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Financing a Growing Economy 2008 Annual Report

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Financing a Growing Economy 2008 Annual Report Financing a Growing Economy 2008 Annual Report EQUIPMENTLEASINGANDFINANCEASSOCIATION 2008 ANNUAL REPORT TABLEOFCONTENTS Report of ELFA Chairman William H. Verhelle ..........................................................5 Report of ELFA President Kenneth E. Bentsen, Jr. ..................................................9 The Equipment Finance Market ..................................................................................11 Membership ....................................................................................................................13 Advocacy..........................................................................................................................14 Communications ............................................................................................................17 Business Development ................................................................................................19 Professional Development............................................................................................21 Industry Research and Information ............................................................................22 ELFA Officers and Board of Directors ......................................................................25 ELFA Committees ..........................................................................................................26 Financial Statement ......................................................................................................29 2008 ANNUAL REPORT 3 2008 ANNUAL REPORT FROMTHECHAIR he U.S. mortgage crisis of 2008 rapidly altering our landscape. Indus- triggered a global credit crisis try participants are changing. Large Tthat continues to influence and small portfolios are being traded. events in the commercial equipment And new sources of capital are enter- finance industry. Many large and small ing the business, as many highly expe- equipment finance companies are rienced equipment finance companies challenged to raise capital. The struc- exit. Following months of unprece- tured finance market has been sub- dented government intervention in the stantially closed due to problems in banking and financial markets, the the mortgage markets; unprece- commercial equipment finance indus- dented write-downs and bank failures try is braced for a substantial eco- have reduced lending to the equip- nomic slowdown—an environment that ment finance industry. None of this may test the soundness of even the was anticipated just one year ago. most creditworthy portfolios. All of Unlike prior periods of temporary these changes are forcing consider- illiquidity, the current drought has able dislocation among equipment William Verhelle impacted many money-center, super- finance professionals. regional and regional banks, as well Trade associations of any type are as other large U.S. financial institu- most valuable to their members dur- tions. During previous periods of ing periods of transition. And the scarce liquidity, banks were the ELFA has never been more important arbiters of limited capital to non-bank to this industry than it is today. And industry participants. In most cases, just as these challenging financial the shortage of capital was the result times test our personal and profes- of an unwillingness to lend, as op- sional character as individuals, the posed to an inability to lend. This current financial crisis will serve as time, the scope and magnitude of the a test for the ELFA. capital shortage is different, prompt- ing global government intervention on Current ELFA Mission a scale never before seen in modern Nearly three years ago, I was hon- economic history. ored to serve on the ELFA Succes- As a whole, the U.S. equipment sion and Transition Committee, which finance industry experienced stable recruited former Congressman Ken- growth and reliable earnings during neth E. Bentsen, Jr. to serve as the the past two decades. This mature President of the ELFA. Shortly there- industry was characterized by consoli- after, I had the privilege to serve on dation, with large players seeking the Executive Committee, which earnings growth primarily through worked closely with Ken Bentsen and improved economies of scale. Firms his senior staff as they developed a carefully executing a prudent growth new, three-year business plan for the strategy operated in a relatively sta- ELFA. This past year saw continued ble, predictable environment. work to implement that plan. Many Despite the ongoing financial crisis, aspects of the plan have special the fundamentals of the U.S. commer- importance in the current business cial equipment finance industry have environment. changed little. The U.S. economy may be entering recession; but so far, in- I Industry communication. dustry loan losses and increased Government and non-government delinquencies appear to be confined regulators must understand our to relatively narrow segments such as industry — and the critical role our transportation, construction and vari- U.S. $650B per year equipment ous parts of the small ticket arena. finance industry plays in the forma- Nevertheless, external forces are tion of capital throughout the U.S. 2008 ANNUAL REPORT 5 economy. Under Ken Bentsen’s formation concerning a rapidly Building a Strong Future leadership, the ELFA initiated a changing marketplace. Currently, The initiatives described above program of systematic, disciplined the ELFA sponsors two annual represent several parts of the current messaging to key constituents in conferences designed to help mem- three-year strategic plan. But if the both government and the private ber companies raise capital: the ELFA wishes to remain relevant, it sector. This program also includes Funding Conference in Chicago must continue to look to the future. targeted communications to key and the Investor Conference in With that in mind, and considering the policy makers. New York City. Additional confer- exceptional changes thrust upon our ences addressing topics such as industry during this tumultuous year, I Industry data. Accurate, reliable, Credit and Collections and Equip- we sought new ways the ELFA might independently compiled information ment Management are conducted better serve its members in 2009 regarding the performance of indus- throughout the year. and beyond. try participants is especially impor- As we entered the third year of Ken tant today. The ELFA is the primary I Best practices. The ELFA pro- Bentsen’s initial plan, we felt it was source for such data, which helps vides member companies with a appropriate to reconvene the Execu- member companies educate new wide range of information concern- tive Committee to reconsider the investors and business partners re- ing industry best practices such as: ELFA’s future. During a three-day garding the performance of the U.S. proven legal strategies and provi- Executive Committee meeting in equipment finance industry. The sions, credit underwriting stan- August, we evaluated every aspect ELFA is also the only source for dards, human resource manage- of the ELFA’s current strategic plan. comprehensive benchmarking data ment, employee training methods We discussed what is working well, used by leading firms to measure and other topics. what isn’t working, and what needs and improve business performance to be improved or eliminated. We also relative to direct competitors. I Industry reputation and busi- contemplated potential new member ness practices. Honest, transpar- services. I Advocacy and legal. The ELFA ent business practices are essential The Executive Committee provided has expanded the resources de- components of a sustainable indus- the ELFA staff with a comprehensive voted to state and federal lobbying. try. The challenges confronting the report outlining its assessment of the With support from the ELFA Legal global financial system have also Association’s programs and services. Committee, the Association also made self-regulation and sound Recommendations for new or ex- monitors legal matters impacting a business practices more essential panded programming included the broad range of member companies. than ever before. As a large, diverse following: and critically important industry, we I Professional development. share a great responsibility. The I Establish new technologies This year, the ELFA began releasing ELFA understands that responsibil- for improved member interac- new online employee training pro- ity, and urges effective self-regula- tion and communication. grams designed to cost-effectively tion, prudent business practices Member interaction is at the core of and conveniently assist member and financial transparency. The es- the ELFA experience. Today, that in- companies with the education of tablishment and enforcement of a teraction is facilitated primarily new employees. Additional online new ELFA Code of Conduct, appli- through face-to-face conferences programs will provide in-depth train- cable to all ELFA member compa- and meetings, and through E-mail. ing regarding credit underwriting nies, is an important aspect of It was suggested that the ELFA and other key subject areas. These industry self-regulation and an ex- should investigate new technolo- new training programs are the result ample of the way the ELFA has gies for communicating with mem- of development initiated over two been determined to lead, rather bers, and for enabling members to years ago in connection with the than follow industry developments. establish connections with
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