The Equipment Leasing and Finance Association (ELFA) has named William Bosco, Jr. to the 2023 Class of the Equipment Finance Hall of Fame. ELFA Board Chair Robert Neagle made the announcement at the General Session of the 62nd ELFA Annual Convention in Phoenix, AZ. The official induction ceremony took place on Oct. 21 at the Chair Dinner preceding the ELFA Annual Convention. Bosco, who accepted the honor in person, was recognized for his instrumental role in representing ELFA and the equipment finance industry in the decade-long effort to create a new lease-accounting standard.
“We congratulate Bill for being inducted to the 2023 Class of the Equipment Finance Hall of Fame,” said ELFA President and CEO Ralph Petta. “His tireless work and leadership on the lease accounting project has been essential to the success of our association’s advocacy and outreach activities.”
Starting in 2006, when the Securities and Exchange Commission asked the FASB to revamp lease accounting rules as part of an effort to harmonize accounting standards worldwide, ELFA put forth a major effort and invested significant resources into the lease accounting project. The association convened a task group of the Board of Directors, a team of consultants and subject matter experts, and its Financial Accounting Committee, all focused on ensuring a workable and sound standard to replace FAS 13.
Bosco played an outsized role in this effort as a member of ELFA’s Financial Accounting Committee—a role he held for almost 30 years, 10 of them as Chair—and as a member of the association’s technical advisory group. He represented ELFA on the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) Lease Accounting Project Working Group, analyzing issues related to the lease accounting project, providing input to FASB and IASB regarding the impact of these issues on the industry, and communicating to ELFA members.
These efforts led to a favorable outcome when the final rule changes were released in 2016. Although the new standard changed how operating leases were accounted for on corporate balance sheets, they did not diminish the many benefits of leasing and financing equipment. Under the new rules, businesses nationwide continue to enjoy the benefits of engaging in the $1 trillion U.S. equipment finance industry, which promotes business expansion, job creation and U.S. economic growth.
Once the new standard was issued, Bosco assisted ELFA in developing educational resources to help ELFA members understand and plan for the new rules and educate their sales teams, vendor partners and end-users about the changes. He was a frequent speaker at ELFA events—including the Lease and Finance Accountants Conference, the Annual Convention and various workshops and seminars—and authored numerous articles for the association and the Equipment Leasing & Finance Foundation.
Bosco has had a long and distinguished career in the equipment finance industry spanning five decades. A CPA and CFP, he held multiple professional responsibilities throughout his career, including serving as Controller for several large lessors; designing, developing, promoting and selling new lease products; and providing advice to solve issues in meeting customer needs in transactions with accounting, tax and structural complexities. Since his retirement from Citi Capital in 2004 he has held a variety of engagements as a consultant, with a key role teaching lessors’ sales staff the implications of new accounting rules, structuring leases and marketing.
In 2004 Bosco received ELFA’s Distinguished Service Award. In 2023 he was honored with the “MVP Behind the Scenes” award at Monitor’s 50th Anniversary Converge Gala event in Philadelphia. He holds a BBA in accounting degree from the City College of New York’s Baruch School.
Bosco and his family established a scholarship in the name of his son, Richard Bosco, who perished in the 9/11 World Trade Center terrorist attack. The scholarship continues to provide education funding for students both for higher education and special needs. He thanks ELFA and its members who have been active supporters.