NEWS RELEASE 04/26/07

Financial Accounting Foundation Appoints Girard Miller and Jan I. Sylvis to Governmental Accounting Standards Board

Norwalk, CT, April 26, 2007—Robert J. DeSantis, president and chief operating officer of the Financial Accounting Foundation (FAF) today announced that the FAF Board of Trustees has appointed Girard Miller, CFA, and Jan I. Sylvis, CPA, to five-year terms as members of the Governmental Accounting Standards Board (GASB) beginning July 1, 2007. Mr. Miller previously served as president of Janus Funds and chief operating officer of Janus Capital Group, a leading global asset manager. Ms. Sylvis currently is the chief of accounts for Tennessee’s department of finance & administration, where she functions as state controller.

Mr. Miller and Ms. Sylvis will succeed Cynthia Green and Edward Mazur, respectively, on the GASB. Both Ms. Green and Mr. Mazur will complete the maximum ten-year term for GASB members on June 30, 2007.

"We are very pleased to appoint Girard Miller and Jan Sylvis to the GASB,” said Robert E. Denham, chairman of the Financial Accounting Foundation Board of Trustees. “A nationally recognized authority on public finance and investment of public funds, Girard Miller brings a wealth of experience and invaluable perspective to the GASB as a user of financial statements. Likewise, I am confident that Jan Sylvis’ extensive track record and knowledge base in state and local government financial accounting and reporting—demonstrated through her fine work for the State of Tennessee and by her role as president of the National Association of State Auditors, Comptrollers & Treasurers—will serve the GASB and its constituents very well.”

Girard Miller

Girard Miller served as president of Janus Funds and chief operating officer of Janus Capital Group from 2003 to 2006. In this capacity he was responsible for all Janus mutual funds including tax-exempt funds and the oversight of their research functions. Mr. Miller led Janus Capital through its successful reorganization and turnaround, including the establishment of new internal controls and the firm’s leadership development and corporate ethics initiatives.

Prior to joining Janus, Mr. Miller was president and CEO of Vantagepoint Mutual Funds and VantageTrust Company, and their parent, the ICMA Retirement Corporation. He also served as senior vice president–government markets with Fidelity Investments, helping to launch that firm’s national public funds business in 1987. From 1981 to 1987 Mr. Miller was director of the technical services center of the Government Finance Officers Association where he was an author of numerous publications for state and local government finance officers and trained thousands of state and local officials in investment management and budgetary documentation.

A Chartered Financial Analyst, Mr. Miller has also served in a number of local government management positions. He holds a bachelor of arts degree in political economy from the University of Washington, a master of arts degree in economics from Wayne State University, and a master of public administration degree from the Maxwell School at Syracuse University. He is a fellow of the National Academy of Public Administration.

Jan I. Sylvis

Jan I. Sylvis has served as Tennessee’s chief of accounts since 1995, functioning as the state’s controller. In this capacity, she manages operations that maintain Tennessee’s centralized accounting system, prepares the state’s financial statements, develops accounting policy, and provides leadership in the state’s financial management. Ms. Sylvis has held senior financial accounting positions within the state of Tennessee since 1979, including serving as director of auditing and consulting services.

She currently is president of the National Association of State Auditors, Comptrollers & Treasurers, the leading organization for state officials who deal with the financial management of state government. Ms. Sylvis also has held numerous leadership positions within other industry and professional organizations. She served as president of the National Association of State Controllers, and on the American Institute of Certified Public Accountants Government and Not-for-Profit panel.

A certified public accountant and author of numerous essays about government financial matters, Ms. Sylvis holds a bachelor’s degree in business administration from Memphis State University.

"We are pleased that Girard and Jan have accepted the Foundation’s offer to join the GASB," said Mr. DeSantis. "The FAF conducted a thorough and rigorous search for these new members. They met all of our criteria and were selected from a group of highly qualified candidates."


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 also is 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 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.