Abstract: A foundation flashing comprises a horizontal member adapted to rest atop the upper surface of a foundation between the upper surface and a frame of the building supported atop the foundation, and a vertical member joined to the horizontal member. At least a portion of the vertical member is adapted to lie against a surface of exterior sheathing that is affixed to the frame of the building. A sheathing locator projects generally horizontally from the vertical member, the sheathing locator being positioned to be abutted by a bottom edge of the sheathing when the sheathing is affixed to the frame. The flashing in one embodiment is disposed between the sheathing and the frame of the building, the sheathing locator projecting outwardly from an outer surface of the flashing.