banking firm where he established and managed a full-service public finance division. He is currently a member of the Society of Municipal Bond Analysts and the Government Finance Officers Association, and serves on the Board of Directors of the Municipal Bond Club of Chicago.

About the Financial Accounting Foundation

The FAF is 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). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.

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 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.