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Chen Has Saratoga-Based Writing Center On A Trajectory To Offer Instruction Globally

Posted onMarch 14, 2022
Jane Chen launched her business Eyre Writing Center in January 2020.

By Susan Elise Campbell

Jane Chen left Wall Street to start a writing center for youth in a career leap that surprised her peers in the world of investment banking. But helping children read and write is something Chen has been devoted to since she was 16 years old. 

Her business, Eyre Writing Center, was launched January 2020 from Saratoga CoWorks and Chen has already helped 900 middle school children “take the mystery out of writing well,” she said.

“At the end of my time in asset management on Wall Street I was writing a curriculum for a new writing center for the new age,” said Chen, whose parents named her after The literary character, Jane Eyre. “My task was to break down the foundations of writing and make it a science.”

The center would focus on middle school students because “we have great elementary schools and, depending on the district, great high schools,” she said. “But middle schools are underperforming so it is difficult for students to jump from eighth to ninth grade. When I saw what books were on the recommended summer reading list for seventy or eighth grade, I realized I had these titles on my reading list in fifth grade.”

She said she doesn’t know exactly what is behind the drop in basic skills, it was “aggravated by COVID,” she said. “I don’t look at data to see where the problems may lie, but I know anecdotally that there has been a deterioration in the quality of writing.”

As Chen edited college essays on the side she was “learning what the students weren’t learning. Switching tenses, poor sentence structure and punctuation are fundamentals that should have been addressed 10 years earlier,” she said.

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Workman’s Comp Unit To Push Women’s Goals

Posted onMarch 14, 2022

NYSIF, New York state’s largest workers’ compensation carrier, says it has far exceeded its established annual MWBE participation goal of 35 percent for fiscal year 2020-2021, and will continue to recruit MWBE financial firms to further increase their participation in 2022 and beyond.

That pronouncement was made March 1 at NYSIF’s 12th annual Minority- and Women-Owned Business Enterprises (MWBE) Investment Symposium in New York City.

“NYSIF continues to be a leader in meeting and surpassing the goals of the state’s MWBE initiative” said Kenneth Theobalds, NYSIF board of commissioners chairman. “But we must reaffirm our commitment and strive to do even better so that our values of encouraging diversity and inclusion continue to reflect in the pursuit of our core mission, delivering superior financial returns and value to NYSIF’s customers.”

For state fiscal year 2020-21, NYSIF allocated nearly 44 percent of dollars paid to asset management firms and financial institutions to MWBE-certified firms. In all, 54 percent ($1.9 billion) of the $3.6 billion in NYSIF’s externally managed assets were under the management of MWBE firms, including 100 percent of NYSIF’s equities portfolio.

“NYSIF’s commitment to identifying opportunities for diverse MWBE firms is foundational to our strong support for New York businesses,” said Gaurav Vasisht, NYSIF executive director and CEO. “As the state reemerges from the COVID-19 pandemic, NYSIF will redouble its efforts to utilize a variety of outreach programs in order to cultivate relationships with MWBE firms, boosting innovation and benefiting New York Sstate employers.”

Now in its 12th year, NYSIF’s MWBE Investment Symposium is a forum to further spark statewide job growth and expand investment opportunities to a diverse group of financial firms. This year’s event was held in a hybrid format to accommodate both virtual and in-person attendees. It featured programs and panel discussions that addressed a wide range of topics, from informative conversations on increasing diversity in capital markets and the pros and cons of being a woman-owned firm, to transforming environmental, social and governance impact in the financial sector.

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Soroptimists Schedule May Golf Tournament

Posted onMarch 14, 2022

Soroptimist International of Saratoga County (SISC), a member of Soroptimist International of the Americas (SIA), has opened registration for its second annual Spring Fever golf tournament to raise funds to aid women and girls in our community and beyond.

The event will be held Wednesday, May 18, at Saratoga National Golf Course, 458 Union Ave., Saratoga Springs. Golfer check-in will start at 11:30 a.m. The tourney will commence with a shotgun start at 1 p.m. A dinner will follow at 6 p.m.

Tickets must be purchased in advance by May 11. Registration for the event can be done online  at soroptimistsaratoga.org and includes 18 holes golf, golf cart, access to the driving range, lunch, and dinner. The event is open to  players of all levels.

CBS golf analyst Dottie Pepper is once again the honorary chair of the event.

Pepper is the lead reporter for CBS Sports coverage of the PGA Tour, Masters and PGA Championship. After an accomplished junior, college and amateur golf career, she went on to play 17 years on the LPGA tour, winning 17 times, including two major championships and one additional win on the JLPGA Tour. She represented the United States six times in the Solheim Cup matches, compiling a 13-5-2 record.

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Business Report: More Businesses Eye Outsourcing Accounting

Posted onMarch 14, 2022
Michael Poveda, managing director, UHY Advisors NY, Inc.

BY Michael Poveda

According to the UHY 2022 Middle Market Trends Survey, over 20 percent of business owners have explored the option of outsourcing their accounting function and given today’s challenging business environment, that percentage is expected to grow.

Today’s business owners have their hands full just focusing on sustaining and growing their businesses, with little time to focus on their businesses’ accounting operations, despite that function’s importance. In fact, according to a survey by SCORE, a small business mentoring organization, a full 40 percent of small business owners say bookkeeping and taxes are the single worst part of owning a business. 

Yet, it is data from the accounting operations that should lay the foundation for important business decisions. Given that and given that few companies have full accounting capabilities in-house, outsourcing their businesses’ accounting functions is increasingly more attractive to business decision makers.

That is where Client Accounting Advisory Services (CAAS) comes in. CAAS allows a business to outsource its finance, back-office and accounting operations. It is a service offered by many accounting firms. It has benefits beyond outsourcing those activities. 

Since CAAS gives the accountant involvement in all data, transactions, trends, monitoring, capturing and analysis of the business’ financial activities, the accountant is in a unique position to provide informed advice on all business decisions and intelligent input on risk/reward situations. 

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Official: Community Bank NA Branch Shows Its ‘Commitment To Saratoga-Glens Falls’

Posted onMarch 14, 2022
Paul T. Wersten is the vice president, commercial banking officer, at Community Bank NA branch in Saratoga Springs. The office will serve commercial customers in Saratoga and Warren counties.
©2022 Saratoga Photographer.com

By Jill Nagy

Community Bank NA opened an office in Saratoga Springs last November, filling a gap between its outposts in Latham and Whitehall and providing a more convenient location for commercial banking customers in Saratoga and Warren counties. Jeffrey M. Levy, Community Bank’s newly named president of commercial banking, who heads the new office, said that it “demonstrates our commitment to the Saratoga-Glens Falls community.”

The office is located on the second floor of The Washington building, 422 Broadway, upstairs from Northshire Bookstore and Kilwins. At least initially, the office will serve commercial clients with lending, insurance and wealth management services. The office will not accept deposits and there are no teller cages. Its four employees are “just the start,” according to Levy. Two of them will concentrate on making loans and one each will provide insurance and wealth management services. 

Community Bank has 11 branches in the Capital Region, including Albany, Latham, Whitehall, and Lake Placid.  Their southernmost office is in Albany’s Corporate Woods. Their community focus places them in non-metropolitan areas, i.e., not in large cities. In addition to the Capital Region, the bank has offices in Northeast Pennsylvania, Vermont, Western Massachusetts, and every county in Upstate New York, Levy said.  

There are no immediate plans for further expansion, Levy said, but noted that Gens Falls “fits in with our whole model.”

Levy has been with Community Bank since 2018. Before that, he held executive positions with NBT Bank and M&T Bank.  “Today, I am from Saratoga Springs,” he said. He has lived in the city for three years, after 21 years in Guilderland.

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Business Report: Staying The Course In Uncertain Times

Posted onMarch 14, 2022
Kenneth J. Entenmann, chief investment officer at NBT Wealth Management.

by Kenneth J. Entenmann

As the world watches the events unfold in Ukraine, it goes without saying that what we are witnessing is tragic and the human toll is something that cannot be understated. Military action always brings uncertainty, and it is difficult to assess the full extent of the situation while it is unfolding. The Russia-Ukraine conflict is no exception, and it has resulted in stunning market volatility.

However, strictly from an investment and economic perspective, geopolitical events rarely cause major bear markets or recessions. The markets tend to view them like natural disasters. That is, they are highly regionalized, they cause significant loss of property and life, but tend to be short-lived. 

Historically, dating back to the Iraq invasion of Kuwait in 1990, there have been nine global military “interventions.” The time period from the onset of the event and the market bottom ranges from 0 days to 70 days. For example, the market bottomed out 10 days after the 9/11 attack in 2001. The average decline in the S&P 500 is -6.9 percent. Importantly, the markets tend to recover quickly. 

The average one-month return after the bottom is 2.2 percent, the three-month return is 5.4 percent and the one-year return is 13.5 percent. Like all geopolitical events, the Russia-Ukraine conflict is impossible to predict. That said, it is likely to follow history’s pattern for a few reasons.

First, when we look at the global economy as a whole, the Russian and Ukrainian economies are small. The U.S. economy is the largest in the world at $21.4 trillion and nearly 25 percent of the total global GDP. By comparison, the Russian GDP is $1.7 trillion and 1.94 percent of global GDP while Ukraine’s GDP is estimated to be $156 billion. 

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Business Report: The Benefits Of Accelerated Depreciation

Posted onMarch 14, 2022
Co-managing partner Carissa Conley of the tax advisory firm Bucknam & Conley CPAs.

By Carissa Conley and Bryce Kahler

Every year, business owners across the country try to find ways to lower their taxable income and pay less taxes to the government. The easiest way to reduce tax is through operating expenses, which are necessary to run the business on a day-to-day basis. One of the most important expenses a business owner should take time to understand is depreciation: the expensing of business assets. 

Depreciation requires you to spread the cost of an asset over its useful life as it loses value. The easiest method to understand is straight-line depreciation, where the cost of the asset is expensed evenly over its useful life. 

If all assets were depreciated using the straight-line method, the business would have the same depreciation expense each year until the assets were fully depreciated.  If the asset had a five-year life, it would take five years to get the full benefit of its cost.  

But there are a lot of other depreciation methods and tax elections available to the business owner that create opportunities to manage their taxable profit in the year of purchase as well as in future years.  

There are current tax laws that offer more favorable options to accelerate depreciation and immediately expense the cost of assets, thus lowering your taxable income for the year.  It also enables you to match the expense with the cash outlay or, maybe even better, expense the property faster than you’re repaying the debt and thus put more money in your pocket now (which is why real estate investments are attractive). 

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SEDC: Building An Economic Future For Saratoga County For Some 43 Years

Posted onMarch 14, 2022
Dennis Brobston, president, Saratoga Economic Development Corp.
Courtesy Saratoga Economic Development Corp.

By Dennis Brobston

One of our beloved presidents, Abraham Lincoln, once said “The best way to predict the future is to create it.” That is our belief at Saratoga Economic Development Corp. (SEDC). 

Creating Saratoga County’s economic development future has been our mission for over 43 years of existence. Working with SEDC to create our economic future are many partners: Saratoga County and local governments, Saratoga County businesses large and small, our Industrial Development Agencies (IDAs), universities and colleges and our K-12 school districts, to name a few. Over the last decade, SEDC and our stakeholders helped to create over 1,700 new jobs with over $170 million in payroll while retaining over 2,050 existing jobs at Saratoga County companies.

The year 2021 was another strange year as we all continued to adapt thru the ongoing COVID-19 pandemic. Like 2020, we were thrust into uncharted waters for supporting our existing businesses in Saratoga County while marketing our region for new and exciting companies looking for fertile ground to grow their businesses. And like 2020, this past year of 2021 proved to be another banner year delivering over $110 million in new investment while creating 182 new jobs and over $11.5 million in payroll. 

Over the last two years, we have supported $232 million of investment creating over 629 jobs with over $38 million in new payroll while retaining 730 existing jobs. The years 2020 and 2021 are the first back-to-back years with more than $100 million investment in our 43-year history. We are thankful for all of the projects that allowed us to excel during this pandemic.

Promoting Saratoga County’s sites and buildings to site selectors across the country and throughout Europe will continue in 2022. Our efforts to create more product (pre-zoned sites and buildings) continue as we work with our municipalities eyeing this type of growth. “On spec” flex space is being built regularly in Saratoga County and the support of the Saratoga County IDA and the Town of Clifton Park IDA is vital to that continuing. 

The rising costs of steel and building materials make it difficult to develop without the incentives our IDAs use to support new growth. Prospects require pre-approved sites and buildings in order to meet increasingly tight deadlines to produce and distribute products. We appreciate working with our planning boards and staff, property owners, developers and real estate associates as prospects look to us for guidance on efficient turnarounds for projects.

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EDC Warren County Touts Building ‘The Economy Of Now’ As COVID Eases Up

Posted onMarch 14, 2022
Jim Siplon, president and CEO, EDC Warren County
Courtesy EDC Warren County

By Jim Siplon

It is certainly not news to say that the last two years of COVID have reshaped our area economy and the work we do to support it. 

One of the often acknowledged aspects of the COVID era is the observation that the pandemic often exposed and accelerated shifts that were already underway but perhaps not yet fully understood. Our economy and its dynamic elements , things like an aging workforce and a lack of new housing, are perhaps the greatest example of this. Constructing the framework that will underpin the post-COVID economy requires us all to lean into this together-to understand and retool around the “Economy of Now.”

EDC Warren County has long been focused on the strategic work required to attracting, growing and retaining business for our community. Classically, this was a process built around enticing new business to locate here and utilize our workforce to run them. Our programs, incentives and resources were deployed primarily in ways designed to capture transitory or relocating business ventures. 

While that work continues, it is transitioning before our eyes to a model that flips the traditional approach on its head. We are now in a competition for workforce, and those areas that have it will attract and grow the most successful business and economic entities while those that do not will struggle to build a sustainable economy. 

This need for workforce is not new, in fact it has been building slowly in the demographics for years. Baby boomers are aging out, birth rates have declined and flight of our young has been going on for some time. But today this problem is not limited to the North Country or other less populated areas but is now almost universal. 

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Officials: War In The Ukraine Has Adverse Effect On Area Employment, Supply Chain

Posted onMarch 14, 2022

By Paul Post

Some restaurants aren’t serving lunch, Gore Mountain can’t keep all of its lift lines running, and one area paper company is so desperate for help that it’s put up small roadside signs, hoping to attract new workers.

An already serious labor shortage could grow worse, creating serious problems for the Lake George-Saratoga Region economy if the Ukrainian crisis keeps young Eastern Europeans from filling hundreds of hospitality and tourism industry jobs this summer, local officials say.

“Such a heartbreaking situation,” said Amanda Metzger, Lake George Regional Chamber of Commerce marketing director. “This could affect a larger region than only the Ukraine. We are prepared to market the available jobs as we had to last year, but it is with such a heavy heart that we prepare for this potential workforce shortage, thinking of what the people of Ukraine are facing.”

In a Facebook posting, the Lake George restaurant 10 McGillis Public House said, “All over the Capital Region and especially here in Lake George, we rely on the international students and J1 Student work program to staff our local businesses and boost our economy. With the exception of the pandemic in recent years, hundreds of students come to our area to work each summer. Most of them work two or even three jobs at a time and they are an integral part of some business’s success for the tourist season.”

Many student come from Poland, Belarus, Russia and Ukraine.

“Not only do our businesses depend on these students and their hard work, but many of us have made lifelong friendships and remain in contact years after they’ve returned to their home country,” the 10 McGillis Public House statement said.

Many foreign students find local summer employment through New York City-based InterExchange. In a statement, the agency said: 

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