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Business Report: Action Plan Key To Nonprofit Strategic Plan

Posted onDecember 19, 2023
Sabrina Houser is the owner of Capital CFO+ in Saratoga Springs.

By Sabrina Houser

Where is your organization’s strategic plan and how are you using it in your day-to-day operations? You know the strategic plan we’re referring to: the 3-5 year plan that took many, many person hours to develop, refine and write. The one that brought together staff, board, and stakeholders to articulate a common vision and a path forward toward that vision. 

Is it sitting on a shelf in your office in a nicely tabbed binder never to be seen again until you need space on the shelf for something else? This, unfortunately, is the fate of many strategic plans. It is something of an in-joke in the nonprofit sector that the fate of most strategic plans, despite the effort that went into their creation, is to gather dust on a shelf in the office until it is time to develop a new strategic plan to replace it. 

When done with purpose, strategic planning is an invigorating, energizing and community building process. It is an inherently motivating and hopeful activity to connect goals and objectives to a shared vision for your organization. Everyone involved feels a sense of accomplishment and shared purpose when the plan is complete. 

The truth is that your strategic plan is not an end product: it is a starting point. It is the beginning of your organization’s journey toward the shared vision that has been created. Unfortunately, because staff, Board and the Strategic Planning committee feel their work is finished after the strategic plan is written, the implementation of the completed plan is often left as solely the Executive Director’s responsibility. With no clear plan for implementation, this feels overwhelming. Lack of clarity about authority and coordination of communication and accountability are a death knell for even the most well-developed strategic plan.

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Southern Adirondack Independent Living Has Programs to Fill the Needs of Disabled Clients

Posted onDecember 19, 2023
Among its many equipment offerings, Southern Adirondack Independent Living has a beach wheelchair that allows challenged individuals to enjoy time in the sun and sand.

By Susan Elise Campbell

From its main campus in Queensbury, Southern Adirondack Independent Living is making programs and services accessible to residents of 17 counties across New York. SAIL’s main goal is to help the elderly and those with disabilities remain safely in their homes and avoid skilled nursing care or institutional placement. While this non-profit has built on that objective for 35 years, executive director Tyler Whitney said the needs of the community are ever-changing, and especially so with a growing senior population in the post-COVID world.

“We have come a very long way in letting people know about what we can do for people with disabilities or those looking for services for their families,” Whitney said. “Before COVID people would say to me, ‘You’re the best kept secret.’ But that was like a sword in my heart because we want people to come to us. We are here to help.”

Over recent years the team at SAIL has done much to broaden awareness and build their brand,  hiring Cam Cardinale as director of community relations. Whitney said Cardinale’s role is to engage with stakeholders, both community members and partner agencies, to show how SAIL ties into different facets of the community, such as recreation, tourism, independent living, health insurance and more. 

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Business Report: Know the Key Benefits of a Roth IRA

Posted onDecember 19, 2023
John Gable is a financial advisor with Edward Jones Financial in Warrensburg.

 By John Gable

As you save for retirement, you’ll want to take full advantage of the investment vehicles available to you — and one of the best is a Roth IRA. But what sets it apart from other accounts?

Three key factors distinguish the Roth IRA:

• Tax-free earnings – When you invest in a Roth IRA, your earnings can grow tax free, provided you don’t begin taking withdrawals until you’re 59½ and you’ve had your account at least five years. If you don’t meet these criteria, withdrawals of earnings will be subject to taxes and a possible 10 percent penalty. 

• No penalties on withdrawals of contributions – You fund a Roth IRA with after-tax dollars, which means you can withdraw your contributions — not the earnings — at any time for any reason, without facing taxes or penalties. So, you could use some of your Roth IRA money for non-retirement purposes, such as helping pay for a child’s college education.

• No required withdrawals at age 73 – With a traditional IRA or a 401(k), you must start taking withdrawals — called required minimum distributions, or RMDs — once you reach 73. But this rule doesn’t apply to a Roth IRA — you can keep it intact as long as you like. You may need to tap into it for some of your retirement income, but if you don’t use it all, the remainder could benefit your beneficiaries. 

A Roth IRA does share one similarity to a traditional IRA: It can be funded with virtually any type of investment, including stocks, bonds, mutual funds, certificates of deposit (CDs) and so on.

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Business Report: Long-term Care and Care Giver Considerations

Posted onDecember 19, 2023
Brian Johnson, director, business development at Advisors Insurance Brokers.

Brian M. Johnson, MBA, CLTC

It’s no secret that Long-Term Care services such as In-Home Care, Assisted Living, Memory Care and Skilled Nursing can be financially devastating. Depending on the need, these costs can easily surpass $10,000-$15,000 per month.  The high cost means that not everyone will be able to get professional care. In those cases, who will provide care and what does that mean for those care providers? Today’s care environment is both a challenge for giving and receiving care. Whether by necessity or preference – care is often provided by loved ones (informal, unlicensed) at home.  

According to “Long-Term Care in America: Americans want to age at home” and a 2020 study by AARP, 88 percent of Americans would prefer to receive ongoing living assistance as they stay at home, 70 percent of people who provide care do so out of necessity, and 21 percent of Americans are currently caregivers.  As the Baby Boom generation ages, these numbers are only going to increase.  

According to “Caregiving in the U.S., AARP, 2020,” 36 percent of caregivers report high emotional stress and more than half of caregivers report financial strain from caregiving.  This includes an end or pause to saving for their own future, taking on more debt, using personal savings and paying bills late or sometimes not paying them at all.  In a 2018 report by the Harvard Business School, it’s estimated that if a caregiver is of working age, there is a 32 percent chance he or she will have to leave the workforce all together due to their caregiving responsibilities.  If a caregiver remains employed, his or her work often suffers as they are typically tired, stressed and not able to fully concentrate on their job.

So what are our solutions?  There’s no “silver bullet” here, but there are tools that can help Americans finance their potential need for care so they’re not a burden to those they love.  

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Business Report: Be Retirement Ready in 2024

Posted onDecember 19, 2023
Dave Kopyc is President at Retirement Planning Group, LLC

BY DAVE KOPYC

Eventually in life we must face the reality of building out our own personal retirement plan for the golden years. We live in a society today where most of us will not have a pension benefit from our employer and we will have to take our life’s savings to create a paycheck once we lose the employer’s weekly or biweekly payment we receive in our working years.

For some of you that are reading this article it will send a chill up your spine with anxiety to think that this daunting task can be handled with great concern and respect for you, the individual that is receiving the payment and it is specific to you and your individual needs. The cookie cutter approach where you are grouped into an investment or specific type of investment program can cause you to lose some of the personal touch that you may have had during your accumulation years.

Retirement income distribution is probably the most important decision you will make in your pre- and post-retirement years. There have been many different strategies and concepts to accomplish retirement income in my 42 years of being in the financial services industry, and every strategy has pros and cons and should be specific to you and your family – no matter what the strategy may be. It is critical that 100 percent of your hard-earned assets do not go into any investment program. Diversification is your friend and low cost and flexibility follow closely behind.

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View Of The Courtyard, One OF Six Visual And Sound Displays At Winter’s Dream Attraction

Posted onDecember 19, 2023
Winter’s Dream, at the Fort William Henry Resort, features light and sound installations designed by Moment Factory of Montreal.

By Paul Post

There was a major concern after last year’s mild, rainy winter that Ice Castles wouldn’t return to Lake George.

In 2022, the frosty attraction had drawn tens of thousands of visitors, helping boost year-round tourism.

In February, shortly before retiring, former Mayor Bob Blais called together a meeting of local business leaders with a goal of finding a new way to bring people to Lake George during the cold-weather months. They formed a new group called Warren County Coalition.

The result of their efforts is Winter’s Dream, an outdoor multi-sensory experience at Fort William Henry museum that helps people enjoy the beauty of winter in a colorful new way with lights, sound, music and video projection.

“There are several words you can use to describe Winter’s Dream. Mystical, immersive, beautiful, thought-provoking, but as you’ll soon see Winter’s Dream is nothing short of magical,” said Mayor Ray Perry, Blais’s successor. “This will forever change the way people think of Lake George as well as the way they think of winter. Adults and children alike, when they think of winter, they’ll think of Lake George.”

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Governor Hochul Welcomes the 2024 Belmont Stakes to the Saratoga Race Course

Posted onDecember 6, 2023
Four Day Belmont Festival Coming in June, No Changes to Saratoga’s 40-Day Summer Meet Modernization of Belmont Park Continues

Governor Kathy Hochul today announced that the Belmont Stakes will be held at Saratoga Race Course in 2024 to allow for the uninterrupted construction of a new and re-imagined Belmont Park, the Long Island home of the third leg of the Triple Crown.

“As part of the exciting modernization of Belmont Park, Saratoga now adds to its storied history by hosting the 3rd leg of the Triple Crown,” Governor Hochul said. “It’s a win for horseracing and for the Capital Region to have the excitement and the ability to host the four-day Festival in June at America’s most historic track. As I said during the 2023 Saratoga Meet, ‘Let’s do it.’”

Link to remainder of the story on NY State Website >>

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Warren County Leverages Enchanting Winter Offerings To Boost Spirits And Sales Tax Revenue

Posted onNovember 22, 2023
From left to right are Board of Supervisors Chairman Kevin Geraghty of Warrensburg, Tourism Director Heather Bagshaw and Budget Officer and Stony Creek Supervisor Frank Thomas.

By Paul Post

 Warren County officials are counting heavily on Lake George winter attractions to boost declining sales tax revenue caused by ongoing national economic woes.

 Such income was running 10 percent ahead of last year’s numbers, but declined to 2.9 percent by the end of the third quarter. At the same time, inflation has forced up spending across the board, from higher salaries and retirement costs to rising fuel and utility expense.

 “It’s not sustainable,” county Budget Officer and Stony Creek Supervisor Frank Thomas said. “I think the economy is slowing. Interest rates are way up. People don’t have as much money as they would like.”

 About $5 million in funding requests for things such as paving projects and new vehicles were denied in the tentative $192 million, 2024 budget unveiled on November 3.

 Thomas, board of Supervisors Chairman Kevin Geraghty of Warrenburgh and new county Tourism Director Heather Bagshaw discussed such issues during a “State of the County” event held at the Park Theater in downtown Glens Falls with several dozen business and local government officials on hand.

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Explore Lake George’s Triple Thrill, Winter’s Dream, Realms, And Carnival

Posted onNovember 22, 2023November 22, 2023
Lake George Winter’s Dream, Winter Realms, and Lake George Winter Carnival for 2023-2024 winter season in Lake George, NY,

By Joe Legault

The 2023-2024 winter season in Lake George, NY, is shaping up to be a truly memorable one for both residents and visitors to the area. This winter will include not one, not two, but three amazing events: Lake George Winter’s Dream, Winter Realms, and Lake George Winter Carnival.

Wondering what to expect? Explore the differences between each event, and why you should add all three to your family’s winter itinerary.

Lake George Winter’s Dream

Lake George Winter’s Dream is an all-new immersive experience where lights, original music, sounds, and interactivity come together to showcase the magic of winter. It will be held at the Fort William Henry Historical Fortress in Lake George, specifically the outdoor courtyard and on all four bastions.

This extraordinary attraction is being created by the award-winning multimedia studio Moment Factory, which has designed over 500 unique projects worldwide. Lake George Winter’s Dream will feature a series of multimedia installations that draw on the rich emotions, sensations, and wonder of the season.

It’s a family-friendly event intended for ages 7+, and exploration of the attraction will take 40-60 minutes. Lake George Winter’s Dream will be held December 8, 2023 – March 31, 2024 (Sunset-10PM), and it will be open every day except Tuesdays (special open/closed dates for the holidays). Tickets are available now at lakegeorge.wintersdream.com

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Warren-Washington IDA Receives $4.7M Boost For Infrastructure Development

Posted onNovember 22, 2023

The Warren-Washington IDA is thrilled to announce that it has been awarded a $4.7 million grant from New York State to construct a sewer system and improve the water infrastructure at its shovel-ready Canalside Energy Park in Fort Edward.

“This is a game-changing development for bringing new businesses, jobs and economic growth to Washington and Warren Counties,” said IDA Chairman Dave O’Brien. “We are grateful to Gov. Hochul and Empire State Development for recognizing the potential in this Park and helping the IDA take it to the next level of readiness for prospective tenants. We also owe a great deal of gratitude to the team at the Lake George-Lake Champlain Regional Planning Board for joining with us to prepare our application and champion the attributes of this tremendous property. This was truly a regional effort that will have region-wide benefits for years to come.”

The Canalside Energy Park is an 80-acre, industrial-zoned site featuring two industrial buildings of 41,000 and 25,000 square feet, with considerable acreage for expansion and new construction. The Park has an on-site rail yard located next to a Class 1 rail line and the New York State Champlain Canal, and also features an extensive concrete tarmac, robust industrial power, fiber optic service, and extensive stormwater controls. The IDA acquired the Park — formerly the home of General Electric’s de-watering facility during the Hudson River dredging project  —  in January 2022 and is actively marketing it for agribusiness, industrial machinery manufacturing, renewable energy manufacturing, and other uses.

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