Financial Accounting Foundation is located in Norwalk, CT. The organization was established in 1972. According to its NTEE Classification (W19) the organization is classified as: Support N.E.C., under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Financial Accounting Foundation employed 174 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Financial Accounting Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Financial Accounting Foundation generated $61.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $56.7m during the year ending 12/2021. While expenses have increased by 0.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE FINANCIAL ACCOUNTING FOUNDATION (FAF) IS TO ESTABLISH AND IMPROVE FINANCIAL ACCOUNTING AND REPORTING STANDARDS, TO PROVIDE USEFUL INFORMATION TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS AND TO EDUCATE STAKEHOLDERS ON HOW TO MOST EFFECTIVELY UNDERSTAND AND IMPLEMENT THOSE STANDARDS. THE FAF, ORGANIZED IN 1972, IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION RESPONSIBLE FOR THE OVERSIGHT, ADMINISTRATION, FINANCING AND APPOINTMENT OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) AND THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB), WHICH WERE ESTABLISHED TO PERFORM DISTINCT FUNCTIONS IN THE PROCESS OF ESTABLISHING AND IMPROVING FINANCIAL ACCOUNTING AND REPORTING STANDARDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL (FASAC)ESTABLISHED IN 1973, THE FASB IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION, BASED IN NORWALK, CONNECTICUT, THAT ESTABLISHES FINANCIAL ACCOUNTING AND REPORTING STANDARDS FOR PUBLIC AND PRIVATE COMPANIES AND NOT-FOR-PROFIT ORGANIZATIONS THAT FOLLOW GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). THE FASB IS RECOGNIZED BY THE SECURITIES AND EXCHANGE COMMISSION AS THE DESIGNATED ACCOUNTING STANDARD SETTER FOR PUBLIC COMPANIES. FASB STANDARDS ARE RECOGNIZED AS AUTHORITATIVE BY MANY OTHER ORGANIZATIONS, INCLUDING STATE BOARDS OF ACCOUNTANCY AND THE AMERICAN INSTITUTE OF CPAS (AICPA). THE FASB DEVELOPS AND ISSUES FINANCIAL ACCOUNTING STANDARDS THROUGH A TRANSPARENT AND INCLUSIVE PROCESS INTENDED TO PROMOTE FINANCIAL REPORTING THAT PROVIDES USEFUL INFORMATION TO INVESTORS AND OTHERS WHO USE FINANCIAL REPORTS. THE FINANCIAL ACCOUNTING FOUNDATION (FAF) SUPPORTS AND OVERSEES THE FASB. THE FOLLOWING ARE SOME SPECIFIC ACCOMPLISHMENTS AND INITIATIVES IN 2021 RELATED TO THESE AGENDA ITEMS AND IMPROVING GAAP IN GENERAL. HOWEVER, FOR A COMPLETE AND DETAILED PICTURE OF THE WORK OF THE FASB, CURRENT AND COMPLETED PROJECTS, TIMETABLES AND OTHER INFORMATION, PLEASE VISIT FASB.ORG. IN ADDITION, THE FAF ANNUAL REPORT PROVIDES A HIGHLIGHT OF FASB'S 2021 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG.THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE ASPECTS OF GAAP, ISSUING 10 FINAL ACCOUNTING STANDARDS UPDATES (ASUS) IN 2021, INCLUDING ONE FOR THE PPRIVATE COMPANY COUNCIL (PCC) CONSENSUS DESCRIBED BELOW. AMONG THE MOST SIGNIFICANT OF THESE WERE: AN ASU THAT CHANGED THE ELECTION OF THE RISK-FREE RATE ALTERNATIVE FOR LEASES FOR PRIVATE COMPANIES AND NOT-FOR-PROFIT ENTITIES TO BE BY CLASS OF UNDERLYING ASSET; AN ASU THAT REQUIRED DISCLOSURES BY BUSINESS ENTITIES FOR VARIOUS GOVERNMENT GRANTS; AND AN ASU THAT PROVIDED AN ALTERNATIVE FOR PRIVATE COMPANIES AND NOT-FOR-PROFIT ENTITIES TO DO THEIR TRIGGER-BASED IMPAIRMENT TESTING OF GOODWILL AT THE END OF A REPORTING PERIOD. THE FASB ALSO ISSUED SIX PROPOSED ASUS. THE MORE SIGNIFICANT PROPOSALS RELATED TO: TROUBLED DEBT RESTRUCTURINGS AND VINTAGE LOAN DISCLOSURES; FAIR VALUE HEDGING; AND SUPPLIER FINANCE PROGRAM OBLIGATIONS. FINALLY, THE FASB ISSUED AN INVITATION TO COMMENT TO SEEK PUBLIC INPUT ON THE FASB'S FUTURE AGENDA.THE PCC CONTINUED ITS WORK WITH IMPROVEMENTS THAT ADDRESS THE NEEDS OF PRIVATE COMPANY USERS OF FINANCIAL STATEMENTS IN THE STANDARDS DEVELOPMENT PROCESS. THEY REACHED A CONSENSUS ON A PRACTICAL EXPEDIENT FOR PRIVATE COMPANIES IN DETERMINING THE CURRENT PRICE OF AN UNDERLYING SHARE FOR EQUITY-CLASSIFIED SHARE-BASED AWARDS. THE CONSENSUS WAS ENDORSED BY THE FASB, WHICH ISSUED AN ASU. THE PCC WAS ALSO INSTRUMENTAL IN ADVISING THE FASB ON A NUMBER OF OTHER ASUS. THE FASB CONTINUED WITH THE CONTINUED DEVELOPMENT OF THE GAAP FINANCIAL REPORTING TAXONOMY (TAXONOMY) FOR EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL). DESPITE THE ONGOING CHALLENGES RELATED TO THE COVID-19 PANDEMIC, OUTREACH AND OTHER STAKEHOLDER COMMUNICATIONS CONTINUED TO BE EXTENSIVE WITH NUMEROUS VIRTUAL MEETINGS WITH LIAISON GROUPS, REPRESENTATIVES OF USERS, PREPARERS, AND AUDITORS, AND OTHER STAKEHOLDERS. OUTREACH ACTIVITIES ALSO INCLUDES VARIOUS COMMUNICATIONS, EDUCATIONAL MATERIALS AND OTHER ACTIVITIES INCLUDING: - FASB MEMBERS AND STAFF DELIVERED SPEECHES AT 100 DIFFERENT CONFERENCES DURING THE YEAR -54 PRESS RELEASES, MEDIA ADVISORIES AND TWEETS WERE SENT ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES - 24 EDUCATIONAL WEBCASTS AND VIDEOS WERE PROVIDED- 22 MEETINGS WITH NATIONAL AND INTERNATIONAL STANDARD SETTERS THE FASAC, WHICH COMPRISES 35 VOLUNTEER MEMBERS (WITH THE EXCEPTION OF ITS CHAIR, WHO IS COMPENSATED), REPRESENT A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS, MET FOUR TIMES IN 2021. THE PRIMARY FUNCTION OF FASAC IS TO ADVISE THE FASB ON ISSUES RELATED TO PROJECTS ON THE FASB'S AGENDA, POSSIBLE NEW AGENDA ITEMS, PROJECT PRIORITIES, PROCEDURAL MATTERS THAT MAY REQUIRE THE ATTENTION OF THE FASB, AND OTHER MATTERS AS REQUESTED.FASB'S OTHER ADVISORY GROUPS, INCLUDING THE INVESTOR ADVISORY COMMITTEE, THE NOT-FOR-PROFIT ADVISORY COMMITTEE, AND THE SMALL BUSINESS ADVISORY COMMITTEE, AND THE EMERGING ISSUES TASK FORCE ALL HELD MEETINGS IN 2021 TO SUPPORT THE EFFORTS OF THE FASB.
GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB)GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL (GASAC)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 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. WHETHER SETTING NEW STANDARDS, IMPROVING EXISTING ONES, OR HELPING CONSTITUENTS TO IMPLEMENT AND UNDERSTAND THOSE STANDARDS, GASB'S AIM IS TO PROMOTE GREATER TRANSPARENCY, TO SUPPORT WELL-INFORMED DECISION MAKING, AND TO HELP USERS ASSESS A GOVERNMENT'S FINANCIAL ACCOUNTABILITY. FOR A COMPLETE AND DETAILED PICTURE OF THE WORK OF THE GASB, CURRENT AND COMPLETED PROJECTS, TIMETABLES AND OTHER INFORMATION, PLEASE VISIT GASB.ORG. IN ADDITION, THE FAF ANNUAL REPORT PROVIDES A DETAILED TIMETABLE OF GASB'S 2021 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2021. IN 2021, GASB ISSUED ONE FINAL STATEMENT (STATEMENT NO. 98, THE ANNUAL COMPREHENSIVE FINANCIAL REPORT), ONE FINAL IMPLEMENTATION GUIDE, AND FOUR EXPOSURE DRAFTS.WHILE THE MAJORITY OF ITS TIME IS DEVOTED TO DEVELOPING ACCOUNTING AND FINANCIAL REPORTING STANDARDS, THE GASB STAFF ALSO HELPS STAKEHOLDERS UNDERSTAND AND IMPLEMENT STANDARDS BY PROVIDING THEM WITH DIRECT ASSISTANCE ADDRESSING THEIR SPECIFIC FACTS AND CIRCUMSTANCES. OUTREACH AND OTHER STAKEHOLDER COMMUNICATIONS CONTINUED TO BE EXTENSIVE WITH NUMEROUS MEETINGS WITH LIAISON GROUPS AND INTERACTIONS WITH REPRESENTATIVES OF GASB'S THREE PRIMARY STAKEHOLDER GROUPS (USERS, PREPARERS, AND AUDITORS). DESPITE THE ONGOING CHALLENGES RELATED TO THE COVID-19 PANDEMIC, GASB MEMBERS AND STAFF DELIVERED VIRTUAL SPEECHES AT 100 DIFFERENT CONFERENCES DURING THE YEAR. THE GASB ISSUED 8 PRESS RELEASES AND MEDIA ADVISORIES DURING THE YEAR. IN ADDITION, TWEETS WERE SENT ON A VARIETY OF GASB STANDARD SETTING ACTIVITIES AND THE GASB OFFERED 10 EDUCATIONAL WEBCASTS AND VIDEOS. THE THIRTY-ONE MEMBER GASAC IS AN ORGANIZATION OF KNOWLEDGEABLE AND EXPERIENCED PROFESSIONALS REPRESENTING THE GASB'S VARIED STAKEHOLDERS WHO VOLUNTEER THEIR SERVICES TO WORK WITH THE GASB IN AN ADVISORY CAPACITY TO ENHANCE THE STANDARD SETTING PROCESS BY CONSULTING WITH THE GASB ON TECHNICAL ISSUES, PROJECT PRIORITIES, AND OTHER MATTERS LIKELY TO CONCERN THE GASB. IN 2021, THE GASAC HELD THREE MEETINGS.
PUBLISHING PUBLISHING REPRESENT THE DISTINCT ACTIVITIES OF PUBLISHING AND DISTRIBUTING THE FASB AND GASB STANDARD-SETTING MATERIALS. THE FAF LICENSES THE CONTENT OF THE FASB ACCOUNTING STANDARDS CODIFICATION (FASB CODIFICATION) TO COMMERCIAL PUBLISHERS AND OTHERS FOR SPECIFIC USES. THE FASB CODIFICATION ALSO IS DIRECTLY ACCESSIBLE THROUGH AN ONLINE PLATFORM AND CAN BE VIEWED EITHER THROUGH A FREE BASIC VIEW OR AS AN ANNUAL PAID SUBSCRIPTION TO THE PROFESSIONAL VIEW THAT PROVIDES ADVANCED FUNCTIONALITY AND NAVIGATION. THE FAF ALSO SELLS A BOUND EDITION OF THE FASB CODIFICATION AND PROVIDES THE FASB SUBSCRIPTION, AN ANNUAL PAID SERVICE THAT INCLUDES THE DISTRIBUTION OF PRINTED COPIES OF FASB ACCOUNTING STANDARDS UPDATES (ASUS) WHEN ISSUED. THE FAF LICENSES GASB MATERIALS TO COMMERCIAL PUBLISHERS AND OTHERS FOR SPECIFIC USES. GASB MATERIALS ARE ALSO DIRECTLY ACCESSIBLE ONLINE THROUGH THE GOVERNMENTAL ACCOUNTING RESEARCH SYSTEM (GARS). GARS ONLINE CAN BE VIEWED EITHER THROUGH A FREE BASIC VIEW OR AS AN ANNUAL PAID SUBSCRIPTION TO THE PROFESSIONAL VIEW THAT PROVIDES ADVANCED FUNCTIONALITY AND NAVIGATION. GASB MATERIALS ALSO INCLUDE THE GASB SUBSCRIPTION, AN ANNUAL PAID SERVICE THAT INCLUDES THE DISTRIBUTION OF PRINTED COPIES OF FINAL DOCUMENTS AS ISSUED. IN ADDITION, THE FAF SELLS BOUND EDITIONS OF THE GASB CODIFICATION, GASB ORIGINAL PRONOUNCEMENTS, AND THE GASB COMPREHENSIVE IMPLEMENTATION GUIDE, AS WELL AS HARD COPIES OF INDIVIDUAL PRONOUNCEMENTS, USER GUIDES, RESEARCH REPORTS, AND OTHER DOCUMENTS.THE FAF CONTINUED ITS MULTI-YEAR CONTENT, VISION, & ENABLEMENT (CVE) INITIATIVE. THE CVE INITIATIVE BEGAN WITH THE OBJECTIVE OF MODERNIZING THE PRODUCTION AND DISTRIBUTION OF FASB AND GASB STANDARDS. THE PROJECT, WHICH IS EXPECTED TO BE COMPLETED IN 2022, HAS THREE COMPONENTS: 1) FINALIZE AND OPERATIONALIZE THE ORGANIZATION'S CONTENT DISTRIBUTION STRATEGY, 2) IMPLEMENT A NEW PUBLISHING PLATFORM, AND 3) ENABLE MORE STREAMLINE BUSINESS PROCESS TO SUPPORT OUR CONTENT CREATION, PRODUCTION, AND DISTRIBUTION.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Richard R Jones Chair, Fasb | Officer | 40 | $1,203,025 |
James L Kroeker Fasb Member | Officer | 40 | $1,052,496 |
Gary R Buesser Fasb Member | 40 | $944,405 | |
Marsha L Hunt Fasb Member | 40 | $937,834 | |
Christine Ann Botosan Fasb Member | 40 | $936,588 | |
Susan M Cosper Fasb Member | 40 | $921,317 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Deloitte Consulting It Consultant | 12/30/21 | $4,154,973 |
Sdl Inc It Services | 12/30/21 | $536,600 |
Ovitas It Consultant | 12/30/21 | $1,207,954 |
Desrosier Of Greenwich It Consultant | 12/30/21 | $694,501 |
Ssi (Us) Inc Placement Fees | 12/30/21 | $513,555 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
Total Program Service Revenue | $0 |
Investment income | $696,866 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $5,218 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | -$69,334 |
Miscellaneous Revenue | $0 |
Total Revenue | $61,650,481 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $6,364,665 |
Compensation of current officers, directors, key employees. | $2,972,467 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $30,185,209 |
Pension plan accruals and contributions | $2,410,199 |
Other employee benefits | $3,385,904 |
Payroll taxes | $1,621,555 |
Fees for services: Management | $0 |
Fees for services: Legal | $94,206 |
Fees for services: Accounting | $244,056 |
Fees for services: Lobbying | $260,000 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $2,484,985 |
Advertising and promotion | $0 |
Office expenses | $762,856 |
Information technology | $4,194,528 |
Royalties | $0 |
Occupancy | $2,160,932 |
Travel | $37,079 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $269,379 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $747,364 |
Insurance | $237,627 |
All other expenses | $0 |
Total functional expenses | $56,657,763 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $6,441,193 |
Savings and temporary cash investments | $9,278,774 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $8,847,781 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $931,049 |
Net Land, buildings, and equipment | $13,883,548 |
Investments—publicly traded securities | $62,501,528 |
Investments—other securities | $3,271,588 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $809,628 |
Total assets | $105,965,089 |
Accounts payable and accrued expenses | $7,212,328 |
Grants payable | $0 |
Deferred revenue | $6,651,559 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $0 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $8,455,431 |
Total liabilities | $22,319,318 |
Net assets without donor restrictions | $83,645,771 |
Net assets with donor restrictions | $0 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $105,965,089 |
Organization Name | Assets | Revenue |
---|---|---|
Financial Accounting Foundation Norwalk, CT | $105,965,089 | $61,650,481 |
Lafp Orlando Inc Boston, MA | $80,676,734 | $6,086,314 |
Independence Northwest Center For Independent Living Of Northwest Ct Naugatuck, CT | $489,040 | $1,240,641 |
Friends Of The Rochester Publicmarket Inc Rochester, NY | $247,257 | $1,203,595 |
Tin Can Sailors Inc Somerset, MA | $789,447 | $591,176 |
New York Institute Of Credit New York, NY | $264,595 | $454,938 |
Finger Lakes Regionaltelecommunications Development Corp Canandaigua, NY | $4,537,806 | $518,832 |
Yonkers Larkin Garage Inc New York, NY | $10,459,598 | $585,425 |
Project Home Again Andover, MA | $210,672 | $429,831 |
New York Legislative Service Inc New York, NY | $200,986 | $313,008 |
United Community Center Of Westchester New Rochelle, NY | $330,164 | $240,452 |
Elite Meet Inc Marlborough, CT | $113,134 | $259,797 |