N EWS ELFA Board Meeting Caps Off Busy Leadership Week T HE ELFA BOARD OF DIRECTORS met May 15 in Washington, D.C., to conclude a very busy week of association-related activities, which included the annual Capitol Connections grassroots program, a meeting of the Foundation Trustees and meetings of the association’s Business Council Steering Committees. The spring ELFA Board meeting was a fitting conclusion to the week, which began with the annual Capitol Connec-tions program. “Speaking with one industry voice” was the theme of the event, as ELFA members fanned out across the nation’s capital, taking advantage of beautiful spring weather in Washington. The program attracted more than 100 ELFA member volunteers attending more than 150 meetings with members of Congress, congressional staff and representa-tives from key federal government agencies. This year’s Capitol Connections was pronounced by many long-time attendees the best ever conducted by the association. During the Board meeting later in the week, ELFA leaders deliberated over a number of high-priority items focusing on the strategic direction of the association and the ultimate goal of ensuring that ELFA programs, products and services are responsive and continue to deliver value to members. Among the key issues addressed by the Board were the following: Treasurer Jud Snyder reported that 1) 2014 audited fi-nancials indicated no identifiable issues or potential weak-nesses in the financial management of, and a sound control environment within, the association; 2) current projections indicate that the association is on target to meet its overall 2015 budget; and 3) the association’s investment portfolio continues to perform well and is in compliance with the Board-established investment policy. Nominating Committee Chair Adam Warner reported on the committee’s progress in assembling a strong slate of candidates for Directors and Officers, which will be voted on by the ELFA membership prior to the Annual Convention in October (see p. 14). Membership staff and Committee Chair Andrew Bender indicated that membership renewal is strong and has, in fact, already exceeded financial and statistical goals for the year. In addition, the association is well on its way toward meeting its new member recruitment goal (60) for the year. Staff briefed the Board on the progress of the IASB/FASB lease accounting project, indicating that the association con-tinues to be actively engaged in the project, which is expected to conclude with a new set of rules issued by the end of the year. Staff and Directors also offered their perspectives on a meeting held earlier in the week with the SEC Office of Chief Accountant. Reports from the five Business Council Steering Com-mittees indicated that each was actively engaged in a variety of activities designed to benefit their respective constituency groups within ELFA. Updates on various issue-oriented work groups, includ-ing electronic documentation and the Basel III capital re-quirements, illustrate the association’s role as a leading voice in the development of beneficial industry policy and best practices. The Board also received an update on the recently created Emerging Talent Advisory Committee, representing up-and-coming staff within member companies. In 2014 and early 2015, several ELFA Directors, includ-ing Chairman Bob Rinaldi, delivered the Guest Lecture Pro-gram to college and university students eager to learn more about the industry and its role in the U.S. economy. This customized presentation, available to all ELFA members at www.elfaonline.org/GLP , is an effective potential employee recruitment tool that “spreads the gospel of equipment fi-nance” in business schools throughout the country. The Board received a report on these activities and future plans for the program. Staff also briefed the Board on a variety of issues under consideration in state capitals from Springfield to Sacramen-to, and Augusta to Olympia. State legislative agendas in 2015 are shaping up to be the busiest in memory, with ELFA staff and member volunteer subject matter experts turning up in Capitol hearing rooms throughout the nation. The Board concluded its deliberations with a spirited discussion of the emergence of alternative lenders in the marketplace and a migration in some markets toward the development of non-standard finance agreements, including the financing of bundled services. The Board meets next in October at the site of the ELFA Annual Convention in San Antonio. The Executive Commit-tee conducts its summer meeting Aug. 3–4. Members are encouraged to contact ELFA Chair Bob Ri-naldi or President & CEO Woody Sutton for more informa-tion on any of the matters described in this summary report. 6 JULY/AUGUST/SEPTEMBER 2015 EQUIPMENT LEASING & FINANCE MAGAZINE ISTOCK/ BEN KLAUSIS