Overview
What is Financial Accounting Foundation?
The Financial Accounting Foundation (FAF) is a nonprofit organization based in Norwalk, Connecticut, responsible for establishing and enhancing financial accounting and reporting standards. The FAF oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), which set distinct functions in the process of improving financial reporting. The FASB, in turn, develops and issues accounting standards for public and private companies and not-for-profit organizations that follow generally accepted accounting principles (GAAP). The FAF supports the FASB through various projects, including those aimed at improving GAAP and addressing the needs of private company users of financial statements. Additionally, the FAF engages with stakeholders through extensive outreach activities and advisory groups, including the Financial Accounting Standards Advisory Council (FASAC).
Official website here: www.accountingfoundation.org,fasb.org,gasb.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
The Financial Accounting Foundation has achieved a high rating of 96%, reflecting strong performance in accountability and finance. This score is particularly significant as it is derived entirely from the Accountability & Finance beacon, indicating that the foundation prioritizes transparency and responsible financial management.
The organization boasts a fully independent board with 100% independent members, ensuring unbiased governance. Additionally, its financial oversight mechanisms, such as an Audit and Oversight Committee, are robust, contributing to effective management of assets and resources. The foundation's program expense ratio of approximately 79.68% further highlights its commitment to channeling funds directly toward its mission-driven activities.
While the organization has numerous strengths, it is essential for potential supporters to remain informed of ongoing practices and any future changes in leadership or financial strategies. Overall, the Financial Accounting Foundation exemplifies accountability and sound financial practices, making it a trustworthy option for donors seeking to support nonprofits.
This AI summary has been generated from information found on Charity Navigator.
Is Financial Accounting Foundation legitimate?
Financial Accounting Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Financial Accounting Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $6,735,877
Professional Fundraising Fees: $0
Other Salaries and Wages: $31,248,431
For more financial information, click here
Official website here: www.accountingfoundation.org,fasb.org,gasb.org
What is the mission statement of Financial Accounting Foundation?
The Financial Accounting Foundation (FAF) is an independent organization responsible for overseeing, administering, financing, and appointing the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), which establish and improve financial accounting and reporting standards for various entities. The FAF's mission is to provide useful financial information to investors and other users of financial reports and to educate stakeholders on implementing these standards effectively.
The FASB, established in 1973, is the independent organization that develops and issues financial accounting standards for public and private companies and not-for-profit organizations following generally accepted accounting principles (GAAP). The FASB's standards aim to promote financial reporting that provides useful information to stakeholders.
In 2022, the FASB completed several projects to improve aspects of GAAP, including eliminating certain accounting practices and enhancing disclosures. They also issued proposed changes related to reporting segment disclosures, common control leasing arrangements, joint venture formations, and investments in tax credit structures. The FASB's other advisory groups, including the Investor Advisory Committee, Not-for-Profit Advisory Committee, Small Business Advisory Committee, and the Emerging Issues Task Force, all held meetings to support the FASB's efforts.
Official website here: www.accountingfoundation.org,fasb.org,gasb.org
Who is the CEO of Financial Accounting Foundation?
John W Auchincloss is the Trustee of Financial Accounting Foundation.
Official website here: www.accountingfoundation.org,fasb.org,gasb.org
What is the revenue of Financial Accounting Foundation?
Financial Accounting Foundation's revenue in 2022 was $75,595,678.
Official website here: www.accountingfoundation.org,fasb.org,gasb.org
Who are the executives of Financial Accounting Foundation and what are their salaries?
The average compensation at Financial Accounting Foundation during 2022 was $211,024. There are 180 employees and 175 volunteers at Financial Accounting Foundation.
Here are 29 key members and their salaries:
- Compensation: $180,000
- Related: $0
- Other: $0
- Compensation: $82,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $82,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $82,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $82,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $82,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $70,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $743,968
- Related: $0
- Other: $73,935
- Compensation: $661,450
- Related: $0
- Other: $73,320
- Compensation: $528,228
- Related: $0
- Other: $74,159
- Compensation: $1,084,337
- Related: $0
- Other: $54,107
- Compensation: $1,239,878
- Related: $0
- Other: $79,953
- Compensation: $752,836
- Related: $0
- Other: $75,491
- Compensation: $972,933
- Related: $0
- Other: $96,902
- Compensation: $966,202
- Related: $0
- Other: $69,464
- Compensation: $966,483
- Related: $0
- Other: $90,353
- Compensation: $947,805
- Related: $0
- Other: $81,091
- Compensation: $979,776
- Related: $0
- Other: $72,011
Official website here: www.accountingfoundation.org,fasb.org,gasb.org
Where can I find the form 990 for Financial Accounting Foundation?
Financial Accounting Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.accountingfoundation.org,fasb.org,gasb.org
Learn more at the official website: www.accountingfoundation.org,fasb.org,gasb.org
Mission Statement of Financial Accounting Foundation
The Financial Accounting Foundation (FAF) is a private-sector organization with a mission to establish and enhance financial accounting and reporting standards. By doing so, it aims to provide valuable information to investors and other users of financial reports. The FAF, which was founded in 1972, is responsible for overseeing, financing, and appointing the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). These boards work to create and improve financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow generally accepted accounting principles (GAAP). The FASB's standards are recognized as authoritative by numerous organizations, including the Securities and Exchange Commission (SEC) and the American Institute of CPAs (AICPA). The FAF supports the FASB in its efforts to develop and issue financial accounting standards through a transparent and inclusive process, with the goal of providing useful information to those who use financial reports. In 2022, the FASB completed several projects to improve GAAP, including updating existing standards and issuing new proposals related to reportable segment disclosures, common control leasing arrangements, joint venture formations, and investments in tax credit structures. The FAF also continued its work to address the needs of private company users of financial statements in the standards development process. The organization's outreach activities included numerous meetings with liaison groups, users, preparers, auditors, and other stakeholders, as well as speeches, press releases, and educational materials.
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Impact
October, 2024
The Financial Accounting Foundation (FAF) significantly impacts the field of financial accounting and reporting by establishing and enhancing standards that provide clear and useful information to investors and other stakeholders. Through its oversight of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), the FAF ensures that accounting standards are both relevant and effective.
Since its establishment in 1972, the FAF has fostered a transparent and inclusive process for financial reporting. This approach helps in the development of standards that promote informed decision-making by users of financial reports. In 2022 alone, the FASB issued six final Accounting Standards Updates (ASUs) designed to improve various aspects of Generally Accepted Accounting Principles (GAAP), demonstrating the FAF's commitment to continuously refining the quality of financial reporting.
The FAF also plays a crucial role in soliciting public feedback, engaging with a wide array of stakeholders—including investors, preparers, and auditors—to understand their needs and incorporate their input into the standards' development process. In 2022, extensive outreach efforts included over 100 speeches at conferences and numerous communications such as press releases, educational webcasts, and advisory committee meetings, all aimed at elevating the understanding and implementation of accounting standards.
Through initiatives like the Private Company Council (PCC) and the development of the GAAP Financial Reporting Taxonomy, the FAF continues to address specific requirements and challenges faced by various sectors, thereby enhancing the overall utility of financial statements. This comprehensive engagement not only supports public and private companies but also enhances the financial reporting landscape as a whole.
This information is meant to be a general summary of Financial Accounting Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $1,014,513
- Gross Receipts: $75,744,080
Assets and Liabilities:
- Total Assets: $140,571,027
- Total Liabilities: $46,250,049
- Net Assets: $94,320,978
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Organization Details
Founding Year
1972
Phone
(203) 847-0700Principal Officer
John W Auchincloss
Main Address
801 MAIN AVENUE, NORWALK, CT, 068511127
NTEE Category
Code: W190 - Public benefit
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