National Equipment Finance Association Inc.

The National Equipment Finance Association Inc. (NEFA) is a nonprofit organization classified as a business league, created for the improvement of business conditions. It is a national trade association composed of professionals serving the equipment leasing and finance industry.

History and Formation

NEFA was formed through the merger of two long-standing equipment lease and finance trade associations: the United Association of Equipment Leasing (UAEL) and the Eastern Association of Equipment Leasing (EAEL). This merger was finalized in 2008 following discussions and votes by both association boards and their general membership. The new association held its first formal meeting in November 2008.

Mission and Purpose

NEFA’s mission is to support emerging and established equipment finance companies through guidance, resources, education, and networking opportunities. It aims to foster the exchange of information and ideas, advance personal and professional growth, promote ethics, and provide a platform for advocacy and involvement in the industry.

Activities and Programs

NEFA organizes both national and regional events to facilitate mutual improvement, education, and networking among its members. It supports the Certified Lease Professional (CLP) program, initially developed by the UAEL, which is a key educational tool aimed at maintaining high professional standards within the industry. NEFA also gathers and disseminates relevant industry information and recognizes outstanding contributions to the equipment leasing and commercial finance sector.

Governance and Membership

NEFA is governed by a 15-member board and is open to all who are involved in, or associated with, the commercial equipment finance industry, including small- to mid-sized independent equipment finance companies, lessors, and sophisticated brokers.

Financial Overview

As of 2023, the organization reported revenue of $1.74 million, expenses of $1.58 million, total assets of $2.31 million, and total liabilities of $377,000. Donations to NEFA are not tax-deductible. The primary sources of revenue include program services, investment income, and royalties. NEFA does not engage in professional fundraising activities and does not have significant executive compensation expenses listed for recent years.

Impact and Benefits

NEFA provides its members with opportunities for business growth, networking, and education, creating a community environment that transcends mere business relationships. The association’s focus on ethics and professional development ensures its members adhere to high standards of conduct, which benefits both themselves and the broader equipment finance industry. Members often view their involvement as a valuable investment that enhances their business through shared knowledge and relationships.