FINANCIAL ACCOUNTING FOUNDATION
401 MERRITT 7 PO BOX 5116, NORWALK, CT 06856 http://ACCOUNTINGFOUNDATION.ORG,FASB.ORG,GASB.ORG

Total Revenue
$48,604,840
Total Expenses
$52,959,107
Net Assets
$74,099,739

Organizations Filed Purposes: ESTABLISH AND IMPROVE FINANCIAL ACCOUNTING AND REPORTING STANDARDS, THROUGH AN INDEPENDENT AND OPEN PROCESS, RESULTING IN FINANCIAL REPORTS THAT PROVIDE DECISION-USEFUL INFORMATION.

GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL (GASAC)ESTABLISHED IN 1984, THE GASB IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION, BASED IN NORWALK, CONNECTICUT, THAT ESTABLISHES FINANCIAL ACCOUNTING AND REPORTING STANDARDS FOR U.S. STATE AND LOCAL GOVERNMENTS THAT FOLLOW GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). THESE STANDARDS ARE RECOGNIZED AS AUTHORITATIVE BY STATE AND LOCAL GOVERNMENTS; STATE BOARDS OF ACCOUNTANCY; AND THE AMERICAN INSTITUTE OF CPAS (AICPA). THE GASB DEVELOPS AND ISSUES FINANCIAL ACCOUNTING STANDARDS THROUGH A TRANSPARENT AND INCLUSIVE PROCESS INTENDED TO PROMOTE FINANCIAL REPORTING THAT PROVIDES USEFUL INFORMATION TO TAXPAYERS, PUBLIC OFFICIALS, INVESTORS, AND OTHERS WHO USE FINANCIAL REPORTS. THE FINANCIAL ACCOUNTING FOUNDATION (FAF) SUPPORTS AND OVERSEES THE GASB. WHETHER SETTING NEW STANDARDS, IMPROVING EXISTING ONES, OR HELPING CONSTITUENTS TO IMPLEMENT AND UNDERSTAND THOSE STANDARDS, GASB'S AIM IS TO PROMOTE GREATER TRANSPARENCY, TO SUPPORT WELL-INFORMED DECISION MAKING, AND TO HELP USERS ASSESS A GOVERNMENT'S FINANCIAL ACCOUNTABILITY. THE GASB MARKED ITS 30TH YEAR IN 2014.IN 2014, GASB ISSUED EIGHT DOCUMENTS INCLUDING A CONCEPT STATEMENT, EXPOSURE DRAFTS, AND PRELIMINARY VIEWS DOCUMENTS. FOR A COMPLETE AND DETAILED PICTURE OF THE WORK OF THE GASB, CURRENT AND COMPLETED PROJECTS, TIMETABLES AND OTHER INFORMATION, PLEASE VISIT GASB.ORG. IN ADDITION, THE FAF ANNUAL REPORT PROVIDES A DETAILED TIMETABLE OF GASB'S 2014 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2014.THE GASB CONTINUED ITS OUTREACH AND EDUCATIONAL ACTIVITIES RELATED TO THE PENSION STANDARD ISSUED BY THE BOARD IN 2012, WHICH APPLIES TO FISCAL YEARS ENDING JUNE 2015. ACTIVITIES INCLUDED THE CREATION OF THE PENSION COMMUNICATION RESOURCE GROUP WHICH BRINGS TOGETHER A CROSS SECTION OF KEY STAKEHOLDER ORGANIZATIONS. THE OBJECTIVE IS TO IDENTIFY SUMMARIES, COMMENTARIES, PRESENTATIONS AND OTHER DOCUMENTS THAT CLEARLY CONVEY THE NATURE OF THE NEW PENSION STANDARDS AND WHAT THE PUBLIC CAN EXPECT FROM GOVERNMENTAL REPORTING ON PENSION PROGRAMS IN THE FUTURE. THE COMPANION PROJECT TO 2012'S PENSION STANDARDS ADDRESSES OTHER POSTEMPLOYMENT BENEFITS (OPEB). IN 2014, THE GASB ISSUED TWO EXPOSURE DRAFTS INTENDED TO SIGNIFICANTLY IMPROVE FINANCIAL REPORTING BY STATE AND LOCAL GOVERNMENTS OF OTHER POST-EMPLOYMENT BENEFITS (OPEB), WHICH RELATE MAINLY TO POST-EMPLOYMENT HEALTH CARE BENEFITS.IN 2014, THE GASB SUBSTANTIALLY COMPLETED ITS WORK ON GUIDANCE ON ACCOUNTING AND FINANCIAL REPORTING ISSUES RELATED TO FAIR VALUE MEASUREMENTS, WHICH PRIMARILY APPLIES TO INVESTMENTS MADE BY STATE AND LOCAL GOVERNMENTS. THE FINAL STATEMENT WAS ISSUED FEBRUARY 2015, AND IS EXPECTED TO BRING GREATER CONSISTENCY TO HOW GOVERNMENTS DETERMINE THE FAIR MARKET VALUE OF THEIR INVESTMENTS, ESPECIALLY THOSE FOR WHICH MARKET VALUES ARE NOT READILY AVAILABLE.WHILE THE MAJORITY OF ITS TIME IS DEVOTED TO DEVELOPING ACCOUNTING AND FINANCIAL REPORTING STANDARDS, THE GASB STAFF ALSO HELPS STAKEHOLDERS UNDERSTAND AND IMPLEMENT STANDARDS BY PROVIDING THEM WITH DIRECT ASSISTANCE ADDRESSING THEIR SPECIFIC FACTS AND CIRCUMSTANCES. OUTREACH AND OTHER STAKEHOLDER COMMUNICATIONS CONTINUED TO BE EXTENSIVE WITH NUMEROUS MEETINGS WITH LIAISON GROUPS, DIFFERENT REPRESENTATIVES OF USERS, PREPARERS, AND AUDITORS, AND OTHER STAKEHOLDERS. DURING 2014, GASB MEMBERS AND STAFF DELIVERED SPEECHES AT 86 DIFFERENT CONFERENCES DURING THE YEAR. THE GASB ISSUED 18 PRESS RELEASES, MEDIA ADVISORIES AND TWEETS ON A VARIETY OF GASB STANDARD SETTING ACTIVITIES AND OFFERED 15 EDUCATIONAL WEBCASTS AND VIDEOS. THE POST-IMPLEMENTATION REVIEW PROCESS (PIR), WHICH REVIEWS THE EFFECTIVENESS OF SIGNIFICANT STANDARDS THAT HAVE BEEN IN PLACE FOR AT LEAST TWO YEARS, CONTINUED WITH THE COMPLETION OF ONE GASB STANDARDS PROJECT. THE THIRTY-MEMBER GASAC IS AN ORGANIZATION OF KNOWLEDGEABLE AND EXPERIENCED PROFESSIONALS REPRESENTING THE GASB'S VARIED STAKEHOLDERS WHO VOLUNTEER THEIR SERVICES TO WORK WITH THE GASB IN AN ADVISORY CAPACITY TO ENHANCE THE STANDARD SETTING PROCESS BY CONSULTING WITH THE GASB ON TECHNICAL ISSUES, PROJECT PRIORITIES, AND OTHER MATTERS LIKELY TO CONCERN THE GASB. IN 2014, THE GASAC HELD THREE MEETINGS.


Executives Listed on Filing

Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing

Name Title Hours Per Week Total Salary
RUSSELL G GOLDEN CHAIRMAN, FASB 40.00 $1,056,000
LAWRENCE W SMITH FASB BOARD MEMBER 40.00 $939,047
JAMES L KROEKER VICE CHAIRMAN, FASB 40.00 $911,217
THOMAS J LINSMEIER FASB BOARD MEMBER 40.00 $884,774
R HAROLD SCHROEDER FASB BOARD MEMBER 40.00 $871,501
DARYL E BUCK FASB BOARD MEMBER 40.00 $836,838
MARC A SIEGEL FASB BOARD MEMBER 40.00 $823,472
TERESA S POLLEY PRESIDENT 40.00 $698,968
DAVID A VAUDT CHAIRMAN, GASB 40.00 $544,540
JEFFREY W RUBIN VICE PRESIDENT AND GENERAL 40.00 $437,475
JODI P DOTTORI VICE PRESIDENT AND CHIEF O 40.00 $421,216
RONALD P GUERRETTE VICE PRESIDENT 40.00 $408,836
JEFFREY J DIERMEIER TRUSTEE, CHAIRMAN 10.00 $150,000
TERI L LIST-STOLL TRUSTEE 4.00 $65,000
CAROL A JOHN DAVIDSON TRUSTEE, VICE CHAIRMAN 5.00 $65,000
WMMACK LAWHON TRUSTEE 4.00 $65,000
W DANIEL EBERSOLE TRUSTEE 4.00 $65,000
PAUL G CAMELL TRUSTEE 4.00 $65,000
MICHELLE R SEITZ TRUSTEE 4.00 $63,333
LUIS M VICEIRA TRUSTEE 3.00 $56,667
CHARLES S COX TRUSTEE 3.00 $55,000
ANN M SPRUILL TRUSTEE 3.00 $55,000
TERRY WARFIELD TRUSTEE 3.00 $55,000
ANN MARIE PETACH TRUSTEE, TREASURER 3.00 $55,000
JOHN C DUGAN TRUSTEE 3.00 $55,000
JOHN J BRENNAN TRUSTEE 4.00 $27,500
EDWARD E NUSBAUM TRUSTEE 3.00 $0
STEPHEN R HOWE JR TRUSTEE 3.00 $0
NANCY K KOPP TRUSTEE 3.00 $0
GARY H BRUEBAKER TRUSTEE 3.00 $0

data for this page was sourced from XML published by IRS (public 990 form dataset) from: https://s3.amazonaws.com/irs-form-990/201521219349301302_public.xml



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