Joseph Stepp

The Assistive Technology Loan Fund Authority Board of Directors convened for a regular business meeting. The board discussed the loan program's financial status, including the direct loan portfolio, loan activity for FY 2026, and the default rate. They also reviewed graphs showing loans issued and repayments made, as well as projected cash flow. The board discussed and approved an adjustment to the interest rate, effective November 1, 2025. Updates were provided on loan program projects, special initiatives, and legislative activity. The board also discussed and decided to move the March board meeting to February 25, 2026. The 2025 Annual Report was submitted to the Governor and General Assembly and will be posted on the ATLFA website. The board went into closed session to discuss personnel issues, loan approvals, and other board matters. After reconvening, they certified that only business lawfully exempted from open meeting requirements was discussed. A motion was made to repossess a delinquent account if not paid by October 15, 2025, and another motion was made to add a past due amount to the end of a loan to bring the account current. The board reviewed the current delinquency report and the board detail activity report for loan decisions by the Loan Committee.

The Assistive Technology Loan Fund Authority Board of Directors convened for a regular business meeting. The board reviewed and approved the minutes from the previous meeting. The financial director presented a report, highlighting the loan portfolio's performance, new loan activity, and default rates. The executive director provided updates on loan program projects, special initiatives, and legislative activities. The board discussed and approved the Fiscal Year 2026 budget, including modifications to the interest income projection. A slate of officers for the upcoming year was elected. The board also accepted guidelines for collections as an internal document. A closed session was held to discuss personnel issues and loan approvals, followed by a review of the delinquency report and loan decisions.

The Board discussed the state budget finalization and its impact on staff salary increases, and accepted the draft Strategic Plan as the final 2022-2023 Strategic Plan. The financial report highlighted the direct loan portfolio's performance, including loan activity, balance, and default rate. Updates were provided on the development of a new cloud-based loan program database and the migration of QuickBooks and Down Home Solutions to the cloud. The Board also discussed strategies for additional marketing to increase loan applications. An interest rate adjustment was made, increasing the ceiling rate and setting a specific rate for new vehicles. The election of officers for the upcoming term was conducted, and the draft 2023 budget, incorporating staff salary increases and database development costs, was approved. A closed session was held to discuss personnel issues and loan approvals, followed by a review of the delinquency report and loan decisions by the Loan Committee.

The meeting included discussions and actions on several key areas. The Executive Director provided a history of the loan program, including its establishment, funding, and national impact. The Board discussed future funding approaches and approved a motion to send a letter to the Governor and Secretary of Health and Human Services requesting funding consideration. Loan policies were reviewed, leading to motions to remove the 10-year term for vehicle loans, authorize the Loan Committee to adjust loan structures based on collateral value, increase the interest rate for all vehicle loans to the current prime rate, and remove the policy of grossing up income from social security and other sources. The Board also discussed CarFax enrollment, officer elections, and a closed session was held to discuss personnel issues and loan approvals, resulting in a motion to forgive a loan due to hardship. The Financial Director presented a report on the loan program's financial status, and the Executive Director provided updates on loan program data, special initiatives, legislative activity, and agency administration.

The Assistive Technology Loan Fund Authority Board of Directors convened for a quarterly meeting. The board discussed the loan program's financial status, including the direct loan portfolio, loan activity, and default rates. They explored options for securing the loan program's sustainability, such as investing funds, implementing a line of credit, or issuing revenue bonds. Updates were provided on loan program data, loan applications reviewed, and expenses for the upcoming budget, including database development and health insurance increases. The board also discussed interest rate adjustments for new vehicles and the nomination of officers for the upcoming year. The strategic plan was presented for review, with discussions on sustainability, revenue generation, and cost reduction. A closed session was held to discuss personnel issues, loan approvals, and other board matters, resulting in a decision to include staff salary increases in the budget and to begin repossession of a delinquent vehicle loan.