Form 990 for tax year 2025

Filed by FINANCIAL ACCOUNTING FOUNDATION.

Totals

Total revenue: $74,918,586
Total expenses: $74,993,528
Contributions and grants received: $0
Grants paid: $14,000
Program service revenue: $0
Investment income: $4,182,468
Other revenue: $70,736,118
Total assets, end of year: $162,653,727
Total liabilities, end of year: $38,047,202
Net assets or fund balances, end of year: $124,606,525
Program services expenses (Part IX): $58,537,910
Management and general expenses: $16,455,618
Fundraising expenses: $0
Program service expenses (Part III): $58,537,910

Program services were 78.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2b · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2c · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2d · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2e · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $4,182,468 · related or exempt $0 · unrelated business $0 · excluded $4,182,468
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $4,698 · related or exempt $0 · unrelated business $0 · excluded $4,698
6a · Gross rents

real property $0 · personal property $0
6b · Less rental expenses

real property $0 · personal property $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
7a · Gross sales of assets other than inventory

securities $0 · other assets $0
7b · Less cost or other basis and sales expenses

securities $0 · other assets $0
7c · Gain or loss

securities $0 · other assets $0
7d · Net gain or loss

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · unrelated business $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11a · Other revenue: Accounting Support Fees

total $50,126,829 · related or exempt $50,126,829 · unrelated business $0 · excluded $0
11b · Other revenue: License Fees

total $20,604,591 · related or exempt $20,604,591 · unrelated business $0 · excluded $0
11c · Other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$70,731,420

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0 · program services $0
2 · Grants to domestic individuals

total $14,000 · program services $14,000
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $0 · program services $0
5 · Compensation of officers, directors and key employees

total $7,675,196 · program services $3,839,488 · management and general $3,835,708 · fundraising $0
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $36,392,520 · program services $31,061,374 · management and general $5,331,146 · fundraising $0
8 · Pension plan contributions

total $3,563,683 · program services $3,056,265 · management and general $507,418 · fundraising $0
9 · Other employee benefits

total $3,294,572 · program services $2,770,146 · management and general $524,426 · fundraising $0
10 · Payroll taxes

total $2,016,904 · program services $1,631,359 · management and general $385,545 · fundraising $0
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $172,576 · program services $0 · management and general $172,576 · fundraising $0
11c · Fees: accounting

total $184,468 · program services $0 · management and general $184,468 · fundraising $0
11d · Fees: lobbying

total $360,000 · program services $360,000 · management and general $0 · fundraising $0
11e · Fees: professional fundraising services

total $0 · fundraising $0
11f · Fees: investment management

total $0 · program services $0 · management and general $0 · fundraising $0
11g · Fees: other

total $3,368,206 · program services $1,994,495 · management and general $1,373,711 · fundraising $0
12 · Advertising and promotion

total $0 · program services $0 · management and general $0 · fundraising $0
13 · Office expenses

total $936,930 · program services $53,784 · management and general $883,146 · fundraising $0
14 · Information technology

total $4,422,165 · program services $3,911,922 · management and general $510,243 · fundraising $0
15 · Royalties

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $2,549,041 · program services $1,831,127 · management and general $717,914 · fundraising $0
17 · Travel

total $534,839 · program services $421,347 · management and general $113,492 · fundraising $0
18 · Travel or entertainment for public officials

total $0 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $498,814 · program services $343,724 · management and general $155,090 · fundraising $0
20 · Interest

total $0 · program services $0 · management and general $0 · fundraising $0
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $7,412,252 · program services $6,176,287 · management and general $1,235,965 · fundraising $0
23 · Insurance

total $279,902 · program services $196,110 · management and general $83,792 · fundraising $0
24a · Other expenses: Information Services

total $582,110 · program services $572,778 · management and general $9,332 · fundraising $0
24b · Other expenses: Miscellaneous

total $291,343 · program services $107,543 · management and general $183,800 · fundraising $0
24c · Other expenses: Billing & Collection

total $239,400 · program services $0 · management and general $239,400 · fundraising $0
24d · Other expenses: Relocation & Recruiting

total $204,607 · program services $196,161 · management and general $8,446 · fundraising $0
24e · All other expenses

total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $5,988,254 · end of year $8,380,403
2 · Savings and temporary cash investments

beginning of year $2,447,862 · end of year $316,675
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $8,757,525 · end of year $5,250,333
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $0 · end of year $0
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $1,165,293 · end of year $2,441,159
10a · Land, buildings and equipment: cost or other basis

$52,573,001
10b · Land, buildings and equipment: accumulated depreciation

$29,501,928
10c · Land, buildings and equipment, net

beginning of year $28,554,926 · end of year $23,071,073
11 · Investments: publicly traded securities

beginning of year $92,216,818 · end of year $99,633,175
12 · Investments: other securities

beginning of year $4,430,525 · end of year $5,340,203
13 · Investments: program-related

beginning of year $0
14 · Intangible assets

beginning of year $0
15 · Other assets

beginning of year $17,517,794 · end of year $18,220,706
17 · Accounts payable and accrued expenses

beginning of year $1,737,610 · end of year $1,018,953
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $3,532,534 · end of year $2,623,592
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $0 · end of year $0
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $34,371,296 · end of year $34,404,657
27 · Net assets without donor restrictions

beginning of year $121,437,557 · end of year $124,606,525
28 · Net assets with donor restrictions

beginning of year $0 · end of year $0
29 · Capital stock, trust principal or current funds

beginning of year $0 · end of year $0
30 · Paid-in or capital surplus, or land, building or equipment fund

beginning of year $0 · end of year $0
31 · Retained earnings, endowment or other funds

beginning of year $0 · end of year $0

Mission and programs · 2025

Mission

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.

Activities or mission (Part I)

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.

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.

Expenses $38,275,632 · Grants $14,000 · Revenue $32,828,729
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.

Expenses $12,416,478 · Revenue $17,298,100
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.

Expenses $7,845,800 · Revenue $20,604,591

As filed on the 2025 return.

Listed in Part VII

Edward C Bernard

Chair

Total calculated

$210,000

From this org

$210,000

From related orgs

$0

Other

$0

Hours/week

15

Schedule J breakdown matched by us

Base

$210,000

Bonus

$0

Other

$0

Deferred

$0

Nontaxable benefits

$0

Filer's total

$210,000
Manju Ganeriwala

Trustee, Sec & Treasurer

Total calculated

$112,000

From this org

$112,000

From related orgs

$0

Other

$0

Hours/week

4
Timothy L Christen

Vice Chair

Total calculated

$112,000

From this org

$112,000

From related orgs

$0

Other

$0

Hours/week

4
Diane C Nordin

Trustee

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

3
Edward J Goldthorpe

Trustee

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

3
Elizabeth A Pearce

Trustee

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

3
Luis A Aguilar

Trustee (AS OF 01/25)

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

3
Lynette Kelly

Trustee

Total calculated

$122,000

From this org

$122,000

From related orgs

$0

Other

$0

Hours/week

5
Marion M Gee

Trustee

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

3
Michael B Clement

Trustee

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

3
Paul A Quinsee

Trustee (AS OF 01/25)

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

3
Pratt Bhatt

Trustee (AS OF 01/25)

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

3
Richard N Reisig

Trustee

Total calculated

$112,000

From this org

$112,000

From related orgs

$0

Other

$0

Hours/week

4
Robin L Washington

Trustee

Total calculated

$22,500

From this org

$22,500

From related orgs

$0

Other

$0

Hours/week

3
Sarah E Smith

Trustee

Total calculated

$112,000

From this org

$112,000

From related orgs

$0

Other

$0

Hours/week

4
W Bryan Lewis

Trustee

Total calculated

$90,000

From this org

$90,000

From related orgs

$0

Other

$0

Hours/week

3
Erin Hill

Executive Director (AS OF 10/1/25)

Total calculated

$191,137

From this org

$166,467

From related orgs

$0

Other

$24,670

Hours/week

40

Schedule J breakdown matched by us

Base

$165,455

Bonus

$0

Other

$1,012

Deferred

$14,221

Nontaxable benefits

$10,449

Filer's total

$191,137
John W Auchincloss

Executive Director (THRU 09/30/25)

Total calculated

$872,307

From this org

$796,972

From related orgs

$0

Other

$75,335

Hours/week

40

Schedule J breakdown matched by us

Base

$717,179

Bonus

$0

Other

$79,793

Deferred

$46,315

Nontaxable benefits

$29,020

Filer's total

$872,307
Mary P Crotty

VP/Chief Operating Officer

Total calculated

$707,797

From this org

$630,310

From related orgs

$0

Other

$77,487

Hours/week

40

Schedule J breakdown matched by us

Base

$575,623

Bonus

$3,000

Other

$51,687

Deferred

$46,315

Nontaxable benefits

$31,172

Filer's total

$707,797
Steven A Hobbs

VP/General Counsel

Total calculated

$643,137

From this org

$567,650

From related orgs

$0

Other

$75,487

Hours/week

40

Schedule J breakdown matched by us

Base

$523,069

Bonus

$2,073

Other

$42,508

Deferred

$46,315

Nontaxable benefits

$29,172

Filer's total

$643,137
Hillary H Salo

Vice Chair FASB

Total calculated

$1,257,699

From this org

$1,190,290

From related orgs

$0

Other

$67,409

Hours/week

40

Schedule J breakdown matched by us

Base

$1,061,729

Bonus

$0

Other

$128,561

Deferred

$33,015

Nontaxable benefits

$34,394

Filer's total

$1,257,699
Joel Black

Chair, GASB

Total calculated

$925,565

From this org

$847,042

From related orgs

$0

Other

$78,523

Hours/week

40

Schedule J breakdown matched by us

Base

$774,000

Bonus

$0

Other

$73,042

Deferred

$39,314

Nontaxable benefits

$39,209

Filer's total

$925,565
Richard R Jones

Chair, FASB

Total calculated

$1,479,276

From this org

$1,395,371

From related orgs

$0

Other

$83,905

Hours/week

40

Schedule J breakdown matched by us

Base

$1,195,303

Bonus

$0

Other

$200,068

Deferred

$42,815

Nontaxable benefits

$41,090

Filer's total

$1,479,276
Christine Ann Botosan

FASB Member

Total calculated

$1,170,245

From this org

$1,084,241

From related orgs

$0

Other

$86,004

Hours/week

40

Schedule J breakdown matched by us

Base

$948,420

Bonus

$0

Other

$135,821

Deferred

$44,914

Nontaxable benefits

$41,090

Filer's total

$1,170,245
Frederick L Cannon

FASB Member

Total calculated

$1,174,086

From this org

$1,093,410

From related orgs

$0

Other

$80,676

Hours/week

40

Schedule J breakdown matched by us

Base

$943,716

Bonus

$0

Other

$149,694

Deferred

$46,315

Nontaxable benefits

$34,361

Filer's total

$1,174,086
Joyce T Joseph

FASB Member

Total calculated

$1,157,494

From this org

$1,084,808

From related orgs

$0

Other

$72,686

Hours/week

40

Schedule J breakdown matched by us

Base

$950,364

Bonus

$0

Other

$134,444

Deferred

$43,514

Nontaxable benefits

$29,172

Filer's total

$1,157,494
Marsha L Hunt

FASB Member

Total calculated

$1,145,320

From this org

$1,085,797

From related orgs

$0

Other

$59,523

Hours/week

40

Schedule J breakdown matched by us

Base

$951,320

Bonus

$0

Other

$134,477

Deferred

$44,214

Nontaxable benefits

$15,309

Filer's total

$1,145,320
Susan M Cosper

FASB Member

Total calculated

$1,140,906

From this org

$1,069,720

From related orgs

$0

Other

$71,186

Hours/week

40

Schedule J breakdown matched by us

Base

$948,364

Bonus

$0

Other

$121,356

Deferred

$40,014

Nontaxable benefits

$31,172

Filer's total

$1,140,906

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

1a · First-class or charter travel
1a · Tax indemnification and gross-up payments
1a · Health or social club dues or initiation fees
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Independent compensation consultant
3 · Form 990 of other organizations
3 · Compensation survey or study
3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan
7 · Other non-fixed payments

Answered no

4a · Severance or change-of-control payment
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel: UPGRADES TO BUSINESS CLASS, OR THE NEXT HIGHEST LEVEL OF SERVICE IF BUSINESS IS NOT AVAILABLE, ARE ALLOWED FOR SINGLE FLIGHTS IN EXCESS OF FIVE HOURS OR TOTAL SCHEDULED IN -AIR FLIGHT TIME IS IN EXCESS OF EIGHT HOURS. SEVEN FASB and GASB CHAIRS AND MEMBERS WERE REIMBURSED FOR UPGRADES CONSISTENT WITH THIS POLICY AND NONE OF THE AMOUNTS WERE TREATED AS TAXABLE INCOME.
Schedule J, Part I, Line 1a Tax indemnification and gross-up payments: GROSS-UP PAYMENTS ARE PROVIDED RELATIVE TO CERTAIN RETIREMENT PLAN PAYMENTS. SUCH PAYMENTS ARE TREATED AS TAXABLE COMPENSATION.
Schedule J, Part I, Line 1a Health or social club dues or initiation fees: ALL EMPLOYEES ARE ELIGIBLE FOR REIMBURSEMENT FOR A PORTION OF HEALTH CLUB DUES AT SELECTED FACILITIES, WHICH ARE INCLUDED AS COMPENSATION. THE ORGANIZATION REIMBURSES FOR FITNESS MEMBERSHIP UP TO AN ANNUAL MAXIMUM, OF WHICH ALL EMPLOYEES ARE ELIGIBLE TO PARTICIPATE.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan: THE FAF PROVIDES ADDITIONAL DEFINED CONTRIBUTIONS TO PARTICIPANTS WHOSE ANNUAL COMPENSATION IS IN EXCESS OF THE IRC COMPENSATION LIMIT, FIRST TO A 457(B) DEFERRED COMPENSATION PLAN, AND IF THAT LIMIT IS REACHED DURING A CALENDAR YEAR, THEN CASH PAYMENTS (INCLUDING TAX GROSS-UPS) ARE MADE TO ELIGIBLE PARTICIPANTS. THE FOLLOWING COVERED INDIVIDUALS PARTICIPATED IN THE FOUNDATION'S OTHER SUPPLEMENTAL PROGRAMS IN 2025 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: RICHARD JONES $189,392, HILLARY SALO $123,581, JOHN AUCHINCLOSS $63,777, STEVEN HOBBS $28,453, MARY CROTTY $37,182, CHRISTINE BOTOSAN $125,505, MARSHA HUNT $124,185, SUSAN COSPER $113,244, JOYCE JOSEPH $124,084, FREDERICK CANNON $133,162, JOEL BLACK $65,757
Schedule J, Part I, Line 7 Non-fixed payments: The amounts shown on Part II, Column B (ii) for those employees were paid and awarded based on a special recognition award program approved by the FAF board of trustees

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type: form_990
Tax year: 2025
Filed: 13 May 2026
IRS schema version: 2025v4.1
Source object: 202611339349306506

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