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Syracuse startup turns food leftovers into dog treats
SYRACUSE — The United States generates about 33 million tons of food waste annually and spends more than $1 billion to dispose of it, mostly in landfills, according to the U.S. Environmental Protection Agency (EPA). The decomposition process of discarded food in landfills is associated with 14 percent of greenhouse-gas emissions, the EPA says. One […]
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SYRACUSE — The United States generates about 33 million tons of food waste annually and spends more than $1 billion to dispose of it, mostly in landfills, according to the U.S. Environmental Protection Agency (EPA).
The decomposition process of discarded food in landfills is associated with 14 percent of greenhouse-gas emissions, the EPA says.
One local college graduate and budding entrepreneur, Michael Amadori, a recent graduate of the SUNY-College of Environmental Science and Forestry (SUNY-ESF) majoring in ecological engineering, has come up with a better idea for using some of that waste.
As part of his master’s-degree thesis at SUNY-ESF, Amadori developed a system to convert food waste into pellets to be used for fish feed.
Amadori later adapted his idea to create a system that converts leftover food scraps into dog treats. In June 2012, Amadori launched his business, called Full Circle Feed LLC, based on this idea.
The company name is inspired by the zero-waste manufacturing process in which waste comes “full circle” to create a new product.
“I started this company to solve a problem, and the problem is the food waste we have in the society. The fact that we are throwing it out is a very linear way of thinking,” says Amadori.
On Dec. 16, Full Circle Feed was selected as one of five firms to win a $30,000 initial investment and office space for six months from the Startup Labs Syracuse regional business competition.
The five teams participated in a 22-day business training boot camp from Jan. 7 to Feb. 5. The teams pitched their business plans on Feb. 7 at Syracuse Technology Garden to make their case for winning the competition.
One winning team will be announced at CenterState CEO’s annual meeting on April 8. That firm will receive a $150,000 cash prize and the Market Ready Award presented by Syracuse–based advertising agency Eric Mower + Associates (EMA), which will provide a suite of marketing and branding services valued at $50,000.
Greg Loh is the managing partner and director of public relations and public affairs at EMA. In the past month, Loh has served as a marketing consultant for teams participating in the Startup Labs competition and has helped Amadori outline his business strategies.
The market Amadori is about to enter is highly competitive, Loh states, but Full Circle Feed does possess the capacity to succeed.
“From a business and marketing standpoint, his cost of goods and access to raw material is a tremendous competitive advantage,” says Loh.
Since food wastes are readily available and cost almost nothing to obtain, the challenge of purchasing raw material almost doesn’t exist for Full Circle Feed, according to Loh. Amadori currently collects food scraps mainly from Ernie Davis and Sadler dining halls at Syracuse University.
In addition to the firm’s low input costs, Full Circle Feed’s environmentally friendly approach will also become a major selling point, Loh says.
“Michael’s business is about more than just a product, it is about doing something rare for the society,” Loh says. “I like his purpose-driven approach and I think this approach will resonate with a large segment of the consumer space.”
Quality
Compared to most dog treats in the market, Full Circle Feed’s produces contain no starch and are less expensive than some high-end products. “It’s going be better for the environment and better for the dog,” says Amadori. He adds that he even eats the treats himself occasionally.
Several retailers in Syracuse, and some consumers, have already contacted Amadori and shown interest in his products. But since the manufacturing equipment he is using a facility in Cornell University’s Fruit & Vegetable Pilot Plant in Geneva — is for research purposes, Amadori is not allowed to sell the treats. But in the next four to six months, he plans to purchase three pieces of processing equipment that is estimated to cost about $40,000. He is also planning to buy a box truck that will cost around $7,000.
To help with his market research, Amadori is currently conducting an online survey about buying habits of dog owners. People can get a free box of treats by taking the survey at https://www.surveymonkey.com/s/FullCircleFeed.
Douglas J. Daley, SUNY-ESF associate professor and director of the SUNY Center for Brownfield Studies, was Amadori’s graduate adviser at SUNY-ESF. He says Amadori’s business could help increase public awareness of the possibility of converting waste into successful products and building a business based on them.
“There are better things to do with food wastes than putting them into landfills,” says Daley. “What he is doing makes people more aware of other opportunities.”
Regarding his future plans, Amadori says he wants to focus on the local market of Central New York and make the products right here.
“I want to start in Central New York, build my factory here, and sell my products right back inside the community,” says Amadori. “So it’s not only full circle from the ingredients, it’s full circle from the people.”
Contact The Business Journal at news@cnybj.com
What an independent auditor cannot do for your business
Have you ever wondered what an independent auditor can do to help you run your enterprise more efficiently and effectively? Beyond the report the auditor issues on your financial statements, that is. For a clear picture of the auditor’s role, perhaps it is best to understand what independent auditors cannot do according to the rules
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Have you ever wondered what an independent auditor can do to help you run your enterprise more efficiently and effectively? Beyond the report the auditor issues on your financial statements, that is.
For a clear picture of the auditor’s role, perhaps it is best to understand what independent auditors cannot do according to the rules by which they are bound. First, a bit of history. “Back in the day,” companies often relied upon accountants from their audit firm to assist in reconciling accounts, preparing adjusting journal entries, and writing financial statements. Small businesses in particular often lacked the level of accounting sophistication necessary to carry out these tasks. This decision often made sense from the perspective of efficiency and cost containment.
Enter a re-doubled focus on auditor independence as highlighted in Interpretation 101-3, and a host of related authoritative regulatory guidance issued by the U.S. Securities & Exchange Commission, the General Accounting Office, state boards of accountancy, the American Institute of Certified Public Accountants, and the U.S. Department of Labor. The new and improved standards generally restrict the non-attest services that auditors may perform, and the circumstances under which such services may be allowed.
The aforementioned regulations served to seemingly muddy an already oft-misunderstood set of expectations. This leaves the question: What is it that auditors do not do?
First and foremost, auditors do not take responsibility for the financial statements upon which they form an opinion. The responsibility for financial-statement presentation lies squarely in the hands of the company being audited. Auditors are not a part of management, which means the auditor may not:
– Authorize, execute, or consummate transactions on behalf of a client
– Prepare or make changes to source documents
– Assume custody of client assets, including maintenance of bank accounts
– Supervise client employees performing normal recurring activities
– Report to the board of directors on behalf of management or
– Serve as a client’s stock or escrow agent or general counsel
Further, an auditor may not:
– Sign payroll tax returns on behalf of a client
– Approve vendor invoices for payment
– Design a client’s financial-management system or make modifications to source code underlying said system
– Hire or terminate employees
In short, the auditor may not assume the role of management. In practical terms, there are a number of tasks you should not expect your auditor to perform. A company also should not expect the independent auditor to:
– Analyze or reconcile accounts
– “Close the books”
– Locate invoices, etc. for testing
– Prepare confirmations for mailing
– Select accounting policies or procedures
– Prepare financial statements or footnote disclosures
– Determine estimates included in financial statements
– Determine restrictions of assets
– Establish value of assets and liabilities
– Maintain client permanent records including loan documents, leases, contracts, or other legal documents
– Prepare or maintain minutes of board of director meetings
– Establish account coding or classifications
– Determine retirement-plan contributions
– Implement corrective action plans
– Prepare the entity for audit
Remember, a company’s independent auditor examines the company’s financial statements and provides a written report containing an opinion as to whether the financial statements are fairly stated and comply in all material respects with Generally Accepted Accounting Principles (or some other basis of reporting, but that is a topic for another day). Management is responsible for all the rest.
Perhaps your organization does not require an audit and instead engages a certified public accountant (CPA) of a different type of service. You should be aware that independence concerns exist beyond the audit realm.
While auditors are not responsible for writing pronouncements or regulations, they can help you navigate the confusing landscape. The best time to understand the circumstances under which your CPA can offer particular services is before the service begins. Be sure to open the dialogue with your independent auditor today.
Gail Kinsella is a partner in the accounting firm of Testone, Marshall & Discenza, LLP. Contact Kinsella at gkinsella@tmdcpas.com
Elmira Savings Bank declares cash dividend of 23 cents a share
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New trustees named at Cazenovia College
CAZENOVIA — Cazenovia College announced two new members of its board of trustees today. Connie Monteleone Whitton is currently an executive coach and business consultant.
Divorce numbers spike in CNY, Tully Rinckey analysis finds
SYRACUSE — Amid improving economic conditions and following the passage of New York’s no-fault divorce law, the number of Central New York couples getting divorced
ConMed declares quarterly dividend of 15 cents a share
UTICA — ConMed Corp.’s (NASDAQ: CNMD) board of directors has declared a quarterly cash dividend of 15 cents per share, payable on April 5 to
Mirbeau Inn & Spa promotes three, names Snyder GM
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New Sensis technology launches in Australia
DeWITT — A new suite of tools for air traffic controllers developed in part by Saab Sensis is up and running at its first two
AG details agreement on ad practices with Price Chopper
The New York State Attorney General’s Office announced an agreement with Price Chopper today that will require the grocery store chain to change some advertising
ConMed profit, sales rise in 4th quarter
UTICA — Surgical-device maker ConMed Corp. (NASDAQ: CNMD) today reported fourth-quarter profit of $10.9 million, or 38 cents a share, as sales increased more than
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.