Membership

The mission of the GASB is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports. In establishing its standards, the GASB exercises its judgment only after research, due process, and careful deliberation.

GASB standards are officially recognized as authoritative by the American Institute of Certified Public Accountants and by many laws and regulations that apply to state and local governments.

Broad-based financial support for the GASB helps ensure the independence vital to the standard-setting process. It is anticipated that funds to meet the budget will be provided by state and local governments, public accounting firms and individual practitioners, municipal securities industry investors/creditors, and foundations and other organizations interested in the operations of government. Financial support for the GASB is also important because useful financial information helps governments fulfill their duty to be accountable to users of state and local government financial reports, including citizens, legislative bodies, investors and creditors; and credible and comparable financial information improves the efficiency of capital markets and the allocation of resources.

Financial Accounting Foundation
The GASB operates under the oversight of the Financial Accounting Foundation, which is responsible for funding the activities of both the GASB and its counterpart for private enterprise, the Financial Accounting Standards Board. The Foundation also is responsible for selecting the members of both Boards and their respective Advisory Councils.

Eleven members of the Board of Trustees of the Foundation are nominated by eight sponsoring organizations and approved by the Trustees.

Nominating Organizations

• American Accounting Association
• American Institute of Certified Public Accountants
• Association for Investment Management and Research
• Financial Executives International
• Government Finance Officers Association

• Institute of Management Accountants
• National Association of State Auditors, Comptrollers and Treasurers
• Securities Industry and Financial Markets Association.

The Foundation is incorporated to operate exclusively for charitable, educational, scientific, and literary purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code.

Advisory Council
The Governmental Accounting Standards Advisory Council, composed of members knowledgeable about accounting and reporting by state and local governmental units, consults with the GASB concerning major technical issues, GASB's agenda of projects and priorities assigned thereto, matters likely to require GASB attention, and GASB's annual budget.

GASB Budget
The annual GASB budget covers the following costs: a seven-member Board (full-time chairman and six part-time members), a director of research, a research staff of approximately ten professionals, supporting clerical staff, publication and distribution costs, and other operating costs.

Contributions to the GASB
Suggested contribution levels are listed below. Organizations and individuals contributing $1,000 or more to the GASB receive one gratis comprehensive subscription to GASB publications (Statements, Interpretations, Technical Bulletins, Exposure Drafts, Discussion Memorandums, Invitations to Comment, and the newsletter Action Report). Contributors receive a 20 percent discount on additional subscriptions or individual GASB publications.

For more information about contributing to the GASB, contact the Financial Accounting Foundation at (203) 847-0700, extension 287 or 242.

Leading Supporter
$50,000 or more

Major Supporter
$30,000-$49,999

Supporting Member
$10,000 - $29,999

Contributing Member
Up to $9,999

Make a Contribution to GASB