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New York manufacturing index ends 2025 in negative territory.
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PHOTO CREDIT: OTIS TECHNOLOGY
PHOTO CREDIT: THE ARC, ONEIDA-LEWIS CHAPTER
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PHOTO CREDIT: GRIFFISS INSTITUTE
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OTIS TECHNOLOGY SET FOR NEW LEADERSHIP TO BEGIN 2026 PAGE 3 n INDEX: BRIEFS
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BUSINESS CALENDAR
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OPINION
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THE CENTRAL NEW YORK BUSINESS JOURNAL I DECEMBER 22, 2025
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December 29 Special Report: Healthcare Quarterly/Excellence in Healthcare Spotlights NEW! January 12 Special Report: Health Care Quarterly January 12 List: Skilled-Nursing Facilities January 19 Special Report: Employee Benefits/HR/Insurance January 19 List: Employee-Benefits Consultants/Property & Casualty Insurers January 26 Special Report: Manufacturing/High-Tech/Incubators January 26 List: Manufacturing February 2 Special Report: Banking & Credit Union Report February 2 List: Colleges & Universities February 9 Special Report: Energy/ Environment/Sustainability February 9 List: Addiction Treatment Programs February 16 Special Report: Law/ Accounting/Taxes February 16 List: Casinos/Estate Planners
Small-business confidence softens ahead of holidays, national survey finds Small-business confidence fell slightly in the fourth quarter, according to a new survey report from the U.S. Chamber of Commerce and its partner. The MetLife & U.S. Chamber of Commerce Q4 2025 Small Business Index score dipped to 68.4 from the third quarter’s reading of 72.0, and reflected small declines in cash-flow comfort and future investment and revenue expectations as inflation remains the top challenge for small companies. Despite the decline, the index score remains several points above where it was in both the second quarter (65.2) and first quarter (62.3) “Small businesses are showing resilience, even amid uncertainty exacerbated by the longest government shutdown in history, when this survey was in the field,” Tom Sullivan, senior VP of small business policy at the U.S. Chamber of Commerce, said in a Dec. 10 announcement about the Small Business Index report. “Inflation remains the top challenge, and workforce concerns are rising. At the same time, the holiday season is more important than ever for small businesses’ bottom lines.” The survey found nearly four in five small businesses (79 percent) saying the holiday season is important for their profits, up from 70 percent last year. Among retail businesses, 91 percent said the holiday season is critical for profits. More businesses are planning seasonal promotions/discounts and extended hours to capture consumer spending, even as inflation forces price hikes. The full MetLife & U.S. Chamber of Commerce Q4 2025 Small Business Index is available at: https://www.uschamber.com/ sbindex/.
Riverside Farm Market formally opened on Nov. 22 in the town of Potsdam, with a ribbon-cutting ceremony with the St. Lawrence County Chamber of Commerce (STLC). Pictured from left to right are: Beth Bergman, Joe Eisele (co-owner), Koah Mousaw, Madison Laubscher, Jeff Morrill, Angie Huber, Jerry Montelione, Dean Laubscher (co-owner), and Pam Maurer. PHOTO CREDIT: STLC
Riverside Farm Market formally opens at new location in St. Lawrence County POTSDAM — Riverside Farm Market, a farm-direct store offering locally sourced products and prepared meals, recently formally opened at its new location at 6759 Route 11 in the town of Potsdam, in St. Lawrence County. The business, owned by Joe Eisele and Dean Laubscher, held a grand opening and ribbon-cutting ceremony with the St. Lawrence County Chamber of Commerce (STLC) on the morning of Saturday, Nov. 22, the chamber announced. The event celebrated the successful launch of the farm-direct store, which emphasizes high-quality, locally produced items. It also included the kickoff of Christmas tree sales. Eisele and Laubscher expressed their enthusiasm for bringing the concept to the community. “We’re grateful,” Eisele said in a Nov. 25 chamber announcement. “A lot of people helped us, and we are grateful to all who did.” Laubscher expressed special gratitude for builder Jerry Montelione.
Riverside Farm Market focuses on locally sourced meats, including beef and pasture-raised chicken from Northern Limits Farm, as well as locally sourced pork and lamb. It also offers produce and a wide array of goods from local farmers, artists, and makers, per the announcement. The owners also previewed an important expansion: a commercial kitchen that was set to open soon. This kitchen will prepare clean, fresh, and fast breakfast and lunch sandwiches, as well as hearty dinner meals ready for families. The prepared food line will adhere to a commitment to minimal ingredients, no nitrates or preservatives, and non-GMO or organic choices, the announcement stated. The ribbon-cutting ceremony featured live music from local performers Nick Rycoft and Larry Holly, along with a live presence from the radio station B99.3. Attendees had the chance to sample items from several local vendors, including Nibbles Snackery, One Steep at a Time, Raquette River Roasters, and Canton Apples.
Casullo appointed to M&T Bank Directors Advisory Council for CNY SYRACUSE — M&T Bank recently announced it has appointed David Casullo, founder and CEO of Daneli Partners, to its Directors Advisory Council for Central New York. The 11-member council meets regularly to discuss business, customer, and community impact opportunities within Central New York and provides insights to support M&T’s ongoing efforts to develop locally customized product and service models. David Casullo, who is also co-founder of Overlook Ridge Development, “brings a dynamic blend of entrepreneurial vision, executive leadership and deep civic engagement to the Central New York council,” M&T Bank said in its Nov. 25 announcement. He is an experienced entrepreneur, executive coach, and real-estate developer with more than three decades of leadership experience across manufacturing, retail, and service industries. Daneli Partners is a leadership-development firm focused on cultivating high-integrity, high-energy leaders to drive the revitalization of upstate New York. Overlook Ridge Development is a mission-driven real-estate company advancing sustainable economic growth in small localities like Little Falls. Casullo is the author of “Leading the High-Energy Culture” and has advised Fortune 500 executives, government
leaders, and emerging changemakers worldwide. Casullo His corporate leadership includes serving as senior VP of human resources at Raymour & Flanigan, where he launched the Leadership Development Institute and helped scale the company to a billion-dollar enterprise, the announcement stated. At age 36, Casullo became the first non-family president of Burrows Paper Corp., a milestone in the company’s 75-plus-year history. Casullo’s civic leadership includes board roles as chair with Human Technologies and Bassett Healthcare Network and serving in a director seat with Mohawk Valley Community College’s Center for Leadership Excellence. He has also served with the City of Little Falls Planning Board and Harbor Committee and has led multiple community development initiatives. M&T Bank has 41 branches and employs nearly 400 people in its Central New York region, which covers Onondaga, Cayuga, Oswego, Madison, Herkimer, Jefferson, Lewis, Oneida, and Seneca Counties. It operates a regional headquarters on South Clinton Street in downtown Syracuse. The bank ranks No. 1 in deposit market share and is the top U.S. Small Business Administration (SBA) lender in Central New York.
Oswego Hospital medical staff appoints new leadership OSWEGO — The medical staff at Oswego Hospital recently appointed new leadership for 2025-2026, including David Bass, DO, as president and Michael Danise, MD, as VP, according to a Dec. 8 announcement from Oswego Health. Dr. Bass, a board-certified cardiologist, has served the community since 2020 through the Center of Cardiology at Oswego Health Medical Practice. He earned his medical degree Bass from the New York College of Osteopathic Medicine and completed a cardiovascular medicine fellowship at Nassau University Medical Center. His career includes extensive service across New York state, including work as a noninvasive cardiologist at Canton Potsdam Hospital, per the announcement. As president of the medical staff, Dr. Bass will chair the Medical Executive Committee and serve on the Oswego Health board of directors. In this capacity, he will represent the perspectives of the medical staff on key organizational matters, ensure ongoing communication with hospital leadership, and oversee compliance with credentialing standards and member rights. Dr. Danise, a general surgeon with the Center for Surgical Services, joined Oswego Health in 2024. He completed his general surgery residency at Rhode Island Hospital through Danise Brown University and earned his medical degree from the University at Buffalo Jacobs School of Medicine and Biomedical Sciences. Dr. Danise specializes in minimally invasive procedures and is a certified daVinci robotic surgeon, Oswego Health said. In his new role as VP of the medical staff, Danise will chair the Oswego Health Quality Assurance and Process Improvement Committee and serve on the Medical Executive Committee. The medical staff at Oswego Hospital includes more than 270 providers representing a wide range of specialty services throughout Central New York, according to Oswego Health.
PHOTO CREDIT: NYS CHEESE MANUFACTURERS’ ASSOCIATION FACEBOOK
New York cheese production rises more than 4 percent in October New York production facilities produced nearly 78 million pounds of cheese (excluding cottage cheese) in October of this year. That’s up 4.2 percent from the approximately 74.8 million pounds produced in both September 2025 and October 2024, the USDA’s National Agricultural Statistics Service (NASS) recently reported. U.S. cheese production (excluding cottage cheese) totaled about 1.26 billion pounds this October, up 3.7 percent from about 1.215 billion pounds this September, and up 3.2 percent from just over 1.22 billion pounds in October 2024, per the USDA. New York state producers accounted for more than 6 percent of national cheese production, according to the October 2025 data.
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DECEMBER 22, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL
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Otis Technology set for new leadership to begin 2026 BY ERIC REINHARDT ereinhardt@cnybj.com LYONS FALLS — Otis Technology in Lewis County has promoted the company’s executive VP to serve as CEO, beginning Jan. 1, 2026. Brad McIntyre has worked for Otis for more than 25 years, per the firm’s Dec. 9 announcement. Otis Technology, which specializes in gun maintenance, is located at 6987 Laura St. in Lyons Falls. McIntyre will succeed Bill Kleftis, who has served as CEO since 2022. Kleftis will remain with the company in an advisory capacity through the first quarter of 2026 to “ensure a seamless transition,” Otis Technology said. Throughout his time with Otis, McIntyre has been instrumental in developing and strengthening Otis Technology’s relationships with government/military and inter-
national partners, the company says. “His deep understanding of these markets and his strategic leadership have helped position Otis as a trusted provider of mission-critical solutions across the globe,” per the email. “Brad’s promotion is a natural evolution for Otis,” Kleftis said in the announcement. “He’s not a newcomer; we’ve grown together, and he’s helped shape the company into what it is today. His ability to inspire teams and execute strategy has been instrumental in our success. I am confident that under Brad’s leadership, Otis will continue to thrive and evolve while staying true to our roots.” Otis Technology is known for manufacturing advanced gun-cleaning systems and accessories. Doreen Williams founded the business in 1985 as a teenager. The company has about 100 employees. “When I hear the word Otis, I feel fam-
Brad McIntyre will become the next CEO of Otis Technology in Lyons Falls, in Lewis County, in January. PHOTO CREDIT: OTIS TECHNOLOGY
ily. Brad has been part of the Otis family for many years, and his promotion is not just a milestone for the company, but a reflection of the culture we’ve nurtured since day one,” Williams, who also serves as chairwoman of its board of directors,
said in the announcement. “His leadership is grounded in integrity, mutual respect, and a deep commitment to our employees, customers, and the communities we serve. His leadership will carry Otis forward with strength and purpose.” n
Griffiss Institute generated $15.4M impact on Mohawk Valley in FY24, study found BY ERIC REINHARDT ereinhardt@cnybj.com ROME — In fiscal year 2024 (FY24), Rome’s Griffiss Institute generated a more than $15 million impact on the economy of the Mohawk Valley. That includes supporting 164 direct and indirect jobs and delivering $3.2 million to scholars and professionals to live, learn, and work alongside regional industry partners in the Mohawk Valley. For every $1 the Griffiss Institute spent on labor in the Mohawk Valley, the community received $1.33 in wealth creation from Griffiss Institute activities, 96 percent of which were fueled by federal sources in FY24. The findings are part of GI’s inaugural Economic Impact Report for NY2024 that was developed in collaboration with Hamilton College student researchers through the Levitt Public Affairs Center. Working with the Griffiss Institute and Heather Hage, the institute’s president and CEO, the students conducted extensive economic modeling and data analysis to measure how GI’s technology transfer, workforce development, and startup initiatives contribute to the region’s prosperity, per the GI. “The Griffiss Institute is a driving force in the Mohawk Valley, fueling innovation, empowering talent, and creating measurable economic impact,” Patricia Baskinger, chair of the Griffiss Institute board of directors, said in the announcement. “This year’s results demonstrate how intentional investment
in people, partnerships, and purpose delivers tangible value for our community and the nation.” In FY2024, the Griffiss Institute invested $800,000 in early-stage dual-use technology startups developing solutions for national security. It also supported 197 high-tech internships and 313 regional students to participate in STEM (science, technology, engineering, mathematics) camps. It is also facilitating 228 partnerships for the Air Force Research Laboratory (AFRL) Information Directorate to collaborate with 130 industrial firms and 98 universities, in service to national-defense priorities, per its announcement. In addition to its direct impact on the regional economy, the Griffiss Institute generated an estimated $4.9 million in federal, state, and local tax revenue. “This report is about how government investments in science,
Heather Hage (far left), president and CEO of Griffiss Institute, speaks to staff members during a meeting about the organization’s annual report. The Griffiss Institute says it worked with students at Hamilton College on its inaugural Economic Impact Report for FY2024. PHOTO CREDIT: GRIFFISS INSTITUTE
research, education, and technology transfer can translate into significant social and economic outcomes for our communities. Beyond the policy and finance layers of economic analysis, it’s the people — the hundreds of interns and scholars, entrepreneurs, academic and government scientists, and our industry partners, who bring real-world challenges to the table and work together, through the Griffiss Institute, to drive in-
novation forward to the benefit of our country and community,” Heather Hage, president and CEO of Griffiss Institute, said. “Their collaboration is what drives our impact. We are proud to be part of a region that works together to create opportunities that strengthen both our local economy and our national security.” The FY2024 Griffiss Institute Economic Impact Report was researched and authored by
Hamilton College student researchers from the Levitt Public Affairs Center. They included Luke Hanson, Delaney Patterson, Samuel Low, and Ton Somnug, who worked under the mentorship of Hage. The student researchers analyzed real Griffiss Institute data, built economic models, and collected local insights to trace how each dollar invested circulates through the n Mohawk Valley economy.
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THE CENTRAL NEW YORK BUSINESS JOURNAL I DECEMBER 22, 2025
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Five Star Bank parent company completes $80 million subordinated debt offering BY ADAM ROMBEL arombel@cnybj.com WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank, announced that it has recently completed a private placement of $80 million in aggregate principal amount of fixed-tofloating rate subordinated notes (maturing in 10 years) to qualified institutional buyers and accredited institutional investors. The notes have a maturity date of Dec. 15, 2035 and bear interest, payable semi-annually, at the rate of 6.5 percent per year, until Dec. 15, 2030, the banking company said in its announcement. Starting on that date, the interest rate will reset quarterly to an interest rate per annum equal to the then-current, three-month Secured Overnight Financing Rate (SOFR) plus 312 basis points, payable quarterly until maturity. Financial Institutions is entitled to prepay the notes in whole or in part at any time on or after Dec. 15, 2030, and to prepay the notes at any time upon certain other specified events. The notes received a BBB- rating from Kroll Bond Rating Agency, which recently revised the banking company’s long-term outlook to Stable, reflecting sustained improvement in its profitability and enhanced capital position. Financial Institutions said it intends to use the net proceeds to redeem the $65 million in outstanding-debt
issuances from 2015 and 2020, as well as for general corporate purposes. The $65 million in outstanding debt includes $35 million that began repricing quarterly on Oct. 15, 2025, and which currently bears interest of 8.17 percent, in addition to $30 million that began repricing quarterly on April 15, 2025, and which currently bears interest of 8.11 percent. “We are pleased with the successful completion of this subordinated debt offering, which allows us to refinance existing issuances at more attractive rates, while providing additional capital for thoughtful deployment as we remain focused on creating long-term value for our shareholders,” Martin K. Birmingham, president and CEO of Financial Institutions, said in the company’s Dec. 11 announcement. “Given the additional $80.0 million of capital that will be on our balance sheet at year-end and our intent to call the outstanding $65.0 million in the first quarter, we do expect the Company’s Total Risk-Based Capital ratio to be temporarily elevated by approximately 150 basis points at year-end.” Piper Sandler & Co. — headquartered in Minneapolis, Minnesota — served as sole placement agent for the subordinated debt offering. Washington, D.C.–based Luse Gorman, PC was legal counsel to Financial Institutions, and Hogan Lovells US LLP — whose U.S. headquarters is in Washington, D.C. — served as legal counsel to Piper Sandler & Co. Financial Institutions is a financial holding compa-
The Five Star Bank office building located in downtown Rochester. PHOTO CREDIT: FIVE STAR BANK FACEBOOK PROFILE
ny, based in Warsaw in New York’s Wyoming County, with about $6.3 billion in assets, offering banking and wealth-management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities, and businesses through banking locations spanning Western and Central New York and a commercial-loan production office serving the Mid-Atlantic region. Five Star Bank’s Central New York offices include a commercial-loan production office in Syracuse and retail branches in Auburn, Waterloo, and Geneva. n
New York manufacturing index General Business Conditions ends 2025 in negative territory But optimism about future conditions jumps BY ERIC REINHARDT ereinhardt@cnybj.com
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espondents to the monthly Empire State Manufacturing Survey indicated unexpected contraction in the manufacturing sector with the general-business conditions index plunging 23 points to -3.9 in December. This breaks a run of several strong months, as the index had climbed 8 points to 18.7 in November, its fourth positive reading in the past five months and highest in a year. Based on firms responding to the survey, the December reading indicates business activity “declined slightly” in New York state, the Federal Reserve Bank of New York said in its Dec. 15 report. The consensus expectations of analysts was a December index number of 10.0, according to Seeking Alpha. A negative reading on the index indicates a decline in the sector, while a positive index number points to expansion or growth in manufacturing activity. The December survey found new orders held steady while shipments de-
creased modestly, the New York Fed said. Delivery times quickened, unfilled orders declined, and supply availability worsened. However, going forward, New York manufacturing firms grew “increasingly optimistic” and expect conditions to improve in the months ahead.
Survey details
New orders held steady, with about one-third of firms reporting an increase and about one-third reporting a decrease, and shipments were modestly lower, with the index dropping 23 points to -5.7, the New York Fed said. The inventories index came in at 4.0, pointing to a small increase in inventories. The delivery-times index fell below zero to -5.9, and the unfilled-orders index decreased to -14.9, its lowest level since January 2024, indicating quicker delivery times and fewer unfilled orders. The supply-availability index edged up but remained negative at -6.9, suggesting worsening supply availability. The index for number of employees ticked up to 7.3, its sixth positive reading in seven months, while the average-workweek index edged down to 3.5, suggesting a modest increase in employment levels and a small increase in hours
VISUAL CREDIT: NEW YORK FED WEBSITE
worked. Both price indexes remained elevated but declined for a second straight month: the prices-paid index dropped 11 points to 37.6 — its lowest level since January — and the prices-received index dipped 4 points to 19.8.
Optimism about the future
The index for future business conditions soared 17 points to 35.7, its highest level since January, suggesting firms have become more optimistic that conditions will improve over the next six months. The indexes for future new orders and
shipments both reached their highest levels of 2025. Supply availability is expected to be little changed. Firms continue to anticipate elevated price increases. Inventories are expected to continue to expand. The capital-expenditures index came in at 6.9, pointing to a small increase in capital-spending plans, the New York Fed said. The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 n executives return responses.
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DECEMBER 22, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL
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Naturally Lewis Awards Night honors businesses, owners BY ERIC REINHARDT ereinhardt@cnybj.com LOWVILLE — A meat processor located northeast of Lowville is this year’s recipient of the Naturally Lewis Outstanding Business Award. Red Barn Meats, Inc. was among the businesses that Naturally Lewis recognized during its Membership Awards Night held on Nov. 19 at the Town Hall Theater in Lowville. The event brought together more than 100 business and community leaders to acknowledge the achievements of the Naturally Lewis membership, which contributes to the success of Lewis County’s economy. Besides Red Barn Meats, this year’s award recipients include North Country Family Health Center, which was recognized with the Community Excellency Award following a recent acquisition and expansion. In addition, Naturally Lewis honored Good Ol’ Wishy’s of Croghan with the Discover Tug Hill Award, acknowledging
its 30 years of service. The organization also recognized Scott and Ingrid Moshier with the Entrepreneur of the Year Award for their involvement in businesses that include Wolff’s Body Shop, Monnat & Nortz Service Station, The Old Croghan Engine House, and Moving Mountains Café. The Moshiers have invested nearly $250,000 in Croghan’s downtown businesses, renovating the historic Old Engine House and expanding Moving Mountains Café, per the Naturally Lewis Facebook page. To be eligible for an award, a business must be an active Naturally Lewis member and meet the criteria of each respective award category. Businesses and organizations were nominated for awards by Naturally Lewis staff, and public voting decided the award recipients. “This year has been defined by growth, reinvestment, and resilience with more than $8 million invested directly into our local economy by the nominees in this room alone,” Jenna Lauraine, programs & partnerships director at Naturally Lewis,
Naturally Lewis, the economic-development organization in Lewis County, held its Membership Awards Night on Nov. 19 at the Town Hall Theater in Lowville. PHOTO CREDIT: SWEETWATER PHOTOGRAPHY
said in the announcement. “Tonight’s awards honor not only individual achievements, but the collective momentum of a county that continues to grow, adapt, and thrive because of the people who call it home.” Naturally Lewis says membership in the organization can provide businesses and organizations with the tools and resources needed to start and grow. Businesses
and nonprofits interested in joining the Naturally Lewis membership can find more information at naturallylewis.com/ min/membership. Naturally Lewis is an economic-development organization that administers the services of the Lewis County Chamber of Commerce, County of Lewis Industrial Development Association, and Lewis County Development Corporation. n
Economic resilience, the Fed’s dual mandate, and the road ahead
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’m going to talk to you [in this article] about the U.S. economy and how the Federal Reserve is working to achieve its dual mandate of maximum employment and price stability. I’ll also discuss recent actions by the Federal Open Market Committee (FOMC), and I’ll give JOHN C. my economic outlook.
WILLIAMS Viewpoint
Turning the Corner
One of the important parts of my job is to travel throughout the Federal Reserve’s Second District. It gives me the opportunity to meet with business, community, and government leaders and get a firsthand and in-depth look at the challenges and opportunities facing our region. If I had to choose one word to describe 2025, it is uncertainty. What’s striking is that despite all the uncertainty, the U.S. economy has shown considerable resilience and looks poised to pick up steam next year. In other words, after navigating through the challenges of 2025, we now appear to be turning the corner. Of course, there’s always uncertainty about the road ahead. But over the past year, our local, national, and even global economies have proven to be resilient.
Temporarily Stalled
Before I [discuss] what I expect for the economy, I want to tell you more about its current state. I’ll focus on the two sides of the Fed’s dual mandate: maximum employment and price stability. I’ll start with price stability, which the FOMC defines as 2 percent inflation over the longer run. In monetary policy, we rely on the totality of the data — and there is a lot of data. While we haven’t had the normal flow of official data in recent
months due to the [federal] government shutdown, we are able to use a wide array of indicators to monitor how the economy is doing. What the data tell me is that the effects of trade policies have boosted inflation this year, but these effects have been more muted and drawn out than I originally anticipated. As a result of the tariffs, progress toward the FOMC’s 2 percent longer-run inflation goal has temporarily stalled, with the most recent inflation reading of about 2-3/4 percent roughly unchanged from a year ago. While it is not possible to precisely measure the effects of trade-policy actions, my estimate is that they have contributed around [0.5 percent] to the current inflation rate. I do not see any signs of tariffs contributing to second-round or other spillover effects on inflation. In particular, no broadbased supply chain bottlenecks have emerged, shelter inflation has declined steadily, and measures of wage growth point to a continued gradual slowing. This is consistent with reports from around the Second District, where several of my business contacts have noted that, while tariffs continue to drive up their input costs, the pace of price increases has eased slightly. Most importantly, inflation expectations remain well anchored. The New York Fed’s Survey of Consumer Expectations (SCE) continues to show that inflation expectations remain well within their pre-COVID ranges. This is something I watch closely, because well-anchored expectations are critical to ensuring low and stable inflation.
Gradual Cooling
Turning to the employment side of our mandate, the data show that the labor market has continued to cool, with labor demand softening more than supply. Job growth has been anemic, and the unemployment rate has moved up steadily in recent months. In addition, survey-based measures of
the balance between demand and supply show increasing slack in the labor market. In the Conference Board’s consumer-confidence survey, a measure of the difference between the share of respondents who think jobs are plentiful and the share of those who think jobs are hard to get has declined throughout 2025. We have seen a similar pattern with the National Federation of Independent Business’s (NFIB) survey measure of the difficulty in filling jobs. And the SCE’s “job security gap” measure — defined as respondents’ job-finding expectations minus their job-loss expectations — has fallen considerably this year. Many labor-market indicators are now at levels we saw prior to the pandemic, a time when the market was not overheated. And although the labor market is clearly cooling, I should emphasize that this has been an ongoing, gradual process, without signs of a sharp rise in layoffs or other indications of rapid deterioration.
Monetary Policy and the Road Ahead
Looking ahead, it is imperative that we restore inflation to our 2 percent longer-run goal on a sustained basis. It is equally important to do so without creating undue risks to our maximum employment goal. My assessment is that in recent months, the downside risks to employment have increased as the labor market has cooled, while the upside risks to inflation have lessened somewhat. Monetary policy is focused on bringing these risks into balance. To that end, the FOMC has moved the modestly restrictive stance of monetary policy toward neutral. At its meeting Dec. 9-10, the FOMC decided to lower the target range for the federal funds rate by a 1/4 percentage point to to a range of 3.5-3.75 percent. The accompanying FOMC statement said that “in considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee
will carefully assess incoming data, the evolving outlook, and the balance of risks.” With these actions, monetary policy is well positioned as we head into 2026. Looking ahead, I expect tariffs will have a largely one-off, price-level effect that will be fully realized in 2026. I anticipate inflation to decline to just under 2.5 percent next year, before reaching the FOMC’s longer-run 2 percent goal in 2027. I expect real GDP growth to be about 2.25 percent in 2026, well above my forecast for this year’s pace of around 1.5 percent. This pickup is in part due to the effects of the government shutdown, but it’s also fueled by tailwinds from fiscal policy, favorable financial conditions, and increased investments in artificial intelligence. And I expect the unemployment rate to rise to around 4.5 percent at the end of this year, reflecting some additional effects from the government shutdown. With my forecast of above-trend GDP growth, I expect the unemployment rate to gradually come down over the next few years.
Balance Sheet
On Dec. 1, the FOMC stopped reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. With the level of bank reserves now deemed to be ample, the FOMC decided to initiate reserve-management purchases to maintain an ample level of reserves. This is the natural next step in the implementation of our ample reserves framework to ensure effective interest-rate control. With the steady decline in the level of reserves, we have observed upward pressure on repo rates at times in recent months. When this occurs, the Fed’s standing repo operations can act as a shock absorber by capping pressures on money market rates resulting from strong liquidity demand or market stress. I fully SEE WILLIAMS, PAGE 19 4
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PHOTO CREDIT: THE ARC, ONEIDA-LEWIS CHAPTER
DECEMBER 22, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL
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2025 NONPROFIT DIRECTORY
CNYBJ.COM n Executive Director: Ellen Gutmaker n Primary Focus/Services Offered: helps individuals with developmental disabilities achieve their fullest potential n Service area: Onondaga County
AccessCNY 1603 Court St. Syracuse, NY 13208 n Phone: (315) 455-7591 n Website: accesscny.org n Year Estab.: 1948 n Executive Director: Paul Joslyn n Primary Focus/Services Offered: offers person-centered services that empower individuals of all ages and abilities to reach their full potential as part of our shared community; the agency serves people with developmental disabilities, acquired brain injuries, or with a mental-health diagnosis n Service area: Onondaga County and surrounding counties
Alzheimer’s Association, Central New York Chapter
n Phone: (315) 472-4201 n Website: alz.org/cny n Year Estab.: 1982 n Executive Director: Kate Flannery n Total Employees - CNY: 25 n Primary Focus/Services Offered: The Alzheimer’s Association leads the way to end Alzheimer’s and all other dementia — by accelerating global research, driving risk reduction and early detection, and maximizing quality care and support.
600 S. Wilbur Ave. Syracuse, NY 13204 n Phone: (315) 476-7441 n Website: arcon.org n Year Estab.: 1951
101 Hamilton Ave. Auburn, NY 13021
Boys & Girls Clubs of Syracuse PO Box 606 Syracuse, NY 13224 n Phone: (315) 263 - 5326 n Web site: bgcsyracuse.org n Year Estab.: 1923 n Executive Director: Jenni Gratien n Primary Focus/Services Offered: academic preparation, character development, leadership skills training and healthy lifestyles n Service area: operates three clubhouses in the City of Syracuse neighborhoods with the lowest income and highest rates of crime
Catholic Charities of Onondaga County
5015 Campuswood Drive, Suite 102 East Syracuse, NY 13057
Arc of Onondaga
Cayuga Centers
1654 W. Onondaga Street Syracuse, NY 13204 n Phone: (315) 424-1800 n Website: https://ccoc.us n Year Estab.: 1929 n CEO: Michael F. Melara n Total Employees - CNY: 275 n Revenue: $39.1M n Expenses: $39.1M n Assets: $24M n Primary Focus/Services Offered: shelter and emergency services; homeless-stability services; refugee services; clinical and peer support services; elderly services; health-care coordination services; veteran services; child and family services; early childhood education services n Service area: Onondaga County
n Phone: (315) 253-5383 n Website: cayugacenters.org n Year Estab.: 1852 n Acting President and CEO: Lorraine M. Sanchez n Primary Focus/Services Offered: helps children, families, and individuals to grow as independent, healthy, and productive citizens through quality counseling, and residential and support services
Central Association for the Blind and Visually Impaired 507 Kent St. Utica, NY 13501 n Phone: (315) 797-2233 n Website: cabvi.org n Year Estab.: 1929 n President & CEO: Edward P. Welsh n Primary Focus/Services Offered: assists blind or visually impaired people to achieve their highest levels of independence through a comprehensive menu of vision rehabilitation and employment services n Service area: manufacturing or packaging of products required by the federal government and New York State government; provider of vision-rehabilitation services to people of all ages, generally free of charge, throughout Central New York.
Central New York Community Foundation 431 E. Fayette St., Suite 100 Syracuse, NY 13202 n Phone: (315) 422-9538
n Website: cnycf.org n Year Estab.: 1927 n President & CEO: Melanie Littlejohn n Total Employees - CNY: 31 n Revenue: $40M n Percent (%) of Revenue Devoted to \ Program Services: 89 percent n Expenses: $31M n Assets: $468M n Primary Focus/Services Offered: the Central New York Community Foundation is a public charity that turns community dollars into community change. Established in 1927, it receives contributions from donors, manages them to grow over time and then distributes funding to address the region’s greatest needs. The foundation has invested more than $320 million in community projects that benefit Central New York. It also serves as a civic leader, convener and sponsor of strategic initiatives that foster a thriving and equitable region and address the most critical issues of our time. n Service area: Onondaga County, Madison County, Cayuga County, Oswego County, Cortland County
David’s Refuge 5800 Heritage Landing Drive, Suite B East Syracuse, NY 13057 n Phone: 315-682-4204 n Website: davidsrefuge.org n Year Estab.: 2012 n Development Associate: Rebekah Andre n Director of Programs and Outreach: Rory Lawrence n Respite Manager: Liz Conklin n Event Manager: Sarah Watson n Chief Development Officer: Diana Nightingale n Primary Focus/Services Offered: provides respite, resources, and support to parents and guardians of children with special needs or life-threatening medical conditions where they will be refreshed, restored, and renewed in their role as caregivers.
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2025 NONPROFIT DIRECTORY
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CNYBJ.COM
EPI 6493 Ridings Road, Suite 112 Syracuse, NY 13206 n Phone: (315) 477-9777 n Website: epiny.org n Year Estab.: 1992 n Vice President of Marketing & Development: Chris Beato n Total Employees - CNY: 545 n Revenue: $54.2M n Expenses: $47.8M n Assets: $29M n Primary Focus/Services Offered: serves individuals with developmental disabilities, epilepsy, and traumatic brain injury
Erin’s Angels of CNY 219 County Route 57- Unit 4 Phoenix, NY 13135 n Phone: 315-934-0181 n Website: erinsangels.com n Year Estab.: 2017 n Founder/Director: Sheila Dion n Total Employees - CNY: 1 n Revenue: $171,235 n Percent (%) of Revenue Devoted to Program Services: 76 percent n Expenses: $77,142 n Assets: $458,517 n Primary Focus/Services Offered: unites people and resources to make food, education, and opportunity a right for every child. Through meals, scholarships, outreach, and advocacy, we break down barriers, so every child is nourished, supported, and empowered to thrive.
n Service area: Oswego County and Onondaga County
Everson Museum of Art 401 Harrison St. Syracuse, NY 13202 n Phone: (315) 474-6064 n Website: everson.org n Year Estab.: 1897 n Director & CEO: Elizabeth Dunbar n Total Employees - CNY: 21 n Primary Focus/Services Offered: modern and contemporary American art museum; engages diverse communities, inspires curiosity, and lifelong learning, and contributes to a more vital and inclusive society
FOCUS Greater Syracuse, Inc. 300 S. State Street, Suite 520 Syracuse, NY 13202 n Phone: (315) 448-8731 n Website: focussyracuse.org n Year Estab.: 1998 n Executive Director: Alicia Ernest n Total Employees - CNY: 1 n Revenue: $100,000 n Percent (%) of Revenue Devoted to Program Services: 50 percent n Expenses: $120,000 n Assets: $50,000 n Primary Focus/Services Offered: FOCUS Greater Syracuse, Inc. is a citizen-driven organization that taps citizen creativity to bring about change in Central New York by enabling citizens, organizations, and government to work together to enhance the quality of our lives and
our economic future. n Service area: Central New York/Onondaga County
Food Bank of Central New York 7066 Interstate Island Road Syracuse, NY 13209 n Phone: (315) 437-1899 n Website: foodbankcny.org n Year Estab.: 1985 n President & CEO: Karen L. Belcher n Total Employees - CNY: 85 n Revenue: $47.3M n Percent (%) of Revenue Devoted to Program Services: 96 percent n Expenses: $47.2M n Assets: $29M n Primary Focus/Services Offered: Food Bank of Central New York is leading the effort to eliminate hunger in our region, by partnership with others in our community through education, advocacy, and distribution of nutritious food. n Service area: 11-county service area encompassing Cayuga, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, and St. Lawrence Counties
Francis House, Inc. 108 Michaels Ave. Syracuse, NY 13208 n Phone: (315) 475-5422 n Website: francishouseny.org n Year Estab.: 1991 n Interim Executive Director: Rob Myers n Primary Focus/Services Offered: end-oflife care
Helio Health 518 James St. Syracuse, NY 13203 n Phone: (315) 474-5506 n Website: helio.health n Year Estab.: 1920 n President & CEO: Kathleen Gaffney-Babb n Primary Focus/Services Offered: promotes recovery from the effects of substance use and mental-health disorders and other health issues. We provide services in the Syracuse, Rochester, Binghamton, Utica, and Gloversville areas, and surrounding counties in New York state. Since 1920, Helio Health programs have helped hundreds of thousands of individuals and families. n Service area: Central New York, Finger Lakes, Mohawk Valley, Southern Tier
Human Technologies 2201 Dwyer Ave. Utica, NY 13501 n Phone: (315) 724-9891 n Website: htcorp.net n Year Estab.: 1954 n CEO: Timothy Giarrusso n President: Carl Reistrom n Total Employees - CNY: 180 n Primary Focus/Services Offered: a company of diverse businesses to enhance the quality of life for those with disabilities and others who have barriers to employment n Service area: centralized facilities manageCONTINUED ON PAGE 10 4
DECEMBER 22, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL
2025 NONPROFIT DIRECTORY
I 9 CNYBJ.COM
TC3, SU’s College of Professional Studies sign transfer agreement BY ERIC REINHARDT ereinhardt@cnybj.com DRYDEN — Graduates of Tompkins Cortland Community College (TC3) now have a direct transfer pathway into online bachelor’s degree programs in Syracuse University’s (SU) College of Professional Studies (CPS). The transfer agreement offers TC3 graduates discounted tuition rate for those undergraduate online degree programs, per
the Nov. 18 announcement. Amy Kremenek, president of Tompkins Cortland Community College, and Michael Frasciello, dean of the College of Professional Studies at Syracuse University, formally signed the agreement at the TC3 campus in Dryden in Tompkins County. “Helping students succeed is our top priority at TC3, and for many, success is being accepted into a top world-class institution to complete their undergraduate
What the agreement covers The agreement covers the following TC3 associate degree programs transferring to CPS bachelor’s degree programs: • Accounting, A.S. to Business Management, B.P.S. • Business Administration, A.S. to Business Management, B.P.S. • International Business, A.S. to Business Management, B.P.S. • Engineering Science, A.S. to Project Management, B.P.S. • Sport Management, A.S. to Project Management, B.P.S.
Amy Kremenek, president of Tompkins Cortland Community College (TC3), and Michael Frasciello, dean of the College of Professional Studies at Syracuse University, shake hands after signing a transfer agreement on Nov. 18. PHOTO CREDIT: TC3 WEBSITE
degree. This agreement provides a guaranteed path for our students to transfer into Syracuse University and complete their bachelor’s degree at a top university,” Kremenek said in the TC3 announcement. “This partnership presents a tremendous opportunity for our students, and I am proud of the work of everyone at TC3 and Syracuse for bringing this agreement to fruition.”
Under the agreement, students who complete a TC3 associate degree with a minimum GPA (grade point average) of 3.0 or better in one of seven programs are guaranteed acceptance into one of two bachelor’s degree programs at the College of Professional Studies. Those students will receive a discounted tuition rate for the uninterrupted duration of their enrollment at the College.
“Our goal is to remove barriers and create opportunities for students who want to continue their education at a worldclass university,” Frasciello said. “This partnership ensures that TC3 graduates have a clear, affordable, and supportive path to earning their bachelor’s degree at Syracuse University. We’re excited to welcome these students and help them achieve their academic and career aspirations."
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SINCE 1954
ment and maintenance services; warehousing/distribution; corporate uniform apparel management; commercial custodial/janitorial service; complete lines of customized embroidered, screen printed and sublimated apparel; behavioral health services including mental health and case management; job placement and on-the-job training opportunities for people with disabilities and others who may have employment-related concerns; packaging assembly and fulfillment operations; military cut and sew textile operations
Empowering Ability.
ICAN 310 Main St. Utica, NY 13501 n Phone: (315) 792-9039 n Web site: ican.family n Year Estab.: 1997 n CEO/Executive Director: Steven Bulger n Total Employees - CNY: 350 n Revenue: $38M n Percent (%) of Revenue Devoted to Program Services: 90 percent n Expenses: $38M n Assets: $27M n Fiscal Year End Date: 12/31/25 n Primary Focus/Services Offered: keeping families together
THEARCOLC.ORG
Enriching Our Community.
Irish Cultural Center of the Mohawk Valley 623 Columbia St. Utica, NY 13502 n Phone: (315) 733-4228 n Website: iccmv.org n Year Estab.: 2009 n President, Board of Directors: Sean Farrell n Total Employees - CNY: 0 n Revenue: $234,751 n Expenses: $294,053 n Assets: $5M n Primary Focus/Services Offered: the mission of the Irish Cultural Center of the Mohawk Valley (ICCMV) is to promote and preserve the rich heritage of local, regional, and national Irish culture for future generations; document and present the historical contributions of the Irish in the Mohawk Valley; support and advance the causes of all things Irish in the Mohawk Valley and regionally, and foster Irish cultural awareness through educational, performance and social activities. n Service area: Mohawk Valley
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n Phone: (315) 425-1004 n Website: liberty-resources.org n Year Estab.: 1979 n CEO: Carl M. Coyle n Primary Focus/Services Offered: assists individuals and families in need of an improved quality of life by providing residential and non-residential services tailored to meet their particular needs
Longhouse Council, Scouting America 6712 Brooklawn Parkway Syracuse, NY 13211 n Phone: (315) 463-0201
n Website: cnyscouts.org n Year Estab.: 1910 n Scout Executive/ CEO: Edwin Theetge n Total Employees - CNY: 8 n Revenue: $1.4M n Expenses: $1.4M n Assets: $4M n Primary Focus/Services Offered: it’s a youth-serving nonprofit n Service area: Onondaga, Oswego, Cayuga, St. Lawrence, Lewis, and Jefferson counties
Loretto 700 E. Brighton Ave. Syracuse, NY 13205 n Phone: (315) 413-3269 n Web site: lorettocny.org n Year Estab.: 1926 n President & CEO: Dr. Kimberly Townsend n Chief Marketing & Engagement Officer: Julie Sheedy n Primary Focus/Services Offered: Loretto is a comprehensive continuing health-care organization that provides a variety of services for older adults throughout Central New York. As a nonprofit, Loretto transforms care by deinstitutionalizing nursing homes and long-term care services and replacing them with home-like settings in our independent, assisted, and skilled nursing communities, utilizing person-first care. Loretto also offers short-term rehabilitation, specialized memory care communities, and community programs like Loretto’s Program for All-Inclusive Care for the Elderly (PACE CNY) and a community residences program. The comprehensive system of care serves close to 10,000 individuals each year through 19 specialized programs n Service area: Onondaga and Cayuga counties
The Loretto Foundation 700 East Brighton Avenue Syracuse, NY 13205 n Phone: 315-413-3482 n Web site: https;//lorettocny.org/about-us/ loretto-foundation/ n Year Estab.: 1975 n Chief Marketing and Engagement Officer: Julie Sheedy n Board Members: Liza Magley, Claudia Gasiorowski, Crystal Paolelli, Pierre Morrisseau, Michael Zandri, John Condon, Catherine James, Mary Kielar, Greg Lancette, Kimberly Murphy, Peter Muserlian, Constance Palleria, Megan Schneider, Laiza Semidey, Jason Smorol, Lisa Sonneborn, Helene Wallace, Pam Stewart n Primary Focus/Services Offered: The Loretto Foundation is a nonprofit organization that supports the mission of Loretto, a comprehensive continuing health-care organization that provides a variety of services for older adults throughout Central New York. The Loretto system of care serves close to 10,000 individuals each year through 19 specialized programs in Onondaga and Cayuga counties. The Loretto Foundation provides funding for innovative memory care communities that are available to all, technology solutions to help older adults communicate, and employee assistance programs that provide emergency financial support. The Foundation also supports the certified nurse aide program and the licensed practical nurse apprenticeship, which are paid training programs that allow employees to advance their health-care careers. n Service area: Onondaga and Cayuga counties
CONTINUED ON PAGE 12 4
DECEMBER 22, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL
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2025 NONPROFIT DIRECTORY
CNYBJ.COM
ASK THE EXPERT
Would Your Nonprofit Be Prepared to Handle an Audit? Peggy J. Rowe, CPA, CFE, Audit Partner Dannible & McKee, LLP
Although some may see them as a headache, audits play a very important purpose in the operation of a nonprofit. For starters, audits are designed to help organizations build long-term trust and transparency with their potential donors and the general public.
Gianna Frank, a Syracuse University pre-medical student, was a 2024 summer fellow at the Masonic Medical Research Institute (MMRI) and is pictured here working in the lab. PHOTO CREDIT: MMRI
Deadline for MMRI 2026 summer-fellowhip program applicants is early February BY ERIC REINHARDT ereinhardt@cnybj.com UTICA — The Masonic Medical Research Institute (MMRI) in Utica says college students interested in a summer fellowship can apply for consideration. The application deadline is Friday, Feb. 6, 2026. The program is open to both local and national undergraduate and graduate students. The MMRI Summer Fellowship is a 10-week, hands-on training program designed to get undergraduate and graduate students involved in scientific research. The upcoming fellowship will run from May 11, 2026, through July 17, 2026 at MMRI, which is located at 2150 Bleecker St. in Utica. Fellows will gain hands-on laboratory experience, mentorship from some of the nation’s leading scientists and “valuable insight into the process of scientific discovery,” MMRI said. The program also
offers opportunities to network with peers and experts, attend educational workshops, and receive guidance on medical and graduate school applications. “The summer fellowship helped me to decide on my future career path that I wasn’t necessarily sure of prior to the program,” Gianna Frank, a 2024 summer fellow and pre-medical student at Syracuse University, said in the MMRI announcement. “Participating in this fellowship not only taught me skills necessary for handson benchwork, but it also showed me the ‘behind the scenes’ of the entire research process.” Undergraduate and graduate students pursuing science-related programs, including biology, chemistry, genetics, molecular biology, nanomedicine, physiology, drug delivery and other life sciences, are encouraged to apply. To learn more about MMRI’s summer fellowship program, visit mmri.edu/sumn merfellow.
Once you have a better idea of what kinds of documents will be needed and what steps you’ll need to take, your financial team can be more proactive. Likewise, regular communication with your auditors can help you stay on top of any relevant And, of course, there’s the important changes to accounting standards or other compliance issue. Regular audits ensure things you may want to know before the that nonprofits are following all industry- audit itself. related laws and regulations to keep Establish and Maintain Internal them in good standing and maintain their Controls 501(c)(3) status. If you don’t already have a robust system At the same time, the information gleaned from an audit can help organizations make better informed decisions that may streamline operational efficiency and help nonprofits work towards their mission.
How to Get (And Stay) Audit-Ready
Whether your organization is preparing for an annual financial statement audit or a Single Audit, being prepared can make all the difference. Fortunately, there are some practical measures your organization’s financial team can take to stay prepared for these audits at all times. Develop and Follow a Readiness Timeline First, controllers, CFOs and other financial staff should design and implement a comprehensive readiness calendar or timeline with your nonprofit’s year-end goals in mind. This calendar should include important deadlines and timelines for things like: • Grant reporting and Schedule of Expenditures of Federal Awards (SEFA) • Closing entries and reconciliations • Financial statements and any supporting schedules that may be necessary Keep Your Documents in Order One of the most important aspects of audit-readiness is keeping detailed and organized documentation. This is important not just for your own financial team, but for outside audit teams as well. Be sure, for example, that you have a centralized location for keeping all your relevant financial documents and contracts. This should include not just hard copies, but backed-up digital copies that are kept in a secure place as well.
Tioga Downs Regional Community Foundation on Dec. 2 announced $2 million in grant awards for dozens of nonprofit organizations in New York’s Southern Tier and in Northern Pennsylvania. PHOTO CREDIT: TIOGA DOWNS
Southern Tier nonprofits to benefit from Tioga Downs Foundation grants BY ERIC REINHARDT ereinhardt@cnybj.com NICHOLS — Nonprofit organizations throughout the Southern Tier and Northern Pennsylvania will use a total of $2 million in grant funding provided by
the Tioga Downs Regional Community Foundation. The money is meant to help further their objectives, missions, and organizations, Tioga Downs said in announcing SEE TIOGA DOWNS, PAGE 15 4
with external auditors for some types of audits. If and when this is the case, it’s important to establish contact with these professionals sooner rather than later so you can determine exactly what will be needed of you and your financial team.
Take Contract Management Seriously Speaking of contracts, now is also a good time to review your organization’s contract management strategies. Unfortunately, contracts can be a significant source of risk when it comes to audits, so it’s critical to maintain a system where contracts and their terms can be carefully reviewed for compliance and reconciled as needed.
of internal controls in place within your organization, this will become very apparent during the audit process. Now is the time, then, to ensure that all internal controls are implemented and optimized. If you had a recent audit, there’s a good chance you were able to identify some areas that needed improvement — so be sure to make those changes before the next audit rolls around. Take Advantage of Technology and Tools There are so many useful tools out there to assist with audit-preparedness these days, and many of them are even tailored specifically to nonprofit organizations. By leveraging these tools, you can streamline a lot of these processes while ensuring that your organization is ready for the next audit. Some examples of technologies and tools to explore include: • Workflow automation tools • Document management systems • Data analytics tools Address Issues and Make Improvements Understand that audit readiness is something your organization will never be completely “done” with. Instead, it should be an ongoing effort to improve and optimize — meaning that your financial team should be ready to meet after an audit to discuss how it went and make recommendations for any changes. By having this type of debrief with your financial team, you can plan measures to ensure a more efficient audit the next time around. Make Audit-Readiness Part of Your Culture
Finally, remember that audit-readiness isn’t just the responsibility of your financial team. At the end of the day, it’s up to everybody to do their part to prepare for an audit every day of the year. By fostering a culture where audits Meet with External Auditors Regularly are taken seriously and planned for yearround, you can save your team a lot of Even if your organization conducts its own time and hassle down the road. internal audits, you may still need to meet 221 S. Warren Street, Syracuse, NY 315.472.9127 | DMCPAS.COM
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Continued from page 10
People’s Equal Action and Community Effort, Inc. (PEACE, Inc.)
CNYBJ.COM
Make-A-Wish Central New York
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Utica, NY UticaChildrensMuseum.org
Westmoreland, NY elevateCNY.com
Coming soon to Nedrow, NY jdccenter.org
5005 Campuswood Drive East Syracuse, NY 13057 n Phone: (315) 475-9474 n Website: cny.wish.org n Year Estab.: 1985, locally n President & CEO: Diane E. Kuppermann n Total Employees - CNY: 8 n Revenue: $3.1M n Percent (%) of Revenue Devoted to Program Services: 73 percent Expenses: $2.2M n Primary Focus/Services Offered: Make-AWish Central New York is a nonprofit, tax-exempt organization dedicated to granting life-changing wishes for critically ill children throughout the central portion of New York State. Founded in 1985, our chapter is part of a global wish-granting organization focused on creating hope and strength for critically ill children and their families. We are committed to granting the wish of every medically eligible child within our 15-county territory. n Service area: Broome, Cayuga, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, Otsego, St. Lawrence, Tioga, and Tompkins counties
Milton J. Rubenstein Museum of Science & Technology (MOST) 500 S. Franklin St. Syracuse, NY 13202 n Phone: (315) 425-9068 n Website: most.org/rent n Year Estab.: 1981 n President: Lauren Kochian n Total Employees - CNY: 22 n Revenue: $3.8M n Percent (%) of Revenue Devoted to Program Services: 78 percent n Expenses: $3.8M n Assets: $7M n Primary Focus/Services Offered: The MOST is a hands-on science and technology museum focused on hands-on science education that engages learners of all ages and abilities. The MOST features 35,000 square feet of interactive exhibits plus the state-of-the-art National Grid ExploraDome theatre. The museum operates numerous STEM education programs and community outreach events throughout the year. n Service area: Central New York, Finger Lakes, Southern Tier, North Country, Mohawk Valley, and beyond
Nascentia Health 1050 West Genesee Street Syracuse, NY 13204 n Phone: 888 477-4663 n Website: nascentiahealth.org n Year Estab.: 1890 n President & CEO: Kate Rolf n Total Employees - CNY: 720 n Primary Focus/Services Offered: Nascentia Health is one of Central New York’s largest homehealth-care agencies, offering in-home skilled nursing and therapies, and home health aides. n Service area: Across the state, Nascentia offers managed long-term care in 48 counties and Medicare Advantage Plans in 15 counties. Founded in Syracuse in 1890, the agency has more than 135 years of expertise in home care and more than 700 employees in offices in Syracuse, Rome, Rochester, Buffalo, and Albany.
217 S. Salina St., 2nd floor Syracuse, NY 13202 n Phone: (315) 470-3300 n Website: peace-caa.org n Year Estab.: 1968 n Executive Director: Carolyn D. Brown n Total Employees - CNY: 290 n Revenue: $25.7M n Expenses: $26M n Assets: $10M n Primary Focus/Services Offered: helps people in the community realize their potential for becoming self-sufficient.
Racker 3226 Wilkins Road Ithaca, NY 14850 n Phone: (607) 272-5891 n Website: racker.org n Year Estab.: 1948 n Executive Director: Cris Donovan n Primary Focus/Services Offered: provides support for individuals with disabilities and their families in Tompkins, Cortland, and Tioga counties
Rescue Mission Alliance 155 Gifford St. Syracuse, NY 13202 n Phone: (315) 472-6251 n Website: https://rescuemissionalliance.org/ n Year Estab.: 1887 n CEO: Daniel Sieburg n Total Employees - CNY: 293 n Revenue: $33.5M n Expenses: $32.9M n Assets: $53M n Primary Focus/Services Offered: puts love into action through shelter, food, clothing, and hope.
Resource Center for Independent Living 131 Genesee Street Utica, NY 13503 n Phone: (315) 797-4642 n Website: rcil.com n Year Estab.: 1983 n CEO, Resource Center for Independent Living: Zvia McCormick n Total Employees - CNY: 1,060 n Revenue: $110.3M n Expenses: $97.3M n Assets: $111M n Primary Focus/Services Offered: ensures a fully accessible, integrated society that enables full participation by people with disabilities n Service area: statewide
Ronald McDonald House Charities of Central New York 1100 E. Genesee St. Syracuse, NY 13210 n Phone: (315) 476-1027 n Website: rmhcny.org n Year Estab.: 1982 n President & CEO: Beth Trunfio n Total Employees - CNY: 8 n Revenue: $2.4M n Expenses: $1.9M n Assets: $15M n Primary Focus/Services Offered: Ronald
DECEMBER 22, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL
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2025 NONPROFIT DIRECTORY
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South Side Community Growth Foundation
Need Everyday Logistical Support and Capacity Building Power?
P.O. Box 12107 Syracuse, NY 13218
McDonald House Charities of Central New York provides essential services that remove barriers, strengthen families and promote healing when children receive inpatient or outpatient medical treatment at Syracuse–area hospitals and affiliated clinics. Through the CNY Ronald McDonald House and a Hospitality Cart program, the nonprofit organization offers families what they need to ensure the best health outcomes for their children. n Service area: Central New York
Safe Space Organization 120 E. Washington St, Suite 601 Syracuse, NY 13202 n Phone: 315-412-8220 n Website: safespacecny.com n Year Estab.: 2021 n Founder/CEO: Tracy Lynn Dando n Primary Focus/Services Offered: Safe Space Organization strives to change the conversation around mental health by educating, connecting, and supporting others through a peer-to-peer network. Safe Space is a community hub with therapeutic alternatives and prevention methodology that empowers individuals to manage their mental health by accessing community resources, providing a space and empowering the process of healing. Our focus consists of a variety of support circles, classes and collaborations within the community.
Salvation Army Syracuse Area Services 677 S. Salina St. Syracuse, NY 13202 n Phone: (315) 475-1688 n Website: easternusa.salvationarmy.org/empire/syracuse n Year Estab.: 1883 n Director of County Operations, Citadel Corps Officer (Clergy), Onondaga County: Major Charles Roberts, III n Primary Focus/Services Offered: human services, social services include homeless shelters, childcare services, youth services, a food pantry, a senior center and a wide variety of services for children and families.
n Website: southsidegrowth.org n Year Estab.: 2024 n Executive Director: Deka Eysaman n Primary Focus/Services Offered: The South Side Community Growth Foundation is dedicated to supporting South Side neighbors by ensuring access to essential programs and resources. The foundation partners with neighbors, organizations, and government to invest in impactful community initiatives. Focus areas include affordable housing, after-school activities, childcare, and transportation. n Service area: Syracuse’s Southside neighborhood
n Phone: (315) 472-0650 n Website: samcenter.org n Year Estab.: 1990 n Executive Director: Mary Beth Frey n Total Employees - CNY: 9 n Revenue: $1.4M n Expenses: $1.1M n Primary Focus/Services Offered: Samaritan Center is a nonprofit 501(c)(3), interfaith effort of community members committed to serving the hungry and those in need in order to promote their welfare dignity and self-sufficiency. n Service area: Greater Syracuse/ Central New York community
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Syracuse Stage 820 E. Genesee St. Syracuse, NY 13210 n Phone: (315) 443-3275 n Website: syracusestage.org n Year Estab.: 1974 n Artistic Director: Robert M. Hupp n Total Employees - CNY: 55 n Revenue: $7.8M n Percent (%) of Revenue Devoted to Program Services: 100 percent n Expenses: $7.9M n Assets: $4M n Primary Focus/Services Offered: professional theatre n Service area: Central New York
The Arc Jefferson-St. Lawrence 380 Gaffney Drive Watertown, NY 13601 n Phone: (315) 788-2730 n Website: thearcjslc.org n Year Estab.: 1954 n CEO: Lynn Pietroski n Primary Focus/Services Offered: The Arc’s mission is to enhance the quality of life and maximize the potential of persons with disabilities through education, vocational opportunities, training, residential services, inclusion, and advocacy in a community-based setting
Great teams work best when they can focus on work that matters most to your mission. Let us help with the rest. We assist organizations throughout CNY and beyond with: n Marketing & Communications Human Resources Management Bookkeeping & Financial Management n Fundraising & Donor Management n Grant Writing & Management n Volunteer Management n Strategic Planning n Program Development & Management n Compliance & Risk Management n Succession Planning n IT Support & Management n Quality Improvement n Administrative Support & Training n Capacity Building Workshops n n
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See all the details and benefits at: www.ican.family > Programs
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The Arc, Oneida-Lewis Chapter 245 Genesee St. Utica, NY 13501 n Phone: (315) 272-1500 n Website: thearcolc.org n Year Estab.: 1954 n CEO: Karen Korotzer n Total Employees - CNY: 560 n Revenue: $47.2M n Percent (%) of Revenue Devoted to Program Services: 91 percent n Expenses: $47.2M n Assets: $8M n Primary Focus/Services Offered: empowers people with disabilities and their families
Matthew Buono, PhD
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2025 NONPROFIT DIRECTORY
THE CENTRAL NEW YORK BUSINESS JOURNAL I DECEMBER 22, 2025
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Oswego Health Foundation’s 6th annual gala raises more than $132K BY JOURNAL STAFF news@cnybj.com OSWEGO — The Oswego Health Foundation’s 6th annual gala, “The Power of Pink,” drew a crowd of 252 generous guests and supporters at the Lake Ontario Event and Conference Center on Nov. 8 and raised more than $132,000 to advance local health care. Proceeds from this year’s gala will support the creation of a state-of-the-art multi-specialty imaging suite at Oswego Hospital, Oswego Health announced. This innovative space will unite ultrasound, mammography, and bone-density services in one modern, patient-centered environment. It will include private changing rooms, an inviting waiting area, and improved staff workspaces designed to enhance both comfort and care, the health system added. “Every dollar raised at the Gala directly impacts the quality of care available right here in our community,” Michele Hourigan, director of business and community development at the Oswego Health Foundation, said in the announcement. “The Power of Pink represented more than a theme — it symbolized our community’s strength, compassion, and commitment to one another. We’re deep-
to achieve their full potential through self-determined goals, ensuring that all people live as fully included members of their community. n Service area: offers a comprehensive range of services for people with developmental disabilities, including educational, clinical, therapeutic, residential, vocational, employment, respite, arts, day-habilitation programs, and more throughout Oneida and Lewis counties.
ly grateful to our sponsors, donors, and guests for helping us continue to invest in the health of our neighbors.” Oswego Health also used the evening to honor three award recipients: Physician of the Year: Dr. Marie Castillo-Alcasid — Affectionately known as Dr. Marie, this board-certified internal medicine physician has been a cornerstone of Oswego Hospital’s hospitalist team since 2008. Known for her empathy, expertise, and dedication to patient-centered care, Dr. Marie is admired by patients, colleagues, and families, alike, Oswego Health noted. DAISY Award Winner: Allison Flett, RN — Since joining Oswego Health in 2021, Flett has exemplified compassion, adaptability, and a true passion for nursing. Starting her career as an LPN at Urgent Care, she quickly earned her RN license in 2022 and has since served across the ICU, Emergency Department, and Med-Surg units, the health system said. Community Partner Award: Novelis — A global leader in sustainable aluminum products and services and the world’s largest recycler of aluminum, Novelis has been a steadfast force in Oswego County for more than six decades, Oswego Health contended. Since 1988, Novelis
The Syracuse Orchestra 709 James Street Syracuse, NY 13203 n Phone: (315) 299-5598 n Website: syracuseorchestra.org n Year Estab.: 2012
Oswego Health Foundation’s gala “The Power of Pink” recently honored three local leaders with awards. Pictured, from left to right, are: Physician of the Year: Dr. Marie Castillo-Alcasid; DAISY Award Winner: Allison Flett, RN; and Community Partner Award winner: Novelis Corporation, represented by Jessica Westberry, executive assistant. PHOTO CREDIT: OSWEGO HEALTH
has contributed more than $344,000 to Oswego Health and remains a dedicated supporter of community growth through both philanthropy and volunteerism. With nearly 1,150 employees locally, the company continues to invest in programs that strengthen Central New York — from STEM education and health care to children’s advocacy and hunger relief. n
n Executive Director: Pamela Murchison n Total Employees - CNY: 60 n Revenue: $3.8M n Percent (%) of Revenue Devoted to Program Services: 75 percent n Expenses: $3.8M n Assets: $1M n Primary Focus/Services Offered: full-time, professional, resident orchestra serving Central New York with more than 50 performances each year. Presenting everything from Beethoven to Aretha Franklin, and everything in between, with robust educational and community outreach programs, including “Healing Harmonies,” an outreach program focused on music and wellness. n Service area: Central and Northern New York
United Way of Mid Rural New York 83 North Broad St. Norwich, NY 13815 n Phone: (607)334-8815 n Website: uwmrny.org n Year Estab.: 1948 n Executive Director & Chief Professional Officer: Elizabeth Monaco n Primary Focus/Services Offered: to improve the health, youth opportunity, financial security and community resiliency for families and individuals n Service area: Chenango, Delaware, Madison and Otsego counties
Unity House of Cayuga County, Inc. 217 Genesee St., Suite 14 Auburn, NY 13021 n Phone: (315) 253-6227 n Website: unityhouse.org n Year Estab.: 1977 n Chief Executive Officer: Elizabeth Smith n Primary Focus/Services Offered: provides transitional and permanent housing, respite care, and rehabilitative and employment services for adults with mental-health illnesses, developmental disabilities, and/or chemical dependencies n Service area: Primarily Cayuga and Tompkins counties, with some services in Onondaga, Ontario, Seneca, Wayne, and Yates counties
Upstate Caring Partners 125 Business Park Drive Utica, NY 13502 n Phone: (315) 724-6907 n Website: upstatecp.org n Year Estab.: 1950 n Executive Director: Geno DeCondo n Total Employees - CNY: 1,374 n Revenue: $128.9M n Percent (%) of Revenue Devoted to Program Services: 97 percent n Expenses: $126.8M n Assets: $75M n Primary Focus/Services Offered: provider of education, community, and residential services for individuals with intellectual and developmental disabilities and their families n Service area: Oneida, Herkimer, Lewis and Madison counties, as well as behavioral-health services for the Mohawk Valley region
Vera House, Inc. 723 James St. Syracuse, NY 13203 n Phone: (315) 425-0818 n Website: verahouse.orn Year Estab.: 1977 n CEO: Tricia Matthews n Primary Focus/Services Offered: provides domestic violence and sexual assault services n Service area: Onondaga County
YMCA of Greater Syracuse, Inc. 340 Montgomery St. Syracuse, NY 13202 n Phone: (315) 474-0783 n Website: ycny.org n Year Estab.: 1858 n President & CEO: Josh Royce n Primary Focus/Services Offered: The YMCA seeks to strengthen the Central New York community through programs that build healthy spirit, mind, and body for all.
DECEMBER 22, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL
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2025 NONPROFIT DIRECTORY
CNYBJ.COM
Upstate nonprofits win Excellus 2025 Health Equity Innovation grant awards BY ERIC REINHARDT ereinhardt@cnybj.com
R
ochester–based health insurer Excellus BlueCross BlueShield says a total of 22 Upstate nonprofit organizations have received 2025 Health Equity Innovation Awards. Excellus describes the grants as an annual-funding opportunity that supports nonprofit organizations working to eliminate health disparities and improve health outcomes across upstate New York. Twenty-two nonprofit organizations in the Central New York/Southern Tier, Rochester, and Utica/North Country regions were chosen from a competitive pool of nearly 300 applicants. The selected organizations are leading efforts to “close gaps in care through innovative, community-driven solutions tailored to the unique needs of the people they serve,” per the Excellus announcement. Focus areas for funding in each region were strategically identified through community needs assessments, which helped pinpoint the most pressing health challenges and disparities affecting local populations, the health insurer noted. The Health Equity Innovation Awards will help advance a wide range of initiatives, including community-centered mental health and wellness programs; community-based chronic disease prevention and education; maternal and child-health support services; food access and nutrition initiatives; and workforce development and training in health-related fields.
Regional recipients, projects CENTRAL NEW YORK REGION • A Tiny Home for Good – Lead Freedom House, which renovates a Syracuse property to provide free, temporary housing for families during lead remediation. • InterFaith Works – Telehealth education for older adults expands workshops and one-on-one support to help seniors use telehealth and improve access to care. • Ithaca Health Alliance – Behavioralhealth consultant program, which launches free clinic program offering quick triage and short-term counseling, linking patients to ongoing mental-health care. • Oswego Health Foundation – Online prenatal education provides free virtual classes on pregnancy, postpartum care, breastfeeding, and infant safety to overcome rural access barriers. • Restoreforlife, Inc. – Healing through the arts, which uses creative
TIOGA DOWNS:
Continued from page 11
the grant awards. Grant recipients were announced during an afternoon awards ceremony at Tioga Downs Casino Resort on Dec. 2. Nonprofit organizations from Chemung, Tioga, Broome, and Bradford counties were recognized for their initiatives in addressing and combating local poverty and community deterioration, per the announcement. Additionally, Tioga Downs owner Jeff Gural also donated $100,000 to the Food Bank of the Southern Tier to further help combat food insecurity in the region. More than 120 organizations were awarded grants, and nearly 200 organizations had applied this year. It was a record
expression and guided circles to help families build coping skills, resilience, and emotional wellness. • The Public Broadcasting Council of Central New York, Inc. (WCNY) – Behind the Woman career challenge, which connects Syracuse high school students with mentors for hands-on health career learning, hospital shadowing, and research projects. • United Way – Healthy Start, Safe Home, a program that embeds navigators and peer advocates in high-risk neighborhoods to improve maternal and early childhood health through education and resources. UTICA REGION • Bassett Medical Center – Bassett Cancer Institute partnership, which provides medically tailored meals to cancer patients in Otsego County, addressing food insecurity and improving health outcomes. • Madison County Rural Health Council – Mental health first aid trainings that offer evidence-based training for schools, community groups, and healthcare settings to identify and respond to mental health challenges, reducing stigma and improving access. • Mohawk Valley Resource Center for Refugees – Healthy Pathways nutrition program that delivers culturally responsive nutrition education, cooking demonstrations, and strategies for healthy eating to 500 refugees and immigrants. • St. Lawrence Health Foundation – Living in Balance, which is a peer-led initiative and supports recovery from substance use through peer-led groups and the Living in Balance curriculum, helping participants build coping skills and resilience. SOUTHERN TIER REGION • Binghamton Philharmonic Inc. – Social prescribing program, which offers complimentary concert tickets through healthcare partnerships to reduce isolation and improve health for the IDD (intellectual and developmental disabilities) community. • Broome County Council of Churches – Greater Good Grocery mobile market bus that operates an ADA (Americans with Disabilities Act)-accessible mobile market bus to deliver affordable, healthy food to residents in county food deserts. • Catholic Charities of Tompkins/ Tioga – Tioga Fresh mobile café that provides free meals and groceries to more than 3,000 rural residents, reducing food insecurity and connecting families to health resources. • Family Enrichment Network Inc. – Help Me Grow, which promotes devel-
number of applicants, Tioga Downs encourages all of them to apply again next year, even if they were awarded a grant at this year’s event. “Through the experiences shared by our award winners, we eagerly anticipate the ripple effects of these grants making a real difference close to home,” Gural said in the announcement. “There are countless organizations doing amazing work, often without the budget they truly deserve, and these grants aim to amplify their impact.” The Tioga Downs Regional Community Foundation says it is dedicated to promoting economic and community development by supporting organizations that contribute to charitable, religious, literary, scientific, and educational endeavors within the target counties. With hundreds of applications received annually, the foundation works to donate to as many organizations as possible, Tioga Downs noted. n
Rochester–based Excellus BlueCross BlueShield has an office in the town of DeWitt. The health insurer recently announced the nonprofit recipients of its annual Health Equity Innovation grant awards. PHOTO CREDIT: ZOEYADVERTISING.COM
opmental screening and connects families to care, strengthening early childhood systems and school readiness. • Rural Health Network of SCNY Inc. – Produce-prescription program,
which is a card-technology pilot and expands a long-standing produce-prescription program with a card-based system to improve access to fresh food for patients with chronic conditions. n
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THE CENTRAL NEW YORK BUSINESS JOURNAL I DECEMBER 22, 2025
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Snowbirds Beware: The Ins & Outs of Nonresident Income & Estate Tax
I
t’s that time of year again, when snowbirds break out their suitcases and make plans to flee the Empire State for warmer weather. Anyone who has experienced New York winters can appreciate the desire to avoid the back-breaking shoveling, frozen and windJAIME J. eyelashes, burned cheeks of a typHUNSICKER ical New York January and February. While Viewpoint weather is certainly one incentive to fly away to southern climes, many snowbirds head south for an additional reason — to establish or maintain residency in another state for tax purposes. This article provides an overview of New York income and estate taxation rules for nonresidents. While changes in the law have somewhat reduced the impact of New York’s estate tax, the opportunity to further reduce New York income taxes remains a strong motivator to establish residency outside the state.
Personal Income Taxation of Nonresidents
New York residents are taxed by the state on all income from all sources, with the highest tax rate being 10.9 percent. In contrast, nonresidents are only subject to personal income tax on income from New York sources. New York source income is defined as the sum of the income, gain, losses, and deductions derived from or connected with New York sources, for example, income from owning New York real or tangible property, or from services or business carried on within the state. An individual who can establish legal residency outside New York, however, will only be obligated to report and pay tax on income actually generated in the Empire State. Whether a taxpayer is determined
to be a New York resident may have a significant impact on the assets that are taxed and the tax that may be owed. a. Defining Residency New York’s tax laws are aimed at thwarting wealthy people who maintain homes in New York and spend the majority of their time here, but still claim non-residency status. New York’s Tax Law provides for two separate analyses to determine residency — domicile and statutory residence. A taxpayer determined to be domiciled in New York will pay state tax on all income regardless of the source. A taxpayer not domiciled in New York will still be taxed as a New York domiciliary if he or she is determined to be a “statutory resident.” Only if taxpayers can establish by clear and convincing evidence that they are neither domiciled in New York nor a statutory resident will they be taxed only on income actually generated in this state, likely saving a significant amount of money. i) Domicile While in everyday language “residence” and “domicile” are used interchangeably, they have different legal meanings. “Domicile” is the place individuals intends to be their permanent home — where they intend to return after being away. A person can have several residences at a time, but only one domicile. New York’s Tax Department offers five primary factors to determine domicile: (1) Home: use and maintenance of a New York residence; (2) Active Business Involvement: employment relating to compensation derived in the year under review; (3) Time: where the individual spent time during the year; (4) “Near and Dear”: the location of items that have significant sentimental or other value to the individual; and (5) Family Connections: a bond that draws a person back to a location, such as where minor children attend school. Other factors state auditors may consid-
er include addresses on financial records, location and registration of automobiles, voter registration, and location of safe deposit boxes. There are also “non-factors” that will not be considered, such as where the taxpayer’s will is probated, location of bank accounts, charitable contributions to organizations within the state, and volunteering for nonprofit organizations. ii) Statutory Resident A taxpayer not domiciled in New York may still be subject to taxation as a resident if the taxpayer: (1) maintains a permanent place of abode in New York; and (2) spends more than 183 days in the state. This test is what often trips up taxpayers who keep a New York house after moving to a warmer and more tax-friendly state, compelling them to carefully keep track of the number of days they spend in New York. New York’s Tax Law considers “permanent place of abode” to mean a residence taxpayers maintain, whether they own it or not, that is suitable for year-round use. The definition generally includes a dwelling place owned or leased by the taxpayer’s spouse, but not a camp or cottage that is suitable and used solely for vacations. A life estate interest in a New York home may also be considered a permanent place of abode under New York tax laws. If the taxpayer seeking non-resident status is found to have a permanent place of abode in New York, the next step is to determine whether the individual spent more than 183 days in the state during the relevant tax year. Importantly, New York courts have held that for this purpose, “day” is defined as any part of a day, not 24 hours. A taxpayer who fails to satisfy both tests will be considered a statutory resident and will be taxed by New York on all sources of income for the entire year, just like a full-time resident, even if the taxpayer’s domicile changed during the year. By contrast, a taxpayer who does not have a New York domicile and is not a
statutory resident will only pay income tax to New York on New York source income.
Estate Tax for Nonresidents
Both the federal government and New York State impose tax on the transfer of assets owned by a deceased person at the time of his/her death if the value of those assets exceeds certain thresholds. Over the last decade, substantial changes have been made to the estate-tax exclusion amount on both the federal and state levels. As a result of the “One Big Beautiful Bill Act”, the federal estate-tax exclusion permanently increased this year to $15 million, indexed for inflation, for decedents dying and gifts made after Dec. 31, 2025. The New York estate-tax exclusion amount as of Jan. 1, 2025 is $7,160,000. While these changes mean that fewer New Yorkers are concerned about estate tax at death, wealthier snowbirds who maintain property in the Empire State may still face filing requirements and nonresident estate tax. Under Section 952(a) of New York’s Tax Law, estate tax applies to the estate of any “individual who at his or her death was a resident of New York State.” Unlike the rules governing income tax, however, the estate-tax regulations do not define “resident.” Notwithstanding, courts faced with these issues will consider many of the same facts and circumstances. An analysis of the type of assets owned by a nonresident is necessary to determine whether an estate-tax return must be filed. The determination is based on whether the decedent’s estate includes real or tangible personal property located in the state and, under Tax Law § 971 (a) (2), whether the federal gross estate plus includible taxable gifts of real or tangible personal property located in the state plus intangible personal property used in a business, trade, or profession carried on SEE SNOWBIRDS, PAGE 19 4
DECEMBER 22, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL
The Central New York
BUSINESS JOURNAL Digital I Print I Events I Data DECEMBER 22, 2025 VOL. XXXVIII, NO. 45
NEWS EDITOR-IN-CHIEF Adam Rombel arombel@cnybj.com STAFF WRITER Eric Reinhardt ereinhardt@cnybj.com CREATIVE DIRECTOR Erin Zehr ewebb@cnybj.com RESEARCH DIRECTOR Vance Marriner vmarriner@cnybj.com COLUMNISTS Will Barclay Russell Gloor Robert Romano John C. Williams
SALES Marny Nesher mnesher@cnybj.com
CIRCULATION CIRCULATION MANAGER Raviv Nesher (315) 579-3927 circulation@cnybj.com
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The Central New York Business Journal (ISSN #1050-3005) is published every week by CNY Business Review, Inc. All contents copyrighted 2025. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher. Cover Price $3.00 Subscription Rate $95 per year Call (315) 579-3927
OPINION
I 17
Supporting N.Y.’s Disability Community Benefits Us All T he Office of the New York State Comptroller [recently] issued an encouraging report indicating labor-force participation for working-age individuals with disabilities rose 4.6 percentage points between 2019 and 2024. This is welcome news, and I am glad to see initiatives aimed at increasing participation from the disability comWILL munity have made an BARCLAY impact. However, more Opinion work is needed if we are going to make New York a national leader in supporting and employing these incredible individuals. According to the report, the national average workforce-participation rate for those aged 16 years and older with a disability jumped more than 5 percentage points during the period measured in the comptroller’s report. Overall, New York’s workforce-participation rate for those with disabilities, 28.8 percent, trailed the national average of 32.3 percent. While it is great to see New York make some progress, we must continue looking for ways to ensure all New Yorkers have a fair chance to achieve their career-oriented goals.
Outside of the obvious intrinsic value of supporting the disability community, there are tremendous benefits to improving its workforce participation. One study found companies that “actively employ and support people with disabilities” earned more revenue, profit, and net income than industry peers. They were also measured to be 25 percent more productive per employee than other businesses without similar initiatives. As such, the members of the Assembly Minority Conference have been fierce advocates for the disability community. We have introduced legislation that would help boost the wages of aides working with people with developmental disabilities (A.172, Angelino); increase tuition rates for Special Act and 853 Schools (A.2413, Ra); establish programs for students interested in working with the disability community (A.6507, Tannousis); review state policies related to transportation (A.6372, Palmesano); and ensure a residential transition conference is held when an individual with disabilities will be transferred from one program to another (A.8982, Giglio). Personally, I was proud to support Oswego Industries Inc., which is a tremendous asset and resource for the community, to find ways to mitigate challenges
CNYBJ.COM
to the disability community during the COVID-19 pandemic. We are also fortunate to have The Arc of Oswego County, another incredible organization full of dedicated and compassionate individuals who understand the needs of all New Yorkers, supporting this mission. Partnerships like these help strengthen the resilience of our communities and our workforce, and I am looking forward to continuing to find new ways to bolster these important public-private connections. There is much to celebrate, and any progress is better than none. But there is still a lot of room to grow. We must continue to advocate for a stronger, more inclusive workforce. We must fight for the economic security and prosperity of all New Yorkers, and we must do it with compassion and vigor. I look forward to building on the successes enumerated in the comptroller’s report, and together, we will make New York’s workforce stronger and more productive than ever. n
William (Will) A. Barclay, 56, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses all of Oswego County, as well as parts of Jefferson and Cayuga counties.
Pro-Inflation Democrats Oppose Trump’s Plan To Help Farmers Boost Production
“T
he reason farmers need relief at all is largely because Donald Trump betrayed them and decimated their businesses with his disastrous tariffs.” That was Senate Minority Leader Chuck Schumer (D-N.Y) making a speech on the Senate floor on Dec. ROBERT 8 opposing President Tr ump’s ROMANO Donald $12 billion Farmer Opinion Bridge Assistance (FBA) Program. The program is actually a response to unfair trade practices, subsidies, dumping, and tariffs from abroad that have hurt U.S. farmers and other industries for decades that were in place long before President Trump’s second term even began, but who’s counting? For years, trade partners have waged a trade war on the U.S., but we had forgotten how to fight back, until Trump delivered us the most pro-American trade agenda in modern history. The FBA is an important component of the Make America Great Again agenda that puts America first by putting American farmers first. The program is virtually identical to the $28 billion 2018-2019 Market Facilitation Program, and both are authorized by Congress under 15 U.S. Code Sec. 714c, the Commodity Credit Corporation Charter Act, to make direct payments to farmers who are harmed by foreign trade practices and barriers. The Commodity Credit Corp. was established by Congress
to “Support the prices of agricultural commodities (other than tobacco) through loans, purchases, payments, and other operations.” Congress has the long-settled power now delegated to all presidents to spend money via the Commodity Credit Corp. that it also had the power to create on agriculture and other industries to support the general welfare, to regulate international trade — trade subsidies are used globally to create trade advantage — and ultimately to protect national security by preventing agricultural depressions (historically, those have led to the collapse of governments). And this is one of the manners in which it chose to do so. That is the power of the purse that Congress has authorized presidents to use — and President Trump is now wisely putting the money to use just as he did during his first administration to support his America First trade agenda by increasing domestic supplies. Many aspects of the New Deal were struck down, but spending money on farmers wasn’t one of them. In practice, the payments should make it easier for farmers to boost production and help bring food prices down in the wake of the Covid and post-Covid expansion of the money supply and simultaneous contraction of global production that fueled the inflation seen since 2021 and 2022 that is still being felt by the American people. Like all other countries, we desperately need to boost production. However, people have also forgotten the temporary global supply chain crisis price shock caused by the pandemic and the pandemic response that led to the inflation in the first place.
They don’t remember that shutting down the country has years-long consequences, and this is one of them. Americans for Limited Government has long supported a zero-for-zero approach for agricultural subsidies. That is, when other countries stop subsidizing their exports, then maybe we will, too. But there is no agreement to do that, and so today, subsidies are the cost of doing business. If you just went back to Joe Biden’s tariff levels, all the foreign farm subsidies would still be there, hurting our ability to boost domestic production and bring down prices. Biden was wasting the Commodity Credit Corp. on fighting climate change, and doing nothing to bring down food prices or even advance the U.S. trade position. And overall, Biden was restricting farm production with his environmental rules and via environmental, social, and governance investors to restrict supplies and drive prices up. President Trump, once again, has corrected that problem. Every day the president’s critics in Congress failingly try to knock down his trade program. Think about it: Providing farmers relief was a program created by Franklin Delano Roosevelt, and now the Democratic leader of the Senate is blasting the Republican president for using it. The framing of this issue to serve some failed globalist, liberal, free-trade narrative that trade-adjustment assistance is somehow a response to U.S. tariffs is wrong. It’s the opposite; farmer relief is a response to foreign tariffs and non-tariff trade barriers Congress has long since granted SEE ROMANO, PAGE 19 4
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THE CENTRAL NEW YORK BUSINESS JOURNAL I DECEMBER 22, 2025
CNYBJ.COM
BUSINESS CALENDAR Email event listings to: calendar@cnybj.com
JANUARY 7 n Dannible & McKee, LLP Annual Nonprofit Conference 2026 held virtually from 8:30 a.m.-12:30 p.m. This virtual conference is designed to deliver valuable insights into the financial and operational challenges facing the nonprofit sector — and strategies to overcome them. You’ll walk away with practical knowledge and skills to better manage your organization or serve more effectively on a board. CPE credits are available for attendees. Don’t miss this opportunity to enhance your expertise and make a greater impact. More information is available at: https://www.cnybj. com/event/annual-nonprofit-conference-2026/. The event website is at: www.dmcpas.com/events. JANUARY 13, 15, & 20 n N.Y. SBDC Fast Track to Small Business Workshop held in-person and online from 9 a.m-4:30 p.m. This is an intensive, hybrid 20-hour workshop that will be facilitated by New York State-certified small-business advisor, Kellie Greene, and includes a variety of presenters who are all experts in different facets of small-business startup.Topics will include business-plan development, marketing/
branding, financial management, and more. The in-person portion of the workshop will be held at Mulroy Hall at 4926 Onondaga Road in the town of Onondaga. For more information, including registration details/policies, visit: https://nysbdc.ecenterdirect.com/events/1019823
presentation. Registration & networking is at 7:30 a.m., with program & breakfast beginning at 8 a.m. Cost is $109 for members; $139 for non-members. For more information, including a registration link, visit: https://centerstateceo.com/ events/1/2026/economic-forecast-breakfast
JANUARY 15
FEBRUARY 18
n Greater Binghamton Chamber of Commerce Connect Over Lunch event from 11:45 a.m.-1:15 p.m. at Stu’s Place, 114 N. Page Ave., Endicott. The chamber’s Connect Over Lunch is a popular networking event held on the second Thursday of each month at various locations throughout the community. There will be an opportunity to meet one another, display literature, participate in the included raffle, and give a brief introduction to the entire group. More information, including registration, is available through this link: https://shorturl.at/7Rb2V
n 2026 Greater Binghamton Chamber Annual Economic Forecast & Building BC Awards event from 7:30-10 a.m. at Holiday Inn Binghamton, 2-8 Hawley St., Binghamton. Registration & breakfast at 7:30 a.m. and program from 8-10 a.m. Attendees will hear from Luke Tilley, chief economist and head of economics, asset allocation and quantitative services for Wilmington Trust Investment Advisors, Inc. (WTIA), the investment advisory arm of Wilmington Trust and M&T Bank. Attendees will also hear a local housing and market update from the Greater Binghamton Association of Realtors. The morning will conclude with the Greater Binghamton Chamber’s annual Building BC Awards, celebrating innovation and growth across the region through four distinct categories. For more information and to register, visit: https://business.greaterbinghamtonchamber.com/events/ details/2026-annual-economic-forecast-building-bc-awards10551?calendarMonth=2026-02-01
JANUARY 22 n 2026 CenterState CEO Economic Forecast Breakfast from 8-9 a.m. at the Oncenter Nicholas J. Pirro Convention Center, 800 South State St., Syracuse. Join CenterState CEO members, business leaders, and executives for the forecast
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DECEMBER 22, 2025 I THE CENTRAL NEW YORK BUSINESS JOURNAL
Ask Rusty: About Tax Filing Status and Medicare DEAR RUSTY: I’m trying to figure out if I should change my IRS filing status to “Married – Filing Jointly” prior to getting reviewed for my Medicare Part B and Part D. My current IRS status is “Married – Filing Single” and I noticed this filing status is more stringent. I will be turning age 62 soon and I have read that Medicare will review my income two years prior to turning 65. Any input would be appreciated.
Signed: Uncertain Senior Dear Uncertain: Your IRS tax filing status has no bearing on your eligibility for Medicare Part B (coverage for outpatient health-care services) or Medicare Part D (insurance coverage for prescription drugs). Medicare is an individual health care program, so enrolling in Medicare provides coverage for you (only), not your spouse (your spouse’s Medicare eligibility will be individually evaluated). What your IRS filing status may affect is the amount of your Medicare Part B and Part D premiums. There is a Medicare provision called IRMAA (income-related monthly adjustment amount), which sets the income thresholds on which your Medicare premiums are based, and those thresholds are different if you file your income tax as a single, or as “married/filing jointly.” The IRMAA thresholds can change annually, and there is no way to yet determine what they will be when you are able to enroll in Medicare at age 65 (they are currently $106,000 if you file as a single, and $212,000 if you file your taxes as “married/jointly”). If your “provisional income” (your combined income from all sources) exceeds the threshold for your filing status, you will pay higher (than standard) Medicare Part B and Part D premiums. If your income is lower than the threshold, you will pay only whatever the standard Medicare Part B premium is for the year you start
WILLIAMS:
Continued from page 5
expect that standing repo operations will continue to be actively used in this way.
Conclusion
So, after a year of uncertainty, we will
SNOWBIRDS:
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in New York while the individual was a resident exceeds the New York State basic exclusion amount. “Real property” for purposes of this analysis is defined as an interest in land, including buildings and other improvements, located in the state. “Tangible personal property” is personal property that can be physically touched and moved, such as cars, artwork, or jewelry. “Intangible property” includes money, credits, and securities within the state, except to the extent they are part of a business, trade or profession carried on in New York. Nonresidents wishing to avoid potential estate tax would be well advised to ensure that they do not own real or tangible personal property in New York. Property with New York ties that is cat-
CORRECTION In the Dec. 15, 2025 issue of The Central New York Business Journal, in the People on the Move News section on p. 15, the industry heading was incorrect. It should have been BANKING.
Medicare, and there will be no supplemental premium for your Part D coverage. For information, the IRMAA supplements are progressive — that is, the more you exceed the threshold by, the higher your IRMAA premium supplement will be. To see the current IRMAA thresholds and supplements (again, these will likely change when you are eligible for Medicare), visit: www.cms.gov/ newsroom/fact-sheets/2025-medicare-parts-b-premiumsand-deductibles. You are correct that your Medicare premium, when you enroll, will be determined by your total income from two years prior. So, if you plan to enroll in Medicare at age 65 (sometime in 2028), it is your 2026 income which will determine your Part B and Part D premiums, and that income will be defined by your 2026 income-tax return. Note, too, that Medicare premiums are reevaluated each year, based upon your IRS income-tax return from two years prior. FYI, there are advantages to filing your income tax as “married/jointly” (compared to married/filing separately), and those are best evaluated by your tax advisor (we are not tax advisors here at the AMAC Foundation). And while it’s true that the IRMAA thresholds are higher when you file as “married/jointly,” it’s also true that your total in-
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come as a married couple will be used when determining your IRMAA premiums for Medicare. So, once again, RUSSELL it is probably best to consult with a GLOOR qualified income-tax advisor for guidance on whether it is best, financially, Social Security for you to change how you file your Matters income tax in 2026, considering that you will be enrolling in Medicare in 2028. One final thing: If you are still working and have “creditable” health-care coverage from your employer (“creditable” is a group plan with at least 20 participants), then you can delay enrolling in Medicare until your employer coverage ends (thus temporarily avoiding the Medicare premiums). In other words, if you have creditable healthcare coverage from an employer, you don’t have to enroll in Medicare immediately at age 65. n Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org. Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained, and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration (SSA) or any other governmental entity.
be starting 2026 from a place of resilience. The economy is poised to return to solid growth and price stability. But, as 2025 has shown, the road may shift in unpredictable ways. In assessing the future path of monetary policy, my views, as always, will be based on the evolution of the totality of the data, the economic outlook, and the balance of
risks to the achievement of our maximum employment and price stability goals. We must be ready to adjust our route as needed to reach our destination. n
egorized as intangible rather than real or tangible is not subject to New York estate tax. A typical example of an intangible asset located in New York but treated as being sited outside the state for estate-tax purposes is a personal bank account maintained in New York by a Florida resident. New York’s Constitution prohibits the state from imposing estate tax on a nonresident’s intangible property even if it is located in the state. Nonresident taxpayers seeking to avoid having to file a New York estate-tax return and potentially being taxed should consider changing the ownership of real or tangible property by creating a business entity to own such assets, Interests in a limited liability company constitute an intangible asset, so real estate held in an LLC is not includible in the nonresident’s New York estate. Similarly, stock in a subchapter S corporation holding New York real property is considered intangible, provided the corporation is engaged in business
activity. Whether it makes sense to create an entity to own real or tangible property is specific to an individual taxpayer and includes considerations such as the type and value of the New York assets involved, the taxpayer’s overall net worth, and the ultimate beneficiaries of the estate. Filing Requirements and a) Calculation of Tax Prior to April 2014, executors of estates of nonresidents with New York real and tangible property were required to file and pay tax without the benefit of the estate-tax exclusion amount. Now, however, if the value of the total estate is less than or equal to the New York exclusion amount (currently $7,160,000), no filing is required and no tax is due. On the other hand, if the value of the federal gross estate exceeds the New York exclusion and the estate holds New York real or tangible property, the executor must file a return. New York estate tax will be due if the value of the New York situs property exceeds the
exclusion. As a warning, the current rules include an add-back requirement for certain gifts made within three years of death. Regardless of the level of wealth and income, snowbirds are advised to consider their tax plans before packing their bags. Taxpayers may want to deploy strategies such as transferring or restructuring New York assets, reducing New York source income and implementing snowbird calendars. With forethought, clients can steer clear of the snowbanks of New York taxation. n
ROMANO:
agriculture, is via subsidies. President Trump is restoring the U.S. trade position globally versus our competitors. We must be able to control the domestic food supply and push prices down. No serious person would object to that. President Trump’s commitment to agriculture is one of the ways farmers will be able to afford to boost domestic production and reduce food prices. Everyone against boosting production is pro-inflation.
Fortunately, President Trump is teaching the next generation of leaders how to run a country. You can thank him later. n
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the president the authority to regulate international trade via the Necessary and Proper Clause to counter with tariffs, sanctions, subsidies, and everything else that strong, sovereign countries have utilized for centuries. One of the ways foreign governments exert a trade advantage, particularly in
John C. Williams is president and CEO of the Federal Reserve Bank of New York. This article is drawn (and edited for space) from a speech, as prepared for delivery, that he
gave on Dec. 15 at the New Jersey Bankers Association in Jersey City, New Jersey. In his speech, Williams gave the standard Fed disclaimer that the views he expressed were his alone and do not necessarily reflect those of the FOMC or others in the Federal Reserve System. The full, unedited text of the speech is available at: https://www.newyorkfed. org/newsevents/speeches/2025/wil251215
Jaime J. Hunsicker is a partner in the Elder Law & Special Needs, Tax, Family Business Succession Planning and Trusts & Estates Practices of Hancock Estabrook, LLP. Contact her at: jhunsicker@hancocklaw.com. Author’s note: Marion Hancock Fish, also a partner at Hancock Estabrook, co-authored an earlier version of this article.
Robert Romano is the executive director of Americans for Limited Government, a conservative 501(c)(4) nonprofit organization that says it is dedicated to restoring constitutionally limited government, allowing individuals to pursue life, liberty, and happiness.
20 I
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