The state Department of Environmental Conservation (DEC) in November discovered Lake George’s first harmful algal bloom (HAB) in Harris Bay.
The Jefferson Project at Lake George, a collaboration between RPI, IBM Research, and the nonprofit FUND for Lake George, immediately deployed resources to examine the situation.
More than 20 researchers collected water samples from across the lake for sophisticated chemical, biological, and computer modeling analyses. They also deployed advanced sensors around the lake (including Harris Bay), officials said.
The algal bloom was first observed in Harris Bay on Nov. 7 and dissipated that same day, according to the FUND for Lake George. Additional blooms appeared on Monday, Nov. 9, in Harris Bay, Sandy Bay, Warner Bay, and near shore waters off of Lake George Village, all of which dissipated within 24 hours.
It was verified that the threshold of cyanobacteria concentrations in excess of 25 micrograms per liter were present. IBM and RPI supercomputers and researchers began computationally modeling recent weather and water circulation at all levels of the lake.
All of this effort, officials said, is aimed at answering three critical questions.
“The first question is: Was this a natural event or is this an early warning sign of human activities impacting the lake, due to factors like increasing nutrients or global climate change? Our rapid response to the recent HAB event in Lake George and similar occurrences in lakes across New York state puts us in a unique position to answer those questions and provide insights to decision makers,” said Dr. Rick Relyea, director of The Jefferson Project and a professor of biological sciences at RPI.
Adirondack Trust Community Fund Gives Out Grants To Region’s Nonprofit Agencies
The Adirondack Trust Co. Community Fund has awarded Lend-A-Hand Grants to 37 local nonprofit organizations.
Since 2012, Lend-A-Hand Grants have been awarded annually using community funds from ATCCF’s annual Autumn of Giving Match Campaign.
Officials said because of the economic stresses COVID-19 has placed on businesses and individuals, the Adirondack Trust Co. fully funded this year’s grant efforts, donating $77,000 in lieu of the typical match campaign.
“In a year full of challenges and difficult decisions, the Community Fund is grateful that Adirondack Trust quickly stepped up to fund the 2020 Lend-A-Hand Grants,” said ATCCF Advisory Committee Chair Brian Straughter. “We are so grateful for our community partnerships like this one.”
“There was absolutely no question when it came to funding this year’s grants,” said Adirondack Trust President and CEO Charles V. Wait, Jr. “Ensuring the Community Fund’s perpetuation and its ability to assist so many incredible nonprofits was a top priority, but the best part is that, even though the community didn’t have to donate this year, so many did.”
Lend-A-Hand Grants help local nonprofits throughout Saratoga, Warren, and Washington counties obtain critical funding for a diverse spectrum of needs: combatting food insecurity, improving living conditions, providing medical supplies and personal protective equipment, and so much more.
Grant awards were provided to the following organizations:
Mystic World, Long A Fixture In Lake George, Opens A New Shop In Saratoga Springs
©2021 SaratogaPhotographer.com
By Jill Nagy
Whether nostalgic for tie-dye T-shirts or need just the right crystal to help get through difficult times, Mystic World strives to fill the bill. The business, long a fixture at the Wilton Mall in Saratoga County and in downtown Lake George, recently opened a new store at 423 Broadway in downtown Saratoga Springs.
They are still trying to get settled in at the new location, owner Violet Cannistraci said, and December was a very busy month, sometimes too busy for store employees to answer the telephone.
She said people found the Saratoga location mainly by word of mouth but also through listings on Facebook and Google. “The support for local business is amazing,” she said.
Some shoppers patronized both the Wilton Mall and the Saratoga Springs outlets, searching for just the right crystal. Each crystal is unique, Cannistraci noted, hand picked by her at gem shows.
“My house is full of crystals and I always have crystals with me,” she said. They are the most popular item in her stores. People buy them for their possible healing properties, because they are beautiful to look at and as a way to connect with the earth, she said.
Mystic World offers a variety of items in addition to crystals and tie-dye shirts. There are incense, aromatic oils, herbs, candles, jewelry, singing bowls, statues, and a variety of hand crafted items from around the world.
Cannistraci has particular affection for the hand-crafted items and noted that she got her start importing and selling “items I fell in love with (on my travels) and wanted to share with others.” She began traveling as a teenager, spending time in Ecuador and buying things from members of indigenous communities there.
Her first sales outlet was a holiday season pop-up store at the Wilton Mall. From there, she expanded to a seasonal shop on Canada Street in Lake George. She has been there for about a decade.
Lake Luzerne Designer Thrift Shop Opens Features Name Brand Apparel & Accesories
Courtesy Cre’s Closet
by Jennifer Farnsworth
High fashion has come to Lake Luzerne thanks to Cre Whitty, owner of the designer thrift shop Cre’s Closet.
The business, which opened late fall, is filled with brand name women’s apparel and accessories.
Whitty said her entire life has had a connection to the fashion industry, beginning with her mother, who was a designer in Manhattan in the 1960s and 1970s. Whitty herself worked in the city during the 1980s and it was then that she fell in love with the concept of thrift stores.
She moved to Lake Luzerne a few years ago. When the opportunity presented itself to start her own thrift shop, she said she knew it was time to take it.
Company Owners Should Develop Business Plans That Reflect Their Vision for Future
By Susan Elise Campbell
The fourth quarter of any fiscal year is a busy time for CPAs. But this year, advising clients is posing more than the usual challenges.
“It has been the busiest year-end in 10 years because of uncertainty with taxes and the economy,” said Paul A. Curtis, CPA, a founding partner of CMJ, LLP in Queensbury. “Our firm was in a rush to close business sales because the new administration is thinking of eliminating the maximum 20 percent capital gains rate and raising personal income tax rates.”
“A company that has grown to a million dollar business pays $200,000 under the current tax code but may have a $400,000 tax bill if they wait to cash in next year,” he said, which is why CMJ closed six major transactions in December. Uncertainty scares businesses to death.”
“It is difficult enough for CPAs to get out of 2020, much less plan for 2021, when passing laws pertaining to deductions, depreciation and taxes is delayed,” said Laurie A. Stillwell, a CPA in Saratoga Springs.
“My biggest fear professionally is that it is difficult to advise clients on how to move forward from a business and personal tax perspective,” she said. “I have never been busier, but I want to be proactive and that is nearly impossible.”
Technological Innovations Will Continue To Revolutionize Functions In Every Day Life
Courtesy Sterling Manor Financial
By Stephen Kyne, CFP
There is an old curse that reads, “May you live in interesting times.” I think we can all agree that we are certainly in interesting times. From the pandemic and the economy, to the political climate, 2020 (and so far, 2021) will long be remembered as a consequential year. The question now: Where do we go from here?
2020 was a tale of two economies. Small businesses experienced a very different reality last year than large businesses. We all know local business owners who are struggling, or who have gone out of business, altogether. We know service sector workers whose financial lives are in complete collapse. Yet, on the other side, many large national businesses are booming. It’s a travesty, and our hearts go out to those suffering.
Things will get better.
For investors who stayed invested during 2020, it turned out to be a surprisingly positive year, especially in the technology sector.
Business Report: Strategies For Strengthening Your Business
By David Cumming
As a small business owner, you are playing a big role in driving our nation’s economy. According to the U.S. Small Business Administration, small businesses create two out of every three net new jobs in the private sector. Currently, there are over 30.7 million small businesses in the U.S., accounting for 47.3 percent of all U.S. employees.
If you’re like most entrepreneurs, you wear many hats, including overseeing the finances of your business. Each day, you face critical decisions that may have an enormous impact on the future success of your company. Questions about day-to-day cash flow, attracting and retaining talented employees and balancing finances at work and at home are just some of the challenges you must consider as you grow your business.
Every business is unique, but the five critical strategies for strengthening a business for long-term growth are the same.
1. Managing cash flow
Having an effective cash flow strategy can assist you in keeping your finger on the pulse of how quickly and effectively cash is moving in and out of your business, while also working to enhance the yield on your short-term assets. You’ll also need skills and resources to address a broad range of credit structures.
2. Protecting your assets
Unforeseen events can jeopardize the value of your business. What if something happens to you, or another person who is critical to the success of the business? Or what if you get sued?
Outlook 2021 – Michael Bittel
Courtesy ARCC
By Michael Bittel
As we leave 2020 and move into 2021, I believe that everyone in our beautiful region came to the same conclusion, we need each other more than ever. We have been blessed to see and experience collaboration on a scale not seen in our lifetime. Through adversity has come strength, caring and support.
These characteristics not only will continue to get us through this pandemic, but it will carry us to new heights as we look forward into the year 2021.
Let us remember all of the businesses and families effected through temporary or permanent shutdowns of their livelihood. With small businesses being the backbone of our region, this past year has had a profound effect on many long-time businesses, their employees and their families. There are also many businesses who are still open, but whose sales are a fraction of what they once were.
This year brings in a new wave of challenges. Challenges like how fast the vaccine will be distributed. When will we fully open again as a society and economy? How will shortages in sales tax revenue and lower income tax revenue effect local and state government spending in 2021? What regulations will be here to stay or be rolled back once we fully open again?
The year 2021 will also usher in a new wave of opportunities. Opportunities in the form of there being a lot of money on the sidelines. Bank deposits are way up year over year.
Outlook 2021 – Doug Ford
Courtesy Curtis Lumber
By Doug Ford
As I prepare to write this article regarding the construction outlook for 2021, I can’t help but think about all that has transpired since I wrote last year’s column. At that time, no one could have predicted what lay ahead just a few short weeks after the story went to print.
As we move into this much anticipated new year, many of the challenges I outlined for 2020 still exist and have only become more complicated due to COVID-19. Despite all the obstacles the construction industry endured, they stilled fared better than most. In the Northeast, and even closer to home, construction has been strong throughout the pandemic, in part driven by new home construction and remodeling.
Unfortunately, we cannot look forward without at least looking back briefly. It all started in March when the COVID-19 infection rates escalated and Gov. Cuomo shutdown construction for the entire state, lumping Upstate New York in with New York City.
Most industry affiliated organizations and legislators understand that upstate and the city are very different so much debate ensued to handle them differently. As a result of being shut down, most of the skilled laborers were laid off and joined many others in the unemployment pool. There were several weeks of uncertainty as builders and remodelers tried to make sense of what was unfolding in front of them.
Outlook 2021 – Kenneth J. Entenmann
Courtesy NBT Wealth Management
By Kenneth J. Entenmann
This past year was an interesting one, to say the least. Though some may prefer to use other adjectives to describe 2020. COVID-19 provided a vast disruption of economic activity, with U.S. GDP declining 31.7 percent in the second quarter.
However, the U.S. economy demonstrated remarkable resiliency and rebounded 32.7 percent in the third quarter. While the economy continued to grow in the fourth quarter, activity did slow, particularly in the labor markets. It is estimated that the full year 2020 U.S. GDP will decline around 3-5 percent.
As we flip the calendar to 2021, great uncertainty surrounding COVID-19 remains. Nonetheless, our 2021 economic outlook remains optimistic.
There is no doubt that the COVID-19 economic disruption has endured longer than most anticipated. The hope of a short duration event prompted by the quick “flattening of the curve” in the spring soon dissipated as COVID spiked in the summer and again during the holiday season. Portions of the country remain in lockdown with severe economic consequences.
However, the vaccines are slowly making an impact and it is widely expected that the vaccination process will accelerate. This provides hope that a return to economic normalcy is coming although the timing is still uncertain. COVID will negatively impact the economy at least through the first quarter, probably into the second. However, the economy is poised for a very strong second half of the year.