First New York Federal Credit Union To Start Scholarship Program For High School Seniors

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First New York Federal Credit Union, which has a branch office in Saratoga Springs, will issue three $1,000 college scholarships this spring.

Applications for the scholarship must be submitted by March 7.

Applicants must: be a member in good standing with First New York Federal Credit Union, be a graduating high school senior, plan to attend an accredited two- or four-year college and be active or volunteer within their community.

“We take great pride is helping students reach their educational, career and financial goals. As a teachers’ credit union, we will continue to do all we can to help them now and throughout their lives,” said Lucy Halstead, president/CEO for First New York Federal Credit Union.

The local branch is at 424 Maple Ave., and the credit union also shares an ATM kiosk at Saratoga’s Community Federal Credit union, 23 Division St., Saratoga Springs.

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Economic Development In Saratoga County Has Its Success Stories, But Work Never Stops

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The GlobalFoundries Fab 8 plant in Malta is one of the economic development success stories in Saratoga County in recent years. It has spawned other businesses and education initiatives.Courtesy GlobalFoundries

By R.J. DELUKE

Improving the economy of a community touches individual lives. It brings jobs. It brings in new people and families that spend money. It brings companies that spend money.

Those dollars are spent at store and shops, restaurants and via business-to-business relationships that turn the economic wheel and generate incomes vital to people’s lives.

A great deal of time is spent by professionals to enhance development by bringing in new businesses and new jobs. Those groups–development agencies, business and professional associations, chambers of commerce–also help existing businesses stay afloat, expand and thrive.

Professionals in the field, like Marty Vanags president of the Saratoga County Prosperity Partnership, know their work is never done.

Even large successes, like landing the international microchip manufacturer GlobalFoundries, doesn’t mean a community lives happily ever after.

“We’re always working on projects. We’re always working on opportunities,” said Vanags. “A mistake that many economic development groups around the country make is they get one big project and think they’re done.

Economic development groups can’t rest on their laurels. “You have to constantly push the ball forward,” he said, using a basketball analogy. “Be happy about our wins, but try to score as often as we can and use every opportunity to do that.”

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Recruitment And Talent Retention Assistance Is Goal Of New Program Rolled Out By CEG

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The Center for Economic Growth (CEG) has a new program offering to regional employers who are in need of comprehensive support in recruitment and retention of valued talent.

Talent Connect will provide several different services to address the challenges that face today’s relocating professionals in a variety of innovative ways, including pre-hire consultations, dual career support, community integration and cultural transitioning, said CEG officials.

“Talent Connect provides a crucial piece to the puzzle for both employers seeking the right candidates as well as employees looking to relocate for work, and we are excited to add the program to CEG’s service offerings,” said Michael Hickey, CEG’s interim president and CEO. “Not only will this program benefit our investors, it ties into the region’s Capital 20.20 talent strategy, focused on attraction and retention of a qualified workforce for our local companies.”

The program will enhance recruitment and retention of professional talent for area employers, and break the personal and professional isolation often associated with transitioning professionals to a new location.

CEG officials said Talent Connect will provide substantive support, enabling professionals to integrate more quickly into a professional network, take root in their new communities, and connect to what’s important to them. It will also enable employers seeking talent with a competitive edge by giving them visibility to relocating talent.

While the Talent Connect program is a new offering at CEG, the concepts had its roots out of Tech Valley Connect (TVC), officials said. Tech Valley Connect was an innovative initiative that originally started as a pilot program at Rensselaer Polytechnic Institute in 2009 and soon after transitioned into an independent non-profit.

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GlobalFoundries $500M Program Looks To Boost Ultraviolet Technology In Manufacturing

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SUNY Polytechnic Institute and GlobalFoundries announced plans to establish a new Advanced Patterning and Productivity Center (APPC), which will be located at the Colleges of Nanoscale Science and Engineering (CNSE) in Albany.

The $500 million, five-year program will accelerate the introduction of extreme ultraviolet (EUV) lithography technologies into manufacturing. Officials said the center is anchored by a network of international chipmakers and material and equipment suppliers, including IBM and Tokyo Electron, and will generate 100 jobs.

“This advanced new partnership between SUNY Poly and GlobalFoundries demonstrates how Governor Cuomo’s strategic investments in SUNY are bolstering the system’s research capacity, leveraging private dollars, and creating exciting new opportunities at our campuses for students and faculty,” said SUNY Chancellor Nancy L. Zimpher.

“SUNY Poly’s nanotechnology expertise coupled with the governor’s innovative public-private partnership model has positioned New York as a global leader in computer chip research, development, and manufacturing.”

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Business Report: Tips For A Better Tax Return

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John Conroe, financial planner and investment officer, Adirondack Trust Co.Courtesy Adirondack Trust Co.

By JOHN CONROE, CFP, AFIM

If you’re like most working Americans, you’ve already seen the signs–your W2 has come in the mail, you’re seeing pop-up accounting shops, and advertisements for DIY tax software is ubiquitous. There’s no denying it: It’s tax season.

Whether you love it or hate it, taxes, for many people, translate to a refund. But before you go spending your hard-earned and returned cash, consider having a plan that can help you in the long run, and even increase its value over time.

Here are a few ideas on how to better use your tax refund, straight from our Adirondack Trust Investments experts:

• Double your tax benefit with a Roth IRA. If you qualify for a Roth IRA, tax season is an excellent time to take advantage. By funneling your tax return into a Roth IRA, you will enjoy doubled tax benefits with tax-free growth and tax-free withdrawal. Win-win.

• Triple your tax efficiency with an HSA. In our last issue of e-Insight, we discussed the basics of a health savings account. If your healthcare plan allows you to contribute to an HSA, you can really get more bang for your buck if you use your tax refund to help fund this account. Not only are your contributions to your HSA tax deductible, but they grow and can be withdrawn tax-free. That’s what we call win-win-win.

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Unemployment Insurance Contributions To Drop Again For Businesses In The State

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Unemployment insurance reforms started in 2013 have resulted in additional savings for New York state employers in terms of their contributions, according to Gov. Andrew Cuomo.

Employers have already saved an estimated $200 million through the early repayment of federal debt with each saving, on average, an estimated total of $1,200 or $84 per employee, according to Cuomo. As a result, the unemployment insurance contribution rate schedules have been adjusted downward, further reducing costs and saving employers up to an additional $42.80 per employee.

Additionally, the state Unemployment Insurance Trust Fund, which pays out benefits to claimants and is funded by employer contributions, ended the year with a positive balance for the first time in six years.

“Our commitment to reducing the cost of doing business in New York is paying dividends in growing our economy,” said Cuomo. “The unemployment insurance reforms we put in place in 2013, coupled with record jobs growth and controlled government spending have resulted in year-over-year savings to businesses. Now, New York businesses can reinvest these savings into their operations and employees, further strengthening our economy.”

Unemployment Insurance contribution rates paid by employers are determined by their individual experience in the system and by the level of reserves in the Unemployment Insurance Trust Fund. Over the past five years, employers paid higher contribution rates because the Unemployment Insurance Trust Fund’s deficit and the Great Recession’s high unemployment rates, state officials said.

Now that reforms have made the fund more sustainable, employers whose use of the system has been consistent in recent years will be assigned a lower rate.

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Chef Danny Urschel Owns/Operates Intimate 'Mio Posto' Restaurant In Saratoga Springs

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Chef Danny Urschel took over the ownership of Mio Posto on Putnam Street in Saratoga Springs in 2014. The restaurant specializes in Italian-American cuisine.©2016 Saratoga Photographer.com

By R.J. DELUKE

Chef Danny Urschel has spent his entire work life in the food business, even before his graduation from the American Culinary Institute in 1996.

“It’s something that I’ve always loved,” he said.

He’s been in the restaurant business since he left the institute. Now he is the proud owner of Mio Posto, an intimate Italian restaurant at 68 Putnam St. in Saratoga Springs. He runs it with his wife, Heidi.

He purchased the restaurant, located near the Saratoga Springs Public Library, in 2014. Before it was Mio Posto, the space was previously known as Lanci’s, and later 8 Tables.

Prior to the purchase, Urschel had been assisting previous Mio Posto owner Danny Petrosino from time to time, especially during the busy horse racing season.

Mio Posto is an intimate space–just eight tables–that has achieved high popularity in the city. Urschel said it has been the top-rated restaurant on internet website Trip Advisor.

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SPAC Director Marcia White Will Step Down After The Upcoming 50th Anniversary Season

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Marcia White, SPAC President

Marcia White is entering her 12 season as SPAC president and executive director.Courtesy Colleen Brescia

Marcia J. White, president and executive director of the Saratoga Performing Arts Center (SPAC), is stepping down from her job at the end of 2016, SPAC’s 50th anniversary season.

This will be her 12th summer season at SPAC.

Hon. Susan Phillips Read, a retired associate judge of the state Court of Appeals and chairwoman of SPAC’s board of directors, said during the upcoming summer’s golden anniversary season, SPAC will “celebrate our many visionary leaders since 1966. Marcia is certainly one of them. Her imprint will remain long after her tenure at SPAC ends.”

“It has been a privilege and a joy of my life to lead, serve, and work for one of the most extraordinary performing arts centers in the world,” White said in February. “The Saratoga Performing Arts Center has enriched and enhanced the quality of life for millions of people since its founding 50 years ago. I have been truly blessed to have had the unique opportunity to work with SPAC’s passionate board, dedicated staff and the greater Capital Region Community, and I am immensely proud of all that we have accomplished together.”

She came to SPAC just prior to the 40th anniversary season, “and feel that the ideal time to depart is at the conclusion of SPAC’s 50th anniversary celebration season. While I feel my energies leading me in new directions, it’s with deeply bitter-sweet emotion that I announce my decision to leave SPAC,” said White.

White became president and executive director of the Saratoga Performing Arts Center in March of 2005. With a leadership style developed during 20 years as a top-level political advisor and public relations strategist in the state Legislature, she ushered in a new era for SPAC, characterized by a strengthened financial picture, historic capital improvements, a robust educational focus, and artistic excellence, SPAC officials said.

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Local Small Business Wins Free TV Ad On Super Bowl Sunday For Its 'Death Wish Coffee'

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Death Wish Coffee Co. will have a 30-second
television ad during Super Bowl 50 on CBS.

©2015 Saratoga Photographer.com

Round Lake-based Death Wish Coffee Co.
calls its product “the world’s strongest coffee,”
and soon people around the country–even
other parts of the world–will hear about it.

The company won a competition held by
software maker Intuit for a 30-second spot
during the third quarter of the Super Bowl 50
on Feb. 7. They beat more than 15,000 other
small businesses in voting by the public and
Intuit employees.

According to Adweek, companies are paying
CBS, the network carrying the big game
this year, $5 million or more for a 30-second
spot–a prohibitive price for a small business.
Last year’s Super Bowl had an audience of over
114 million people, officials said.

The Death Wish ad features a Viking ship
sailing on treacherous seas before segueing
into the moment of a man enjoying a cup of
the coffee.

It can be viewed at: www.smallbusinessbiggame.com/contests/sbbg.

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