Mr. Noble is the founder of Civic Finance Associates and has over 30 years of experience in real estate and structured finance. He began his career in real estate in Philadelphia with Lanard & Axilbund, Inc., specializing in commercial and industrial sales and leasing. He then joined Radnor Industries, Ltd., where he managed in excess of one million square feet of retail property in nine states. He has acted as a principal in real estate investment and equity syndication of office buildings with Valley Forge Investment Corporation. He also worked as a Vice President of First Capitalcorp, a real estate investment company. He has a B.A. from George Washington University.

In addition to his work with CFA, Mr. Henry is an attorney and consultant whose practice largely focuses on state and local government and health care, drawing on his experience as a public finance lawyer, investment banker, and as a senior government official who has participated in the issuance of more than $4.5 billion in tax-exempt obligations. He also served as the first executive director of the Pennsylvania Intergovernmental Cooperation Authority, the state-created agency which helped the City of Philadelphia avoid bankruptcy. Ron graduated with honors from Georgetown University, and received his J.D. from the Georgetown University Law Center.

Dr. Armstrong is also the Joan E. Horngren Professor of Accounting at Stanford University,  where he teaches financial accounting. He received a B.S. from the University of Virginia, M.P.A. from the University of Texas at Austin, and a Ph.D. from the Stanford University Graduate School of Business. He is also a CPA and has worked for KPMG, LLP in their Federal Real Estate Taxation group where he specialized in partnership and REIT taxation.