SPAC And Live Nation Utilize Relationships With Corporations To Help Them Thrive

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By Andrea Palmer
Major music and entertainment venues these days must come up with creative ways to meet their annual budgets, stay afloat and remain a vibrant segment of the community.

They investigate many funding sources, and among them is working with corporations, offering them ticket, benefit and advertising packages that are a boon for both the companies involved and venues like Saratoga Performing Arts Center and in Saratoga Springs and Cool Insuring Arena.

Another major company, Live Nation, also uses corporate packages. VIP packages are a popular sponsorship choice for corporate partners, said Chris Perez, marketer of venue sales at Live Nation, who works out of the Saratoga office.

Live Nation is an events promoter based in California, but with an office in Saratoga Springs. They book many of the major touring rock and country acts, from classic legend bands to newer popular groups. With SPAC being one of the largest local venues, they have an ongoing relationship.

For many companies in the region, sponsoring an event at SPAC gives them the exposure to the community at large.
“A lot of businesses are using us for client entertainment and employee entertainment. They buy box seats, and our box seats come with VIP parking and VIP access. There are many extra perks with the box seats,” said Perez.

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Empire State College Institutes Bachelor’s Degree Program In Addiction Studies

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SUNY Empire State College is launching a Bachelor of Science in addiction studies program it says is the first of its kind.
It is intended to help address the urgent need for qualified substance use disorder treatment specialists in New York state and around the nation, officials said.

Students will be able to complete the unique B.S. in addiction studies degree online, face-to-face, or through an individualized blend to fit the busy lives of working professionals.

Enrollment opens in the spring of 2020.

Data from the 2016 National Survey on Drug Use and Health (NSDUH) said a significant gap between the 21 million Americans in need of substance misuse treatment and the 3.8 million who actually received it. This means that only 18 percent of those who needed help were receiving it, officials said.

According to recent estimates by the U.S. Department of Labor, employment in the addictions field is expected to increase by 20 percent over the next 10 years. Further, various organizations report that the need for professionals with bachelor’s degrees and Credentialed Alcoholism Substance Abuse Counselor (CASAC) certifications is on the rise.

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Economic Index: Warehouse And Logistics Industry Has Big Impact On Area Counties

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Tim Feemster of Foremost Quality Logistics speaks at the warehousing/logistics session.

The Saratoga County Prosperity Partnership, a Saratoga County-based economic development organization, unveiled in July the inaugural Saratoga County Warehouse and Logistics Index, which it says portrays a thriving industry that employs nearly 2,000 people and generates an annual economic impact of $166 million in the county.

Officials said with nearly 100 transportation and warehousing operations, employment in Saratoga County rose from 1,470 jobs in 2001 to 1,772 in 2017, an increase of 21 percent. Meanwhile, the average annual wage grew from $36,221 in 2007 to $46,755 in 2018, a 29 percent increase that eclipses the Capital Region, New York state, and national averages.

Additionally, the Index illustrates a regional economic stimulus that is even greater, officials said. Working with the Saratoga, Warren, Washington Workforce Development Board, Warren County EDC and Washington County Economic Development, the Saratoga Partnership identified a $220 million annual economic impact and nearly 2,500 warehousing and logistics jobs across Saratoga, Warren and Washington counties.

“Saratoga County is home to a booming warehouse and logistics sector that provides increasing job opportunities and significant economic impact,” said Marty Vanags, president of the Saratoga County Prosperity Partnership. “Working with our partners in Warren and Washington counties, we are committed to providing the assistance companies need to ensure this important regional industry continues on an upward trajectory.”

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Washington County LDC, ARCC Are Seeking Nominations For Annual Business Awards

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The Washington County Local Development Corp. (WCLDC) and the Adirondack Regional Chamber of Commerce (ARCC) are currently accepting nominations for the Washington County Business Awards.

The award recipients and nominees will be honored at a luncheon on Tuesday, Oct. 8, at Christ the King Center, 575 Burton Road, Greenwich.

Nominated businesses must meet the following criteria:

• An established Washington County business with over two employees.

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State Extends Law Supporting Women And Minority Owned Businesses Enterprises

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Gov. Andrew Cuomo in July signed a law that reauthorized the Minority and Women Owned Business Enterprises (MWBE) program for five more years.

He aid it will ensure ongoing and meaningful participation of MWBEs in contracted state projects. The reauthorization of the law includes enhancements that will enable even more MWBEs to participate in and benefit from the program.

“The extension and expansion of New York’s nation-leading MWBE program will help ensure our economy is reflective of our values and of our diverse talent pool,” Cuomo said. “Diversity is New York’s greatest asset, and by signing this measure into law we will empower more women and people of color to participate in State contracts and continue our aggressive program to make contracting even more inclusive.”

“We are breaking down barriers for aspiring entrepreneurs and providing opportunities to ensure the growth and success of minority and women owned businesses,” said Lt. Gov. Kathy Hochul. “The renewal and expansion of our robust MWBE program advances New York’s nation-leading MWBE goals as part of our overall efforts to promote diversity. We are committed to encouraging and supporting minority and women owned businesses across the state, creating jobs and strengthening the economy.”

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Business Report: Receiving A Check To Creating A Check

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

By David Kopyc
Most Boomers do not have a pension plan and need to take their retirement assets they have accumulated over their working careers and create lifetime monthly income.

For most of the boomers the defined benefit pension plan has been replaced by 401k plans that leave the responsibility to you and not your former employer.

Before you make a decision on the investment program that is best suited for your appetite for risk and the ability to weather the storm when markets become volatile, you need to consider the drawbacks of each decision you make.

Never make a hasty decision that is irreversible that you may regret. I’m a major advocate of preparing for this important decision at least three years from your time of retirement. I classify this as the “red zone” of building your baseline retirement income distribution plan.

You need to start taking into consideration social security payments, the size of the pool of money that is going to be used for retirement income, and any other assets that may be calculated into this from savings accounts and any nonqualified assets you have set aside for your retirement years. If you are fortunate enough to have a pension benefit from a former employer, than the benefit selection is critical especially if wish to protect a spouse.

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Local Agent: Travel Agencies Are Important Even In The Age Of Online Shopping

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Stacie Baxter is the owner of Heber Travel on Quaker Road In Queensbury.

By Susan E. Campbell
In an era when travel arrangements can be made online with the click of a button, one may wonder if brick-and-mortar travel agencies are still relevant.

“Travel agents are more relevant now than we have ever been,” said Stacie Baxter, co-owner and manager of family-operated Heber Travel Services in Queensbury. Baxter said half to 60 percent of Heber’s clients are aged 50-plus.

“My senior clients enjoy researching travel online, but when it comes down to booking their bucket-list safari or even their family vacation, they would rather trust an expert than an app,” she said.

There are different factors when searching for a flight or a cruise or a hotel than 10 years ago, when there were just a few travel apps, according to Baxter.

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Business Report: Don’t Make Estate Plan A Family Secret

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Debra Verni, principal of the Herzog Law Firm in Saratoga Springs.

By Deborah Verni
Only about 40 percent of adults in America have a will, which may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone.

Many people are uncomfortable discussing how they will distribute their estate with their children. Perhaps you don’t want your children to realize how much they may receive after your death. Or you may think your choice of heirs could change in the future.

However, if you don’t discuss your estate plan, disagreements and conflicts could erupt once the details of inheritances are revealed. For instance, siblings may resent each other if distributions are not equal. Children may resent a spouse from a second marriage if they feel that spouse is using up their inheritance.

At that time, you won’t be able to explain your thoughts and wishes regarding the distribution of your estate.

Discussing your estate plans will give you an opportunity to inform your children about the distribution of your estate and why you decided to do it in that manner. You can go into specific detail, informing children how each asset will be distributed, or you can give a general overview of your estate plan.

If you have selected one child as executor or trustee, explain why you chose that individual. As an alternative, you can leave a personal letter with your estate planning documents explaining these items.

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Business Report: Plans For A Successful Retirement

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James E. Amell is director, Marvin and Co., PC, CPAs in Glens Falls.

By James E. Amell, CPA
Though not certain like death and taxes, most individuals strive for an enjoyable, comfortable retirement that lasts a number of years.

To accomplish this goal when life expectancy at age 65 may exceed 20 years requires thoughtful consideration and planning years in advance. I recently hosted a webinar, “Planning for Retirement/Social Security Update,” where I reviewed how to budget your retirement spending, including income taxes, and determine your income and asset needs.

I also explained in detail how Social Security works so you can better understand how to plan for this important source of retirement income.

There are several steps to undertake to ensure the retirement lifestyle you desire, the earlier you start the better, but certainly no later than five years prior to planned retirement.

First, consider your retirement “vision.” Do you have hobbies and interests that you will pursue and fill your time? Do you want to travel? Relocate? Go south for the winter? Do you have social activities, volunteer and community involvement? And last, but not least, how is your health and your family health history?

Your retirement vision can significantly influence your annual expenditures.

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FUND For Lake George Presents Grants To Projects To Keep Lake Clear And Clean

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The FUND for Lake George gave out nearly $500,000 in grants to help keep the lake clean.

The FUND for Lake George has presented nearly $500,000 in grants to seven organizations and municipalities to assist in their work to keep the lake clear and clean.

The FUND has now invested more than $7 million in Lake-protection initiatives since 2013.
“The FUND for Lake George not only advocates for the protection of this priceless natural resource, we act, with direct investments to secure the Lake’s signature water quality,” said Executive Director Eric Siy. “We are grateful to our many donors who make these grants possible by trusting us to invest in initiatives that make a sustaining difference for the Lake and our Lake-based economy.”

Officials said this year’s grants included:

• Science of Solutions Grant: $285,000 to The Jefferson Project—a landmark collaboration between IBM, Rensselaer Polytechnic Institute and The FUND — that has made Lake George “the world’s smartest lake” through the deployment of a highly advanced environmental monitoring system in the water and throughout the watershed.

• Invasive Species Grant: $90,000 to the Lake George Park Commission for aquatic invasive species prevention and milfoil removal initiatives.

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