The Board of Trustees of the Financial Accounting Foundation (FAF) is seeking nominations for an at-large Trustee. The new Trustee will be appointed to a single five-year term beginning January 1, 2024. The FAF Board of Trustees Appointments Committee recruits candidates with diverse backgrounds and experience to ensure a balance of perspectives across the entire organization. All nominations must be received by the close of business on February 17, 2022.
The Financial Accounting Foundation (FAF or Foundation), organized in 1972, is the independent, private-sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Through its standard-setting boards, the organization establishes and improves financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP - for public and private companies, not-for-profit organizations, as well as state and local governments in the United States.
The vision of the organization is to be a recognized leader in financial accounting and reporting. Its mission, through its standard-setting boards, the FASB and the GASB, is to establish and improve financial accounting and reporting standards to provide useful information to investors and users of financial reports and to educate stakeholders on how to understand and implement those standards most effectively.
The work of the FASB, the GASB, and the FAF is funded by accounting support fees, subscription and publication revenue, and investment income. The largest share of financial support comes from accounting support fees. Those fees are paid by publicly traded companies for the FASB (established under Section 109 of the Sarbanes-Oxley Act of 2002) and by municipal bond brokers and dealers for the GASB (as established under Section 978 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010).
The Foundation is a non-stock Delaware corporation that operates exclusively for charitable, educational, scientific, and literary purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code. The Foundation, the FASB, and the GASB are located in Norwalk, Connecticut. More details may be found at: www.accountingfoundation.org; www.fasb.org; and www.gasb.org.
The Foundation is governed by a Board of Trustees, an independent body of leaders with diverse personal and professional backgrounds and experience, including accounting, business, investment, capital markets, accounting and business academia, financial, government, regulatory, and investor advocate. The size of the Board is a flexible range of 14 to 18 members, and currently stands at 18 members.
The FAF Board of Trustees oversees and supports the FASB and the GASB (whose members report to the Board of Trustees) as they carry out their missions. The Trustees select and appoint the members of the FASB and the GASB and their advisory councils, the Financial Accounting Standards Advisory Council (FASAC) and the Governmental Accounting Standards Advisory Council (GASAC), respectively; oversee the FASB’s and the GASB’s activities and due process; and promote and protect the independence of the FASB and the GASB in their establishing and improving financial accounting and reporting standards. In summary, the Trustees exercise general oversight of the organization, except regarding technical decisions of the FASB and the GASB in setting standards of financial accounting and reporting, which is the sole responsibility of the standard-setting boards.
The Chair of the Foundation leads the FAF Board of Trustees, with primary responsibility to support the Trustees in the performance of their duties and responsibilities. The Chair is appointed by the Trustees, presides at all meetings of the Trustees, and reports and is responsible to the Board of Trustees. The Chair works closely with the FAF Executive Director, and the Chairs of the FASB and the GASB in the establishment and execution of the strategic goals and objectives of the Foundation. The position of FAF Chair is a non-executive role.
The Executive Director of the Foundation, who is appointed by the Trustees, is the principal executive officer of the Foundation. The Executive Director reports and is responsible to the Board of Trustees for the day-to-day management and operation of the Foundation and its administrative policies and procedures. The Executive Director also works closely with the FAF Chair in the Chair’s internal and external roles in establishing and promoting the mission of the FAF, the FASB, and the GASB.
The Foundation Executive Director, the FASB Chair, and the GASB Chair are the leadership team for the combined FAF, FASB, and GASB, fostering a tone at the top of collaboration, communication, and commitment to excellence in achievement of the entire organization’s mission and operations. The FAF Chair facilitates the collaborative relationship of the Foundation Executive Director, the FASB Chair, and the GASB Chair. The FAF Chair also facilitates the direct reporting relationships of the FASB Chair and the GASB Chair with the Board of Trustees.
The primary duties of the Trustees are:
Trustees are expected to be fully qualified as professionals from a broad array of domestic and international investor, accounting, and business organizations; financial and capital markets participants; accounting and business academicians; consumer groups; regulatory organizations; and other interested entities and persons. Trustees are expected to be dedicated to the mission of the FAF and to fulfill their responsibilities in the overall public interest. It is also expected that Trustees are prepared to give their time to becoming familiar with pertinent Foundation matters, attending Trustee meetings, and participating fully in their assigned Committee responsibilities, including attendance and participation at Committee meetings. The Board of Trustees holds regular quarterly meetings, generally in the New York metropolitan area, and holds special meetings and Committee meetings at other times and locations throughout the year as needed.
It is also expected that Trustees will become acquainted with and maintain effective communications with, among others, the Foundation’s stakeholder organizations and key personnel of the various Foundation units and, when possible, observe FASB, GASB, FASAC, GASAC, and PCC meetings. Trustees are obligated to become as well informed about Foundation matters as is necessary for competent fulfillment of their duties and responsibilities. Trustees will be provided with information and data with respect to the Foundation in advance of meetings and at other times as circumstances warrant.
In summary, a Trustee position encompasses a commitment of time that, on average, ranges from 16-20 days per year, and is somewhat dependent upon the Committee(s) to which a Trustee is assigned.
As noted above, Trustees are selected from a broad array of backgrounds, including domestic and international investment, accounting, and business organizations; financial and capital markets participants; accounting and business academicians; consumer groups; regulatory organizations; state and local government offices; and other interested entities.
The total number of Trustees ranges from 14 to 18 members, at least three of whom are designated as “Governmental Trustees.” Governmental Trustees are individuals who, in the judgment of the Board of Trustees, have experience as financial officers or as elected officials of state or local governmental entities or otherwise have extensive knowledge of governmental accounting and reporting and can contribute to advancing the purposes of the Foundation. Under FAF’s By-laws, Governmental Trustees have certain specific responsibilities with respect to GASB appointment matters as well as a general duty to bring the viewpoint and perspectives of state and local governments to the Trustees’ deliberations. The remaining Trustees are designated as “at-large Trustees” and are individuals with complementary expertise from the above-mentioned areas of experience who, in the judgment of the Board of Trustees, can contribute to advancing the purposes of the Foundation.
To maintain the vitality of the panel, mandatory turnover of members is desired and is accomplished through term limits.
The FAF is seeking to recruit one “at-large” Trustee for a five-year term that would begin on January 1, 2024. The FAF is committed to diversity and actively seeks nominations of candidates who will provide diverse personal and professional backgrounds and perspectives to the Board of Trustees.
Specifically, the FAF is seeking candidates with the following backgrounds and experience:
The Board of Trustees holds regular quarterly Trustee and Committee meetings and holds special meetings and additional committee meetings at other times and locations throughout the year as needed. The Board of Trustees has adopted the following calendar for its regular meetings in 2023 (additional Trustee Committee meetings will be scheduled as appropriate).
RSM US LLP
Members of the FAF Board of Trustees are offered an annual stipend, currently $80,000, with an additional $17,000 stipend for members serving as Committee Chairs. Travel expenses are reimbursable in accordance with FAF policies.
Persons interested in nominating themselves or others for consideration as a FAF Trustee can apply for consideration by emailing a resume and/or CV to a confidential and dedicated email address at FAF@spencerstuart.com by February 17, 2023.
The Financial Accounting Foundation (FAF or Foundation), organized in 1972, is the independent, private-sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Through its standard-setting boards, the organization establishes and improves financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP - for public and private companies, not-for-profit organizations, as well as state and local governments in the United States.
The vision of the organization is to be a recognized leader in financial accounting and reporting. Its mission, through its standard-setting boards, the FASB and the GASB, is to establish and improve financial accounting and reporting standards to provide useful information to investors and users of financial reports and to educate stakeholders on how to understand and implement those standards most effectively.
The work of the FASB, the GASB, and the FAF is funded by accounting support fees, subscription and publication revenue, and investment income. The largest share of financial support comes from accounting support fees. Those fees are paid by publicly traded companies for the FASB (established under Section 109 of the Sarbanes-Oxley Act of 2002) and by municipal bond brokers and dealers for the GASB (as established under Section 978 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010).
The Foundation is a non-stock Delaware corporation that operates exclusively for charitable, educational, scientific, and literary purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code. The Foundation, the FASB, and the GASB are located in Norwalk, Connecticut. More details may be found at: www.accountingfoundation.org; www.fasb.org; and www.gasb.org.
The Board of Trustees
The Foundation is governed by a Board of Trustees, an independent body of leaders with diverse personal and professional backgrounds and experience, including accounting, business, investment, capital markets, accounting and business academia, financial, government, regulatory, and investor advocate. The size of the Board is a flexible range of 14 to 18 members, and currently stands at 18 members.
The FAF Board of Trustees oversees and supports the FASB and the GASB (whose members report to the Board of Trustees) as they carry out their missions. The Trustees select and appoint the members of the FASB and the GASB and their advisory councils, the Financial Accounting Standards Advisory Council (FASAC) and the Governmental Accounting Standards Advisory Council (GASAC), respectively; oversee the FASB’s and the GASB’s activities and due process; and promote and protect the independence of the FASB and the GASB in their establishing and improving financial accounting and reporting standards. In summary, the Trustees exercise general oversight of the organization, except regarding technical decisions of the FASB and the GASB in setting standards of financial accounting and reporting, which is the sole responsibility of the standard-setting boards.
The Chair of the Foundation leads the FAF Board of Trustees, with primary responsibility to support the Trustees in the performance of their duties and responsibilities. The Chair is appointed by the Trustees, presides at all meetings of the Trustees, and reports and is responsible to the Board of Trustees. The Chair works closely with the FAF Executive Director, and the Chairs of the FASB and the GASB in the establishment and execution of the strategic goals and objectives of the Foundation. The position of FAF Chair is a non-executive role.
The Executive Director of the Foundation, who is appointed by the Trustees, is the principal executive officer of the Foundation. The Executive Director reports and is responsible to the Board of Trustees for the day-to-day management and operation of the Foundation and its administrative policies and procedures. The Executive Director also works closely with the FAF Chair in the Chair’s internal and external roles in establishing and promoting the mission of the FAF, the FASB, and the GASB.
The Foundation Executive Director, the FASB Chair, and the GASB Chair are the leadership team for the combined FAF, FASB, and GASB, fostering a tone at the top of collaboration, communication, and commitment to excellence in achievement of the entire organization’s mission and operations. The FAF Chair facilitates the collaborative relationship of the Foundation Executive Director, the FASB Chair, and the GASB Chair. The FAF Chair also facilitates the direct reporting relationships of the FASB Chair and the GASB Chair with the Board of Trustees.
Position Summary
The primary duties of the Trustees are:
- To monitor, on an ongoing basis, the activities of the FASB and the GASB and their due process practices, policies and procedures, including agenda setting, solicitation and consideration of public comments, post-implementation evaluation of the effectiveness and efficiency of their standards and standard-setting activities, and their performance within the context of their mission statements.
- To appoint the Chairs and members of the FASB, FASAC, GASB, GASAC, Private Company Council (PCC), and FAF Board of Trustees.
- To approve the short- and longer-range strategic plans of the Foundation, the FASB, and the GASB, and review the progress in implementing such plans.
- To advocate publicly (such as with regulators and legislative bodies) on behalf of the independent standard-setting process.
- Serve as leaders and collaborators on issues and trends affecting financial accounting and reporting standard-setting globally.
- To conduct periodic reviews of the structure for establishing and improving financial accounting and reporting standards in such scope and at such times as the Trustees shall determine.
- To provide the FASB and the GASB with advice and counsel and maintain effective communications with, among others, the FASB, FASAC, GASB, GASAC, and PCC, and other interested persons and groups.
- To oversee the finances, arrange and advocate for appropriate resources and funding, and approve the budget of the Foundation including the annual budgets of the FAF, the FASB, and the GASB.
- To review periodically the By-Laws of the Foundation.
- To appoint committees of Trustees to effectively carry out the oversight and other responsibilities of the full Board of Trustees.
- To adopt policies in respect of personal investments and other personal activities of the members and staff of the FASB and the GASB and the FAF staff.
Trustees are expected to be fully qualified as professionals from a broad array of domestic and international investor, accounting, and business organizations; financial and capital markets participants; accounting and business academicians; consumer groups; regulatory organizations; and other interested entities and persons. Trustees are expected to be dedicated to the mission of the FAF and to fulfill their responsibilities in the overall public interest. It is also expected that Trustees are prepared to give their time to becoming familiar with pertinent Foundation matters, attending Trustee meetings, and participating fully in their assigned Committee responsibilities, including attendance and participation at Committee meetings. The Board of Trustees holds regular quarterly meetings, generally in the New York metropolitan area, and holds special meetings and Committee meetings at other times and locations throughout the year as needed.
It is also expected that Trustees will become acquainted with and maintain effective communications with, among others, the Foundation’s stakeholder organizations and key personnel of the various Foundation units and, when possible, observe FASB, GASB, FASAC, GASAC, and PCC meetings. Trustees are obligated to become as well informed about Foundation matters as is necessary for competent fulfillment of their duties and responsibilities. Trustees will be provided with information and data with respect to the Foundation in advance of meetings and at other times as circumstances warrant.
In summary, a Trustee position encompasses a commitment of time that, on average, ranges from 16-20 days per year, and is somewhat dependent upon the Committee(s) to which a Trustee is assigned.
KEY SELECTION CRITERIA
As noted above, Trustees are selected from a broad array of backgrounds, including domestic and international investment, accounting, and business organizations; financial and capital markets participants; accounting and business academicians; consumer groups; regulatory organizations; state and local government offices; and other interested entities.
The total number of Trustees ranges from 14 to 18 members, at least three of whom are designated as “Governmental Trustees.” Governmental Trustees are individuals who, in the judgment of the Board of Trustees, have experience as financial officers or as elected officials of state or local governmental entities or otherwise have extensive knowledge of governmental accounting and reporting and can contribute to advancing the purposes of the Foundation. Under FAF’s By-laws, Governmental Trustees have certain specific responsibilities with respect to GASB appointment matters as well as a general duty to bring the viewpoint and perspectives of state and local governments to the Trustees’ deliberations. The remaining Trustees are designated as “at-large Trustees” and are individuals with complementary expertise from the above-mentioned areas of experience who, in the judgment of the Board of Trustees, can contribute to advancing the purposes of the Foundation.
To maintain the vitality of the panel, mandatory turnover of members is desired and is accomplished through term limits.
The FAF is seeking to recruit one “at-large” Trustee for a five-year term that would begin on January 1, 2024. The FAF is committed to diversity and actively seeks nominations of candidates who will provide diverse personal and professional backgrounds and perspectives to the Board of Trustees.
Specifically, the FAF is seeking candidates with the following backgrounds and experience:
- An academic thought leader with deep expertise in accounting and/or finance.
- A senior leader with high-level experience in a financial regulatory role or in the executive or legislative branch of the federal government.
- Some experience with global standard setting.
- Highly regarded within his or her profession, possesses an understanding of the U.S. and global financial and capital markets, and has a strong appreciation for the importance to the markets, the investment community, and the public at large of independent standard setting for financial accounting and reporting.
- Committed to the mission of the FAF, the FASB, and the GASB, demonstrates a concern for the public interest, and has an appreciation for the varying interests and perspectives of investors and other users of financial information and the preparers and auditors of financial reports.
- Demonstrated experience as a corporate or not-for-profit board director or trustee including active governance and oversight responsibilities and committee membership.
- Be an independent thinker who can contribute to decision making while adding to the collegial and professional culture of the Board of Trustees
- Have the willingness to devote the required time to the duties and responsibilities of Board membership and have a commitment towards being well-prepared and a fully contributing member
- Have the highest level of personal and professional ethics, integrity, and values
- Have the capacity and willingness to build relationships internally and externally (including with representatives of government), and the experience to provide guidance and insight in an appropriate manner
- Be open-minded, while remaining firm, insightful, and decisive; be an engaged, enthusiastic Trustee willing to speak confidently and openly on Board matters
- Be a good fit interpersonally and professionally with other Trustees.
Meetings
The Board of Trustees holds regular quarterly Trustee and Committee meetings and holds special meetings and additional committee meetings at other times and locations throughout the year as needed. The Board of Trustees has adopted the following calendar for its regular meetings in 2023 (additional Trustee Committee meetings will be scheduled as appropriate).
| Date | Location | Event |
| Monday, February 27
Tuesday, February 28 |
Norwalk, CT | New Trustee Orientation
Committee Meetings Board of Trustees Dinner Board of Trustees Meeting Committee Meeting (if needed) |
| Monday, May 8
Tuesday, May 9 Wednesday, May 10 |
Washington, DC | Committee Meeting (if needed)
Committee Meetings Annual Dinner with Stakeholders Board of Trustees Meeting |
| Monday August 21
Tuesday, August 22 |
Virtual | Committee Meetings
Board of Trustees Dinner Board of Trustees Meeting Committee Meeting (if needed) |
| Monday, November 13
Tuesday, November 14 |
Norwalk, CT | Committee Meetings
Board of Trustees Dinner Board of Trustees Meeting Committee Meeting (if needed) |
Auditor
RSM US LLP
Board Compensation
Members of the FAF Board of Trustees are offered an annual stipend, currently $80,000, with an additional $17,000 stipend for members serving as Committee Chairs. Travel expenses are reimbursable in accordance with FAF policies.
How to apply:
Persons interested in nominating themselves or others for consideration as a FAF Trustee can apply for consideration by emailing a resume and/or CV to a confidential and dedicated email address at FAF@spencerstuart.com by February 17, 2023.