Saratoga Business Journal

The United Way Seeks New Partner Agencies

December 16, 2024

Tri-County United Way has announced the opening of new applications for new partner agencies to join its 2025 Community Investment Fund.

The programs seeking funding must address the needs of individuals in one or more of Tri-County United Way’s key focus areas: youth (up to age 24), seniors, and those affected by mental health challenges across Warren, Washington, and Northern Saratoga Counties.

Applicants must also serve Tri-County United Way’s ALICE (Asset-Limited, Income-Constrained, Employed) population—individuals who earn above the federal poverty level but below a sustainable wage. The Priority Area Screening Application is available on Tri-County United Way’s website at www.tricountyunitedway.org/priority-area-screening-application.

All Priority Area Screening Applications must be submitted via the Tri-County United Way website by January 10, 2025. Applicants must be 501(c)(3) organizations located within Northern Saratoga, Washington, and/or Warren counties and comply with all relevant federal, state, and local legal and operational requirements (including government-approved accounting practices, annual audits, 990 tax forms, and non-discrimination policies). Once an agency is screened and approved, they will be invited to submit a full Request for Proposal (RFP) for funding of up to $10,000. A maximum of three new agencies will be selected for funding in 2025.

Business Report: Protecting Your Business Data Through Personal Device Safety

December 16, 2024December 16, 2024

Aleks Pavlinik is chief information security office at StoredTech.
Courtesy StoredTech

By Aleks Pavlinik, Chief Information Security Officer

Why protect your personal digital life? Securing your personal life identity, passwords, and digital assets is crucial not only for your own safety but also for the security of your workplace. Think about it… we all access our work emails through our personal smartphones everyday. We reply to emails, we open attachments, we check our calendars for meetings. Some companies even allow their staff to use their own computers for work. But if compromised, these personal devices are a gateway for cybercriminals to infiltrate your workplace systems.

Maintaining strong, unique passwords, requiring multi-factor authentication (MFA) for all accounts, and using strong security solutions for your personal devices helps you contribute to a more secure and resilient organizational infrastructure. Remember, your personal security practices are the first line of defense in protecting both your personal and professional life.

Everyone reading this has probably experienced a risk or an attempt of identity theft, financial loss, and unauthorized access to your accounts. Someone tried to login to your social media accounts, or your bank called you with a questionable fraud attempt. This is tenfold for a business. There’s a whole business market out there of hackers who make millions by exploiting businesses, holding their data at ransom and stopping them from working and serving their customers.

Small businesses may think, “a hacker wouldn’t waste time going after my business. We aren’t big enough.” And that’s exactly the point. They know small businesses owners are not investing the resources in cybersecurity measures, so it’s easy for them.

Adirondack Cabling And Security Works With IT To Protect Businesses And Enhance Efficiency

December 16, 2024

BobWomer (standing) and Dave Womer reivew plans for a cabling project.
Saratoga Business Journal

By Susan Elise Campbell

As technology improves how a business is run, installing cable to connect the new technologies improves with it. One local company at the forefront of that is Adirondack Cabling and Security, providing clients with innovative cabling solutions for the best of 40 years.

“In 1982 when my dad and uncle started the company, the big thing was the PDX telephone system so a business with one phone number could have an extension on every desk,” said Dave Womer.

Dave is the son of Jack Womer who, along with his brother Bob, operated Adirondack Cabling until 2017 when Dave and his cousin Bob Jr. purchased the business from their retiring fathers. Dave is president and Bob Jr. is vice president of operations.

“My father and uncle saw there were many companies manufacturing the latest phone systems, but no one to install them,” Womer said. They formulated a business plan to meet that demand.

By the 1990s there were computers in every office that needed to be networked and Adirondack Cabling transitioned into another new market, he said.

Business Report: Cybercrime And Small Business

December 16, 2024

Tucker Lounsbury, President, NBT Insurance, Glens Falls.
Courtesy of NBT Insurance

By Tucker Lounsbury

Cyberattacks on small- and medium-sized businesses (SMB) continue to rise and will only intensify over the next few years. With the increased prevalence and cost of attacks, the absence of a safety net like cyber insurance is no longer an option SMBs can afford.

Assessing The Threat

Ransomware is one of the most common forms of hacking and includes the cybercriminal holding files or devices hostage in exchange for payment. Unfortunately, bad actors know that SMBs, in general, are less likely to have the full spectrum of safeguards in place, leaving them particularly vulnerable to this growing threat.

According to Astra, ransomware attacks have risen by 13 percent in the past five years, with an average cost of $1.85 million per incident. By 2031, it is predicted that a ransomware attack will happen every two seconds.

While training employees and requiring measures like strong passwords, regular password resets and multi-factor authentication are critical lines of defense, these steps are no longer enough.

Establishing a Safety Net

As an added layer of security, businesses large and small should invest in appropriate cyber liability and modern crime insurance policies. Cyber insurance typically refers to two forms of critical coverage: privacy exposures, which covers third party liability if personal information is stolen or compromised; and related first party expense coverage, which helps businesses mitigate the costs of damages and recovery resulting from a cyber-attack, which can be very costly. Modern crime policies protect physical theft of money that might be the focus of the bad actors targeting business networks.

Business Report: Managing Nonprofit Financials Well

December 16, 2024

Sabrina Houser is the owner of Capital CFO+ in Saratoga Springs.
Courtesy Capital CFO+

By Sabrina Houser

When I first started in the role of CEO and CFO at the nonprofit I was privileged to run, I quickly realized how important the financials were to the organization. I realized that although we were talking about profit and loss, revenue/expenses, black/red net balances, what we were really talking about was our mission.

The kids we served. How many more or fewer we could help. How each dollar directly correlated to our programs. The more money we were able to raise, the more we could do. The less we raise, the more we needed to cut back.

Because of this direct correlation between dollars and program scope and impact, the CFO of a nonprofit plays a key role in advancing the mission of the organization. It is never just about the numbers – it is about the mission. It is also always about the numbers, because without solid financial information it is impossible to make strategic, informed decisions regarding service delivery, program sustainability and the future direction of the organization.

For these reasons, the role of CFO is critical.

This realization changed my mindset. I understood that I needed to make the connection between finances and mission real for my donors, my funders, my board, my team. I needed them to feel that the mission was alive in the black and white numbers.

As CFO, I could connect the dots for my board, my staff, funders and community partners. Explaining our financial position and how it directly impacted our programming and our capacity to grow, or our need to adjust the scope or reach of our programs. I learned to love end-of-year projections, cash flow projections, the symmetry of a balance sheet. All these tools allowed me to communicate to the board and finance committee the connection between our financial picture and our impact. And they, in turn, could confidently make decisions based on solid financial information.

LifeWorks Has A ‘Whole Family’ Approach To Helping People Achieve Economic Stability

December 16, 2024

LifeWorks Community Action helps families achieve economic stability by addressing needs like food, education, and housing.
Courtesy of LifeWorks

By Susan Elise Campbell

LifeWorks Community Action has a long history of helping put individuals and families on the path to an economically healthier life. A staff of 114 and 200 regular volunteers carried out services throughout Saratoga County last year, and according to Krystle Nowhitney Hernandez, executive director, the non-profit’s 2025 direction is on “strengthening the workplace culture to benefit both the customers and staff.”

“Our focus as an organization last year was on training staff and embodying the spirit of helping people move forward, both economically and personally in their lives,” said Nowhitney.

“We increased wages, we looked at our benefits, and we launched a health and wellness program,” she said. “Together these changes are ensuring that we take care of employees and staff, and that they have the tools and resources to be successful here at work and outside of work, as well.”

“Staff are now better able to bring their best to the services we provide,” she said.

But funding services is an important piece of the work LifeWorks must do going into a new year. Some federal funding has already been cut, and Nowhitney said the organization is uncertain about changes coming from Congress.

The Moreau Community Center Offers An Extensive Array Of Social Programs

December 16, 2024

Moreau Community Center on Main Street in South Glens Falls offers 19 programs and services.
Courtesy Moreau Community Center

By Rod Bacon

Since 1977, the Moreau Community Center has been assisting those in the tri-county area who need a bit of help in their lives.

Established in the former Methodist church on Main Street in South Glens Falls, the center offers an extensive menu of activities and support services.

“In the beginning the center did not do all the things that we do now,” said Executive Director Donna Nichols, who took over that position in 2010. “They primarily ran a pre-school, Meals On Wheels, and a senior program.”

Nichols has extensive experience with non-profit organizations, having spent 26 years with Community, Work & Independence, Inc. (CWI) in Glens Falls.

Today the center offers 19 programs and services aimed at enhancing the lives of everyone from youngsters to senior citizens.

One of the more important offerings at this time of year is the Holiday Caring Program. Thanksgiving and Christmas meals and children’s gifts are provided to hundreds of income-eligible South Glens Falls residents. As is the case with many of the center’s programs, financial and “adopt-a-family” donors are welcome to contribute, as are volunteers to administer it.

“We had about 70 families that we provided a meal for at Thanksgiving and we will be doing the same thing for Christmas,” said Nichols. “People who adopt a family will buy gifts for the kids so not only does the family get a meal the kids get presents. We give all this out on December twentieth.”

Nichols noted that the center has “a small army” of volunteers, without whom it could not operate successfully.

“We do a volunteer appreciation event every year, usually in June, and last year we had 110 volunteers attend,” she said.

Business Report: What should you know about RMDs?

December 16, 2024

Eric Snell, financial advisor with Edward Jones Financial in Saratoga Springs.
Courtesy Edward Jones

Provided By Eric Snell

You may spend many decades contributing to your IRA and 401(k), but eventually you will likely need to take the money out — in fact, you must take the money out or face penalties. What should you know about these mandatory withdrawals?

Here are some of the basics:

• What are they called? Mandatory withdrawals are technically called required minimum distributions, or RMDs.

• When must I take RMDs? If you were born before 1951, you’ve probably already begun taking RMDs. If you were born between 1951 and 1959, your RMD age is 73. And if you were born in 1960 or later, your RMD age is 75. You can postpone accepting your first RMD until April 1 of the year after you reach your RMD age, but this will result in two RMDs for the year. After you take your first RMD, you must take subsequent ones by December 31 of each year.

• What penalties will be assessed if I don’t take all my RMDs? For every dollar not withdrawn, the IRS will charge a 25% penalty, but this can drop to 10% if you subsequently withdraw the correct amount within two years.

• Which accounts have RMDs? RMDs apply to traditional IRAs, as well as other types of IRAs, including SIMPLE and SEP IRAs. RMDs don’t apply to Roth IRAs. RMDs also apply to traditional 401(k)s, but not Roth 401(k)s.

• Can I withdraw more than the RMD for any given year? Yes, you are free to take out as much as you want. However, if you take out more than the RMD for one year, you can’t apply the excess to the RMD for the next year.

Business Report: Securing Your Retirement Future

December 16, 2024

David Kopyc, president of Retirement Planning Group LLC in Saratoga Springs.
Courtesy Retirement Planning Group LLC

By David Kopyc

Retirement, once a distant dream, can quickly become a tangible reality. As you navigate the complexities of modern life, it’s crucial to prioritize financial planning to ensure a comfortable and secure retirement.

Understanding Your Retirement Needs

The first step in effective retirement planning is to assess your financial needs. Consider the following factors:

• Desired Lifestyle: What kind of lifestyle do you envision in retirement? Will you travel extensively, pursue hobbies, or volunteer?

• Healthcare Costs: Factor in potential healthcare expenses, including insurance premiums, prescription drugs, and long-term care.

• Inflation: Account for the impact of inflation on your future spending power.

• Dependency Ratios: If you plan to support dependents, include their needs in your calculations.

To determine the amount you need to save, you can use various retirement calculators or consult with a financial advisor. Here are some key factors to consider:

• Time Horizon: The longer your investment horizon, the more time your savings have to grow.

• Expected Rate of Return: Estimate the average annual return on your investments.

• Social Security Benefits: Factor in the potential income you will receive from Social Security.

• Pension Income: If you have a pension, include it in your calculations.

Hinman Construction Is Honored With A Chrysalis Award For Remodeling Project

December 16, 2024

Continuing to set new standards of professionalism, Ballston Spa-based Hinman Construction is among 72 companies from across the United States to be named winners at the 2024 Chrysalis Awards for Remodeling Excellence.

The award recognizes a bathroom remodel in the $50,000-$75,000 category in a 1960s VanPatten Hanover model home in Clifton Park. Hinman doubled the size of the master bathroom, upgraded to two sinks, full size shower, heated tile floor, jewelry storage and an expansive amount of built in storage.

The entries were judged on overall design, the creative use of space and materials, and the degree to which the project enhanced the original structure.

Added attention to design and planning prior to construction sets the stage for a well coordinated comfortable remodel. While removals, relocations, repairs and upgrades are familiar to Hinman, it can overwhelm a client. In this case they provided guidance with selections, ordered all related items and scheduled all phases. They worked together to ensure the remodel met the needs and goals of their client, with plenty of designs to help them visualize every step. They went from cramped and crowded to an open modern farmhouse feel with much more storage than they had previously.