News Release 04/02/15


Norwalk, CT—April 2, 2015—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Brian W. Caputo, chief financial officer and city treasurer of the City of Aurora, Illinois, to the Governmental Accounting Standards Board (GASB).

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 term commences July 1, 2015 and, due to FAF by-law restrictions on Board member turnover in a single year, initially will extend through June 30, 2019. He will be eligible for reappointment to an additional term of five years at that time. Mr. Caputo replaces GASB member Marcia L. Taylor, whose 10 years of service on the Board concludes June 30.

“The Board of Trustees is pleased to welcome Brian to the GASB,” said FAF Chairman Jeffrey J. Diermeier. “His experience and perspective as a preparer of government financial statements will add significant value to the Board as it addresses a wide range of key issues going forward.”

David A. Vaudt, GASB chairman, added, “Brian is a dynamic individual whose expertise and insights will serve the Board well on the many important issues currently before us, including the next phase of outreach and educational activities on pensions and other postemployment benefits.”

Serving the City of Aurora since 1998, Mr. Caputo is responsible for developing and overseeing the execution of the city’s $400 million annual budget, preparing the comprehensive annual financial report, and managing annual investment of public funds averaging $500 million.

Previously, 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. Prior to that, Mr. Caputo served as assistant finance director for the Village of LaGrange, Illinois.

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 De Paul University, and a master of public administration degree from Northern Illinois University. 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

About the Governmental Accounting Standards Board

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. For more information, visit