Financial Accounting Foundation Reappoints David E. Sundstrom to a Second
Term on the GASB
Norwalk, CT, February 27, 2014—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 (FASB).
"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 another
term."
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 uuditor 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, http://www.gasb.org/.