November 3, 2025 Edition

CNYBJ CALENDAR:

November 10 Special Report: Resources for Small Business/Education

November 10 List: Chambers of Commerce

November 17 Special Report: Manufacturing/High-Tech/Incubators

November 17 List: Nursing Programs

November 24 Special Report: Employee Benefits/HR/Insurance

November 24 List: Commercial RealEastate Firms

December 8 Special Report: Energy/ Environment/Sustainability

December 8 List: Ski Resorts

December 15 Special Report: Construction/Design/Real Estate

December 15 List: Landscape Architects

December 22 Special Report: Nonprofit Directory

December 29 Special Report: Healthcare Quarterly/Excellence in Healthcare Spotlights NEW!

CNYBJ BRIEFS

Dominican-style fried chicken restaurant formally opens in Utica

UTICA — Downtown Utica has a popular new fast food, fried chicken restaurant with the formal opening of Equis Pica Pollo.

The Dominican-style fried-chicken restaurant officially opened a new location at 1155 Mohawk St., Suite 10, with an Oct. 9 ribbon-cutting event held with the Greater Utica Chamber of Commerce. The restaurant opened to customers months earlier.

Equis Pica Pollo was founded by entrepreneur Carlos Rijo with a vision to bring

Brown & Brown Insurance boosts quarterly dividend by 10 percent, increases stock-buyback authorization

Brown & Brown, Inc. (NYSE: BRO) — the Florida–based parent of Brown & Brown of New York, Inc., which has an office in Syracuse — recently announced that its board of directors has increased its regular quarterly cash dividend by 10 percent.

The insurance-brokerage firm will pay a dividend of 16.5 cents per share on Nov. 12, to shareholders of record on Nov. 5. The dividend is up from the 15 cents a share that Brown & Brown paid last quarter. It marks its 32nd straight annual dividend increase, according to the firm’s Oct. 22 announcement.

Brown & Brown also reported that its board has authorized the purchase of up to an additional $1.25 billion of the company’s common stock outstanding. With this authorization, Brown & Brown will now have approval to repurchase up to $1.5 billion, in the

aggregate, of the company’s shares. The firm said it will buy back the stock from time to time, at the company’s discretion and subject to the availability of shares for purchase, market conditions, the trading price of the stock, and alternative uses for capital. Other factors considered include the company’s financial performance and objectives to reduce dilution from Brown & Brown’s employee equity incentive plans, decrease outstanding shares, or manage other potential factors.

Daytona Beach–headquartered Brown & Brown says it is a major insurance-brokerage firm delivering comprehensive and customized insurance products and risk-management services since 1939. It has more than 23,000 employees and over 700 offices worldwide. Brown & Brown makes frequent acquisitions of insurance agencies a major

the authentic flavor and family-centered experience of the Dominican Republic to communities across the U.S., the Greater Utica Chamber said in an Oct. 7 email announcement.

The first location of Equis Pica Pollo opened in Brooklyn, quickly gaining local popularity for its signature pica pollo, homemade sides, and welcoming atmosphere. The restaurant has now expanded to five states with Utica being its 18th location.

part of its growth strategy. Its stock price has declined about 12 percent year to date and fallen 15 over the last year, as of Oct. 24, according to Yahoo Finance data. But Brown & Brown’s stock is up more than 27 percent over the last two years and up 102 percent over the past five years.

Brown & Brown has an office at 500 Plum St. in Syracuse’s Franklin Square area.

Kotlikoff formally inaugurated as Cornell’s 15th president

ITHACA — Michael I. Kotlikoff was officially installed as Cornell University’s 15th president in a Friday, Oct. 24 ceremony in Barton Hall on the university’s campus.

Kotlikoff had been appointed as Cornell president back on March 21, after having served as interim president since July 2024.

The inauguration event followed a dinner for Cornell trustees, council members, and guests as part of the trustee-council annual meeting schedule, according to an Oct. 27 Cornell Chronicle article.

Anne Meinig Smalling, chair of the Cornell board of trustees, presided over the ceremony, welcoming Kotlikoff’s family members and the two former Cornell presidents in attendance — Martha E. Pollack and Jeffrey S. Lehman.

Bob Harrison, emeritus chair of the board of trustees, offered a toast, lauding Kotlikoff for his 25 years at Cornell as a professor, department chair, dean and then as the longest-serving provost in Cornell’s history (2015-24) before stepping into the role of interim president in 2024.

Provosts rarely go on to become presidents of the same

university, Harrison noted, because they typically must make many unpopular administrative decisions and balance competing academic interests and priorities, according to the Cornell Chronicle.

“Remarkably, while Mike has done all of these things, every dean with whom I have spoken during his tenure has told me how fair, straightforward and decent Mike has been as their boss,” Harrison said, thanking Kotlikoff for his “truly extraordinary leadership.”

In his own remarks at the Oct. 24 event, Kotlikoff reflected on his lengthy career at Cornell and the opportunities and challenges that lie ahead.

“It’s a different thing to be inaugurated as president of the university where you’ve spent most of your career — when you’ve been asked to help shape the future of an institution that is already your home, and to which you owe a debt of gratitude impossible ever to repay,” he said. “Cornell has given me opportunities that I could not have conceived of when I started college 56 years ago — a directionless freshman on a scholarship. And I never know quite how to respond, when people say, ‘I don’t know if I should offer you congratulations

Tompkins Chamber names new VP who will help lead key initiatives

ITHACA — The Tompkins Chamber recently announced it has chosen Rob Montana to serve as its new vice president.

Montana has 25 years of community-focused experience in communications, stakeholder engagement, and organizational leadership, including the last four years as communications manager for Visit Ithaca, a division of Tompkins Chamber. His ability to foster strong relationships with community and business leaders, as well as shaping and implementing strategic initiatives, will play a key role in helping lead the chamber as it supports Tompkins County’s economic and workforce development, and enhances the quality of life for the whole community, the chamber said in its Sept. 30 announcement.

The Tompkins Chamber says it selected Montana from among 100 applicants for the position.

“We were looking for the right person to elevate our work,” Tompkins Chamber President and CEO Peggy Coleman said in the announcement. “Rob’s passion for community building for the greater success of the Tompkins County business community is inspiring. I look forward to working with him in this new capacity and celebrating the positive impacts he makes.”

As VP, Montana will oversee the Tompkins County Employer Resource Network, manage the Live + Work in Ithaca initiative, as well as administer the Tompkins Chamber Foundation fiscal sponsorships of Tompkins Connect and Ithaca Pride Alliance. Additionally, he will collaborate with Coleman on long-term strategic planning and enhancing Tompkins County’s business climate.

“I am grateful for the opportunity to serve as Tompkins Chamber’s vice president and continue working with my dedicated colleagues to build upon the organization’s work in Tompkins County,” said Montana. “Building relationships with others in a way that strengthens the community is work I am excited to continue doing to keep Tompkins County a great place to live, work and visit.”

Montana has two decades of community journalism experience, including managing local newspapers The Ithaca Times and Tompkins Weekly and others in Maine, as well as working in development and communications roles for several nonprofit organizations and working as a grant writer. Additionally, Montana has served on several nonprofit boards and grant review committees and was a graduate of the Leadership Tompkins program in 2024.

With more than 700 members, the Tompkins Chamber says it is dedicated to making Tompkins County a great place to live, work, and do business by fostering sustainable economic growth.

on your new job, or condolences.’ ” Kotlikoff continued, “The truth is, that I could not think of a more meaningful time to serve an institution that has given me so much. And I am endlessly grateful, both for the opportunity, and for your support.”

The building at 500 Plum St. in Syracuse, which is home to Brown & Brown of New York, a unit of Brown & Brown, Inc. CNYBJ FILE PHOTO CREDIT: ZOEYADVERTISING.COM

Michael I. Kotlikoff, left, is presented with the official Cornell University Charter by life trustee Ezra Cornell, right, and Cornell Board of Trustees Chair Anne Meinig Smalling, center, as he is officially sworn in as the 15th president of Cornell University on Oct. 24. Kotlikoff was appointed president on March 21. PHOTO CREDIT: RYAN YOUNG/CORNELL UNIVERSITY

Alcoa signs new power-supply pact with NYPA for Massena plant

Firm also plans to modernize facility

BY ERIC REINHARDT ereinhardt@cnybj.com

MASSENA — One of the North Country’s largest employers has a new power-supply contract with the New York Power Authority (NYPA).

Alcoa Corp. (NYSE: AA) signed the deal for its Massena smelting-plant operations in St. Lawrence County.

Alcoa — an aluminum producer — is based in Pittsburgh, Pennsylvania.

The pact includes a commitment of $30 million in capital investments and supports 500 jobs at Alcoa’s Massena plant for the next 10 years, the office of Gov. Kathy Hochul announced on Oct. 22.

In addition to the contract, Alcoa is investing nearly $60 million through 2028 to rebuild and modernize a portion of the Massena facility.

This investment is made possible by the new energy contract as well as a $5.2 million capital grant and $1 million in Excelsior Jobs Program tax credits from Empire State Development (ESD). This improvement will “enable process stability and operational efficiency,” Hochul’s office said.

The Oct. 22 announcement of a signed

contract by Alcoa and NYPA follows approval of the final agreement’s terms by the Power Authority’s board of trustees and Gov. Hochul.

“By securing good paying jobs and fostering investment, this agreement ensures Alcoa will continue to be a major presence in Massena while supporting New York families and communities,” the governor said in the announcement. “The aluminum manufacturing industry has played a significant role in the nation’s economic development, and New York’s Alcoa facility has been at the forefront, driving economic growth and opportunity in the North Country.”

The contract includes a 240-megawatt (MW) allocation of low-cost power through NYPA’s Preservation Power program to Alcoa for its Massena plant. This power allocation will support Alcoa’s operations through March 31, 2036, with options for two additional five-year extensions, contingent on maintaining a minimum of 500 full-time equivalent jobs and increased capital investments.

“Alcoa has been a vital part of the North Country economy for more than 120 years. With Governor Hochul’s support, this new contract with one of the Power Authority’s oldest customers secures essential jobs and significant capital investments in the region,” Justin Driscoll, president and CEO of the New York

Downtown Committee fall progress event wraps 50th anniversary year

BY ERIC REINHARDT ereinhardt@cnybj.com

SYRACUSE — The Downtown Committee of Syracuse, Inc. used its fall progress breakfast to conclude its 50th anniversary celebration.

The event was held Thursday morning, Oct. 23, at the Marriott Syracuse Downtown and included three speakers who discussed history and storytelling.

The progress-breakfast series — held twice a year — aims to “leave attendees feeling invigorated and more connected” to downtown Syracuse. This year’s event marked the conclusion of the Downtown Committee of Syracuse’s 50th anniversary celebration.

“Reflecting on the history of Downtown has provided valuable insights into not only the current landscape of Downtown Syracuse but also how we have leveraged these elements to create a truly exceptional district,” the Downtown Committee said in its announcement.

The progress breakfast speakers included Natalie Stetson, executive director of the Erie

Canal Museum. In her remarks, Stetson discussed how the Erie Canal flowed directly through Syracuse two centuries ago (occupying what is now known as Erie Boulevard) and how it played a pivotal role in shaping downtown Syracuse.

Those gathered at the fall progress breakfast also heard from Robert Searing, curator of history at the Onondaga Historical Association (OHA), who led a virtual walking tour through downtown Syracuse, providing an understanding of the downtown district and its history.

In addition, Katrina Tulloch, editor of Syracuse.com’s life and culture department and editor-in-chief of This is CNY, discussed how she embraces storytelling to engage audiences of all ages and “create a meaningful impact” in downtown Syracuse, per the Downtown Committee announcement.

“As an organization whose mission is Downtown’s revitalization and continued vibrancy, today’s presentation was truly inspiring,” Merike Treier, executive director of the Downtown

Power Authority, said. “We are proud to continue our partnership with Alcoa and to support their growth and investment in the community.”

Alcoa has also agreed to invest a minimum of $30 million in the plant’s operation over a period of 10 years. If market conditions permit, Alcoa may extend the contract an additional 10 years, which would foster capital investments totaling $145 million over a 20-year period.

“We are proud to make aluminum in New York and the United States. Longterm, competitively priced energy enables Alcoa to proceed with this important investment that will help us meet the

demands of today while planning for tomorrow,” William Oplinger, president and CEO of Alcoa, said in a separate announcement on the company’s website. “We are extremely pleased to have worked with NYPA and ESD to achieve this outcome for our Massena Operations, which will bring economic benefits to the region and sustain American manufacturing.”

The contract provisions build on a seven-year agreement approved by NYPA in 2019. The 2019 agreement provided 240 MW of low-cost St. Lawrence-FDR hydropower in return for Alcoa’s commitment to retain 450 jobs at the aluminum company’s smelting plant in Massena. n

Committee of Syracuse, Inc. said. “It highlighted the vision and collaboration that have driven the evolution of Downtown Syracuse and will undoubtedly continue to do so.”

The Downtown Committee partners with National Grid (NYSE: NGG) in presenting the Progress Breakfast Series. Presenting sponsor National Grid is one of the largest investor-owned energy companies in the U.S., serving more than 20 million people throughout New York and Massachusetts.

“National Grid understands the value of a thriving city center, that’s why our commitment

to Downtown Syracuse remains strong. We take pride in supporting local businesses and working with partners like the Downtown Committee of Syracuse who create initiatives that support Downtown Syracuse,” Alberto Bianchetti, CNY regional director, external affairs for National Grid and a Downtown Committee board member, said in the announcement.

included community sponsor: Canandaigua National Bank, and corporate sponsors: AmeriCU, CXtec, FustCharles, and Tompkins Community Bank.

The nonprofit Downtown Committee of Syracuse describes itself as a professional downtown-management organization representing all property owners and tenants within the central business district.

The fall progress breakfast also included distribution of the “Revitalize Syracuse 2025” edition of The Central New York Business Journal, which served as a media partner for the event. Other sponsors of

breakfast

The Downtown Committee says it undertakes programs to improve downtown’s image, strengthen its economic base, increase its attractiveness, and ensure that it’s clean, safe, and accessible. n

An aerial view of the Alcoa Corporation’s (NYSE: AA) Massena smelting plant. Alcoa’s Massena plant and the New York Power Authority (NYPA) have signed a new power-supply contract.

PHOTO CREDIT: ALCOA

the

The Downtown Committee of Syracuse, Inc. on Thursday morning, Oct. 23, held its fall progress breakfast at the Marriott Syracuse Downtown. PHOTO CREDIT: DOWNTOWN COMMITTEE

NYSDOT to spend over $600M on road-paving projects in 2026

BY ERIC REINHARDT ereinhardt@cnybj.com

ALBANY — New York State is set to spend more than $600 million on over 180 paving projects statewide that are set for completion in 2026.

That includes $25.3 million for eight projects in Central New York, $37.6 million for 15 projects in the Mohawk Valley, $59.6 million for 18 projects in the Southern Tier, $35.4 million for 28 projects in the North Country, and $46 million for 17 projects in the Finger Lakes.

The 180 projects, which total almost 2,150 lane miles, are in addition to the paving initiatives already scheduled as part of NYSDOT’s core programs and, taken together, represent the “most ambitious annual road resurfacing agen-

da ever put forward” by the New York State Department of Transportation (NYSDOT), the office of Gov. Kathy Hochul announced on Oct. 22.

The $600 million is leveraging the $800 million that the governor secured in the most recent state budget to augment the final two years of the state’s five-year, $34.3 billion capital plan.

“Investing in modern and reliable infrastructure is a central tenet of good government and something my administration has made a top priority. It also requires partnerships at all levels of government,” Onondaga County Executive Ryan McMahon said in the state’s announcement. “With today’s announcement, New York State continues its commitment to updating Route 5 - a critical thoroughfare in our community.

Thank you to the State and all our part-

ners who made this possible.”

The full list of scheduled road-paving projects across the state is available on-

NIH awards Bassett Research Institute multimillion dollar grant

Seeks to improve rural access to preventive services

BY ERIC REINHARDT ereinhardt@cnybj.com

COOPERSTOWN — The National Institutes of Health (NIH) has awarded the Bassett Research Institute’s Center for Rural Community Health a multi-year grant to study improving rural access to preventive services.

The National Institute of Nursing Research, which is part of NIH, is providing the funding.

The Rural Innovative Multi-sectoral Preventive Approaches Community Trial for Population Health Improvement (Rural IMPACT for Population Health Improvement) will consider how a community-driven model may improve population-level diabetes health out-

comes better than traditional approaches in rural areas.

“Initially this research will impact communities in Chenango, Madison, Herkimer and Delaware Counties,” Kristin Pullyblank, Ph.D., a registered nurse and the Bassett research scientist overseeing this project, said. “That’s where we’ll be conducting the study. However, if our hypothesis is supported, this could be the first step to creating a model that will serve rural areas across the country.”

The NIH has approved Rural IMPACT’s first, observational phase with a $1.2 million grant paid over two years. If phase one is successful, it will release an additional $4.19 million over five years for Pullyblank’s team and community partners to test the approach in a community-randomized trial.

The work is part of a larger national-learning collaborative run by the Penn State University College of Medicine. Bassett Research Institute is one of six orga-

NOCO continues installing energy efficient lighting at 45 Tops stores

BY ERIC REINHARDT ereinhardt@cnybj.com

SYRACUSE — The Energy Solutions team at NOCO is working to install energy-efficient lighting at 45 stores of Tops Friendly Markets throughout New York state.

NOCO is an energy company based in Tonawanda that has a local office at 1300 Wolf St. in Syracuse.

The installation project, which started back in February and is now more than halfway complete, includes converting all interior and exterior lighting to LED (light-emitting diode.), per the company’s Sept. 30 announcement.

Once these lighting upgrades are completed later this year, NOCO and Tops estimate annual savings of more than 16 million kilowatt hours or about $1.6 million on electricity costs.

“At Tops, we are deeply committed to sustainability and responsible energy use, and this partnership with NOCO is another step forward in reducing our environmental footprint while enhancing our in-store experience,” Ron Ferri, president of Tops Markets, said in the

NOCO announcement. “The transition to energy-efficient LED lighting not only supports our long-term operational goals but also helps us create a brighter, more welcoming environment for our customers and associates. We’re proud to lead with initiatives that deliver real impact for our communities and the planet.”

The project in the impacted stores involves new lighting in customer-facing, backroom, and loading dock areas, including coolers, freezers, and deli cases.

With this current project, Tops is responsible for paying about 36 percent of the total $4.7 million project cost, offsetting the remaining balance with available energy incentives and rebates through utility-efficiency programs in the geographic areas where the stores are located.

“If you run a business, there are always factors outside of your control and rising electric prices are one of them, with no end in sight to continued rate increases,” Michael Casciano, president and COO of NOCO, said. “NOCO is committed to helping businesses optimize their energy usage while also reducing their energy costs. While Tops is

line at: https://www.governor.ny.gov/ sites/default/files/2025-10/2026_Paving_ Projects.pdf. n

nizations in the Multi-Sectoral Preventive Interventions (MSPI) Research Network, each of which has received a related NIH grant.

“One thing that stands out about this research is that it is completely community-driven,” Pullyblank said. “Decisions on how to provide resources for diabetes prevention will be made by local communities and clinics, rather than by the Department of Health or even our hospitals. This is exactly what we mean when we say Bassett ‘fosters healthy rural communities.’” n

already starting to see the cost benefits of their lighting conversion, these upgrades have also enhanced the quality of light within the stores, creating a more comfortable and appealing environment for their customers and employees.”

Since 2019, Tops has been working to retrofit stores to LED lighting in addition to converting its parking lot lights and fuel station canopies across the chain’s footprint to LED fixtures to reduce energy consumption. When the lighting conversion is completed at these 45 Tops stores, about 121 of the grocer’s stores will have been upgraded.

In recent years, Tops has reduced its electric consumption by 11.5 percent with various energy-saving initiatives involving mostly LED lighting, NOCO said. n

Gov. Kathy Hochul on Oct. 22 announced the largest New York State Department of Transportation paving funding in history, slated for 2026.

PHOTO CREDIT: DARREN MCGEE / OFFICE OF GOV. KATHY HOCHUL

The Fieldstone Building at Bassett Medical Center in Cooperstown, which houses the Bassett Research Institute.

PHOTO CREDIT: BASSETT HEALTHCARE NETWORK

The Tops Friendly Markets location in North Syracuse is among 45 Tops stores where NOCO has been installing energy-efficient lighting, the energy company said.

PHOTO CREDIT: NOCO

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NYS home sales flat in September but pending sales jump

BY ERIC REINHARDT ereinhardt@cnybj.com

ALBANY — Realtors in New York state closed on the sale of 9,697 previously owned homes in September, virtually unchanged from the 9,694 homes they sold in the year-earlier month.

However, pending sales increased more than 7 percent in the ninth month of 2025, possibly foreshadowing a rise in closed sales in the next couple of months. That’s according to the New York State Association of Realtors’ (NYSAR) September housing report issued on Oct. 23.

“Key indicators such as new listings and pending sales increased in September while housing inventory across New York escalated for the seventh consecutive month,” NYSAR said to open the housing report.

Mortgage rates showed signs of moving lower heading into the fall. NYSAR cited Freddie Mac as indicating the average 30-year fixed rate at 6.35 percent in September 2025, down from 6.59 percent in August 2025. A year earlier, in September 2024, the average 30-year rate stood at 6.18 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.

New York

sales data

Statewide housing inventory reached 31,267 units in September, a 4.1 percent increase from September 2024’s total of 30,035 available homes. This marks seven straight months of increasing housing inventory statewide, NYSAR noted.

New listings of existing homes available for sale in the Empire State rose 5.5 percent to 13,564 this September from 12,858

DRI to help downtown Norwich get a new boutique hotel

BY ERIC REINHARDT ereinhardt@cnybj.com

NORWICH — The upcoming Principle Hotel, an $8.3 million boutique hotel in downtown Norwich, is among the projects that the community is developing as part of its funding award in the state’s Downtown Revitalization Initiative (DRI).

Officials in Norwich held an Oct. 23 groundbreaking for the hotel.

The Principle Hotel will have 61 rooms and include a rooftop lounge, restaurant, and event room, “so visitors can stay and enjoy the unique retail, dining and entertainment options in downtown Norwich,” the New York State Department of State said in an announcement.

The 12,000-square-foot property at 14-16 South Broad St., was once part of the SUNY Morrisville campus. It will soon become a boutique hotel that will include a dining area, lounge, conference room, fitness center, outdoor patio, and open courtyard with a fountain.

“This hotel represents far more than a new place to stay — it’s a cornerstone of our downtown’s rebirth,” Salvatore Testani, president and CEO of Commerce Chenango, said. “Together with the other DRI projects, it stands as a powerful sign of a healthy, growing, and optimistic Norwich.”

The Principle Hotel will have Americans with Disabilities Act (ADA)-compliant features, such as ramps, elevators, and four rooms with accessible bathrooms.

In addition to $3.3 million from the DRI, this project has received $2 million in funding from Empire State Development’s Restore New York initiative, which encourages community development and neighborhood growth through the elimination and redevelopment of blighted structures. The project was also funded through private investments.

“Norwich is building on its strengths and setting the stage for long-term success through its DRI projects, like this boutique hotel, which will allow people to stay

in September 2024.

The months’ supply of homes for sale at the end of September stood at 3.5 months’ supply, up 3 percent from 3.4 months a year prior, per NYSAR’s housing report.

A 6 month to 6.5-month supply is considered a balanced market, the association stipulates.

Pending sales totaled 9,626 in September, a jump of 7.3 percent compared to the 8,972 pending sales in the same month in 2024, according to the

NYSAR data.

Home sales prices across the Empire State continue to climb in the latest month. The median home sales price was $427,628 in September, up 3 percent from the $415,000 median price tag in September 2024.

All home-sales data is compiled from multiple-listing services in New York, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR. n

overnight right in downtown Norwich,” New York Secretary of State Walter Mosley said. “Here in Norwich, this investment will breathe new life into downtown, by drawing visitors, sparking new business activity and creating lasting opportunities for residents and local entrepreneurs alike.”

Besides the hotel, other DRI projects in Norwich include rehabilitating both the Unguentine Building and the Heritage Building, improving two parks, and enhancing the American Avenue streetscape.

Corning Inc. donates $185K to school food centers in Chemung and Steuben Counties

BY JOURNAL STAFF

CORNING — Corning Incorporated (NYSE: GLW) has awarded a $185,000 grant to the Food Bank of the Southern Tier to support eight school food centers in Chemung and Steuben counties.

Each school will receive $22,500 to sustain school-based food pantries, with an additional $5,000 allocated for project management, Corning Inc. said in an Oct. 15 announcement.

Part of a Food Bank initiative, school food centers serve as spaces where food and other grocery items can be distributed at no cost within a school, providing students and their families with consistent access to nutritious meals in a supportive, inclusive environment, the organization contends.

The Corning Inc. grant will support the Food Bank’s efforts to combat food insecurity in the Southern Tier,

where levels far outpace the national average. Currently, 73,070 individuals in the region — including thousands of children — are at risk of hunger annually. Chemung and Steuben counties are among the hardest-hit areas in New York state, with child food insecurity rates at 25 percent and 26.7 percent above the national average, respectively.

“Food insecurity remains a heartbreaking challenge in the Southern Tier, particularly for children,” said Millicent Ruffin, division VP at Corning Community Impact (CCI). “Tackling this issue requires decisive yet collaborative action. We’re proud to partner with the Food Bank to support its innovative School Food Centers, which ensure that families in our community have access to healthy food and essential resources.”

Established in December 2023, CCI centralizes Corning’s philanthropic contributions in the U.S. under a single organization to maximize impact in areas that align closely with its values and business objectives, the company says.

“School Food Centers are transforming how we sup-

The City of Norwich was named the Southern Tier Region Downtown Revitalization Initiative winner for the fifth round in 2021.

“We are very excited about this project and what it means for the revitalization of downtown Norwich,” Norwich Mayor Brian Doliver said in the state’s announcement about the hotel. “This is an important first step in bringing new life to our city center and can serve as a cornerstone for future economic vitality.” n

port families,” Mark Bordeau, president and CEO of the Food Bank of the Southern Tier, said in the Corning announcement. “By embedding food assistance into schools, we meet students and families where they are — building trust and reducing stigma. Corning’s generous support will help us expand this program and ensure no child has to wonder where their next meal is coming from.”

The school food center program also offers older students the chance to develop leadership and life skills through activities ranging from inventory management and budgeting to customer service. n

A rendering of the Principle Hotel in Norwich, for which officials held a groundbreaking on Thursday, Oct. 23. IMAGE CREDIT: NYS DEPARTMENT OF STATE

Nancy Webster, left, chief development officer at the Food Bank of the Southern Tier, and Millicent Ruffin, right, division VP at Corning Community Impact. PHOTO CREDIT: CORNING INC.

BANKING & CREDIT UNION

The Martin J. Whitman School of Management at Syracuse University (SU) is among the institutions collaborating on SU’s upcoming Student-Athlete Financial Empowerment Program when it launches in January.

ERIC REINHARDT / CNYBJ

Visions FCU, SU launch financial-literacy program

BY ERIC REINHARDT ereinhardt@cnybj.com

SYRACUSE — Syracuse University (SU) is set to launch the Student-Athlete Financial Empowerment Program in January.

It’s an initiative designed to prepare Orange student-athletes for long-term financial success during and beyond their college careers. The program will also be open to all SU students, the university said in its Oct. 20 announcement.

SU’s Martin J. Whitman School of Management, Syracuse University Athletics, and Visions Federal Credit Union are all teaming up to launch the program.

The program will provide financial-literacy education to more than 550 Syracuse student-athletes across all 20 varsity sports, as well as any SU student interested in enrolling. The school describes it as

“among the first of its kind nationally in the post-NIL [name, image, and likeness] era.”

Students will take a for-credit course offered by Whitman School faculty. Through the course’s workshops, one-onone guidance, and hands-on experiences, students will learn essential skills including budgeting, credit and debt management, investing, wealth protection, and career and post-college financial planning. Student-athletes will be able to leverage what they learn in the program to help them navigate NIL opportunities and tax implications, SU said.

“This partnership reflects our deep commitment to preparing student-athletes not only for success in competition, but also for success in life,” John Wildhack, director of athletics at Syracuse University, said in the school’s announcement. “By combining the Whitman School’s academic expertise with Visions Federal Credit

Union’s industry knowledge, we’re equipping our student-athletes with the tools to make smart, confident financial decisions.”

Visions Federal Credit Union will serve as the exclusive financial education partner for the program. Its involvement ensures “consistent, personalized” support for all students, including student-athletes, while also aligning with the credit union’s mission to empower communities through financial wellness.

“At Visions, we believe financial empowerment is life empowerment,” Ty Muse, president and CEO of Visions Federal Credit Union, said. “Partnering with Syracuse Athletics and the Whitman School allows us to invest in the next generation of leaders, helping them build strong financial foundations that will serve them well beyond their playing days.”

The Martin J. Whitman School of Management will play a key role in the

program’s academic integration, providing a for-credit academic experience to ensure students are able to learn the tools needed for “financial empowerment offered by Whitman’s nationally ranked expertise in finance and business education.”

“This collaboration exemplifies the best of what Syracuse University offers — an intersection of academics, practical and relevant experience, and community partnership,” Alex McKelvie, interim dean of the Whitman School, said. “We are proud to help our student-athletes develop the skills needed to thrive in a complex business world.”

The Student-Athlete Financial Empowerment Program is part of SU’s Champion ‘Cuse campaign, which is “dedicated to providing student-athletes with the resources, support, and opportunities they need to compete — and succeed — at the highest levels,” the school said. n

Beginnings Credit Union formally opens North Syracuse branch

BY ERIC REINHARDT ereinhardt@cnybj.com

NORTH SYRACUSE — The Beginnings Credit Union branch in the village of North Syracuse has transitioned to its new branding.

Formerly CFCU Community Credit Union, Beginnings Credit Union on Oct. 21 held a ribbon cutting at the North Syracuse branch, marking the completion of the building’s update.

Beginnings Credit Union says it is updating all of its branches throughout 2025.

The branch — located at 651 Centerville Place in North Syracuse —had been undergoing updates since the credit union first announced the anticipated rebrand from CFCU to Beginnings in April. The official name change occurred on July 1. Held in partnership with the CiceroPlank Road Chamber of Commerce and

CenterState CEO, , Beginnings Credit Union members were invited to the event to observe the branch’s updated interior and exterior signage.

“This was a wonderful way to personally introduce the Beginnings brand to our North Syracuse members and the Syracuse community,” Katie Foley, VP of marketing and sales at Beginnings Credit Union, said in the announcement.

Event speakers included Lisa Whitaker, president & CEO of Beginnings Credit Union; Gary Butterfield, mayor of the Village of North Syracuse; and Town of Cicero Supervisor Michael Aregano.

“I have been part of a credit union rebrand in the past, and I can honestly say that the level of energy and excitement from members and staff about the Beginnings rebrand is unmatched,” Michael D’Angelo, VP of member experience at Beginnings

Credit Union, contended.

Ribbon-cutting attendees enjoyed refreshments and merchandise giveaways, and Beginnings presented Credit Unions for Kids, benefitting Children’s Miracle Network Hospitals, with donations raised from bottle and can drives at Beginnings’

Waterloo and Cortland Shred Days.

Founded in 1953, Beginnings Credit Union serves nearly 77,000 members. It has $1.4 billion in assets and 15 branch offices. That includes eight offices in Tompkins County, according to its website. n

BY ERIC REINHARDT ereinhardt@cnybj.com

ROME — The New York State Department of Financial Services is expected to issue a final approval of the proposed merger between credit unions in the Mohawk Valley and the North Country by the end of the year. The members of Mountain Valley Federal Credit Union in the northeastern part of New York have voted to merge their credit union with AmeriCU Credit Union, which is headquartered in Rome.

Mountain Valley Federal Credit Union is based in Peru in Clinton County, south of

Plattsburgh. Mountain Valley members voted by mail and in-person at a special membership meeting on Sept. 18.

The proposed merger will enable the nonprofit Upstate New York credit unions to expand access to services, expertise, and branch locations for members and businesses across the Northern and Central New York regions, per AmeriCU’s Sept. 22 announcement.

federal credit unions.

AmeriCU has been serving members who live or work in Clinton and Essex counties for a number of years. The expand-

Essex counties — will become AmeriCU branches and make up AmeriCU’s Mountain Valley Region. All Mountain Valley employees have been offered the chance to continue working for the combined organization.

The merger has also been approved by the National Credit Union Administration (NCUA), the federal agency that regulates

ed AmeriCU credit union will serve more than 180,000 members across 24 counties, with 25 locations and combined assets of $2.8 billion, the Rome–based credit union said.

Mountain Valley’s four branch locations — all in Clinton and

Ron Belle, president and CEO of AmeriCU Credit Union, will continue in that role in the combined organization. Mountain Valley CEO Maggie Pope will become assistant VP for community engagement in AmeriCU’s newly developed Mountain Valley Region. Pope is a wellknown and highly regarded business leader in Clinton and Essex

Counties, AmeriCU noted in its announcement.

Mountain Valley FCU initiated the merger and its board of directors unanimously approved it earlier this year, “citing the many similarities in the organizations’ origins, foundational values, commitment to member satisfaction, and community involvement.”

“My dad would be so proud,” said Kathleen Roach, president of Mountain Valley board of directors, whose late father, John Roach, founded the credit union in 1963.

John Roach was a teacher in the Peru Central School District, per the AmeriCU announcement. n

Beginnings Credit Union on Oct. 21 held a ribbon cutting at its branch in North Syracuse to acknowledge its transition to the Beginnings brand. It was previously known as CFCU Community Credit Union.

Ron Belle is president and CEO of AmeriCU Credit Union.

AmeriCU appoints senior VP of marketing

BY JOURNAL STAFF news@cnybj.com

ROME — AmeriCU Credit Union recently announced it has hired Amber Cooleen as its new senior VP of marketing.

She recently spent four years serving as chief marketing officer for a credit union based in the Capital Region. Throughout her career, Cooleen has held

key marketing roles across various industries, from business-to-business startups to global real-estate organizations.

With more than 20 years of experience, Cooleen “brings innovation, creativity, and a proven record of leadership to help support AmeriCU’s growth,” the credit union contended in its Aug. 25 announcement.

Cooleen indicated that her focus will be on strengthening the credit union’s connection with its members, reinforcing that members can count on AmeriCU.

“Our members are at the center of everything we do, and it’s critical that we connect with them in a meaningful, impactful manner,” Cooleen said in the announcement. “Our members have many choices for where they open a checking account, get a car loan, or apply for a mortgage. What sets us apart is the relationships we have with them — we aren’t just a credit union, we are a trusted financial partner.”

Cooleen holds a bachelor’s degree in English with a concentration in writing, along

with a master’s degree in corporate and organizational communications from Fairleigh Dickinson University in New Jersey

Beyond her professional accomplishments, Cooleen has volunteered with organizations such as Catherine’s Center for Children and the Red Cross of Northeastern NY, where she served three years on the board of directors. She has also volunteered as a judge for the America’s Credit Unions’ Diamond Awards, an annual credit union marketing competition.

The nonprofit AmeriCU Credit Union is a member-owned, financial institution with total assets of $2.8 billion and more than 170,000 members in New York state and beyond. n

New Visions FCU chief HR officer wants to listen and learn

BY ERIC REINHARDT ereinhardt@cnybj.com

ENDWELL — Visions Federal Credit Union (FCU) has a new VP/chief human resources officer (CHRO), who started her new duties back in the summer.

For Aoife Quinn, the priority early on has been to listen and learn.

“After getting a sense of who we are, where we are, and where we want to be, my focus will be translating those insights into clear priorities that strengthen our culture, deepen employee engagement, and reinforce the trust our employees and members place in us,” Quinn said. “We’re

building alignment and momentum for the future — ensuring that our people strategy is a lever for growth, impact, and long-term value.”

Quinn comes to Visions FCU with 30 years of experience in human resources (HR), per the Sept. 9 announcement. She also has experience in change management, workplace culture transformation, and executive leadership coaching with corporate clients, and global, multicultural SaaS (software as a service) enterprises for more than a decade.

Prior to joining Visions FCU, Quinn worked as VP/people & culture, head of global human resources at Utopus Insights, which is based in Valhalla in Westchester County. In that role, she led all HR activity for the renewable-energy

analytics organization across 10 countries.

In three years, Quinn implemented HR strategies that drove engagement and recruitment, reduced turnover, and supported a positive workplace culture. During that time, she also provided her leadership in change management as Utopus Insights was acquired by and integrated into Vestas Wind Technologies, Visions FCU said.

“I’ve consistently been drawn to organizations, like Visions, that prioritize the employee experience,” Quinn said. “I’m driven by the opportunity to shape an inclusive workplace culture where everyone has a chance to thrive.”

Visions FCU’s workforce includes more than 900 full-time employees across its three-state footprint in New York, New Jersey, and Pennsylvania. In addition to pro-

viding financial services, the credit union emphasizes “people helping people” and includes service and community as two of its corporate values, the credit union noted.

Visions FCU went on to say that Quinn has already noticed how these values “resonate among the workforce.”

“I’ve already met so many individuals who are not only deeply passionate about their work but also kind, intellectually curious, and engaged in the world beyond their day-to-day roles,” she said.

Established in 1966, the nonprofit Visions Federal Credit Union serves more than 250,000 members in communities throughout New York, New Jersey, and Pennsylvania. Services include banking as well as auto, home, personal, and business loans. n

Quinn

Cooleen

CNY banking leader sees solid area business conditions, outlook

Region is buoyed by Micron project

BY ADAM ROMBEL arombel@cnybj.com

SYRACUSE — Even as stock markets continue to make all-time highs, there has been a lot of chatter about national economic uncertainty this year with slowing job growth and concern about the potential impact of tariffs, continued inflation, and most recently the federal-government shutdown.

But current conditions and the outlook for the Central New York economy and business climate are not really showing those problems, says one local banking expert.

“I’ll be honest there hasn’t been much shift. We’re not really seeing much negativity,” says Lindsay Weichert, Community Bank, N.A.’s regional president for the Central New York market. “Margins are really holding up. Revenues and sales

are holding up well, pretty much across our book of clients.”

Weichert spoke with CNYBJ on Oct. 16. In her position, she is responsible for leading Community Bank’s business development and community-engagement activities while ensuring effective communication across all bank and non-bank lines of business in the Central New York region.

Weichert says tariffs have not yet created many impacts for her bank’s clients, inflation has steadied some, and interest rates have ticked down in recent months.

“We’re still seeing kind of just the normal business cycle. It’s end of year; folks are evaluating equipment purchases. [Clients] still seem kind of unphased by the economy. So we’re not really seeing any pullbacks, anything like that,” she says.

One indicator Weichert looks at to gauge how businesses are doing, is their

credit-line usage.

“You expect that if there is broad concern with the economy, they may borrow, throw some cash into an account, and sort of sit tight,” she explains. The bank is not seeing that. Credit-line usage is “totally within a normal range. It’s actually down a little bit from a couple months back,” Weichert notes.

The Micron effect

“It’s really kind of business as usual. And I think we do have a pretty significant advantage here in Syracuse relative to some of the rest of the country with Micron,” Weichert says, referring to Micron Technology’s (NASDAQ: MU) project to build a massive semiconductor campus at the White Pines Commerce Park in the town of Clay. “That provides some pretty good certainty… it’s pretty nice to know that by the end of next year we’ll have 5,000 construction workers on site.”

Even before that, the stage is being set within the community.

“We’re really starting to build out a tal-

Timing is Everything: Mapping CharitableGiving Plans Under New Tax Law

It’s never been easy to navigate the ever-shifting tax rules around charitable giving, and now it’s even trickier.

Major changes under the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, are creating complexity, opportunity, and, for some, urgency. The OBBBA reshapes both how much you can deduct for charitable contributions and who can ben-

efit from these deductions in the first place.

Whether you are working with clients as a professional advisor, or planning your own year-end giving, these rules are worth understanding. At the Community Foundation, we often serve as a sounding board when charitable giving comes up. We have tools that can help, and if we can’t help directly, we’ll point you in the right direction.

Here are three key changes to keep in mind as 2025 winds down.

1. Consider “bunching” charitable contributions in 2025

The OBBBA expands the standard de-

duction to $15,750 for single filers and $31,500 for married couples in 2025, with even higher levels for taxpayers aged 65 and older. This will make it harder for many households to itemize deductions. A strategy known as “bunching” charitable donations can help. For example, instead of giving $12,000 each year, a donor could contribute $36,000 (three years’ worth of gifts) to a donor-advised fund in 2025. This pushes total deductions high enough to itemize for one year, while future gifts can be distributed to charities from the fund while taking the standard deduction.

ent pipeline …you can see it in the higher education space between OCC, Syracuse University, CenterState CEO, all these different folks, MACNY, kind of gearing up to really focus on the apprenticeship program and build on the talent pipeline,” says Weichert. “That sort of feeds on itself and attracts more folks into our market. And then just the multiplier effect. You get 5,000 people as an influx into the community, there is no way they’re not spending a couple bucks while they’re here.”

Micron says it expects to create 9,000 jobs directly over the next 20 years or so.

“But then that multiplier effect is like 5 or 6 [times that] for all the ancillary businesses. So, all those folks are renting and purchasing homes. And going out and patronizing the restaurants, and so on and so forth,” says Weichert.

That helps provide a foundation that there is going to be a certain amount of economic growth going forward in our area and helps allay some concerns about the variability of the broader national and global economy. n

2. Look ahead to 2026

Beginning in 2026, only charitable donations exceeding 0.5 percent of adjusted gross income will be deductible. That means a couple with $225,000 in adjusted gross income (AGI) would see their deductible charitable amount reduced by $1,125 annually. In addition, the maximum tax benefit from charitable deductions for high-income taxpayers will be calculated at a 35 percent rate instead of 37 percent. For many households, 2025 will be a pivotal year to consider accelerating charitable gifts using bunching strategies to maximize current tax strategies before these tighter rules take effect.

3. Watch for the new deduction for non-itemizers

Also starting in 2026, taxpayers who take the standard deduction will be able to claim up to $1,000 (single filers) or $2,000 (married filing jointly) in direct charitable deductions. This is good news for the roughly 100 million Americans who don’t itemize. But note the fine print: this deduction only applies to cash gifts made directly to charities — it excludes gifts of stock or contributions to donor-advised funds, which are tax-effective and convenient charitable-giving vehicles.

The bottom line is that 2025 is shaping up to be a pivotal year for charitable-giving decisions. Nonprofits across our community are in urgent need of donor support, and beyond the tax implications, philanthropy addresses critical local needs that transcend any deduction. Whether you’re advising clients or planning your own giving, now is the time to consider how to maximize both the tax benefits and the community impact of your charitable contributions. n

Pragya Murphy serves as director of development & impact investing at the Central New York Community Foundation, where she leads charitable planning for individuals, families, and companies and provides outreach to the local professional advisor community and nonprofit organizations. She also supports the Community Foundation’s impact investment program and is available to nonprofits interested in learning more about or applying for impact investments.

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LET’S DRIVE GROWTH IN THE CENTRAL NEW YORK REGION

For 158 years, our priority has been serving the communities we live in, work in, and love. Our team supports local businesses with expert financial guidance, significant lending power, and comprehensive commercial banking services. It’s how we’ve become a trusted member of the community and how we’ll continue to grow forward: by investing in you.

Five Star Bank parent reports Q3 net income jumped 52 percent

BY ADAM ROMBEL arombel@cnybj.com

WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank, recently reported net income of nearly $20.5 million in the third quarter of this year, up 52 percent from almost $13.5 million in the third quarter of 2024.

The company, in its Oct. 23 earnings report, cited strong performance in each of its commercial banking, consumer banking, and wealth management lines of business.

After preferred dividends, net income

available to common shareholders of Financial Institutions totaled $20.1 million, or 99 cents per share, in the third quarter of 2025, compared to $13.1 million, or 84 cents, in the year-earlier earnings period.

Net interest margin expanded 76 basis points from the banking company’s yearago quarter, to 3.65 percent this past quarter. Financial Institutions’ net interest income of $51.8 million in the third quarter was an all-time quarterly high and was up by $11.1 million, or 27 percent, from the third quarter of 2024.

Noninterest income at Financial

Strategy Without a Soul: When Marketing Leads Without Brand Strategy

YJOANNE GRITTER Viewpoint

ou’re launching campaigns, hitting deadlines, and filling the pipeline. On paper, things look great. But something’s off. Internal-messaging debates keep resurfacing. Campaigns feel shallow and reactive instead of resonant and on-point. Ask people what the brand stands for, and you get different answers from each. These are classic signs your marketing is outpacing your brand strategy. The body is in motion, but the soul is missing. Without a clear brand soul, marketing actions lose direction and authenticity; without active marketing, even a strong soul never makes an impact. Brand is the why and the identity. Marketing is the how and the action. When they fall out of sync, trouble follows.

Brand strategy: the soul and inner compass

Too often, brand strategy gets mistaken for a logo, a color palette, or a mood board. In reality, it’s the organization’s inner compass (purpose, values, identity, and promise) guiding every decision over the long term.

It answers the big questions: Who are we? What do we believe in? How are we different, and why should anyone care? Brand strategy is the North Star, aligning the organization around a meaningful identity that resonates with customers, informs product decisions, and shapes culture.

Brand strategy is a long-term discipline. Strong brands reinforce the same core narrative and values over years, building equity: trust, loyalty, and a price premium. Inconsistent brands have to work harder and spend more to be heard. It’s not mere theory: studies show brands with consistent messaging earn more, seeing a 10 percent to 20 percent revenue boost compared to fragmented brands, and that brand-aligned companies are two times more profitable as inconsistent ones.

Marketing strategy: the body in motion

If brand is the soul, marketing is the body in motion — the campaigns, channels, and content that bring the brand to life. Marketing is how you reach people, drive action, and achieve near-term objectives.

When marketing is aligned with a strong brand foundation, it acts as a powerful amplifier, reinforcing identity and values across every channel. Without that foundation, marketing risks becoming movement without purpose. Teams chase trends, fragment messaging, and change their story to grab quick attention. Short-term wins can mask long-term erosion of trust.

A marketing plan without brand strategy is like a GPS without a destination: lots of directions, no clear end point.

Signs your marketing is outrunning your brand

Not every downturn in campaign performance or internal struggle is due to tactics or budget. Often, the root cause lies upstream in the brand clarity and cohesion. How can you tell if you have a brand-strategy problem, instead of a marketing problem? Look for these red flags:

• Inconsistent positioning and messaging. Your value proposition shifts from campaign to campaign. Different teams or partners describe the brand differently. Customers can’t tell what you stand for, and their trust erodes.

• Internal misalignment. Ask five employees to describe your brand promise. If you get more than two or three different answers, your brand isn’t clear internally. And if your own team isn’t sure how to describe your voice or promise, it’s a sign of a soul-and-action gap.

• Reactive, disconnected campaigns. Without brand guardrails, campaigns chase the moment instead of reinforcing the mission. Clever ideas might land in isolation but fail to build a coherent brand story. In higher education, for example, 61 percent of institutions report inconsistent marketing efforts leading to off-brand campaigns. The result is

often competing funnels rather than one cohesive strategy.

How the brand soul leads to long-term success

Brand equity is the cumulative value of how people think and feel about you — trust, reputation, loyalty, and differentiation. Strong brand equity makes customers less price-sensitive, more loyal, and more open to new offerings. It reduces acquisition costs and increases lifetime value.

When brand clarity is missing, these advantages fade. Inconsistent brands have to spend about 1.75 times more on advertising to achieve the same growth as consistent ones.

rooted in service and loyalty. Every employee (whether in insurance, banking, or IT) is inculcated with the mission of “We know what it means to serve” and putting members first. In fact, many employees are veterans, bringing true authenticity to every interaction. Their marketing is essentially word-of-mouth from members whose experiences match the promise. Closing the gap between soul and action

1. Revisit your brand foundation. Document your identity, purpose, positioning, values, personality, voice, and promise. Make sure it’s still true, relevant, and bold enough to matter. Socialize it internally so everyone can articulate it.

Every USAA employee (whether in insurance, banking, or IT) is inculcated with the mission of “We know what it means to serve” and putting members first.

Conversely, investing in brand is investing in resilience. Each aligned marketing action builds on the last, strengthening recognition and trust. Notably, an analysis by System1 of 56 brands found that those with consistent branding grew market share faster and were twice as profitable as those constantly switching their messaging. Decisions get easier because teams have a shared filter: Does this fit our brand? The result: sharper execution, faster consensus, and a more confident presence in the market.

When soul and action align: examples

• Patagonia has built decades of loyalty on a mission to “Build the best product, cause no unnecessary harm, and use business to inspire and implement solutions to the environmental crisis.” Every employee can articulate it. Every campaign reflects it.

• Cleveland Clinic lives its “Patients First” promise across the entire patient experience. That clarity shows up in consistent, patient-centered marketing and one of the strongest reputations in health care.

• USAA is a financial-services firm that serves military families with a brand

2. Audit marketing through a brand lens. Map your campaigns to brand pillars. Cut or adjust what doesn’t fit. Align media spend with your core story.

3. Make brand checkpoints routine. Bake brand reviews into campaign planning and creative briefs. Keep guidelines updated and accessible.

The bottom line

Your marketing team can be creative, data-driven, and fast. But without a clear, differentiated brand soul as the foundation, you’re building on sand. Brands that live their purpose consistently earn trust, loyalty, and profitability. Marketing that runs ahead of brand eventually burns out, wastes budget, and muddles identity. Before your next campaign, ask: Do we know who we are? Does everyone here know it? Is our marketing expressing it? If the answer is no or unsure, slow down and realign. When brand and marketing move together, the inside matches the outside, and your message rings true. That’s the kind of alignment customers notice — and stick with. n

JoAnne Gritter is the chief operations officer at ddm marketing + communications, a B2B digital-marketing agency for highly complex and highly regulated industries. She is responsible for overseeing and facilitating collaboration between all major functional areas at ddm, including finance, human resources, IT, operations, sales, and marketing.

The Five Star Bank commercial-loan office, located in the Franklin Square area of Syracuse.

ADAM ROMBEL / CNYBJ

Solvay Bank, FHLBNY award $50K in grants to area nonprofits

BY ERIC REINHARDT ereinhardt@cnybj.com

SOLVAY — Solvay Bank says it has awarded 10 local nonprofit organizations a $5,000 grant each, as part of the Federal Home Loan Bank of New York’s (FHLBNY) Small Business Recovery Grant (SBGR) program.

The grant initiative focuses on supporting small businesses and nonprofit organizations that have faced economic challenges due to inflation, supply-chain constraints, and/or rising energy costs.

Recipients can use the money for “reasonable and necessary” expenses, the bank said in its online announcement. Solvay Bank awarded grant checks to the 10 local nonprofits in October.

The recipients this year included Solvay-Geddes Community Youth Center, Victory for Vets, Onondaga Fire Company, Taunton Fire Department,

FIVE STAR BANK:

Continued from page 12

Solvay Fire Department, Lakeside Fire Department, NAMI Syracuse, Onondaga Free Library, Solvay Public Library, and Tigris Shriners.

“As a community bank, we believe in the power of small businesses and non-profit organizations to drive economic growth and positively impact our local neighborhoods,” Michele Fernandez, VP, enterprise risk manager & CRA officer at Solvay Bank, said in an announcement. “It is our mission to invest back, ensuring a brighter future for all. We thank the small businesses and local organizations for their commitment to our community.”

Founded in 1917, Solvay Bank is the oldest community bank established in Onondaga County. Solvay Bank has nine branch locations in Solvay, Baldwinsville, Camillus, Cicero, DeWitt, Liverpool, North Syracuse, Westvale, and downtown Syracuse in the State Tower Building. The bank also has a commercial-lending pres-

ence in the Mohawk Valley.

The FHLBNY helps community lenders advance housing and community growth in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands. The FHLBNY is part of the congressionally chartered, nationwide Federal Home Loan Bank

System and increases the availability of mortgages and home finance to families of all income levels by assisting members in “more effectively” serving their neighborhoods and meeting their Community Reinvestment Act responsibilities, per the Solvay Bank announcement. n

The banking company’s total loans increased by $187.4 million, or 4.3 percent, from Sept. 30, 2024 levels, to reach $4.59 billion as of Sept. 30, 2025, driven by solid commercial-loan growth, it stated.

Institutions totaled $12.1 million in the latest quarter, up $2.6 million, or almost 28 percent, from the third quarter of 2024. Higher investment advisory income and swap fees boosted results, per the earnings report.

Financial Institutions is a financial holding company, 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

Solvay Bank in October awarded a total of $50,000 in grants to 10 area nonprofits ($5,000 each) under the Small Business Recovery Grant (SBGR) program through the Federal Home Loan Bank of New York.

Ask Rusty: Should I Take Social Security Now, or at age 70?

DEAR RUSTY: I was born in April 1958, and my plan has been to take my Social Security (SS) at age 70. However, my sister-in-law says that it is smarter to take it now while I am still working. I will be 70 in 2.5 years. Her husband collects his SS and has kept working. She believes their strategy will net more money than mine due to the fact he has continued to pay into the system, and she believes it has super boosted his monthly benefit. What say you? BTW, Lord willing and the creek don’t rise, I plan on living at least till age 87.?

Signed:QuestioningMyPlan

Dear Questioning: You have already reached your SS full retirement age (FRA), so you can earn as much as possible without your SS benefit being negatively affected by Social Security’s Annual Earnings Test. In fact, if your current earnings are among the highest over your lifetime, your SS benefit amount will continue to increase because of your higher current earnings. You are now also earning Delayed Retirement Credits (DRCs), which will improve your monthly amount by 0.67 percent for each month (8 percent for each full year) you delay. That means that if you wait and claim at age 70, you will receive about 127 percent of what you would have gotten had you claimed at your FRA of 66 years and 8 months (plus you’ll also receive all cost-ofliving adjustment, or COLA, increases that occur between now and then). So your life expectancy is key. It usually takes about 12 years to breakeven moneywise by claiming at age 70 versus at FRA. In other words, if you claim at 70 instead of FRA, you will have received the same amount of SS money after you are age 82. Thus, if your life expectancy is greater than 82, you’ll receive more in cumulative lifetime benefits by waiting until 70 to claim. Of course, no one really knows how long they will live, so it is a judgement you need to make. “Average” life expectancy for a man your current age is

about age 84, but if you’d like to get a more personalized longevity estimate you can use this tool we use here at the AMAC Foundation: https://socialsecurityreport. org/tools/life-expectancy-calculator/ Another thing to keep in mind is whether your wife will receive a widow’s benefit if you die first. A widow will get the higher of either her own SS retirement benefit, or the husband’s benefit amount when he died. So, if you claim at age 70, your surviving spouse will benefit (if her own SS is smaller) because you waited until 70 for your higher SS amount. Just something else to keep in mind. Yet another is whether your wife will be entitled to a higher benefit as your spouse while you are both living. (FYI, a spouse will get a “spousal boost” if her own SS retirement benefit at FRA is less than 50 percent of her spouse’s FRA entitlement). If so, your wife cannot claim her spousal benefit until you take your own SS retirement benefit. If your wife will be entitled to more as your spouse while you are both living, then delaying until age 70 means your wife cannot collect her higher spousal amount until you claim. Depending on your financial needs as a couple, that may affect your decision as well. When to claim is always a judgement call, which should consider your life expectancy, your financial needs, and

your marital status. If you don’t need the SS money now (while you are working) and believe you will, indeed, live “at least till 87,” then waiting would likely be your best long-term decision. If you have doubts about your life expectancy, and/or if your wife will substantially benefit from a “spousal boost” if you claim earlier, then claiming now would also be a wise choice. Finally, it’s also important to understand that your SS benefits may be taxable by the IRS and, if you are still working, your IRS tax rate will likely be higher now than it would be after you retire from working. (Note: The so-called “One Big Beautiful Bill Act” provides only temporary tax relief (thru 2028) on SS benefits — the IRS will still tax SS benefits, but also allow a separate tax deduction to offset those SS taxes you pay). 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.

From Startup to Long-Term Success: How SBA Loans Can Help Businesses Grow

The journey to becoming a small-business owner is challenging yet rewarding. Each stage of this endeavor has opportunities and obstacles — from planning and development to launch and expansion. Fortunately, there are valuable resources available to support and empower entrepreneurs along the way.

When you’re ready to scale your busi-

ness, a loan with support from the U.S. Small Business Administration (SBA) could be the key to unlocking your next phase of growth.

What are SBA loans?

At times, a bank wants to approve a loan that falls outside traditional credit requirements. For instance, a founder looking to buy a business may lack the necessary col-

lateral to secure funding. This is where the SBA and its loan programs come into play. SBA loans can be used to finance a waste management company whose only available collateral is garbage bins, or a tech company where employees work from home and their assets are not physical.

SBA loans, backed by the federal government, provide financing options for various business needs, including acquiring a company, expanding operations or launching a startup. Since these loans are supported by an agency specifically focused on helping entrepreneurs and small businesses, they offer significant advantages for borrowers and lenders compared to traditional business loans.

Why are SBA loans the right choice for small-business owners?

If you have dedicated your time and money to building your business, registered it as a legal, for-profit entity, and are operating within the United States or in a U.S. territory, you’re likely eligible for an SBA loan.

SBA loans’ eligibility requirements and terms and conditions are broader and more favorable than traditional loans because this funding is backed by the federal government and often include an SBA loan guarantee. This guarantee reduces the risk for lenders, allowing financial institutions to offer longer repayment terms — an advantage that makes these loans especially appealing to small-business owners.

For small-business owners, this translates to lower monthly payments, more manageable debt, and extra cash flow to reinvest in your business. The flexibility of SBA loans can be a game-changer, helping you navigate the early stages of your venture, sustain growth and maintain financial stability — especially during periods of expansion or economic uncertainty.

Beyond immediate funding, SBA loans can also lead to future financing opportunities. The security of an SBA guarantee means that even those with limited credit history or collateral can access capital. Successfully obtaining and repaying an SBA loan can also help to build your credit profile, improve your financial standing and make it easier to secure additional funding.

In addition to financial support, SBA loans come with access to valuable resources designed to help entrepreneurs succeed. From career counseling and training programs to marketing strategies and operational guidance, organizations like the Small Business Development Centers (SBDC), SCORE, and local chambers of commerce offer expert assistance. If you’re unsure whether an SBA loan is the right fit for you, these resources can provide guidance and even assist with the application process.

What types of SBA loans are avail- able?

From $500 to $5 million, borrowers can acquire funding for various expenses — whether it be a small or large need. Most community banks offer the following types of SBA loans:

• 7(a) Loans: SBA 7(a) Loans are the most common SBA loans and provide up to $5 million for working-capital expenses. This loan is a flexible-financing solution for business owners looking to grow their businesses, purchase new equipment, invest in real estate, or cover payroll expenses.

• SBA Express Loans: SBA Express Loans offer up to $500,000 and have an expedited review process for quicker access to funds — these loans are typically approved within 36 hours.

• 504 Loans: SBA 504 Loans support small-business expansions and modernization through long-term fixed-rate financing, providing up to $5.5 million in funding. These loans can be used for constructing or purchasing buildings, land, or large equipment or machinery.

From starting your career to growing your startup or expanding your business, SBA loans provide the right mix of flexibility and support to help you achieve your goals. n

Paula Valencia is assistant VP and SBA lending manager at Tompkins Community Bank, Central New York.

PAULA VALENCIA Viewpoint

THE LIST

Research by Vance Marriner vmarriner@cnybj.com (315) 579-3911 @cnybjresearch

BANKS

Ranked by CNY Market Share, 6/30/25

Upcoming Lists

November 10 Chambers of Commerce

November 17 Nursing Programs

FOOTNOTE

1 CNY Market Share is calculated based on deposits in the 16-county Central New York region, as reported in the June 30, 2025 FDIC Deposit Market Share Report.

ABOUT THE LIST

Data for this list came from the June 30, 2025 FDIC Deposit Market Share Report, previously reported data from other lists, and the institutions’ individual websites. While The Business Journal strives to print accurate information, it is not possible to independently verify all data submitted. We reserve the right to edit entries or delete categories for space considerations.

Central New York includes Broome, Cayuga, Chemung, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, St. Lawrence, Seneca, Tioga, and Tompkins counties.

WANT TO BE ON THE LIST?

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1.

S. Clinton St. Syracuse, NY 13202 (315) 424-4582/mtb.com

2. NBT Bank 52 S. Broad St. Norwich, NY 13815 (607) 337-2265/nbtbank.com

3. KeyBank 201 S. Warren St. Syracuse, NY 13202 (315) 470-5394/key.com

4. Community Bank 5790 Widewaters Parkway DeWitt, NY 13214 (315) 445-2282/cbna.com

5. Tompkins Financial Corp. 110 N. Tioga St. Ithaca, NY 14850 (607) 273-3210/TompkinsTrust.com

6. JPMorgan Chase 110 W. Fayette St. Syracuse, NY 13202 (315) 424-2731/chase.com

7. Chemung Canal Trust Company 1 Chemung Canal Plaza Elmira, NY 14901 (607) 737-3711/chemungcanal.com

8. Pathfinder Bank 214 W. First St. Oswego, NY 13126 (315) 343-0057/pathfinderbank.com

9. Bank of America 268 Genesee St. Utica, NY 13502 (315) 798-2452/bankofamerica.com

10. Solvay Bank 1537 Milton Ave. Solvay, NY 13209 (315) 468-1661/solvaybank.com

11. Bank of Utica 222 Genesee St. Utica, NY 13502 (315) 797-2700/bankofutica.com

12. Adirondack Bank 185 Genesee St. Utica, NY 13501 (315) 798-4039/adirondackbank.com

13. Citizens Bank 6770 East Genesee St. Fayetteville, NY 13066 (315) 449-3019/citizensbank.com

14. Watertown Savings Bank 111 Clinton St. Watertown, NY 13601 (315) 788-7100/ watertownsavingsbank.com

15. Berkshire Bank, a Division of Beacon Bank & Trust 6319 Fly Road, Suite 3A East Syracuse, NY 13057 berkshirebank.com

16. Five Star Bank 150 Lake St. Elmira, NY 14901 (607) 737-2165/five-starbank.com

17. Tioga State Bank 725 5th Ave. Spencer, NY 14883 (607) 589-7000/tiogabank.com

18. Geddes Federal Savings and Loan Association 2208 W. Genesee St. Syracuse, NY 13219 (315) 468-6281/geddesfederal.com

19. Lyons National Bank 2 N. Main St. Jordan, NY 13080 (315) 689-9530/bankwithlnb.com

20. Fulton Savings Bank 75 S. First St. Fulton, NY 13069 (315) 592-4201/fultonsavings.com

21. North Country Savings Bank 127 Main St. Canton, NY 13617 (315) 386-4533/ northcountrysavings.com

22. Carthage Federal Savings and Loan 313 State St. Carthage, NY 13619 (315) 493-3480/carthagesavings.com

23. Cayuga Lake National Bank 3 Cayuga St. Union Springs, NY 13160 (315) 889-7358/ cayugalakenationalbank.com

24. Seneca Savings 35 Oswego St. Baldwinsville, NY 13027 (315) 638-0233/senecasavings.com

25. First National Bank of Dryden 7 W. Main St. Dryden, NY 13053 (607) 844-8141/drydenbank.com

26. Generations Bank 19 Cayuga St. Seneca Falls, NY 13148 (315) 568-5855/mygenbank.com

Main St. Massena, NY 13662 (315) 764-0541/ massenasavingsloan.com

30. Savannah Bank 563 Main St. Fair Haven, NY 13064 (315) 947-5600/ savannahbankny.com

31. WSB Municipal Bank 111 Clinton St. Watertown, NY 13601 (315) 788-7100/ watertownsavingsbank.com

32. Peoples Security Bank 1235 Upper Front St. Binghamton, NY 13905 (607) 721-8830/psbt.com

33. Upstate National Bank 729 Proctor Ave. Ogdensburg, NY 13669 (315) 393-3332/upstatebank.com

34.

19 Main St. Hammond, NY 13646 (315) 324-5961

42 Church St. Gouverneur, NY 13642 (315) 287-2600/gouverneurbank.com

BANKS

THE LIST

Research by Vance Marriner vmarriner@cnybj.com (315) 579-3911 @cnybjresearch

FOOTNOTE

1 CNY Market Share is calculated based on deposits in the 16-county Central New York region, as reported in the June 30, 2025 FDIC Deposit Market Share Report.

ABOUT THE LIST

Data for this list came from the June 30, 2025 FDIC Deposit Market Share Report, previously reported data from other lists, and the institutions’ individual websites. While The Business Journal strives to print accurate information, it is not possible to independently verify all data submitted. We reserve the right to edit entries or delete categories for space considerations.

Central New York includes Broome, Cayuga, Chemung, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, St. Lawrence, Seneca, Tioga, and Tompkins counties.

WANT TO BE ON THE LIST?

If your company would like to be considered for next year’s list, or another list, please email: vmarriner@cnybj.com

In Fight Over ACA Tax Credits, the Stakes are Lowest for NYS

As Washington, D.C. skirmishes over the future of enhanced tax credits under the Affordable Care Act (ACA), New York State (NYS) has relatively little to gain or lose.

The number of New Yorkers using any ACA credits, enhanced or not, stands at about 119,000 or 0.6 percent of the population, the lowest proportion of any state other than the District of Columbia, according to the latest federal enrollment report.

That compares to utilization rates as high as 19 percent in Florida and 13 percent in Georgia, and an average of 6 percent nationwide.

The driver of this disparity is New York State’s Essential Plan, which offers zero-premium, government-funded coverage to residents up to 250 percent of the poverty level. That program has absorbed the bulk of the NYS population that would otherwise be using ACA tax credits to offset their costs.

The Essential Plan also reaps the federal money that would otherwise have been spent on credits for its enrollees, covering all its $14 billion budget.

Although the enhanced credits enacted in 2021 have nominally boosted that revenue by about $1 billion per year, it’s not clear NYS is actually collecting that amount — because the program was unable to spend all its available funding even before the enhancements took effect.

Still, New York Gov. Kathy Hochul and her administration have joined a national

Democrat-led campaign to prevent the enhanced ACA credits from expiring in December — and the state’s publicity materials portray the Essential Plan’s 1.7 million enrollees as having something to lose if that happens.

The original ACA tax credits were targeted to the working poor — people who made too much money to qualify for Medicaid but didn’t have access to employer-sponsored health benefits and could not afford insurance on their own.

The law established a percentage of income that consumers were expected to pay toward their own coverage — on a sliding scale from 100 percent to 400 percent of the poverty level — and offered tax credits that were enough to cover the balance of a benchmark premium from coverage purchased through an ACA insurance exchange.

As part of a COVID pandemic relief package in 2021, Washington lawmakers enhanced the ACA credits by lowering the share of income consumers were expected to contribute — to zero for incomes up to 150 percent of the poverty level and to no more than 8.5 percent at the high end. Congress also extended the credits to people of any income, ending what had been a benefit “cliff” at 400 percent of the poverty level.

The biggest benefit of the enhancement went to people just above 400 percent of the poverty level, who saw their net costs cut in half. Based on a typical premium of $27,000, a family of four with income at 900 percent of the poverty level, or $289,000, could claim a credit of more than $2,000.

However, that would be an unusual scenario. Most Americans at that income

level get health coverage through their employers — and have no reason to buy insurance directly. The bulk of people claiming ACA credits still fall below 400 percent of the poverty level.

New York’s ACA insurance change — known as the New York State of Health — said that 146,000 New Yorkers were benefiting from enhanced tax credits as of September 2024. This includes 43,000 or 29 percent, with incomes above 400 percent of the poverty level.

The state report also said that federal funding for the Essential Plan “is estimated to be $1 billion higher as a result of these enhanced federal subsidies.”

That $1 billion figure is consistent with what the state Health Department estimated when it applied for — and later received — federal authorization to extend the Essential Plan’s eligibility ceiling from 200 percent to 250 percent of the poverty level.

However, those same estimates indicated that the program’s revenue would exceed its costs by $1.4 billion even if the credits were allowed to expire — implying that the extra $1 billion was unnecessary in the near term.

Over its first nine years, excess revenue accumulated in the NYS Essential Plan’s trust fund, which held a balance of $8.9 billion as of May, according to the state comptroller’s office. Since the program’s expansion took effect in April 2024, the comptroller’s records indicate that the trust fund balance is no longer growing because the state is now collecting only the federal revenue it needs to cover expenses. This raises the possibility that some available revenue, including proceeds from enhanced tax credits, could be going unused.

With enactment of President Donald Trump’s tax- and budget-cutting package this summer, the Essential Plan’s well-cushioned finances are in jeopardy. The federal legislation cut off most legally present immigrants from eligibility for federal health programs, including ACA tax credits, starting in 2026. About 730,000 of the affected immigrants are enrolled in New York’s Essential Plan. Their departure will chop the plan’s revenue by more than half, or $7.6 billion.

In response, Gov. Hochul has moved to unwind the program’s 2024 expansion. Officials say this would temporarily save the state money on covering about 500,000 of the affected immigrants but displace some 450,000 enrollees above 200 percent of the poverty level.

Given these looming changes, the lost revenue associated with enhanced tax credits is one of many moving parts in a complicated financial structure. As members of Congress consider whether that credits should be continued, the Hochul administration should do more to clarify how the money is being used now — and how it might be used going forward. n

Bill Hammond is senior fellow for health policy at the Empire Center for Public Policy, which says it is an independent, nonpartisan, nonprofit think tank located in Albany that promotes public-policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government. Hammond tracks developments in New York’s healthcare industry, with a focus on how decisions made in Albany and Washington, D.C. affect the well-being of patients, providers, taxpayers, and the state’s economy.

MassenaKirk E. Wilmshurst, President & CEO1924

WatertownMark R. Lavarnway, President & CEO1913

Dunmore, PA Gerard A. Champi, CEO 1905

Woodlands,

Robert Marling, CEO 1980

NOVEMBER 3, 2025

VOL. XXXVIII, NO. 39

NEWS

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Adam Rombel arombel@cnybj.com

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Vance Marriner vmarriner@cnybj.com

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Bill Hammond Zilvinas Silenas SALES

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An Eerie Silence About the State of Education in NY

Ar ecent analysis by National Assessment of Educational Progress (NAEP) (https://www. nationsreportcard.gov/ reports/mathematics/2024/g12/) lamented the declining state of U.S. education by highlighting how scores in grade 12 math and reading have hit record lows. While COVID-19 was definitely a factor, others correctly pointed out that the decline began before the pandemic.

New York State shows a similar pattern: student performance started to decline before the pandemic and the resulting school shutdowns dealt an additional blow. Meanwhile, New York’s spending on education went through the roof and has shown no sign of slowing down.

Reading: In Decline since the 2010s

According to NAEP results in grade 4 reading, New York scored above the U.S. average but significantly behind Massachusetts or New Jersey, which clinched the top spots. We were also outperformed by Mississippi, one of the poorest states in the country.

New York wasn’t always mediocre at reading. In fact, the Empire State’s grade 4 reading scores used to exceed the U.S. average in the 2000s. Later, however, New York’s scores began to dip and then fell sharply during the COVID epidemic.

Similar dynamics can be observed in grade 8 reading: They significantly exceeded the U.S. average in the 2000s but began to lag in the 2010s. In 2024, New York had its lowest score ever.

Mathematics: Huge COVID Impact on Grade 4

In mathematics, New York’s 4th graders scored three points below the U.S. average, and performed worse than much poorer states (for example: Alabama, Missouri, and Louisiana). Neighboring Massachusetts performed the best in the country.

For grade 8 mathematics, New York achieved an average score of 271, compared to the U.S. average of 272.

In grade 4 mathematics, as in reading, New York used to exceed the U.S. average. It started to lag in 2011 and imploded during COVID.

Similar dynamics can be observed in grade 8, except the COVID decline was less pronounced.

Spending: The Highest and Still Rising

These falling academic outcomes would be an alarm bell for the education authorities of any state — except New York is not just any state. We spent more than $30,000 to educate each student in 2022-23, which was nearly double the U.S. average of $16,500. In fact, the Empire State spends more per pupil than any country in the world, yet it does not lead the world in educational outcomes.

Why Voting in Elections Matters More Than Ever

Many states around the country [on Nov. 4 and before through early voting] will be holding municipal and in some cases, state elections. Whether that’s true for your state or not, I want to make a case for why turning out to vote, even in what might seem to be minor local elections, really matters. But first, let’s look at why lots of people don’t vote.

Massachusetts, which is the best-performing state, spends 24 percent less per pupil than New York. Mississippi, which outperforms New York on grade 4 reading and mathematics, spends only 40 percent of what New York spends.

New York’s high spending on education is not new. We have been outspending all other states for half a century, and the gap is ever-increasing. According to the National Center for Education Statistics, from 1968 to 2021 the national average to educate one student jumped from $5,960 to $16,280, an increase of 173 percent in inflation-adjusted terms. However, New York’s spending skyrocketed from $9,475 to $29,720, or 214 percent, in the same period.

The issue is only going to get worse. Based on preliminary data, New York is going to spend about $35,000 to educate a single student in 2025-26.

The silence of New York’s leaders is confusing. Imagine the political firestorm if any other program generated double the cost while achieving mediocre results. When electricity prices recently rose, New York’s politicians and activists erupted with outrage. New York’s education system has been spending piles of money and underperforming for more than a decade now. Where are the calls for reform? n

Zilvinas Silenas is president and CEO of the Empire Center for Public Policy, Inc., an independent, non-partisan, nonprofit think tank based in Albany. The organization says its mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government. This article is drawn from the Empire Center’s blog, where it was first published on Oct. 20.

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.

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In an era when local newspapers have vanished from many towns, and community organizations have dwindled in number and vitality, it can feel harder than ever to make an informed choice at the ballot box. It’s tougher to come by reliable local coverage, neighbors, and civic organizations may no longer gather to compare notes, and national and online media drown out local priorities and perspectives. We’re busy with work and families and — especially as legislators in some states seek to make it harder to vote —getting to the polls can be a hassle. Yet I would argue that these very trends make it more, not less, important to vote. Let’s start with those local elections I mentioned. Mayors, councils, school boards, and county commissions determine zoning, taxes, infrastructure, policing, public education, and other policies

affecting what it’s like to live where we do. Because turnout tends to be lower in municipal elections, a relative handful of votes can determine who controls a school board or a city council; when citizens don’t turn out, unrepresentative groups make decisions for everyone else.

Moreover, the fact that solid local-news coverage has become harder to find is exactly why citizens need to show up at the ballot box. If reporters aren’t around to pay attention, then voting itself — and boning up on the issues as you prepare to vote — is an act of civic oversight. It’s how we remind officeholders that we’re watching, and how we hold them accountable.

For most of my career, I have heard people justify not voting by arguing their vote won’t matter. I understand why people feel that way, but I don’t buy it, for two key reasons.

First, research by UCLA Prof. Clémence Tricaud has shown that while, on average, the margins between winning and losing candidates in federal elections have remained fairly stable over the decades, in the last 60 years “seat margins” — that is, the gap between the number of seats each party wins in a legislative body like the House, Senate, or Electoral College — have narrowed significantly. Had a small number of people voted differently in Georgia and Pennsylvania in 2020, for instance, their electoral votes could have given the election to President Trump. That brings me to my second point. I firm-

ly believe that voting isn’t just a way to boost a particular candidate or weigh in on a key issue; it’s also a signal that we value having a say in the direction of our city or country. In other words, by voting we reinforce the system — and when enough of us do so, we strengthen it. By contrast, when a fraction of the electorate votes, the people they elect feel less pressure to respond to the full range of voices they represent. Low turnout undermines a government’s moral authority. It does even more damage than that. Cynicism discourages capable people from entering public service. When voters withdraw, they leave politics to the loudest and most extreme members of their communities. Participation — not just at the ballot box but in attending town halls, getting in touch with officials, organizing, and supporting good candidates — is the best way I know to show that citizens value integrity in public life. I know that representative democracy demands work. It asks us to sort fact from fiction, learn which news sources give us trustworthy, fact-based information, and put in the time to listen to candidates so that we can judge them. But each ballot you cast is a message that the system belongs to the public, not to the few. Democracy survives only when people show up for it. It’s as simple as that. n

Lee Hamilton, 94, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.

NOVEMBER 5

n Living Life Fueled by STEM: An Inspiring Evening with Clarkson University event from 6-8 p.m. at the Griffiss Institute, 592 Hangar Road, Suite 200, Rome. The event will be moderated by Clarkson University President Michelle Larson, who will lead an engaging discussion on career growth, innovation, and the impact of STEM education in shaping future opportunities. Designed to celebrate and empower women in science, technology, engineering, and mathematics, the evening will feature real stories of success, networking opportunities, and insights from distinguished Clarkson alumnae who have made their mark in STEM fields. Admission is free, but registration is required. For more information and to register, visit: connect.clarkson.edu/ register/STEM_Griffiss.

NOVEMBER 6

n 40 Under Forty Awards program from 5-8 p.m. at the Oncenter in downtown Syracuse. This awards event recognizes 40 ambitious, hard-working, civicminded individuals, who are under the age of 40. These individuals have excelled in the workplace and in the community. Come celebrate these young professionals who are making a difference in our community. This year’s event will feature: networking and cocktail hour, reserved sit-down seating for dinner, the awards celebration, and more. For more information and to register, visit: https:// www.cnybj.com/event/40-under-forty-awards/

n GOFCC Business After Hours event from 5-7 p.m. at the Oswego YMCA at 265 West 1st St. in Oswego. Join the GOFCC for a special evening of networking and community as the GOFCC helps celebrate the Oswego YMCA’s 170th anniversary. From its founding in 1855 to the vibrant center it is today, this milestone honors the generations of individuals, families, and partners who have shaped the Oswego YMCA’s journey. Cost is $10 for GOFCC members and $20 for non-members. For more information and to register, visit: https://centerstateceo. com/events/11/2025/gofcc-business-after-hours

NOVEMBER 8

n 6th Annual Oswego Health Foundation Gala from 6-11 p.m. at the Lake Ontario Event and Conference Center, 26 E. 1st St., Oswego. This year’s theme, “The Power of Pink,” promises an elegant evening celebrating

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the strength of community and the life-changing impact of local health care. Event highlights include a cocktail hour with live music by Tim Forbes at 6 p.m.; gourmet dinner and awards program at 7 p.m., featuring Physician of the Year, Community Partner, and the inaugural nurses’ DAISY Award; desserts, dancing, and entertainment by Millennium Music; and wine wall and exclusive auction packages. Last year’s gala raised more than $133,000 in support of local health care. This year, proceeds will directly fund the creation of a state-of-the-art multi-specialty imaging suite at Oswego Hospital — centralizing ultrasound, mammography, and bone-density services to improve patient care and staff efficiency. Tickets are now available: $125 per person. More details and reservations are available at oswegohealth.org/gala or by calling (315) 326-3788.

NOVEMBER 13

n How to Use Transition to Make Positive Impacts on Your Employees, Customers, and Community workshop from 4:30-6:30 p.m. at Nixon Peabody, 211 High Point Drive, Suite 110, Victor. A well-crafted transition plan can do more than ensure business continuity — it can strengthen the company’s culture, enhance the business and family’s reputation, and create lasting value for all stakeholders. This St. John Fisher University Family Business Program will feature a series of insightful panels presenting real-world experiences and expert guidance on navigating this complex process. For more information, visit the Family Business website: https://www.sjf.edu/schools/school-ofbusiness/family-business/

n Greater Binghamton Chamber’s 29th Annual Community Thanksgiving Luncheon from 12-1:30 p.m. at DoubleTree by Hilton Binghamton at 225 Water St., Binghamton. Doors open at 11:30 a.m. More information, including registration, is available through this link: https://shorturl.at/N9c6T

NOVEMBER 14

n AFP-CNY National Philanthropy Day Breakfast from 8:30-10:30 a.m. at DoubleTree by Hilton Hotel –Syracuse, 6301 State Route 298 in the town of DeWitt. National Philanthropy Day is a special day to recognize and pay tribute to the meaningful contributions that philanthropy — and those active in our own philanthropic community — makes to our lives, communities, and world. This year, APF-CNY will unite

with chapters nationwide and globally to commemorate National Philanthropy Day 2025. It will honor individuals, organizations, and businesses in Central New York who selflessly contribute their time, talents, and resources to enrich and benefit our communities. For more information and to register, visit: https://community. afpglobal.org/afpnycentralchapter/events/npd

NOVEMBER 21

n Coffee Talk at the Tompkins Chamber from 9:30-10:30 a.m. at the chamber office at 124 Brindley St., Ithaca. Join the chamber team and peers in your industry for fresh coffee and conversation. This month, the Tompkins Chamber invites professionals from the retail and service industries to connect with friends and colleagues and expand your network in this casual environment. For more information and to register, visit: https://business.tompkinschamber.org/events/details/ coffee-talk-at-the-chamber-retail-service-194009

n FOCUS Forum: Stronger Together: Supporting Families through School & Community Partnerships from 12:05-1 p.m. via online Zoom. Join FOCUS for a free discussion on how the Syracuse City School District, together with government and community partners, is supporting students and their families in accessing needed services addressing key problems. That ranges from temporary housing, food insecurity, joblessness, and poverty to mental-health support, crisis management, and more. These partnerships focus on the whole family, the needs and desires of families, and are leading to practical, sustainable approaches that strengthen community support systems. For more information and to register, visit: https://www. focussyracuse.org/supporting-families-through-schoolcommunity-partnerships/

DECEMBER 3

n Family Business Awards from 8:30-10:30 a.m. at SKY Armory, 351 S. Clinton St., Syracuse. The Family Business Awards will recognize and honor family-owned businesses in Central New York, in seven categories: Business Innovation, Community Service Excellence, Family Business Leader of the Year, Fastest Growing Family Business, Manufacturing Excellence, MultiGenerational Family Business, and Woman-Owned Family Business. For more information, including the list of honorees and a link to tickets, visit: https://www. cnybj.com/event/family-business-awards-2/

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ACCOUNTING

ELIZABETH K. STODDARD, CPA, has been promoted to tax supervisor at FustCharles, a downtown Syracuse–based professional services firm providing audit, tax, and advisory services to businesses, not-for-profit organizations, and individual clients across a range of industries. Stoddard received her bachelor’s degree in economics from California State Polytechnic University

and a certificate of accounting from UCLA. She joined the firm in 2023. MARTIN FELICIA III, CPA, has also been promoted to tax supervisor at FustCharles. He received his bachelor’s degree and MBA in accounting and finance from Utica University. Felicia joined the firm in 2023.

REAL ESTATE — COMMERCIAL

BellCornerstone has promoted DANIEL C. LYNCH to VP of brokerage services, marking a significant milestone in his six-year career with the firm. Lynch joined BellCornerstone in 2019 while completing his MBA at Le Moyne College. A former member of Le Moyne’s nation-

Navigating the Shift from FIRE to IRIS

IRS changes for Forms 1098,

1099,

and other information returns

If your business files Form 1098, 1099, or other information returns with the Internal Revenue Service (IRS), a major shift is on the horizon. The IRS has recently announced the launch of its new Information Return Intake System (IRIS), which is set to go live in November 2025 and replace the Filing Information Returns Electronically (FIRE) platform. This shift will affect how businesses of all sizes file forms like 1099-MISC, 1099-NEC, 1099-K, and 1098, among others. The shift in systems is not optional — and failing to prepare could result in missed deadlines, rejected filings, or compliance issues. Below are some common questions and answers related to this shift.

Who is impacted?

This change will apply to any taxpayer responsible for filing information returns with the IRS, including but not limited to Forms 1099-MISC, 1099-NEC, 1099-DIV, 1099-INT, 1099-K, 1098, 1098-T, 1042-S, and other similar filings within the 1098 and 1099 series.

What is changing?

The IRS is replacing its electronic filing system, called FIRE, with a new web-based system, IRIS, intended to simplify and modernize the information-return filing process. While IRIS is expected to be available for use beginning with tax-year 2025 filings that are due in 2026, IRIS will be mandatory

beginning with tax-year 2026 filings that are due in 2027. In addition, as part of the IRS’s paperless-processing initiative, paper filings will no longer be permitted, meaning that all information returns will eventually need to be filed within IRIS.

Taxpayers will have two filing options, depending on the number of information returns to be filed within IRIS:

• Taxpayer Portal — Easy Online Filing. This option may be used for businesses or individuals filing less than 100 information returns. Taxpayers can manually enter data or upload a spreadsheet, and no special software is needed.

• Application-to-Application (A2A) — Bulk Filing. This option is designed for businesses or individuals filing 100 or more information returns. Taxpayers can send data directly from their software to the IRS using an XML format. This option requires setup and testing, so early preparation is key.

When is this change effective?

• IRIS Launch: November 2025

• FIRE System Retirement: Dec. 31, 2026

• Last Tax Year for FIRE: 2025 (filed no later than Dec. 31, 2026)

• First Tax Year for Mandatory IRIS: 2026 (filed in 2027)

Where will taxpayers be able to access IRIS?

Taxpayers are expected to be able to access IRIS through the IRS online platform. Depending on filing volume, taxpayers may be able to utilize assistance from a third-party provider. All users, including “Responsible Parties” and “Authorized Delegates,” must authenticate through

Broome County hotel business benchmarks were mixed in September

Lynch BINGHAMTON — Broome County hotels had an up and down month in September, as measured by three major business indicators. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 1.1 percent to 63.1 percent in the ninth month of 2025, compared to September 2024, according to a report from STR, a Tennessee–based hotel market data and analytics company. Year to date through September, occupancy was down 0.9 percent to 61 percent.

Revenue per available room (RevPar), an

industry gauge that measures how much money hotels are bringing in per available room, inched down 0.2 percent to $80.96 in September versus the year-prior month. In the first nine months of this year, RevPar was higher by 3.6 percent to $77.24. The average daily rate (ADR), which represents the average rental rate for a sold room, slipped 1.3 percent in Broome County to $128.22 this September, compared to the same month in 2024. Through Sept. 30, ADR was up 4.5 percent to $126.53.

al championship lacrosse team, he carried the same discipline and competitive drive into his professional career. Starting in business development, Lynch quickly distinguished himself through strong financial analysis and strategic insight, establishing his reputation as a key contributor within the company and trusted advisor among clients. In 2023, Lynch was promoted to national account manager, a role in which he spearheaded BellCornerstone’s efforts across the U.S. and Canada. Over the past several years, he has been instrumental in completing more than 200-plus commercial real-estate transactions. n

their own individual ID.me accounts to then be able to access a company’s and/ or their own IRIS accounts.

Why is the IRS changing the system?

The IRS says that IRIS is intended to improve efficiency and accuracy. It allows for real-time data validation and corrections, stores filed forms, allows taxpayers to download and print recipient copies, request extensions and file certain corrected returns — and is a more modern, user-friendly system.

How can taxpayers prepare to use IRIS?

The transition to IRIS involves several steps and getting ahead of the process will help avoid delays or filing issues. We recommend taking the following steps as early as possible:

1. Deter mine filing volume. Taxpayers with less than 100 information returns should be able to use the Taxpayer Portal to file; however, taxpayers with 100 or more information returns will need to use the A2A modality for bulk filing.

2. Prepare for XML Filing. If expecting to use the A2A modality, begin data mapping and software integration. As XML is a specialized format, taxpayers may need assistance from a developer or service provider.

3. Register with the IRS. Taxpayers will need an EIN and an ID.me account. As part of the registration process, each business taxpayer must also designate at least two “responsible parties” and may assign up to two “authorized delegates” who are able to manage filings including third parties or service providers.

FRANK C. MAYER, JESSICA M. BLANCHETTE & LYNDON E. HALL Viewpoint

4. Apply for a New Transmitter Control Code (TCC). A new TCC that is specific to IRIS will be required, as legacy TCCs from FIRE cannot be used. Taxpayers may need more than one TCC, depending on role and filing method. During registration, taxpayers and individuals must select a role that reflects how they will interact with the system: an “Issuer” files forms for their own business using the same EIN registered with IRIS; a “Transmitter” files on behalf of other businesses or themselves using an SSN — only one role is needed if performing both functions; and a “Software Developer” builds or manages software that connects to the IRIS system but does not submit forms directly. The TCC application and approval process can take up to 45 days to complete. n

Frank C. Mayer is a partner (member) in the Albany office of Syracuse–based Bond, Schoeneck & King PLLC and chair of the firm’s tax law practice group. Contact Mayer at fmayer@bsk.com. Jessica M. Blanchette is an associate attorney in Bond’s Albany office. Contact Blanchette at jblanchette@bsk.com. Lyndon E. Hall is an associate attorney in Bond’s Syracuse office. Contact Hall at lhall@bsk.com. This article is drawn and edited from the law firm’s website.

Onondaga County hotel occupancy falls more than 3 percent in September

SYRACUSE — Onondaga County hotels welcomed fewer guests in September, as two other key indicators of business performance were mixed.

The hotel-occupancy rate (rooms sold as a percentage of rooms available) in Central New York’s largest county declined 3.2 percent to 65.5 percent in the ninth month of 2025, compared to September 2024, according to STR, a Tennessee–based hotel market data and analytics company. Year to date through Sept. 30, occupancy was down 0.7 percent to 62.2 percent. Revenue per available room (RevPar), an industry gauge that measures how much money hotels are bringing in per available room, dipped 2.5 percent to $98.71 in Onondaga County this September from a year prior. In the first nine months of 2025, RevPar was up by 1.1 percent to $85.30. Average daily rate (or ADR), which represents the average rental rate for a sold room, edged up 0.7 percent to $150.68 in September versus

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