Glens Falls Business Journal

Business Report: Navigating The Corporate Transparency Act

February 21, 2024February 21, 2024

Christine E. Taylor, Esq. is an attorney with The Towne Law Firm, PC.

By Christine E. Taylor, Esq.

As of January 1, 2024, businesses across the United States are now burdened with an additional filing obligation due to the implementation of the Corporate Transparency Act (CTA). This legislation mandates that businesses not subject to an exemption must file a Beneficial Ownership Information Report (BOIR) with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

Understanding the Reporting Timeline;

For businesses in existence before January 1, 2024, the clock is ticking as they must file their BOIR by January 1, 2025. Meanwhile, new entities created or registered in 2024 or later only have a 90-day window to submit the report to FinCEN. Businesses should not wait; there is an urgent need for businesses to familiarize themselves with the requirements imposed by the CTA and act promptly to ensure compliance.

Applicability For Business Entities

The CTA casts its regulatory net wide, applying to both limited liability companies and corporations throughout the U.S. Regardless of size or industry, companies falling within these categories are obligated to adhere to the reporting requirements set forth by the legislation. The CTA provides 23 exemptions from reporting requirements. Companies meeting any of these exemptions are relieved from the obligation to submit a BOIR to the CTA, offering a degree of flexibility within the regulatory framework. Exempt entities include investment companies, banks, insurance companies, tax-exempt entities, large operating companies, and more. Large operating companies are classified based on three criteria: having over 20 full-time employees in the United States, maintaining a physical office in the U.S., and filing a federal income tax return or information return in the U.S. for the preceding year, showcasing gross receipts or sales exceeding $5 million, excluding those from sources outside the United States.

For a full list of the exemptions, please visit: https://www.fincen.gov/boi/small-entity-compliance-guide

Business Valuation And Fraud Detection Services Provided By Forensic Accountants

February 21, 2024

By Christine Graf

Of the approximately 675,000 CPA’s in the United States, less than one percent are certified to practice as forensic accountants. In addition to investigating financial crimes, forensic accountants work with companies to develop internal controls intended to prevent and detect these types of crimes.

While many business owners believe that it is the job of internal or external auditors to detect financial crimes, that is not the case. The job of an auditor is to ensure that a company is adhering to generally accepted accounting principles (GAAP), the default accounting standard used by companies based in the United States.

The savings and loan scandal of the 1980s and 1990s was a driving force behind the creation of the field of forensic accounting, but it was Internal Revenue Service CPA Frank Wilson who is considered the father of forensic accounting. In 1930, after reviewing more than two million documents, Wilson found evidence that notorious mobster Al Capone has committed tax fraud. The following year, after being found guilty, Capone was sentenced to 11 years in prison.

During the past decade, the field has evolved, with firms specializing in forensic accounting opening their doors throughout the country. One of these firms, FAZ Forensics, is located at 268 Broadway in Saratoga Springs.

“We specialize in forensic accounting and valuation work mostly in a litigation environment,” said partner Stephen Ferraro. “We’ve all done traditional accounting and tax work, but now we focus 100 percent in this area.”

FAZ Forensics was founded seven years ago after two CPA firms that had merged decided to split.

“When that happened, our forensic group went independent,” he said. “At the time, there were six of us who spun off and started FAZ, and we currently have 16 people.”

Munter Enterprises Is Currently Busy With A Variety Of Industrial And Commercial Projects

February 21, 2024February 21, 2024

A Munter Enterprises construction crew sets a Zinter Handling top-running girder crane at Espey Manufacturing in Saratoga Springs.
Courtesy Munter Enterprises

By Christine Graf

Middle Grove-based Munter Enterprises, a construction and real estate development company that recently celebrated its 50th anniversary, continues to experience high demand for their services. The family-owned business offers design-build and general contracting services to commercial and industrial clients, providing them with comprehensive guidance through all stages of construction.

“We’re seeing a lot of activity in terms of our manufacturing clients that are needing to expand and build. This is good news because that means more jobs, and these local manufacturing jobs are vitally important to keep our economy strong,” said Michael Munter, vice president of Munter Enterprises.

The company has numerous projects in the works including two at the WJ Grande Industrial Park in the City of Saratoga Springs. Within the park, they are constructing a 50,000-square-foot building for Soleno, a Canadian company that manufactures drainage pipe used for storm water management. For Soleno, it will be their first U.S. manufacturing facility. The company has announced that they will consider adding a 25,000-square-foot expansion to the building in the coming years if demand for their product continues to rise.

Their second industrial park project is a 30,000-square-foot expansion to a building Munter Enterprises originally designed and constructed for AgroChem in 2015. AgroChem produces advanced chemical solutions that help dairy farmer produce high-quality milk with maximum efficiency.

Second Generation At Hilltop Construction Delivering Quality Building Services

February 21, 2024March 6, 2024

Drive Garvey’s Hyundai dealership on Dix Avenue in Queensbury underwent a $4 million expansion done by Hilltop Construction.
Courtesy Hilltop Construction

Updated March 6, 2024

By Rod Bacon

When Tom and Cindy Albrecht founded Hilltop Construction in 1975, Tom was a one-man crew. Forty-nine years later the company boasts 36 skilled craftsmen and covers an area that stretches from Albany to Schroon Lake, New York.

After 46 years of hard work and dedication to the company and the community Tom and Cindy retired in 2021.

The company is now owned and operated by their daughter April Washburn, son Tom Albrecht Jr. and April’s Husband Dan Washburn .

“We’re in a unique region where the construction industry is doing really well,” said Dan Washburn, vice president of commercial operations. “We have found our niche and continue to grow each year.”

One reason for the company’s success, said Washburn, is that they have built up a loyal clientele that knows their projects will be done on time, on budget, and with quality workmanship.

The Design/Build firm does both residential and commercial projects.

“Our projects are custom designed and built to fit the desire of each individual customer ” said Washburn

On the residential side the company specializes in extensive home renovations as well as custom built homes from Saratoga to Schroon Lake.

Despite Struggling With Labor Shortages Northern Mechanical Offers Quality Service

February 21, 2024

Northern Mechanical Services, Inc. has provided HVAC services to residential and commercial customers since 1992.
Courtesy Northern Mechancial Services

By Christine Graf

Queensbury-based Northern Mechanical Services has been providing HVAC services to residential and commercial customers throughout Warren, Washington, and Saratoga counties since 1992. The company’s technicians and installers specialize in heating, air conditioning, refrigeration, zoning, plumbing, and indoor air quality design

“We service and install HVAC and plumbing, but we focus more on HVAC,” said company vice president David Crear. “Two-thirds of our business is commercial, and the other third is residential.”

On the commercial side, the company tends to work on smaller projects for a diverse client base. In terms of residential work, they focus primarily on repairs and replacement, with new construction representing a very small percentage of their residential business.

While both commercial and residential business remain strong, Crear reports that residential consumers have reduced spending.

“We have seen a lot of interest in some of the clean heat programs– moving towards dual fuel which could be a heat pump with gas or propane. There’s been a lot of interest in those types of things, but overall, you can tell that people have pulled back from spending.

With a staff of 28 employees, Crear said the company has no plans for expansion

F. H. Alexander Company Will Travel Far Afield To Deliver Quality Services To Clients

February 21, 2024

F. H. Alexander completed an Alltown Fresh location at 141 Saratoga Road, in Moreau a few months ago. This is the third location for Alltown Fresh, joining the Schenectady and Livingston locations.
Saratoga Business Journal Photo

By Christine Graf

F. H. Alexander of Schaghticoke has been providing commercial construction, design/build, and commercial renovation services to customers throughout the Northeast since 1991. Last year was a busy one for the company, with crews working on projects in Ticonderoga, Moreau, Oneonta, Plattsburgh and beyond

In Moreau, they built an Alltown Fresh truck stop, one that opened just a few months ago. For F. H. Alexander, it was their third Alltown Fresh. The others are located in Schenectady and Livingston.

The company also completed construction of a Hoffman Car Wash in Oneonta as well as a Dunkin Donuts in Plattsburgh. Construction of Paper and Pencil, a new restaurant in Ticonderoga, will wrap up after all of the kitchen equipment arrives.

“We have absolutely nothing local going on at the moment,” said company president Frank Alessandrini. “We do have a small fitness center addition to the Marriott Fairfield at Exit 12 in Malta that’s coming up this spring. We also have a structural renovation project in Albany that’s also supposed to happen in the spring.”

Currently, F. H. Alexander has three Dunkin Donuts remodels underway in Plattsburgh. This summer, they will start construction of a new Dunkin Donuts in Malone, one that will include a restaurant, donut production facility, and retail rental space.

Experienced Engineer Named To Post At The Associated General Contractors Of New York

February 21, 2024

The Associated General Contractors of New York State (AGC NYS), New York’s leading statewide construction industry organization, has announced the appointment of Thomas Wiser, P.E., as Vice President of Transportation Services. Wiser brings more than 30 years of extensive experience in the transportation and construction sector, primarily with the New York State Department of Transportation.

“I am very excited to continue working in the construction industry supporting the AGC members as they work through many of the technical challenges keeping project’s moving forward to bring them to completion on time, within budget and safely,” said Wiser.

Most recently serving as Regional Director for Region 9 at NYSDOT, Wiser was responsible for guiding a team of 700-800 employees, showcasing his strong leadership skills and deep understanding of New York State’s transportation infrastructure. A proven problem-solver, his tenure as Regional Construction Engineer, where he managed projects ranging from $100 million to $350 million, underscores his expertise in ensuring quality, compliance, and economic efficiency in large-scale construction projects.

Wiser’s impressive career includes significant roles such as Resident Engineer for Broome and Otsego counties, where he was instrumental in maintaining and optimizing transportation assets and operations. His commitment to project excellence is evident in his work as Engineer-in-Charge on major reconstruction projects and installations across New York State.

AngioDynamics Closing Its Glens Falls Plant; Phasing Out Operations Over Next Two Years

January 23, 2024

AngioDynamics, in Glens Falls, announces closure, impacting 350 workers.

By Paul Post

The Glens Falls area’s third large manufacturing employer in less than a year has announced plans to cease operations, impacting 350 workers in Glens Falls and Queensbury.

AngioDynamics, a global medical device maker, says rising inflation, supply chain constraints and workforce shortages are responsible for the move, saving the company an estimated $15 million.

Early last year, Lehigh Cement Company in Glens Falls shuttered its 130-year-old plant, idling 85 workers, followed several months later by the closure of Essity’s South Glens Falls paper mill and facilities in Greenwich and Saratoga Springs, which cost another 350 jobs.

“It’s never good when one of these operations closes,” said Jim Siplon, Warren County Economic Development president. “But I’m confident this isn’t all bad news. We still have thousands of open positions in the area, not only in manufacturing, but in tourism and health care. We have to figure out how to fill those.”

“What we’re seeing is less and less big employers that are going to be the underpinning of our economy and more and more medium and smaller ones that we need to serve as well,” he said. “No factory and no product line lasts forever. Business cycles are shortening. Our job is to support Angio in whatever transition they’re in the midst of and to make sure our workforce continues to be gainfully employed. We still have a lot of opportunity to do that.”

Significant Improvements To Lake George Are Proposed Due To $10 Million Grant

January 23, 2024

Individuals hold a $10 million state grant check, for projects in Lake George, including seasonal workforce housing, a Farmer’s Market pavilion, Shepard Park fishing pier, and South Canada Street improvements.

By Paul Post

Seasonal workforce housing, a Farmer’s Market pavilion, Shepard Park fishing pier and south Canada Street improvements highlight the projects proposed for Lake George with a new $10 million state grant.

A committee of public and private officials including four professional planners spent 16 months preparing an application for the state’s Downtown Revitalization Initiative program.

“The $10 million will help leverage another $20 million to $30 million in public and private investment,” said Committee Chair Dan Barusch, town of Lake George director of planning and zoning. “The town and village are going to be chipping in dollars and business owners will match any money they get for various projects.”

“The indirect economic impact is things like job creation, construction and increased sales tax revenue,” he said.

Most of 2024 will be spent fine tuning priority projects and considering additional ideas that others may have. An open call for proposals will be issued soon.

A separate planning committee, comprised of local and state officials from various state agencies, will decide the merits of each project before money is forthcoming, with work expected to begin in 2025.

Forward-Looking Planning Has Positioned Lake George Region To Thrive In The Future

January 23, 2024January 26, 2024

Gina Mintzer, executive director, Lake George Regional Chamber of Commerce.

By Gina Mintzer, cmp, mha

Living, working, and playing in the Lake George region in 2023 proved to be a remarkable experience. As the world made strides toward returning to pre-pandemic norms, stability saw a resurgence throughout the year. Looking forward to 2024, it’s essential to acknowledge the significant preparations and developments that have transformed Lake George into a winter destination.

Lake George introduced two major winter attractions. The creators of Ice Castles adapted their spectacle to withstand winter conditions, resulting in Winter Realms. Opening at the Festival Commons in Wood Park in November, Winter Realms will enchant visitors until the end of February. Another captivating addition is Winter’s Dream, presented by Moment Factory at Fort William Henry. Launched in December, Winter’s Dream will operate until the end of March. Preliminary results indicate a promising start, attracting over 500 additional visitors daily and providing a welcome boost to local businesses operating during the winter season.

February marks the continuation of the 61st annual Lake George Winter Carnival, a cherished event for both locals and tourists. West and Gore Mountains are geared up for a robust winter season, featuring new equipment and programs to enhance the area’s appeal. With an abundance of winter activities in the region, a strong first quarter is anticipated.

Tourism plays a pivotal role in the regional economy. Ongoing efforts have strengthened collaboration across various sectors of the business community. The vitality of the tourism industry directly impacts the entire community, not just those employed in hospitality. Tourism dollars contribute significantly to offsetting local tax burdens and fostering economic sustainability and growth.