Shenandoah Valley Business Journal - January 2019

Volume 20, No. 3, January 30, 2019

Aging In Place Designers, Builders Make Homes For Aging Population

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Wednesday, January 30, 2019

SHENANDOAH VALLEY BUSINESS JOURNAL

Inside This Issue Focus Section: Retirement n Builders Focus On Homes For Retirees..................Page 8

Editorial Staff

Other Business News

Publisher:

n Real Estate Market Up In 2018..............................Page 5

Craig Bartoldson

n How Long Can You Live On Your Savings?...........Page 7 n Housing Market Adjusts To Aging Population.......Page 8

Managing Editor: Jerry Blair

Staff Writers: Ian Munro, Shelby Mertens

n Chamber Of Commerce Honors Leaders............Page 10

Ian Munro

By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803 By email: svbjnews@dnronline.com By phone: 574-6281 (news) 574-6229 (ads)

n Be Prepared For The Next Recession...................Page 13 n Businesses Weigh In On Proposed Tolls...............Page 14

Columns n Financial Focus with Kathy Armentrout..........Page 3

banks in commercial mortgage-backed securities loan transactions.

HARRISONBURG — Nathan B. Greyard Greyard, who grew up in Harrisonburg, has joined the law firm of Lenhart Pettit in earned his bachelor’s degree from James its Harrisonburg office, focusing his practice Madison University and his law degree from on banking and credithe University of Richmond School of Law. tor’s rights, commercial Lenhart Pettit is a business and litigation real estate and commerlaw firm with 28 attorneys specializing in cial litigation. more than 23 practice areas, serving clients Lenhart Pettit, in a throughout Virginia and beyond. In addition press release, said Greto Harrisonburg, the firm has an office in yard has experience Charlottesville. working with banks and lenders on loans, — Staff Reports special-asset litigation and foreclosures, executGreyard ing recovery strategies Dean Brothers Inc. Names CEO through loan modificaHARRISONBURG — Dean Brothers Inc., tions, forbearance agreements, litigation, a Harrisonburg commercial, industrial and adversary proceedings and asset recovery. residential electrical company, will welcome In addition, the releases states that he has Adam Roberson as its new CEO in March. extensive experience representing creditors Roberson, who has experience with in bankruptcies and collections, as well as having represented national and regional See MOVERS, Page 4

Greyard Joins Lenhart Pettit

Contact us

n Parents Putting Limits On College Help..............Page 12

n Local Ledger.........................................................Page 15

Contributing Photographers:

Harrisonburg, Va.

Resort Opens Shenandoah Center BASYE — Bryce Resort held a grand opening of its new Shenandoah Center on Jan. 11.

The building replaces the resort’s Fireside Grill, which was more than 50 years old, according to a Bryce press release. According to the release, the idea for the center was the brainchild of brothers Horst and Manfred Locher, who both previously served as the resort’s general manager, and came to fruition under the auspices of current general manager and Horst’s son, Ryan Locher.

Harman Construction of Harrisonburg completed the build in under nine months, the release states.

The Shenandoah Center can host up to 250 guests, with the main seating area centering around a natural stone-faced fireplace, according to the release.

“It has over 4,500 square feet of seating space, a state-of-the-art kitchen and floor-toceiling windows which encompass the best

On The Cover: Gaines Group architect Charles Hendricks explains the design plans for a house he designed for aging in place.

Ian Munro / DN-R

views of the ski slopes,” Ryan Locher said in the release.

During ski season, the building will be open daily and can host weddings, private and corporate events during the evening, according to the release. Outside of ski season, the venue may be rented during the day as well as evening for functions, the release states.

The resort is in the Basye community of western Shenandoah County, about 11 miles northwest of Mount Jackson and just east of the West Virginia state line.

Paul B. “Pete” Bryce opened the resort in 1965.

— Staff Reports

McClung Acquires Mail Systems WAYNESBORO — McClung Cos., a

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SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Wednesday, January 30, 2019

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Year-End: Put This Year’s Investment Performance in Perspective H

ow can you assess your investment portfolio’s performance in 2018? The year was full of wild swings in the financial markets, so your own results may well have bounced around quite a bit, too. But you can still get a clear picture of how you did if you keep your investments’ returns in the proper perspective — by making sure your expectations are relevant, realistic and reviewed.

Let’s look at how these terms can apply to a meaningful evaluation of your investment progress:  Relevant: Many investors compare their portfolio returns to a popular market index, such as the S&P 500. But this comparison is not really valid for a variety of reasons. For one thing, indexes are typically not diversified across different types of investments – the S&P 500, for instance, only tracks large U.S. companies. But your portfolio should consist of a broad range of investments: domestic and international stocks, bonds, mutual funds, government securities and so on, appropriate for your goals and risk tolerance.

Also, your portfolio’s performance will be affected by your contributions and with-

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drawals, while market index returns are not. So, instead of measuring your results against an index — and possibly worrying about underperformance — you’re better off establishing relevant expectations of your investment returns, based on your specific goals. So, for example, if you want to retire at age 62, you’ll need to know the rate of return you need to achieve this goal – and then compare that desired return with your actual results.  Realistic: Ideally, of course, you’d like really high returns with really low risk — but that’s really not feasible. To get high returns, you’ll need to invest aggressively, which means you’ll need your portfolio to be heavily weighted in stocks. However, stocks are also riskier than more conservative investments, such as bonds or government securities. So, you’ll need to be realistic in what you can anticipate from your portfolio. You can shoot for high returns and accept the higher level of risk, or you can lower your expectations in exchange for greater stability.  Reviewed: The performance of the financial markets — and also your own portfolio — will fluctuate from year to year. Consequently, it’s important to re-

FROM PAGE 2

Waynesboro-based firm providing printing, marketing and digital services, has acquired full-service mailing company Commonwealth Mailing Systems LLC of Richmond, according to a Jan. 17 press release announcing the acquisition.

Graphic Arts Advisors of Mountain Lakes, N.J., a strategic fi nancial advisory and consulting firm for the graphic communications industry, represented Commonwealth Mailing in the sale, with GAA Director Mitch Evans, serving as lead adviser and GAA Managing Director Mark Hahn providing support, according to the release.

Hahn said in the release that the acquisition reflects an industry trend in which commercial printers are seeking to buy mailing services companies. The goal, he said, is not only to acquire the customer base but also to expand the available services to meet customers’ print and marketing needs.

Commonwealth’s owner, Michael Muldowney, now principal of Muldowney & Associates, said

Financial Focus Kathy Armentrout view your portfolio’s results and the progress you’re making toward your goals on a regular basis, possibly with the help of a financial professional.

In these reviews, you may conclude that you’re doing fine, or you might discover that you need to rebalance your portfolio by realigning your investments with your goals and risk tolerance, or perhaps make other adjustments — such as changing the amount you invest — to get you back on track.

In addition, you may even need to re-evaluate these goals in response to changes in your life — a new job, marriage, new child, and so on — as these changes could affect the rate of return

in the release that he wanted a buyer who would provide continued employment for his staff of 25 and uninterrupted service to his client base.

GAA’s Evans said Muldowney also was pleased that McClung agreed to continue operations in Commonwealth’s existing Richmond facility.

McClung’s growth, according to the release, has been fueled in part by its acquisition of 11 companies during the past 30 years.

“We had provided some mailing services out of our printing facility, but only a small percentage of what Commonwealth offers,” said McClung President Adam Monk in the release.

“Diversifying our mailing services more fully enables us to provide a deeper level of service to our client base.”

McClung’s divisions include Immerge, founded in 2005 as a Harrisonburg software company. In 2010, Immerge was bought by McClung and now serves as the company’s web division.

— Staff Reports

you need from your investments.

As you look back on 2018, and look forward to 2019 and beyond, take a holistic approach to how you evaluate your investments’ performance. By looking for relevance, being realistic about what you can expect, and reviewing your portfolio in the context of your goals, risk tolerance and changing circumstances, you can gain a thorough understanding of where you are, where you want to go — and how you can help yourself get there.

This article was written by Edward Jones for use by Kathy Armentrout, an Edward Jones financial adviser at 560 Neff Ave., Suite 100, Harrisonburg; 540574-1013.

Cooperative Adds Ace Hardware HARRISONBURG — Rockingham Cooperative has folded Verona Ace Hardware into its deck. The deal marks the 14th location of Rockingham Cooperative, and third in Augusta County, according to a Jan. 7 company press release.

“Over the years, we had a good working relationship with the manager,” said Norman Wenger, chief executive of Rockingham Cooperative. “When it became available, it was a natural thing for us to be interested.”

The Verona Ace Hardware management had no further comments.

Rockingham Cooperative is owned by approximately 5,000 farmers and specializes in agriculture supplies and sporting goods. Rockingham Co-Op, based in Harrisonburg, has stores in Timberville, Bridgewater and Elkton, as well as locations as far north as Strasburg to Troutville and Franklin County, outside Roanoke, to the south.

— Ian Munro

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“I’m really looking forward to taking the company to the next level,” Steven Dean strategic planning while working for a Min- said. nesota-based commercial printing company Dean Brothers has been family owned for now called Navitor, has spent the past 10 over 34 years. years as an executive and program director of a medical nonprofit and is in the process of — Ian Munro relocating to the Valley from central Maryland.

F&M Vice Presidents Announced The company’s four HARRISONBURG — Farmers & Merchants owners — Edward Bank announced a slew of employee promoDean, Steven Dean, tions, including several people named as seClayton Rutan and nior vice presidents.

Chad Propst — chose In all, F&M announced 19 promotions Roberson as their new that took effect on Jan. 1. company leader based Jonah Pence was promoted to senior vice on his experiences with president and market leader for F&M Bank’s strategic planning, acHarrisonburg and Rockingham County ofcording to Steven Dean Roberson fices, according to a bank press release. and Clayton Rutan.

Pence, who lives in Cross Keys, has a Dean Brothers is uniquely poised to meet to the changes in bachelor’s degree in finance from Virginia the electrical trade, Roberson said. The com- Tech as well as a graduate degree from Loupany, he said, has invested in ways to in- isiana State University’s School of Banking. crease their share of work for each contract, He attended Virginia Bankers School of Bank including aspects of information technology Management and also earned a master’s in business administration from the University and an in-house fabrication shop.

“All of these [steps] have been the evolu- of Tennessee at Martin in 2016.

Pence, who has worked for F&M Bank tion for the company,” Roberson said. “This is the moment we’re going to grow. The in- since October 2005, volunteers as a board dustry demands it and the customers are member for the Harrisonburg-Rockingdemanding it.” ham Chamber of Commerce and United

Movers

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Harrisonburg, Va.

Way of Harrisonburg and Rockingham County.

In other bank promotions, Aaron Green was named senior vice president and market leader for F&M Bank’s branches in northern Rockingham, Page and Shenandoah counties, according to an F&M press release. Green began his career at F&M Bank in June 2010 as a regional business development officer.

The Shenandoah County native, who holds a business degree and an MBA from Eastern Mennonite University, is an Air Force veteran.

Holly Thorne, Chris Gunter, Keith Deeds, Cathy Lindamood, Karen Rose, Krista Suter, Greg Berkshire, J.T. Bishop, Melody Emswiler and Kate Pascarella also were promoted to vice president roles, a press release said.

Joe Erickson and Sarah Prusak were promoted to assistant vice president.

Five employees were promoted to banking officers: Mary Campbell, Ashley Lam, Angela Smith, Jordan Dean and Yvette McCoy. The Timberville-based community bank operates 13 full-service branches in the cities of Harrisonburg and Staunton, along with Rockingham, Augusta and Shenandoah counties. F&M Bank employs more than 175 fulland part-time employees.

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— Shelby Mertens

Clark & Bradshaw, P.C. is pleased to announce

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Mr. Callahan joined Clark & Bradshaw in 2014. He practices civil litigation in state and federal court, with an emphasis on business and commercial litigation. Additionally, Mr. Callahan serves as corporate counsel for many local businesses and has advised clients on a number of complex business transactions.

Mr. Callahan grew up in Rockingham County, graduating from Broadway High School.

He received his baccalaureate degree in English from Virginia Tech and his juris doctor from the T.C. Williams School of Law at the University of Richmond. Mr. Callahan previously worked for the United States Department of State, the American College of Nurse-Midwives, and as a sole practitioner in Fairfax, VA. Clark & Bradshaw, P.C. is a full service law firm which has represented individuals and businesses in the Shenandoah Valley since 1948.

Harrisonburg, Va.

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Real Estate Market Scorching In 2018

By IAN MUNRO

Daily News-Record

HARRISONBURG — Residential home prices spiked and houses sold at a blistering pace last year in Harrisonburg and Rockingham County as demand continued to outpace supply.

Last year, 1,302 homes sold in the city and county, with a median sales price of $212,000, according to figures from the Harrisonburg-Rockingham Association of Realtors.

That compares to 2017’s 1,262 homes sold with a median price of $198,250, an increase of nearly 7 percent.

The average price last year was $235,547, up from $219,437, an increase of 7.34 percent.

The jump reflects a real estate market with low inventory and plenty of buyers.

December 2017 had 280 homes on the market, which dropped to 269 by December 2018, according to data compiled by broker Scott Rogers of Funkhouser Real Estate Group.

In the same month in 2016, 413 homes were for sale.

“From the health of the market, home sellers and a homeowners’ perspective, it was a positive year for the market,” Rogers said. “It was not as exciting for a buyer.”

Median days from listing to contract in the county and city plummeted almost 25 percent from 33 days in 2017 to 25 in 2018. In 2016, the median number of days from listing to contract was 52.

“The sharpest contrast was in Harrisonburg, where the median days on market fell down to 13,” Rogers said.

The median days on market in Harrisonburg during 2017 was 23. “[It’s] definitely a seller’s market,” said Renee Whitmore, associate broker at Old Dominion Realty and

president of the Harrisonburg-Rockingham Association of Realtors.

Whitmore said the situation led to buyers receiving multiple offers in some cases.

“I’ve been selling real estate since 2004. [Multiple offer situations are] not something we’ve seen a lot of in the last 10 years,” Whitmore said.

Rogers said the data also show that residential development is not keeping pace with demand.

“Most of the new construction you would see is rental housing being built,” Rogers said, “and that does not help with this inventory issue.”

The annual average inventory level in 2018 was about 300 homes for sale, a steep drop from recent years.

“Look back two years ago,” Rogers said, “around 500 [houses available], two years

before that 600, two years before that it was around 700.”

“It’s definitely a faster-moving market,” Rogers added, “than any other time we’ve seen recently.”

The median price for single-family homes increased to $228,000 in 2018 compared to $224,600 the year before.

That marks the first time the median price for detached homes has eclipsed the market’s peak of $226,800 in 2006 before the housing bubble burst.

Duplexes, town houses and condos marked the same milestone, albeit those types of homes saw their peak in 2008.

Last year’s median price for duplexes, town houses and condos of $167,800 compares to $159,800 in 2017 and $166,635 in 2008.

Contact Ian Munro at 574-6278 or imunro@dnronline.com

DN-R File

A for sale sign beckons buyers to a home on the market in Harrisonburg. Sales of homes in the city and Rockingham County maintained a blistering pace in 2018, with 1,302 combined sales at a median price of $212,000, according to figures from the Harrisonburg-Rockingham Association of Realtors.

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Could You Live On Your Retirement Savings For 23 Years?

Associated Press

Precision isn’t always possible when it comes to retirement planning. That doesn’t mean you have to wing it and hope your savings don’t expire before you do.

Looking at the income, living expenses and life spans of today’s retirees can help you make the right financial moves so your golden years aren’t tarnished by an unexpected shortfall.

What’s An “Average” Cost?

Government and Gallup data reveal a lot about what retirement is like for Americans today.

It starts at age 61, even though many tell Gallup they planned to work longer. And based on some morbid math — the average remaining life expectancy of someone who’s made it to their early 60s (23.3 years), according to the Centers for Disease Control and Prevention — you should plan to be retired for at least a few decades.

Your mileage may vary based on things such as your work (accountant versus rodeo clown, for example), diet, family health history and participation in extreme sports leagues.

The average budget for a retiree, according to Bureau of Labor Statistics data, provides even more color on what to expect when you’re expecting to retire. Older households, defined as ones headed by someone 65 or older, spend $46,000 annually, versus the $57,000 average spent by all U.S. households combined. The top three monthly expenses for those 65 and older are housing ($1,322), health care ($500) and food ($484).

On average, about half of a retired household’s income comes from Social Security and private and government pensions, according to the BLS, with personal savings and investment and rental income providing 6.9 percent.

Find Out How Long Your Money Will Last

An online retirement calculator can project a more accurate picture of your retirement readiness. It will use your current saving, spending and investment profile and some rules of thumb about historical investment returns, reasonable withdrawal rates and, yes, life expectancy. (Most calculators assume people will live into their 90s.)

What if the calculator shows that at the rate you’re going, you’ll outlive your retirement savings? If you’re not yet retired, one of

AP File

Looking at the income, living expenses and life spans of today’s retirees can help you make the right financial moves so your golden years aren’t tarnished by an unexpected shortfall. the best moves is postponing your retirement party. This strategy is especially valuable for those in their peak earning years.

Besides reducing the number of years you’ll need to live off your savings, working longer allows more time for your investments to grow. Plus, the additional time contributing to Social Security could mean a bigger benefits paycheck down the road. Every year you postpone filing for Social Security after your full-benefit retirement age (66 or 67 for most people), your future monthly benefits check grows by as much as 8 percent per year until you turn 70.

fall between retirement income and expenses. n Leverage your home. If you have substantial equity in your home, a reverse mortgage can turn this asset into income. You’ll receive a regular check as long as you’re living in the house. When you exit the premises to move elsewhere or on to the great beyond, the checks stop and your estate must repay the loan. n Shop for an immediate annuity. Although annuities are complex instruments — they’re essentially investments baked into an insurance policy — paying a lump sum upfront to get a guaranteed monthly payment for life may provide the income stability you need. n Withdraw less money during down years.

A common rule of thumb among financial pros How To Pad Your Paycheck In Retirement If you’re already retired and un-retiring or is the 4 percent rule, which is based on rewaiting to file for Social Security aren’t feasible, search in all market conditions that shows a there are other ways to make up for the short- retiree can withdraw that amount annually

from a portfolio invested half in stocks and half in bonds without depleting their financial reserves before they die. If you can be flexible and withdraw less, for example, when market returns are lower than expected or you’ve got reserves from previous years’ withdrawals, you can make your money last longer. n Seek assistance. There are government, nonprofit and for-profit programs that provide benefits to struggling seniors. The National Council on Aging (NCOA.org) helps the 60plus set navigate things such as Supplemental Security Income, Medicaid, debt management programs and subsidized housing.

This article was provided to The Associated Press by the personal finance website NerdWallet. Dayana Yochim is a writer at NerdWallet. Email: dyochim@nerdwallet.com.

Twitter: @dayanayochim.

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SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Test of Time Local Designers, Builders Making Homes For An Aging Population

By IAN MUNRO

Daily News-Record

Gaines Group architect Charles Hendricks poses outside a house he designed for aging in place in Harrisonburg.

Ian Munro / DN-R

HARRISONBURG — The nation is expected to see about 10,000 baby boomers turn 65 every day for the next 11 years, according to the Pew Research Center.

Along with considering Social Security and savings, the ability to stay in their home as long as possible is an important piece to the puzzle for many as they near retirement age.

The oldest boomers started turning 65 in 2011, and businesses noticed the demographic shift and the opportunities it presents.

“I will say over the last number of years, all new homes that we have done have been with the aging in place idea,” said Mike Herr, project manager for custom homebuilders Herr and Co. in Harrisonburg.

Aging in place is “the ability to live in one’s own home and community safely,

See TIME, Page 9

Harrisonburg, Va.

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Solar Panels Can Reduce Utility Bills Time

FROM PAGE 8

independently, and comfortably, regardless of age, income, or ability level,” according to the U.S. Centers for Disease Control and Prevention.

According to estimates from the University of Virginia Weldon Cooper Center for Public Service, Harrisonburg will have 5,077 residents ages 65 and older by 2020, while Rockingham County will have 16,686.

By 2030, 6,385 city residents will be 65 or older, and the county will see an increase of almost 5,000, for a total of 21,356.

In 2012, the Harrisonburg-Rockingham Chamber of Commerce established its Aging in Place Round Table to bring businesses and organizations together to discuss ways to meet the growing population’s needs, said Frank Tamberino, chamber president.

Many groups are involved, including the usual suspects in the health care and retirement industries, as well as “auxiliary industries,” Tamberino said, including mortgage brokers and financial planners.

The monthly meeting continues to draw interest seven years later.

“Most of the people say, ‘It’s a good idea,’ and then all of the sudden 25 people show up,” Tamberino said, “and you say, ‘Whoop,

we must be onto something.’”

One of the “main instigators” of the roundtable was Charles Hendricks, an architect with the Gaines Group in Harrisonburg, Tamberino said.

Hendricks is the only architect in Harrisonburg and Rockingham certified as an aging in place specialist by the AARP and National Association of Home Builders.

Gaines Group has designed 30 houses over the last four years with aging in place in mind, Hendricks said.

Features to make houses accommodating to residents as they get older include doors 3 feet wide for wheelchair access and a master bedroom on the ground floor.

Garages are designed to provide entry to the house without having to use steps and electrical outlets are raised to decrease the need to bend over.

The design may have more wood within walls than usual to help with future installation of hand rails to aid in mobility, and closets may be stacked on different floors of the home to provide space for an elevator in the future.

Energy efficiency is also a major component of the aging in place formula, Hendricks said. “[On a] fixed income, having a more energy efficient home helps to be able to pay those bills.” Hendricks said.

Herr & Co. carpenter Patrick Carl, of Luray, works inside a house designed for aging in place

by Gaines Group architect Charles Hendricks.

Ian Munro / DN-R

Proper insulation is important to cutting down bills, said Ken Wells, owner of Elite Insulation.

Elite Insulation’s use of spray foam instead of the typical fiberglass insulation is “routinely cutting people’s electric bills in half,” said Wells, whose company works with Hendricks.

Utility bills can further be reduced with solar panels.

“That gives people the additional option to people to take their electric bill to zero or close to that,” said Eric Beck, president of Beck Builders in Harrisonburg, who designs and installs solar panels for homes.

The costs for all these measures to make aging in place easier for those living in houses does not result in higher build prices, Hendricks said.

The main increase in cost is in lot size, as the footprint for the house is larger to accommodate more ground-level features.

While certain features can make it easier as owners get older, these types of houses have benefits for homebuyers at all stages of life, Hendricks said.

“What if your son that plays football breaks his leg and his room is upstairs?” Hendricks said.

And energy efficiency appeals to everyone, Beck said.

“We build homes and renovations always with energy efficiency in mind,” he said. “It crosses generations.”

Contact Ian Munro at 574-6278 or imunro@dnronline.com

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Harrisonburg, Va.

Chamber Honors Leaders

By SHELBY MERTENS Daily News-Record

HARRISONBURG — Kristo and Mira Papa had a dream to open their own restaurant.

Often, they would stay up until 4 a.m. planning and building Rocktown Kitchen inside the Ice House complex in downtown Harrisonburg.

“I remember the nights when we bought chalk and drew out the entire restaurant on the floor,” Mira Papa said in a video played at the Harrisonburg-Rockingham Chamber of Commerce’s annual banquet and awards ceremony Jan. 3. “We slept right here on the floor, on these benches, because we couldn’t wait to finish it up and we were so excited.”

The upper casual, farmto-table restaurant opened in spring 2017. Kristo Papa, 38, is Rocktown Kitchen’s executive chef and his wife, Mira, 38, handles service operations.

The couple, who live in Harrisonburg, were named Entrepreneur of the Year by the chamber during the awards ceremony held at Hotel Madison.

The annual banquet and award ceremony recognizes the achievements of the community and its businesses in the past year, while also looking forward to the coming year.

The night began with business leaders mingling followed by a dinner and the presentation of awards, which included a video segment with each of the award winners.

Frank Tamberrino, president and CEO of the chamber, said the entrepreneur award is typically geared toward young business owners. The community submits nominations for the categories and the chamber’s selection committee, which consists of “high profile chamber members,” make the final choices.

Tamberrino said the owners of Rocktown Kitchen were

DN-R File

Kristo (center) and Mira Papa, owners of Rocktown Kitchen, talk with other guests at the annual Harrisonburg-Rockingham Chamber of Commerce banquet Jan. 3.

The Papas received the chamber’s Entrepreneur of the Year award during the ceremony held at Hotel Madison. selected for this year’s honor because of the passion they have, not only for the restaurant, but for the community.

“I think passion is the key ingredient to owning a restaurant,” Kristo Papa said. “If you don’t have the passion, you just can’t make it.”

Judith Trumbo, president and CEO of Virginia Mennonite Retirement Community, was named the Business Person of the Year.

VMRC, founded in 1954 as Virginia Mennonite Home, is now home to 700 residents and staffed by 450 employees.

“We think of ourselves as a community of hope, meaning

and growth for persons to age well and live fully,” Trumbo said.

Tamberrino said the award is given to a longtime business leader who may have set an organization on a different path or helped it overcome challenges. Business Person of the Year is the chamber’s longest-running award.

Before VMRC, Trumbo, 58, was instrumental in Rockingham Memorial Hospital’s — now Sentara RMH Medical Center — move from Harrisonburg to the county in 2010.

“She was the one in charge of the logistics of the move,” Tamberrino said. “She’s obvi-

ously very good with vision as well as detail.”

Trumbo, who lives in Broadway, was the director of Home and Community Health for 20 years and director of the hospital’s transition until 2013, when she joined VMRC. The chamber, in partnership with its Diversity Council, created a new distinction this year called the Diversity Business Leadership Award, with Wilhelmina Johnson, a 90-year-old retired social worker earning the first one.

Harrisonburg Councilman Chris Jones, who presented the award, said the honor was created to ensure that

minority business leaders are recognized for their achievements and contributions to the area.

Johnson, who grew up in Luray, worked for the Harrisonburg-Rockingham Department of Social Services for 13 years.

“It was very important to me because I was involved in programs that made a difference in people’s lives and helped people,” she said.

Johnson founded the nonprofit People Helping People, which helps more than 2,000 local families each year with financial assistance. The organization, established in 1992,

is supported by over 50 faith communities.

Johnson, who now lives in Harrisonburg, was director of People Helping People for six years and remained on the board until 2002. She stayed involved with the organization until this past year.

The Community Champion of the Year award was given to Charles Hendricks, 45, an architect at Gaines Group Architects.

“Typically, we’re looking for someone who goes above and beyond volunteering,” Tamberrino said. “[Somebody who]

See CHAMBER, Page 11

Harrisonburg, Va.

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Hendricks ‘Honored’ To Be Recognized Chamber

DN-R File

Wilhelmina Johnson, 90, founder of People Helping People, received the Harrisonburg-Rockingham Chamber of Commerce’s first Diversity Business Leadership Award on Jan 3.

e! t a D he T e v Sa

FROM PAGE 10

really puts their heart in it in terms of making a difference in the community.”

The Harrisonburg resident volunteers with local Rotary clubs that support organizations like Big Brothers Big Sisters, as well as the Harrisonburg-Rockingham Daycare Center and On the Road Collaborative. Hendricks mentors students at Harrisonburg High School and Elkton Middle School.

Gaines Group Architects has provided pro bono services to area organizations.

“Our business, Gaines Group Architects, has a strong foundation in serving our community,” he said. “It’s my belief that’s what architects are meant to do is to serve the community through design, so we do a lot of volunteer work at our business.”

A “Community Champion” to Hendricks means doing whatever it takes to make your community a better place, he said.

“I’m honored to be recognized as Community Champion for 2018,” Hendricks said. “To be ... recognized for the work I’m doing is humbling.”

Mike and Paula Thompson, owners of Round Hill Poultry LLC in Broadway, received this year’s Farm Family Stewardship Award.

“It typically goes to a farm or farm family

that has an active farm that also embraces conservation and the most efficient farming methods at the same time,” Tamberrino said. “They’re both sustainable from a business standpoint and environmentally sensitive at the same time.”

Mike Thompson, 47, grew up on a farm and started Round Hill Poultry in early 2000 after his grandfather died.

Today, the Broadway couple operate 10 poultry houses and contract with Cargill. They also own 60 sheep and 70 goats and raise crops on 2,400 acres.

Farming is all Michael Thompson’s ever done, but he loves the job and the ability to be his own boss.

“It’s been very rewarding and very challenging at times, but I really like where we’re at and what we’re doing,” he said.

His wife, Paula, 49, worked in the medical field for 25 years before joining the Virginia Poultry Federation. She, too, has developed a passion for farming.

“I loved my job at the hospital, but it does not compare to being on a farm,” she said.

“When you see a baby goat or lamb born, or you see a sunset or sunrise or a rainbow, it’s all worth it.”

Contact Shelby Mertens at 574-6274, @DNR_smertens or smertens@dnronline.com

Sunday, March 17, 2019

9 at the Rockingham County Fairgrounds 1 0 2 r o i Sen T O P X E “ Noon–3 PM

• Free Admission • Free Parking

he Senior Expo is being organized with the mission of promoting overall wellness and quality of life to our 50+ population in the valley. If you are an older adult, a caregiver, or a child of a 50+ parent, plan on joining us to learn about local products and services especially for you. Stay tuned for more details. Let’s age well and enjoy every day of life to the fullest!

Aging is not lost youth but a new stage of opportunity and strength.”

– Betty Friedan

If you’re interested in being a vendor at the Senior Expo, contact us today for more info!

hosted by the 231 South Liberty St., Harrisonburg, Va. • 540-574-6220 • www.DNRonline.com

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Harrisonburg, Va.

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More Parents Are Putting Limits On College Help Retirement Savings, Debt Concerns Weigh On Family Aide Associated Press

Tyler Luker of Plano, Texas, is a high school junior who already knows which college he wants to attend (University of Missouri), how much it costs ($43,300 for out-of-state residents) and how much he can expect his single mother to contribute: nothing.

“That’s protecting my retirement,” said certified financial planner Sharon Luker, 64. “I don’t want to work when I’m 70.”

While most parents plan to help with at least some college expenses, more are coming around to Sharon Luker’s point of view that they shouldn’t sacrifice their own financial well-being to do so, a survey by student lender Sallie Mae found.

“As a parent, you want to do what’s best for your kids,” said Sallie Mae spokesman Rick Castellano. But “parents do want their students to have some skin in the game.”

The 2018 survey of 2,003 parents with children under 18, conducted by pollster Ipsos, found: n More parents say their kids should help pay for their own educations, with 59 percent saying college costs should be a shared responsibility compared to 51 percent in 2016. The proportion saying the burden should be entirely the parents’ dropped to 26 percent from

30 percent. n Sixty-nine percent vowed not to touch their retirement funds for college costs, up from 60 percent in 2016. An improved economy seems to have convinced more parents that they’ll be able to pay for college out of their income and savings, rather than tapping retirement, Castellano said. n Still, more parents were saving for college (56 percent) than their own retirements (54 percent). Ideally, people would be on track with retirement savings before saving for their children’s educations.

As college costs continue to spiral, parents tempted to spend excessively to educate their kids need to think twice. Here’s why: STINTING RETIREMENT SAVINGS IS COSTLY. You can’t get back lost company matches, tax breaks and all-important compounded returns if you don’t contribute.

YOU CAN OVERDOSE ON DEBT. Federal PLUS loans, which can help parents pay for college, don’t require thorough credit checks or proof that you can repay, which means it’s easy to borrow more than you can afford to pay back.

EDUCATION DEBT CAN FOLLOW YOU TO THE GRAVE. It’s difficult to erase education loans in bankruptcy court, and the U.S. government can even take a portion of

your Social Security checks, normally off limits to creditors, if you fail to repay federal loans.

Certified financial planner Monica L. Dwyer of West Chester, Ohio, whose three children attend the University of Cincinnati, was upfront with them about how much help they could expect. Each child had about $25,000 in 529 college savings plans, plus Dwyer and her husband, Sean, pay for food, health insurance, cell service and car insurance if the child lives at home.

“I think that if you give children limits, and explain what they have available to them — they will likely make the right decisions,” she said. “Or maybe I have been lucky.”

The Dwyers refuse to co-sign private loans or take out parental loans. The kids got jobs and federal student loans, which are limited to $5,500 the first year, to help cover tuition and books. Sean Dwyer recently took a post as an academic adviser at the university, so the $11,000 annual tuition is now waived for all three kids and “it is such a huge relief for our family,” Dwyer said.

CFP Martisha Patterson of Nutley, N.J., also put conditions on her college help. If her daughter had attended an in-state public school, she could have lived on campus. Because she opted for City University of New York, where she’s now a sophomore, she commutes the roughly

15 miles from home to offset the higher cost for out-of-state students. Patterson said her daughter also works, seeks scholarships and looks for other ways to help.

“She meets with a college counselor each semester to make sure she is applying to classes that meet the graduation requirements so we don’t waste money,” Patterson said.

And while Sharon Luker won’t contribute financially, she also plans to limit her income during the years when her children will apply for financial aid. That’s important, because need-based financial aid is largely determined by the parents’ income.

Tyler, 16, and his twin sister, Timarie, each have about $60,000 in 529 college savings plans funded by their grandfather and they’re looking for scholarships (Timarie’s already nabbed a $2,500 one from the Girl Scouts).

Timarie is open to taking on “some” student loan debt, but Tyler is convinced he wants to avoid it.

“I just don’t want to be paying stuff off in the future. It just adds more problems,” he said.

This column was provided to The Associated Press by the personal finance website NerdWallet. Liz Weston is a columnist at NerdWallet, a certified financial planner and author of “Your Credit Score.” Email: lweston@nerdwallet.com.

Twitter: @lizweston.

Harrisonburg, Va.

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There’s Always A Next Recession, So Be Prepared quired monthly payment, and you can’t get that money back if you need cash in an emergency.

Although being debt-free is a good goal, in a recession it can be more important to have financial flexibility.

Associated Press

Recessions are like natural disasters: They’re inevitable, but smart preparation may reduce the impact on you.

The U.S. economy has grown steadily since emerging from the “Great Recession” in June 2009, but expansions can’t continue forever, and this one is already the second-longest on record.

Only the expansion from March 1991 to March 2001 lasted longer.

Recessions occur when growth stops and the economy starts to shrink. They vary in severity and length, but often jobs disappear, incomes decline and lenders make it harder to qualify for credit.

Knowing what may be coming can help you fortify your finances to withstand a possible slowdown. Here are some steps to consider.

Update Your Investments

Reduce Your ‘Must Haves’

The 50/30/20 budget suggests limiting your must-have expenses to 50 percent of your after-tax income, with 30 percent allocated to wants and 20 percent to debt payment and savings. Must-haves include shelter, transportation, food, utilities, insurance, and minimum loan payments.

Limiting essential expenses ensures you have room to pay off the past, save for the future and have a little fun. Capping them also helps during bad economic times, when you may need to sharply reduce your spending because of job loss or reduced hours.

card accounts and make new loans harder to get.

People with good credit scores tend to fare better when lenders get choosy. Lenders need to stay in business, after all, so when delinquencies and defaults rise they want to cultivate customers who are most likely to pay them back.

Because high scores suggest you’ll pay as agreed, protecting your scores is essential. That means paying all your bills on time, using only a small amount Protect Your Credit Scores Lenders often get pickier of your credit limits, keeping old during recessions. They may credit card accounts open and freeze lines of credit, close credit being selective about opening

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new accounts.

Increase Financial Flexibility

Ideally, everyone would have an emergency fund equal to at least three months’ worth of expenses. But most people don’t have nearly that much saved, and building up such a stash can take years.

In the meantime, it’s smart to set up access to additional credit that you can tap if you lose your job or face other financial setbacks. If you own your home, you may be able to set up a home equity line of credit or replace your current line with one that has a

higher limit. Having a few credit cards can help as well.

The key to the strategy is to keep these lines open and unused. (You’ll need to make a few small charges to keep the credit cards active, but you should pay the balances in full each month.)

If you have credit card debt, focus on paying that down since you’ll free up available credit and save money on interest.

But don’t rush to pay off student loans or mortgages, especially if you have higher-rate debt or a paltry emergency fund.

Your extra principal payments typically won’t reduce your re-

If your stock market investments include money you’ll need in the next five years, now is the time to move it to a lower-risk investment such as a short-term bond fund or cash.

You should be able to leave any stock market investments alone for at least five years and preferably 10, so your portfolio has time to recover from downturns.

Now is also a good time to rebalance your portfolio to your target mix of stocks, bonds and cash. The long bull market means that you may have too much money in stocks, which leaves you more vulnerable to drops. If you’re not in the habit of rebalancing at least once a year, consider using a target-date retirement fund, a lifestyle fund or a robo-advisor, which all take care of that chore automatically.

There won’t be tax consequences for these moves if you’re investing inside a tax-deferred account, such as an IRA or 401(k). Before making moves in a taxable account, consult a tax pro.

All of these steps make sense regardless of what happens with the economy. Taking them now can help you better handle whatever comes next.

This column was provided to The Associated Press by the personal finance website NerdWallet.

Liz Weston is a columnist at NerdWallet, a certified financial planner and author of “Your Credit Score.” Email: lweston@nerdwallet.com. Twitter: @lizweston.

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Wednesday, January 30, 2019

Business Leaders Weigh In On Tolls

By IAN MUNRO

Daily News-Record

HARRISONBURG — Valley business leaders are watching as lawmakers deliberate legislation that promises to generate $2.2 billion for improvements to Interstate 81.

A key component includes adding tolls along the length of the 325-mile route the highway travels through Virginia to help pay for the plan.

On Jan. 8, Democratic Gov. Ralph Northam announced the draft legislation that is being carried by state Sens.

Mark Obenshain, R-Rockingham, and Bill Carrico, R-Grayson, and Dels. Steve Landes, R-Weyers Cave, and Terry Austin, R-Botetourt.

The announcement came one day before the General Assembly convened for its 2019 session.

The CTB recommends improvements ranging from widening the interstate in certain locations, including Harrisonburg, to adding truck-climbing lanes.

While toll fees were preliminary, the draft plan calls for allowing the drivers of cars and small trucks to buy an annual pass. The funding generated could only be used for projects in the I-81 corridor as outlined in the CTB plan.

Brian Shull, Harrisonburg’s economic development director, said more information is needed about the proposal, but any movement toward fixing the interstate is welcome.

“We’ll be closely watching

See TOLLS, Page 15

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Central Valley Area Home Sales

FROM PAGE 14

their deliberations and see if they can come up with a financing plan,” Shull said. “I’m going to wait and see at this point.”

Shull said he will not be the only one monitoring the proposal as it goes through the legislative process.

“There are going to be a lot of voices weighing in,” he said.

One of those voices belongs to Dale Bennett, the president of the Virginia Trucking Association, who opposes tolls.

“The trucking industry is willing to pay its fair share and we are willing to support an increase in the diesel prices to meet revenue,” Bennett said.

A regional sales tax increase is another option identified in the CTB’s yearlong study.

One problem with tolls, Bennett said, is that truck drivers would use secondary highways to avoid paying them, leading to problems on those roads.

“It’s what, unfortunately, independent and small trucking companies will have to do because they cannot absorb the cost [of the tolls],” he said.

Alan Caviness, director of safety and risk management for Houff Transfer in Weyers Cave, is also opposed to tolls.

“The best way to please everybody I don’t know,” he said.

Harrisonburg Rockingham Shenandoah* Page* Augusta*†

Unemployment November 2018

Median Price December 2018

December 2017

Percent Change

$214,000 $197,000 $182,200 $166,500 $212,950

$216,875 $205,000 $184,00 $191,750 n/a

-1.33% -3.90% -1.46% -13.17% n/a

Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

October 2018 November 2017

3.2% 2.3% 2.6% 3.3% 2.4% 2.6% 2.8%

3.1% 2.4% 2.8% 3.1% 2.5% 2.7% 3.0%

4.2% 3.0% 3.3% 4.4% 3.1% 3.3% 3.8%

Source: Virginia Employment Commission

Labor Force

Days On Market Harrisonburg Rockingham Shenandoah* Page* Augusta*†

December 2018

December 2017

Percent Change

30 33 94 116 44

25 34 114 316 n/a

20.00% -2.94% -17.54% -63.29% n/a

November 2018

Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

24,931 41,938 21,457 11,763 37,564 12,001 10,367

October 2018 November 2017

24,940 41,750 21,515 11,816 37,543 12,052 10,434

24,731 40,959 20,880 11,518 36,672 11,823 10,259

Source: Virginia Employment Commission

Contact Ian Munro at 574-6278 or imunro@dnronline.com

Units Sold Harrisonburg Rockingham Shenandoah Page Augusta*†

CLASSIFIEDS GET RESULTS

CALL 574-6210

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Local Ledger

Bennett: Trucking Industry Ready To Pay Share Tolls

Wednesday, January 30, 2019

December 2018

December 2017

Percent Change

35 65 40 12 96

36 67 53 12 n/a

-2.78% -2.99% -24.53% 0.00% n/a

Combined figures for Augusta, Staunton and Waynesboro.

†

*Average sales price, days on market.

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence; Greater Augusta Association of Realtors

Retail Sales (in millions) Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

November 2018

November 2017

$116.8 $63.9 $43.1 $17.2 $50.4 $36.8 $47.1

$113.5 $58.4 $40 $15.9 $47.7 $32.5 $46.5

Source: Weldon Cooper Center for Economic and Policy Studies

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Harrisonburg, Va.