Elrond was the leader of the Elves who resided in Rivendell. As such, his
dutie and responsibilites lay in protecting and guiding the peoples of Rivendell against
Sauron's forces. Besides, the Fellowship
had Gandalf to lead the way, who was quite powerful in his own right and had no such
responsibilities to tie him down to any one
area.
Secondly, Elrond did help. He helped outfit and shelter the members of the Fellowship before they set out from Rivendell. He also sent out scouts to secure information in the lands around Rivendell, to help the Fellowship plan their initial route from Rivendell.
Furthermore, the Ring's presence over time would have had been a corrupting influence on him, it was Tom Bombadil whom the ring had no influence over.
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