NORWALK, Conn.--(BUSINESS WIRE)--
The Financial Accounting Foundation (FAF) today announced that David E.
Sundstrom, Sonoma County auditor-controller and treasurer-tax collector,
will serve a second term as a member of the Governmental Accounting
Standards Board (GASB). His term is effective from July 1, 2014 to
June 30, 2019.
The FAF is the independent, private-sector organization responsible for
the oversight of the GASB and the Financial Accounting Standards Board
“The Board of Trustees is pleased that Mr. Sundstrom will serve another
term as a member of the GASB,” said FAF Chairman Jeffrey J. Diermeier.
“Mr. Sundstrom’s extensive background in public sector finance and
auditing has brought an important perspective to the Board, and he will
continue to play a critical role in its mission to improve financial
reporting for state and local governments.”
David A. Vaudt, GASB chairman, added, “David’s strong commitment to
public service and interest in transparency in financial reporting
provides great value to the work and mission of the GASB, and we are
delighted he will continue to contribute his knowledge and insights for
Mr. Sundstrom began his first term on the GASB on July 1, 2009. In
December 2011, he was appointed by the Sonoma County, California Board
of Supervisors to fill the remaining term of the retired
auditor-controller, treasurer-tax collector. He also serves as a trustee
of the Sonoma County Employees’ Retirement System helping to oversee a
$2.2 billion investment pool.
Immediately following Orange County’s bankruptcy in 1995, Mr. Sundstrom
joined the county as its first director of internal audit and helped
lead the county’s recovery. He then was elected as the county
auditor-controller in June 1998 and was subsequently reelected for three
additional four-year terms. He also was university auditor for the
California State University System from 1989 to 1996, and was campus
audit manager for the University of California-Davis from 1980 to 1989.
Mr. Sundstrom received his M.B.A. in Finance-Accounting and Management
Information Systems from the University of California-Davis, and his
B.A. in Management from Sonoma State University.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances
of both the Financial Accounting Standards Board (FASB) and its
counterpart for state and local government, the Governmental Accounting
Standards Board (GASB). The Foundation is also responsible for selecting
the members of both Boards and their respective Advisory Councils.
About the Governmental Accounting Standards Board
The GASB is the independent, not-for-profit organization formed in 1984
that establishes and improves financial accounting and reporting
standards for state and local governments. Its seven members are drawn
from the Board’s diverse constituency, including preparers and auditors
of government financial statements, users of those statements, and
members of the academic community. More information about the GASB can
be found at its website, www.gasb.org.
Financial Accounting Foundation
Christine Klimek, 203-956-3459
Source: Financial Accounting Foundation