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Sinclair deal to include local TV stations
Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) plans to buy 18 television stations around the country currently owned by Barrington Broadcasting Group, LLC, including several in
Doggy day care idea wins business competition
AUBURN — A business student at Monroe Community College won first prize at the inaugural SUNY Engine Business Competition at Cayuga Community College (CCC). Waterloo
Binghamton University receives record number of applications for admission
VESTAL — Binghamton University says it has received 29,089 freshman applications for fall 2013 admission, up more than 3 percent from the 28,141 freshman applications
Excellus report details uninsured rate Upstate
Upstate New York has a lower percentage of uninsured residents under age 65 than the rest of New York and the nation as a whole,
Camillus Mills developer doesn’t want to let fire burn its plans
CAMILLUS — The developer attempting to turn the former Camillus Cutlery Co. plant into a mixed-use medical center says a Feb. 11 fire that leveled
Solarize Madison charging up for second round
A solar-power group-purchasing program in Madison County is dipping its toe in new waters for its second year. Solarize Madison enlisted Madison County residents, businesses, farms, and organizations to buy or lease photovoltaic electrical-generating systems in 2012. By bringing the individual purchasers together, the program aimed to help buyers pay less for their solar panels
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A solar-power group-purchasing program in Madison County is dipping its toe in new waters for its second year.
Solarize Madison enlisted Madison County residents, businesses, farms, and organizations to buy or lease photovoltaic electrical-generating systems in 2012. By bringing the individual purchasers together, the program aimed to help buyers pay less for their solar panels than they would have if they purchased them individually.
The initiative is still going to offer a photovoltaic purchasing program in 2013. But it will also add a program for the acquisition of solar hot-water systems.
“We’re going to do both,” says Janet Myers, who is Solarize Madison’s program coordinator. “We’re going to primarily focus on solar hot water for our educational campaign. It’s a technology that many customers don’t understand.”
Instead of producing electricity, solar hot-water systems use the power of the sun to generate hot water. They don’t always completely replace electrically heated hot-water and tanks, but they preheat water to cut electrical consumption, according to Myers.
She doesn’t know exactly what the systems on offer will look like or what they will cost, because Solarize Madison is in the process of selecting installation firms for 2013. The organization issued a request for proposals (RFP) on Feb. 6, with a March 6 deadline for installers to reply.
Pricing won’t be available until the RFP process is complete. Myers hopes to install 20 hot-water systems and 15 photovoltaic systems in Madison County in the program’s the second round.
In 2012, Solarize Madison helped individuals from 28 locations in the county sign contracts to install photovoltaic systems. That was just short of its goal, which was 30 contracts signed. However, the initiative exceeded its power-generation goals — the contracts totaled 177 kW, beating Solarize Madison’s goal of between 100 kW and 150 kW.
The initiative offered the option of purchasing or leasing systems in 2012. ETM Solar Works, of Endicott, was selected to install five leased systems, and Arista Power, Inc., of Rochester, won a bid process to install 23 direct-owned systems.
Crews had completed all but seven of the direct-owned systems as of Jan. 15, Myers says. They had an average price per watt of 4.47 cents. The seven systems yet to be installed were slated to have an average price per watt of 4.1 cents.
Solarize Madison also helped facilitate the installation of a $29,400 system in Oneida County. It totals 7 kW.
Myers doesn’t know if Solarize Madison will select multiple installers or a single installer for its second year.
“There’s a lot of unrest in the industry right now,” she says. “We want to see what our options are and what’s out there.”
Even though installers have yet to be selected, the initiative is signing up early registrants for its second year. It will be open to residential owners, businesses, farms, and nonprofits again. But Myers wants to work to reach more farms, businesses, and nonprofits.
“They have huge benefits for going solar,” she says.
The Madison County Planning Department stands behind the program, which also has support from Morrisville State College. More than 20 Morrisville students trained with Arista Power last year when it installed Solarize Madison direct-buy systems.
Other Solarize programs rise in New York
Programs in other parts of the state are following Solarize Madison’s lead.
Arista Power and the Genesee County Economic Development Center partnered to start Solarize Genesee, according to Myers. Arista is also part of Solarize Hornell and Solarize Seneca initiatives. And another effort, Solarize Tompkins SE, will offer group purchasing for those in Caroline, Danby, and Dryden.
Myers, who owns the Solarize service mark in New York state, says she will act as a consultant with the new programs.
“Jan’s been a huge help,” says Mark Witmer, Solarize Tompkins SE project manager. “She provided their RFP and we have bought the Solarize name for our campaign, so we’re allied with her project.”
The Tompkins efforts started after Witmer met Myers at the end of October, he says. Solarize Tompkins SE put out its RFP Feb. 18. Interested firms must respond by March 18, and the initiative will settle on an installer or installers after that.
Solarize Tompkins SE wants to offer photovoltaic systems and hot-water systems in 2013. Its goal is to help set up 30 total systems.
Like Solarize Madison, Solarize Tompkins SE wants to make its systems available to homeowners, farmers, businesses, municipal buildings, and other institutions. While only those in Caroline, Danby, and Dryden can take advantage of the program in its first year, a wider service area could be on the horizon.
“I would be really surprised if it doesn’t expand next year to the whole county or to large portions of it,” Witmer says. “We hear interest from everywhere, which is exciting.”
Contact Seltzer at rseltzer@cnybj.com
Blair Construction & Fabrication building to keep up with growth
AUBURN — Blair Construction & Fabrication gained visibility for its role as one of the Central New York firms making a beacon for the top of the One World Trade Center tower in New York City, according to its vice president. And soon, there will be more of the company to see at its headquarters.
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AUBURN — Blair Construction & Fabrication gained visibility for its role as one of the Central New York firms making a beacon for the top of the One World Trade Center tower in New York City, according to its vice president.
And soon, there will be more of the company to see at its headquarters.
The manufacturer is in the middle of adding a building at its home of 284 North St. in Auburn. The new structure, which is already taking shape, stands next to the company’s existing 35,000-square-foot facility. It will add an extra 5,000 square feet.
That space is necessary because Blair Construction & Fabrication is growing, its vice president, Blair Longo Jr., says.
“We’re rushing to get it done,” he says. “We’re going fairly quickly.”
Work started on the new structure about a month ago. Longo hopes to have it finished and filled with equipment in June.
Essex Structural Steel Co., Inc. manufactured the new facility. The structural steel company, based just south of Cortland, makes pre-engineered buildings.
When the building is up and running, Blair Construction & Fabrication plans to increase its staffing. It wants to hire between eight and 10 workers, according to Longo. The firm currently has 17 employees.
The new structure will probably cost between $600,000 and $800,000, Longo says. Blair Construction & Fabrication is paying for the expansion using its own cash. Longo’s cost estimate includes the price of equipment.
New equipment is likely to include a 500-ton press brake — a machine for bending metal. And the company wants to install a new powder-coating system and an overhead crane system.
Blair Construction & Fabrication will keep its current press brake, a 250-ton model, in its existing facility. It will also keep water-jet cutting equipment that was used heavily in fabricating components for the World Trade Center beacon.
Making the beacon required working with a variety of materials, according to Longo. They included stainless steel, aluminum honeycomb, and mirror-finished aluminum.
“Everything had to be really precise,” Longo says. “And the honeycomb was a real different material.”
The chance to work on the beacon project came after J.R. Clancy, Inc. of Van Buren was hired to create it. A third Central New York company, TDK Engineering Associates, P.C. of Camillus, took a major role managing the beacon’s construction.
Blair Construction & Fabrication manufactured the beacon components in December and January, Longo says. Mounting the beacon atop the tower had been scheduled for late February or early March, but it has been pushed back to the beginning of April.
The Auburn fabrication company has a long relationship with J.R. Clancy that has led to it manufacturing catwalks and trusses for theater lighting. Such projects are in its area of expertise, which is working with metals such as steel. It specializes in stainless-steel and aluminum manufacturing, according to Longo.
“We do a lot of industrial stuff,” he says. “Custom conveyors, we’ve got them all over. We do cutting edges on motor buckets and stuff like that.”
The construction side of the business involves concrete work for the steel structures it manufactures. It also includes industrial painting.
Longo declines to share revenue totals. But he says the company wants to grow sales by as much as 25 percent in 2013.
His father, Blair Longo, owns the company and its headquarters.
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
ELMIRA — The board of directors of Elmira Savings Bank (NASDAQ: ESBK) has declared a cash dividend of 23 cents per share on its common
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