News Release 11/19/15


Norwalk, CT—November 19, 2015—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of three new members to the Governmental Accounting Standards Advisory Council (GASAC).

The new appointments include a first-time representative from the National Association of State Treasurers (NAST), which joins the GASAC as a member organization in 2016.

The newly appointed members and the stakeholder organizations that nominated them are:
  • David Lillard, Tennessee State Treasurer, representing NAST
  • James Wells, Director, Nevada Governor’s Finance Office, representing the National Association of State Budget Officers, and
  • Terri Wenck, Senior Financial Analyst, Fitch Ratings, representing bond rating agencies.
Messrs. Lillard and Wells will serve two-year terms beginning January 1, 2016, and are eligible to be reappointed for up to two additional consecutive terms. Ms. Wenck will complete the 2015–2016 term of Bernhard Fischer, who has resigned from the GASAC.

The GASAC is responsible for advising the Governmental Accounting Standards Board (GASB) on technical issues, project priorities, and other matters that affect standards setting for accounting and financial reporting by state and local governments.

Members of the GASAC represent a cross-section of the GASB’s state and local government stakeholders, including users, preparers, and auditors of financial information. GASAC members are selected on the basis of their professional expertise and the depth and variety of experience they bring to their work on the Council.

In addition to the new appointees, the FAF reappointed 12 current members of the GASAC to two-year terms:
  • Stephen Klein, National Conference of State Legislatures
  • Richard Larkin, Securities Industry and Financial Markets Association
  • Gerard Lian, Investment Company Institute
  • Lealan Miller, Association of Government Accountants
  • Sandra Moorman, American Public Power Association
  • Jacqueline Reck, American Accounting Association
  • Alan Skelton, National Association of State Auditors, Comptrollers and Treasurers
  • Daniel Smith, Association for Budgeting and Financial Management
  • Joseph Stefko, Governmental Research Association
  • Charles Tegen, National Association of College and University Business Officers
  • Glen Whitley, National Association of Counties
  • Robert Wylie, National Association of State Retirement Administrators.
Three GASAC members—Jim Reardon, GASAC Vice Chair, Barbara Flickinger, and Dominic Colafati—will complete their service at the end of December 2015.
“The FAF and the GASB are proud to welcome our new GASAC members, and look forward to their contributions that will help to inform the standards-setting process for state and local governments,” said FAF President and CEO Teresa S. Polley. “We are very pleased to welcome NAST to the GASAC and look forward to a long and productive relationship. Finally, we thank Jim, Barbara, and Dominic for their commitment of time and resources—and for working toward improving financial reporting for all GASB stakeholders.”

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 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