News Release 02/26/19
FAF Trustees Reappoint Brian W. Caputo to GASB
Norwalk, CT—February 26, 2019—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the reappointment of Brian W. Caputo to a second term on the Governmental Accounting Standards Board (GASB). Mr. Caputo, who began serving as a member of the GASB on July 1, 2015, is the interim president of the College of DuPage in Glen Ellyn, Illinois.
The GASB is the independent, private-sector organization that sets accounting and financial reporting standards for state and local governments in the United States. The FAF is the independent, private-sector organization responsible for the oversight of the GASB and its sister standard setter, the Financial Accounting Standards Board (FASB).
Mr. Caputo’s second and final term on the Board begins July 1, 2019, and will extend through June 30, 2025.
“The Board of Trustees is pleased Brian will serve another term on the GASB,” said FAF Chairman Charles H. Noski. “His broad experience and perspective as a long-time preparer of public sector financial statements are valuable resources to the GASB.”
David A. Vaudt, GASB chairman, added, “Brian’s demonstrated versatility and extensive experience will serve the Board well on the critical issues ahead.”
After joining the College of DuPage in 2017 as vice president of administration and chief financial officer, he was elevated to interim president in January 2019.
Previously, Mr. Caputo served as chief financial officer/treasurer for the city of Aurora from 1998 to 2017, where he was responsible for developing and overseeing the execution of the city’s $400 million annual budget, preparing the comprehensive annual financial report, and managing an annual investment of public funds averaging $500 million.
Prior to that, as director of finance and treasurer of the village of Mount Prospect, Illinois, he was responsible for all aspects of the village’s financial management. Earlier in his career, Mr. Caputo served in government finance positions with the villages of Hoffman Estates and LaGrange, Illinois. He also worked as an auditor with Price Waterhouse in Chicago.
He served in the U.S. Army from 1982 to 1988 and attained the rank of Captain. Mr. Caputo then served in the U.S. Army Reserve from 1988 to 2004 and retired with the rank of Lieutenant Colonel.
He holds a bachelor’s degree from the United States Military Academy; a master’s degree in accountancy from DePaul University; a master of public administration degree from Northern Illinois University (NIU); and a Ph D in public administration, public policy, and government finance from NIU. Mr. Caputo is a certified public accountant and a certified public finance officer.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Governmental Accounting Standards BoardEstablished in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial 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 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. For more information, visit www.gasb.org.