News Release 02/27/14

Financial Accounting Foundation Reappoints David E. Sundstrom to a Second Term on the GASB

Norwalk, CT, February 27, 2014—The Financial Accounting Foundation (FAF) today announced that David E. Sundstrom, Sonoma County auditor-controller and treasurer-tax collector, will serve a second term as a member of the Governmental Accounting Standards Board (GASB). His term is effective from July 1, 2014 to June 30, 2019.

The FAF is the independent, private-sector organization responsible for the oversight of the GASB and the Financial Accounting Standards Board (FASB).

“The Board of Trustees is pleased that Mr. Sundstrom will serve another term as a member of the GASB,” said FAF Chairman Jeffrey J. Diermeier. “Mr. Sundstrom’s extensive background in public sector finance and auditing has brought an important perspective to the Board, and he will continue to play a critical role in its mission to improve financial reporting for state and local governments.”

David A. Vaudt, GASB chairman, added, “David’s strong commitment to public service and interest in transparency in financial reporting provides great value to the work and mission of the GASB, and we are delighted he will continue to contribute his knowledge and insights for another term.”

Mr. Sundstrom began his first term on the GASB on July 1, 2009. In December 2011, he was appointed by the Sonoma County, California Board of Supervisors to fill the remaining term of the retired auditor-controller, treasurer-tax collector. He also serves as a trustee of the Sonoma County Employees’ Retirement System helping to oversee a $2.2 billion investment pool.

Immediately following Orange County’s bankruptcy in 1995, Mr. Sundstrom joined the county as its first director of internal audit and helped lead the county’s recovery. He then was elected as the county auditor-controller in June 1998 and was subsequently reelected for three additional four-year terms. He also was university uuditor for the California State University System from 1989 to 1996, and was campus audit manager for the University of California-Davis from 1980 to 1989.

Mr. Sundstrom received his M.B.A. in Finance-Accounting and Management Information Systems from the University of California-Davis, and his B.A. in Management from Sonoma State University.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.

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,