Michael Belsky Resigns from the Governmental Accounting Standards Board

Norwalk, CT, October 6, 2011—Michael Belsky, one of six part-time members of the Governmental Accounting Standards Board (GASB), has submitted his resignation, effective Friday, October 7. Mr. Belsky has accepted a position with an investment advisory firm active in the municipal bond business that also works directly with government agencies and institutions.

The resignation was announced by the Financial Accounting Foundation (FAF), the independent, private-sector organization that is responsible for the oversight, administration, and finances of the GASB and the Financial Accounting Standards Board (FASB). The GASB sets U.S. accounting standards for state and municipal governments.

Because of their part-time status, GASB members are permitted to hold other positions while serving on the Board. However, they are barred from employment that may create or may appear to create a conflict of interest with their Board responsibilities.

“I was honored to have served as a GASB member and appreciate the public trust afforded the GASB and its members to conduct their standard-setting activities with independence and objectivity,” said Belsky, a former mayor of Highland Park, Illinois. “I have found that with this new position, I could not assure myself or the Foundation that my employment would not present conflicts of interests with my obligations to the GASB. Accordingly, I have made the decision to leave the GASB.”

“Michael’s extensive background as both an elected official and a bond market analyst enabled him to bring both perspectives to his contributions to the Board,” said John J. Brennan, chairman of the Board of Trustees of the FAF. “However, we understand and respect his decision to step down from his part-time role at the GASB. We are grateful for his contributions to the GASB and wish him the best in his future endeavors.”

Robert H. Attmore, chairman of GASB, added, “Michael brought his rich experience and deep understanding of governmental finance to his service on the GASB. We will miss his valued contributions and informed perspectives as both a preparer and 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

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Governmental Accounting Standards Board and its counterpart for the private sector, the Financial Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.