Treasurer Lillard Appointed to Financial Accounting Foundation Board

Tennessee State Treasurer David H. Lillard, Jr. has been appointed to the Board of Trustees of the Financial Accounting Foundation.

Nashville, TN – Tennessee State Treasurer David H. Lillard, Jr. has been appointed to the Board of Trustees of the Financial Accounting Foundation. In the decade he has served as one of Tennessee’s three constitutional officers, Treasurer Lillard has worked to advocate for Tennessee through his financial leadership roles in national organizations. He served as President of the National Executive Committee of the National Association of State Auditors, Comptrollers and Treasurers (NASACT) in 2016-2017, and was a recipient of the 2012 NASACT President’s Award recognizing outstanding service. In 2015, he served as the President of the National Association of State Treasurers (NAST). He has represented NAST on the Governmental Accounting Standards Advisory Council (GASAC).

Charles Noski, Chairman, Board of Trustees for FAF said, “The FAF Board of Trustees is pleased to welcome David as its newest member. His diverse experience and expertise will help the Trustees promote the independence of the FASB and the GASB, oversee the standard-setting process, and support the Boards’ extensive outreach and educational efforts to stakeholders.”

Speaker Glen Casada said, “I have had the privilege of serving with David these past 10 years and have personally seen his commitment to responsible accounting and reporting of Tennessee’s financial resources. Tennessee could not run without his strong leadership!”

When he heard of the appointment, Lt. Governor Randy McNally said, “Tennessee’s strong fiscal health is due in no small part to the efforts of Treasurer David Lillard. Tennessee’s credit is Triple-A rated and our debt is extremely low. David’s work has been critical in making Tennessee’s fiscal management, especially our pension fund, the envy of the nation. I know his wisdom and wealth of experience will serve the board well.”

“Tennessee is recognized as one of the best fiscally managed states,” said Treasurer Lillard. “This honor reaffirms Tennessee’s demonstrated national leadership and commitment to fiscally responsible financial operations and effective, transparent accounting practices. I am proud to serve with the FAF as we work to continue to improve financial accounting and reporting standards.”

Treasurer Lillard’s term will end on December 31, 2023.

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.AccountingFoundation.org.

About the Tennessee Department of Treasury

The Tennessee Department of Treasury is responsible for many of the financial operations of state government, including managing and overseeing more than $66.11 billion in assets through its various investment programs including the Tennessee Consolidated Retirement System valued at $49.6 billion and the State Pooled Investment Fund and Local Government Investment Pool valued at more than $13 billion. Treasury’s 300 member staff includes 18 Certified Public Accountants and 19 Chartered Financial Analysts along with numerous others who have achieved professional designations, advanced degrees or professional training. Treasury operations include the Tennessee Consolidated Retirement System, defined contribution plans, TNStars 529 College Savings Plan, Risk Management and Claims functions for state government and higher education institutions, Unclaimed Property, and oversees clearing operations of all cash transactions of the State. The Treasury Accounting Division provides program accounting support and prepares eleven annual financial statements for the various major programs, investment portfolios, and funds under investment management by the Treasurer’s Office. Learn more at Treasury.Tn.gov.