AAEL to move to Virginia
From Leasing Digest, September, 1979, UK publication:
“IN AMERICA
“Record turn-out at Reno Convention
“There was a record turn-out of some 1,500 people at the annual convention of the American Association of Equipment Lessors, this year held in Reno, Nevada, from September 16-19. The AAEL President, Sam Eichenfield, described 1979 as being the most significant in the history of the Association, because it was the year in which it became active rather than reactive.
“This year the AAEL moved its headquarters from Milwaukee, Wisconsin, to Washington, DC. For the long standing and respected Secretary Sidney R. Rose, this is retirement year and his last Convention. In 1966 he joined the young association of 23 members, and it has since then grown massively in membership. (ELA started in the year 1961.)
“With the move to Washington comes the appointment of the new Executive Secretary, Michael J. Fleming. Now in temporary offices in Washington he will move to new offices at 1700 North Moores Street, Arlington, VA 22209, from November 1. A sign of the importance of the new location lies in the fact that a reception for US Congressmen is being planned for October 22 when the AAEL will be asserting itself as an effective voice in the political lobby.”
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AAEL to become ELA
Rejects “Finance” in the name----
American Association of Equipment Lessors Chairman John Dean announced in October, 1991 that on November 6, members would vote on changing the name to Equipment Leasing Association.
“'...the name of the association was confusing too many people and it did not communicate well, ‘explains AAEL Chairman John Deane.
“'The new name will tell quickly and clearly what the association is,” Deane continues. “It also will reflect that the equipment leasing industry is made up of many interest that play critical roles in the success of the industry, including lessors...'
“Most focus group participants wanted “equipment” and “lease” or “leasing” included in the name. All agreed that lessor is not a good word. Several wanted to be certain that the name conveyed that this is an American association.
“One of the early considerations was whether ‘finance” should be included. This raised a bigger question for the Board of Directors.
What does the association stand for? Equipment leasing? All leasing? Secured lending? All equipment finance?
“At the spring meeting, the Board spent several hours determining what the future focus of the association should be. Many members do both lending and leasing, however, the board decided the association could only be an advocate for one type of financial product---equipment leasing. To broaden the scope would be to dilute or neutralize the association's work in representation and promotion, especially when conflicts occur. Hence, finance was not included.
“As a result, a name was developed that quickly and clearly states what the association represents: EQUIPMENT LEASING.
“If approved, the official effective date will be March 31, 1992. In the meantime, a transition in name, logo, public relations and legal documents will be initiated.”
Volume III, No. 9 “Equipment Leasing Today,” October, 1991
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ELA to become “ELFa”
by Kit Menkin
The Equipment Leasing Association to change its name and focus more on advocacy at all political levels, according to their official internet news media, ELTnews.
Michael J. Fleming, CAE
In the final days of his 27 year “watch,” Mike Fleming, CAE, tried his best with New York Attorney General Eliot Spitzer regarding NorVergence leases, even presenting a “white paper,” then with Sen. Chuck Grassley (R-Iowa) call to end “ abusive leasing tax shelters that allow corporations to claim tax deductions for sewers, bridges and subways that are owned by foreign countries or paid for with U.S. taxpayer dollars,” and finally FASB wanting to end “off balance” sheet terms and call most leasing actually “finance.”
ELFa President Ken Bentsen
It is obvious that the ELA steering committee, along with Mr. Fleming, saw the need for Ken Bentsen, former Texas US congressman and Washington, D.C., lobbyist. That he had no association management experience was evidently not considered as important, particularly due to the 25 member professional staff and excellent programs in place.
ELFa Chairman Paul A. Larkins
ELFa Chairman Paul A. Larkins told ELTnews, “ The ELA Executive Committee met August 14-16 in Edwards, Colorado to prepare a new strategic plan for the association. The ELA staff led by President Ken Bentsen (former US congressman and Washington, DC, lobbyist.editor) presented recommendations for a new multi-year strategic plan designed to establish the association as a forum for industry development, platform for advocacy and the principal resource for industry information.
“The Executive Committee also heard from Public Strategies, Inc., a consulting firm retained to conduct an in-depth survey of a representative cross-section of members. Among the consultant's many findings was the clear recognition that member companies have, in many cases, expanded their product offerings beyond those of just leasing. The data indicates that today association members participate across a broad spectrum of commercial and governmental finance sectors. After considering and amending the staff recommendations and the data presented by our consultants, the Executive Committee directed the staff to prepare a final strategic plan for approval at a September 18 Executive Committee meeting.
“The new strategic plan as recommended by the Executive Committee calls for the ELA to increase its advocacy on behalf of the equipment leasing and finance industry as it relates to public policy, media, financial markets and the business community. Specifically, it calls for the association to undertake efforts to establish and leverage the profile of the equipment finance industry as a critical sector of commercial finance. Furthermore, the plan seeks to increase leadership and member participation in and direction of ELA policy and activities. And, it calls for increasing ELA outreach within existing member companies as well as targeting potential new members as the ELA's mission and vision encompass representing all facets of the equipment leasing and finance industry as a key sector of commercial finance and capital formation.
“To that end, the Executive Committee unanimously recommended to the Board of Directors that the ELA change its name to the Equipment Leasing and Finance Association to ensure that members, customers, policy makers, markets, the media and the public understand the true breadth of the industry as it has evolved and the critical role it plays in the economy. This action follows on recommendations provided to the Executive Committee by the Business Council Steering Committees and is fully intended to represent the growth, development, and strength of our sector of finance. Further, the Executive Committee requested that the Board convene a special meeting in September to consider this forward-looking proposal. The Executive Committee believes that taking this action now is prudent as it reflects the association's new strategic plan and direction.
“The $230 billion equipment leasing and finance industry is a growing and dynamic sector of commercial finance. This growth underscores the financial expertise our members bring to a market place that is constantly changing. The Executive Committee believes the association's name, activities and programs, on behalf of the membership, should clearly and forcefully reflect that expertise and breadth of market."