Financial Accounting Foundation
Public records show a registered, tax-exempt organization in good standing.
What it says it does
Establish and improve high-quality financial accounting and reporting standards that provide information useful in decision making to investors and other users of financial reports and improving all stakeholders' understanding of those standards and preparers' ability to implement them effectively.
- Income
- $74.9 million
- Spending
- $75.0 million
- Spent on programs
- 78%
- Reserves
- 16.2 months of spending
- Largest source of income
- other income, 94%
- Employees
- 181
- Volunteers
- 175
- Highest pay
- $1.5 million, chair, fasb
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Good: 79 out of 100. Higher than 56% of charities in its peer group (public benefit, $10m to $100m).
Reserves
35 of 35Spendable reserves would cover 16.2 months of spending.
Debt
16 of 20It owes 23% of what it owns.
Living within its means
8 of 15Spending exceeded income by 0% of income.
Income trend
5 of 15Income fell 13% on the year before.
Spending floor
15 of 1578% of spending went to programs.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 44% of charities in its peer group (public benefit, $10m to $100m).
Independent board
25 of 2517 of 17 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (3)
- $38.3 million spent. FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) AND 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 ESTABLISHES AND IMPROVES STANDARDS OF FINANCIAL ACCOUNTING AND REPORTING THAT FOSTER FINANCIAL REPORTING FOR NONGOVERNMENTAL ENTITIES THAT PROVIDES DECISION-USEFUL INFORMATION TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS. THE FINANCIAL ACCOUNTING FOUNDATION (FAF) SUPPORTS AND OVERSEES THE FASB. THE FOLLOWING ARE SOME SPECIFIC ACCOMPLISHMENTS AND INITIATIVES IN 2025 RELATED TO SPECIFIC AGENDA ITEMS AND IMPROVING GAAP IN GENERAL. HOWEVER, FOR A COMPLETE AND DETAILED PICTURE OF THE WORK OF THE FASB, INCLUDING CURRENT AND COMPLETED PROJECTS, EXPECTED TIMING, AND OTHER INFORMATION, PLEASE VISIT FASB.ORG. IN ADDITION, THE FAF ANNUAL REPORT PROVIDES A HIGHLIGHT OF FASB'S 2025 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE THE DECISION-USEFULNESS OF INFORMATION PROVIDED TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS, ISSUING TWELVE FINAL ACCOUNTING STANDARDS UPDATES (ASU) AND THREE PROPOSED ASUS, THE FASB STAFF ISSUED INVITATIONS TO COMMENT TO SOLICIT INPUT FROM STAKEHOLDERS ON THE AGENDA CONSULTATION. THE PRIVATE COMPANY COUNCIL (PCC) CONTINUES ITS WORK WITH IMPROVEMENTS THAT ADDRESS THE NEEDS OF USERS OF PRIVATE COMPANY FINANCIAL STATEMENTS AND ADVISED THE FASB DURING 2025 ON A NUMBER OF ASUS AND PROPOSED ASUS. THE FASB CONTINUED WITH THE DEVELOPMENT OF THE GAAP FINANCIAL REPORTING TAXONOMY (TAXONOMY) FOR EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL). THE FASB CONDUCTED EXTENSIVE OUTREACH AND OTHER COMMUNICATIONS WITH STAKEHOLDERS, INCLUDING NUMEROUS MEETINGS WITH USERS, PREPARERS, LIAISON GROUPS, AUDITORS, AND OTHER STAKEHOLDERS. OUTREACH ACTIVITIES ALSO INCLUDED VARIOUS COMMUNICATIONS AND OTHER ACTIVITIES INCLUDING: FASB MEMBERS AND STAFF DELIVERED SPEECHES AT 135 DIFFERENT EVENTS DURING THE YEAR; 55 PRESS RELEASES, MEDIA ADVISORIES, AND MEETING RECAPS WERE ISSUED ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES, WITH ACCOMPANYING SOCIAL MEDIA; 11 EDUCATIONAL WEBCASTS AND VIDEOS WERE PROVIDED, AND 22 MEETINGS WERE HELD WITH NATIONAL AND INTERNATIONAL STANDARD SETTERS. THE FASAC, WHICH COMPRISES 36 VOLUNTEER MEMBERS (WITH THE EXCEPTION OF ITS CHAIR, WHO IS COMPENSATED) REPRESENTING A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS, MET FOUR TIMES IN 2025. 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, THE SMALL BUSINESS ADVISORY COMMITTEE, AND THE EMERGING ISSUES TASK FORCE ALL HELD MEETINGS IN 2025 TO SUPPORT THE EFFORTS OF THE FASB.
- $12.4 million spent. 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 2025 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2025. IN 2025, GASB ISSUED ONE FINAL STATEMENTS (Statement No. 105, Subsequent Events) which was developed to improve the description and requirements of subsequent events so the standard can be more consistently applied. 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). GASB MEMBERS AND STAFF DELIVERED SPEECHES AT 92 DIFFERENT CONFERENCES DURING THE YEAR. THE GASB ISSUED 15 MEDIA ADVISORIES DURING THE YEAR. IN ADDITION, TWEETS WERE SENT ON A VARIETY OF GASB STANDARD SETTING ACTIVITIES AND THE GASB OFFERED 13 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 2025, THE GASAC HELD THREE MEETINGS.
- $7.8 million spent. PUBLISHING AND LICENSING REPRESENTS THE DISTINCT ACTIVITIES OF CONTENT OPERATIONS, PRODUCING AND DISTRIBUTING THE FASB AND GASB STANDARD-SETTING MATERIALS. THIS INCLUDES PRODUCING AND DISTRIBUTING INDIVIDUAL EXPOSURE DRAFTS AND FINAL PRONOUNCEMENTS, UPDATES TO THE FASB CODIFICATION, AND GASB GOVERNMENTAL ACCOUNTING RESEARCH SYSTEM (GARS), AS WELL AS MANAGING THE PLATFORMS, INFORMATION ARCHITECTURE, PROCESSES, AND TOOLS SUPPORTING CONTENT OPERATIONS. THE FAF LICENSES THE CONTENT OF THE FASB ACCOUNTING STANDARDS CODIFICATION (FASB CODIFICATION) AND GASB MATERIALS TO COMMERCIAL PUBLISHERS AND OTHERS FOR SPECIFIC USES.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since September 1972.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.
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