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SAIL Organization Moves Its Saratoga County Branch To Space At The Wilton Mall

Posted onDecember 13, 2022

By Jill Nagy

Southern Adirondack Independent Living (SAIL), which originated in Glens Falls and has a Queensbury office, has relocated its Saratoga County office to the Wilton Mall.

The new Wilton location replaces offices in Ballston Spa where the organization was located for 15 years. The agency also has offices in Saratoga, Queensbury and Plattsburgh.

“People with disabilities are figuring out their next step,” said Tyler Whitney, deputy executive director. “A lot of people don’t know what they need when they come here.”  

The organization assists with housing, arranging in-home medical and nursing services, finding appropriate health insurance, free medical equipment loans, preparing Medicare and Medicaid applications, connecting with other community services, and other services that can help people with disabilities achieve the greatest level of independence possible. Primarily a source of advice and counseling, SAIL does not provide direct services but, Whitney said, they work closely with the providers that do.

 The organization serves a 15-county swathe of upstate New York. “We begin in Columbia/Greene and work our way up,” Whitney said. It is a nonprofit organization, supported by state and federal grants and donations.

Whitney said the new office is “accessible and innovative,” centrally located in the heart of Saratoga County. Availability of public transportation was a big piece of the decision to relocate to Wilton, she added. The new location provides 4,500 square feet of space. It received a “top to bottom renovation” between the time SAIL decided in mid-summer to move and their actual relocation in early October.

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Small Businesses Must Be Aware Of Ransomware And Problems It Can Cause

Posted onDecember 13, 2022
Craig Stephenson, senior cybersecurity analyst at Tech II Business Services.
Courtesy Tech II

By Christine Graf

In 2021, an estimated 37 percent businesses were the target of ransomware—a type of malicious software designed to block access to a computer system until a sum of money is paid. 

The price tag for these worldwide attacks was a staggering $20 billion. The dollar amount is expected to reach $265 billion by 2031, experts say.

In order to combat ransomware and other cybersecurity attacks, the Federal Bureau of Investigation (FBI) has partnered with members of the private sector. Through a program called InfraGard, they work together to protect the country’s critical infrastructure. 

Craig Stephenson, senior cybersecurity analyst at Tech II Business Services in Saratoga Springs, is a member of InfraGard. Tech II provides managed information technology services to small and medium sized businesses.

According to Stephenson, cyberattacks represent a clear and present danger to all companies regardless of size.

 “We are being inundated on a daily basis by bad actors from around the world. They are trying to steal the intellectual property from businesses or trying to get money from them. The FBI put together an unclassified video, and it’s an eye opener on how China is specifically and systematically trying to attack the United States in regards to stealing intellectual property.”

When it comes to ransomware, Stephenson said what he calls the “human firewall” is to blame for most attacks. 

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$50 Million Available In NYS For Firms Developing Cyber Safety Programs

Posted onDecember 13, 2022

New York state has opened applications for $50 million to strengthen safety and security measures at nonprofit, community-based organizations at risk of hate crimes or attacks because of their ideology, beliefs, or mission. 

The funding is the greatest amount ever available through the program, state officials said. Nonprofit organizations that have previously received grants may now apply for new security projects, and for the first time, cybersecurity projects will be considered for funding. 

The state also announced $46 million in federal funding for 240 nonprofit organizations across the state facing an increased risk of terrorist attack. This critical funding will assist in strengthening the security of their facilities, as well as enhance overall preparedness.

“Hate has no place in New York, and we will continue to support organizations that are most vulnerable to vicious and violent attacks,” Gov. Kathy Hochul said. “With this new round of unprecedented funding, these at-risk facilities will be able to fund safety precautions, including cybersecurity projects, to protect vulnerable people from those who would lash out against them due to their ideology, belief or mission.”

Officials said the announcement came as hate and bias incidents persist throughout New York and federal authorities have warned of security threats in neighboring states targeting faith-based institutions. Hate crimes adversely and disproportionately affect entire communities, not just the intended targets. 

While the number of hate crimes reported to police in the state represents a small fraction of total crime, these incidents traumatize and instill fear in the greater community. New York state tracks these incidents separately from other crimes so trends can be monitored, and steps can be taken to prevent them from occurring in the first place, officials said.

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Local Company’s Technology Allows People To Make Digital Purchases Using Ring Finger

Posted onDecember 13, 2022
The Quontic Pay Ring is a payment technology that allows customers wearing the ring to conveniently wave their hand near a contactless terminal to make retail purchases.
Courtesy of BankWise

BankWise Technology, a Saratoga Springs developer of advanced custom programming for banks, announced that it has provided the system development, integration, and support for the nation’s first wearable payment ring launched by the award-winning digital bank Quontic. 

The Quontic Pay Ring is an innovative payment technology that allows Quontic customers wearing the ring to conveniently wave their hand near a contactless terminal to make retail purchases. Officials said the process is like tapping a credit or debit card and can be used worldwide at any payment terminal that accepts contactless payments. 

The launch of this product required significant development effort to integrate the systems, streamline the operational processes and implement the safeguards necessary to both deliver the rings and to ensure their usefulness once deployed, according to BankWise. It provided the code and systems to manage key components of the product including customer authentication, ring ordering, sizing and fulfillment, ring activation, inventory management, integration with the bank’s core system, and customer communication updates via email or SMS on the pay ring’s order status.

“We are honored to be part of Quontic’s newest and very innovative product launch and for it to be the first of its kind in the U.S.,” said Sergei Morgoslepov, co-president and chief technology officer of BankWise. “We were brought into this complex project to help design, implement, and manage a middleware solution that allows Quontic to offer this payment device to their customers. 

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SUNY Adirondack, SUNY Plattsburg Starting Computer Security Degree Program

Posted onDecember 13, 2022

SUNY Adirondack and SUNY Plattsburgh have an agreement to create a bachelor’s degree program in computer security at the college’s shared Queensbury campus.

The completion program will begin in the fall 2023 semester, offering a two-year study option for graduates of SUNY Adirondack’s associate degree programs in information technology: cybersecurity and information technology: information security, or transfer students with a similar background. 

“We are eager to welcome students into our new bachelor degree completion program in computer security, one of the only computer security majors among the SUNY comprehensive colleges,” said Emma Bartscherer, director of SUNY Plattsburgh’s branch campus at SUNY Adirondack. “With the added benefit of a concentration in threat analysis, students will graduate with a competitive advantage and many career prospects.”

“True to our motto, ‘You don’t have to leave to go far,’ SUNY Plattsburgh’s branch campus serves students in the region as the only four-year school with a presence in Warren County, Bartscherer said. 

Computer security is the latest 2+2 agreement between SUNY Adirondack and SUNY Plattsburgh. The two colleges also offer joint in-person degree programs in psychology and criminal justice, and online in business administration and RN to B.S. in nursing.

“SUNY Adirondack is excited to team with SUNY Plattsburgh to offer our IT graduates a chance to further their studies in this high-demand field,” said Kristine D. Duffy, Ed.D., president of SUNY Adirondack. “We know there is great need for experts in cybersecurity, in our region and beyond, so it’s critical those interested have access to a high-quality, affordable education to protect against online threats, attacks and breaches.”

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Business Report: Begin Estate Planning ASAP

Posted onDecember 13, 2022
Eric Scaringe, is a principal at UHY Advisors, Inc.

By Eric Scaringe

Recently, the office of the Illinois state treasurer was tasked with handling one of the most bizarre and complicated unclaimed estate cases ever recorded in U.S. history. 

Chicago resident Joseph Stancak passed away in 2016, secretly leaving behind $11 million in his estate. Fast forward to October 2022, 119 of Stancak’s relatives have now received a portion of his wealth more than five years later.

With no siblings, children of his own, or nephews and nieces, his lineage had to be traced by going all the way back to his parents before coming back to these relatives who are located in multiple states and even countries. That is a life-changing amount of money, and there is not much information on how he accumulated the wealth, but there is an important lesson to be learned here.

The best time to begin estate planning is as soon as possible. It basically starts with going through “what if” scenarios, some financial housekeeping and then bringing in professionals to finalize the process. 

The biggest error you can make is thinking that estate planning is only for those worth tens of millions of dollars and doesn’t apply to your family.  Anyone with assets owned in their own names may be subjecting their heirs to a long and expensive probate court process to simply inherit their assets.

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Planning Ahead, Making Informed Decisions Are Vital To Amassing Funds For Retirement

Posted onDecember 13, 2022

By Paul Post

John Shartrand helps clients contemplating retirement prepare for their own personal Fourth of July or Financial Independence Day.

Deciding when to leave is never easy, especially for business owners during uncertain economic times.

“As we deal with a huge amount of money in motion and supply chain challenges creating rates of inflation we have not experienced since the 1970s, the question you might be asking is, ‘How can I possibly retire in 2023?’ ” said Shartrand, chief investment officer at CAP COM Financial Services. “If you are just starting to think about retiring now, we may tell you it’s not the right time. But if you have been planning to retire, we are picking a date.”

Steve Bouchey, president and CEO of Bouchey Financial Group, said there two things every business person needs to do. “One: fully fund a pension plan, somehow, some way because retirement depends on their ability to save enough money to be prepared. The other thing is having disability insurance because if you become disabled who’s going to pay the bills? Bills will still come in.”

There are three main concepts and strategies to consider, Shartrand said.

First, as business professionals or owners, clients are urged to target their Financial Independence Day, even if they plan to stay on to help the next generation. “We develop an income plan together,” Shartrand said. “We work with our clients to transition from balance sheet-focused to income statement-focused.”

Next, defense and controllables are considered.

“We strengthen our balance sheet by paying down debt and accumulating safe investments,” he said. “We expect a bear market in retirement, so we plan. You may be in a position when you retire where withdrawing from your investments may not be necessary.”

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Business Report: Changes To Employer Retirement Plans

Posted onDecember 13, 2022
Carissa Conley, CPA, co-managing partner, Bucknam & Conley CPAs.

By Carissa A. Conley, CPA

This year has seen a lot of legislative proposals and a lot of speculation, but not too many new changes to employer-sponsored retirement plans. The most recent set of changes came from the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019. 

Congress has been working on what’s being tagged as the SECURE Act 2.0, but nothing has yet to make it through. From the 2019 legislation, these are the updates that could affect your retirement plan and employees.

• The age at which Required Minimum Distributions (RMDs) must begin is now 72, instead of age 70 ½.

• Long-term part-time employees will be eligible to participate in employer retirement plans after three years of employment. Since this provision went into effect 2021, the earliest their participation can begin is 2024.

• Inherited retirement accounts must now be fully distributed within 10 years and can no longer be stretched out over the beneficiary’s life expectancy. (There are certain exceptions to this for surviving spouses, minor children, disabled taxpayers, or beneficiaries not more than 10 years younger than the participant).

• New parents can withdraw up to $5,000 from eligible retirement plans without incurring the normal early withdrawal 10% penalty – if this is not incorporated into your plan, the employees can still take advantage of this on their personal tax return.

Keep in mind, if you sponsor a 401k, you must ensure the plan is amended to include the required changes from the SECURE Act. Make sure to check that your plan administrator is taking care of this now.

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Business Briefs: December 2022

Posted onDecember 13, 2022

The Adirondack Regional Chamber of Commerce will hold its Quarterly Classroom on the topic of  Best Practices for Maintaining a Positive Work Environment to Retain Staff on Wednesday, Dec. 14.

The event will run from 10-11 a.m. at Crandall Public Library, downstairs, 251 Glen St., Glens Falls.

The cost is $30 for ARCC members; $40 for non-members.

Advanced registration is required.

Panelists will offer guidance and bring clarity to the internal actions that can be undertaken by businesses to address the current labor market challenges and how creating a positive work environment will help to attract and retain quality staff. Attendees will be presented with best methods, tools and good case examples from the region.

Panelists are Liza Ochsendorf, director, Warren County Department of Workforce Development; Patrick Welton, general manager, Lake George Escape Outdoor Resort; Kathy Flacke Muncil, CEO, Fort William Henry Corp.; and Jim Marco, vice president of human resources, Glens Falls Hospital.

For more information, contact Carol Ann Conover at the ARCC at Carol Ann Conover  at caconover@adirondackchamber.org.

***

The Southern Adirondack real estate market saw higher prices, lower inventory and fewer home sales in October compared to last year. Homes are spending over a month on the market on average, according to the Southern Adirondack Realtors.

New listings in the region decreased 15.9 percent in October compared to last year, from 504 to 424. The inventory of homes for sale dropped 27.2 percent, from 1,265 to 921, and pending sales decreased 12.6 percent, from 396 to 346. Closed sales were down 22.7 percent, from 525 to 406. Sellers received 99.6 percent of their list price in October, compared to 100.1 percent in October 2021.

The group said median sales price increased 14.5 percent, from $301,000 to $344,548. Homes spent an average of 37 days on the market last month, compared to 30 days in October last year. The months supply of inventory decreased 17.9 percent, from 2.8 to 2.3.

Nationally, existing home sales declined for the eighth consecutive month.

***

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Five Cocktail Recommendations To Bring Extra Zest To The Holiday Season Festivities

Posted onDecember 13, 2022
Andrew Meader, store manager at Lake George Wine Outlet.

By Andrew Meader & Lake George Wine Outlet

Seasonal drinks around the Holidays are steeped in tradition. We all stock up on eggnog and mulled wine and it is the time to break out the peppermint martini. This year, we want you to try something new. 

Here are five cocktails that you may not have heard of that will make you a hit at any holiday party. Post pictures of these cocktails and you will become Instagram famous with friends.

White Christmas Margarita

Who says you can only have margaritas in the summer? This twist on tequila’s favorite partner in a glass will be sure to get you into the holiday spirit. The coconut flavors will have you dreaming of what the holidays are like on a tropical island or in Mexico. 

Recipe:

1½ ounce silver tequila

½ ounce triple sec

½ ounce coconut rum

½ ounce lime juice

1 ounce light coconut milk

Garnish with cranberries and fresh sprigs of rosemary.

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