2015
NOV/DEC
Chatter the Chamber
The Member News & Information Resource
Providing Leadership and Opportunity for business
2015 GWCC Board Members
Providing Leadership and Opportunity for business
Officers Donna Urian, Chairman Fischer Cunnane & Associates, Ltd.
Marjorie Wentz, Treasurer Trinity Wealth Management, LLC
Robert Partridge, Chairman- Elect Cutanea Life Sciences
Chris Tolsdorf, Immediate Past Chairman Tolsdorf Oil Lube Express
Marc Ernest, Vice Chairman Franklin Mint Federal Credit Union
Board of Directors
CHAMBER STAFF Mark Yoder President Dave Fairman Director of Membership Bethany Kopp Event & Program Manager Libby Parks Marketing & Communications Manager
Laura Aloisio DARE Dave’s Automotive Repair Service Mary Bigham Town Dish, LLC John J. Cunningham Lamb McErlane PC
Liz Golding Susquehanna Bank
Michelle Patrick West Chester University
Nicole Grebloskie Arthur Hall Insurance
Marisa Powell Pietro’s Prime
Timothy Jefferis Penn Liberty Bank
Donna Saul Donna Saul LLC, Assoc. Business Strategist & Consultant
Quazi Khaled Mars Drinks North America, LLC
David Ehrhart West Chester Area School District
Jeannie McGinn Fulton Bank
Debi Friedmann Blue Dog Printing & Design
Leigh Timberman Infiniti of West Chester
Patrick M. McKenna Gawthrop Greenwood, PC
Thomas Gavin The Chester County Hospital
Greater West Chester Chamber of Commerce 119 North High Street West Chester, PA 19380 tel 610.696.4046 fax 610.696.9110 www.greaterwestchester.com
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The Greater West Chester Chamber of Commerce took every precaution to ensure that all information is correct at the time of publishing. The opinions expressed are those of the author(s) only and should not be considered as representative of the Greater West Chester Chamber of Commerce.
Design6˚ | connections count www.design6degrees.com
Space reservation is due by the 1st of the month prior to publication (i.e. March/April edition-reservation due by Feb. 1, and the ad itself is due Feb. 8).
The Chamber Chatter is a bi-monthly publication with a circulation of 1100. It is free to members of the Chamber. Editorial Content and advertising is limited to Chamber members. Editorial coverage does not imply or indicate Chamber endorsement of members business, product or services.
The Chamber Welcomes New Members BHHS Fox & Roach Realtors / M. Mummert Micheal Mummert 1234 West Chester Pike West Chester, PA 19380 717-418-6248 mike.mummert@foxroach.com mikemummert.com Real Estate
DLI Smith LLC Mr. Lewis Smith P.O. Box 792 West Chester, PA 19381 610-696-1818 lewis@dlismith.com www.dlismith.com Property Management/ Rental
EBCBrown, LLC Ms. Erica Brown 28 North New Street West Chester, PA 19382 215-593-8681 contact@ebcbrown.com www.ebcbrown.com Artist
Grabill Family Dentistry Dr. Laurene Grabill 14 Wilmont Mews West Chester, PA 19382 610-696-3446; Fax 610-692-7457 info@grabillfamilydentistry.com www.GrabillFamilyDentistry.com Dentistry
New York Life Brandon Foley 1124 Isabel Lane West Chester, PA 19380 484-678-4457 Bfoley@ft.newyorklife.com Facebook.com/foleyfinancial Financial Services
Sigal Waters - RE/MAX Professional Realty Sigal Waters 557 West Uwchlan Ave Suite 100 Exton, PA 19341 484-888-4804 sigal.waters@gmail.com www.sigalwaters.com Real Estate
RMS Residential Mortgage Services NMLS#101198 Rose Stancato 211 Welsh Pool Road Suite 100 Exton, PA 19380 484-678-6100; Fax 610-884-6299 rose.stancato@rmsmortgage.com www.rmsmortgage.com/RoseStancato Mortgage Companies
Westtown - Goshen Rotary Club Dr. John Spellman 880 Meadowcroft Road West Chester, PA 19382 610-399-1169; Fax 610-399-3215 jspell1005@aol.com wegorotary.com Not-For-Profit Organization
CHAT AROUND THE CHAMBER Old Soul Décor is proud and excited to be part of this year’s annual Old Fashioned Christmas Parade! As an active member of the community this is my favorite event and time of the year. I love anything vintage and “old fashioned,” and this event makes downtown West Chester shine like a bright star. The buildings are decorated, students and loved ones are home for the Krystal Reinhard Old Soul Décor
holidays and Santa comes to town. As a resident and business owner in the borough, this is the time of year you can’t ignore the energy and charm of our town. It’s the time of year where you are reminded that community and support is what matters most.” Located in the heart of West Chester Pennsylvania, Old Soul Décor opened in August 2015. Founded by designer Krystal Reinhard, Old Soul Décor showcases high end design, vintage furniture, antiques, artworks, Mid Century, Rugs, Lighting, Jewelry and more.
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Thank you to our
Renewing Members in August & September
Our members are the foundation of our organization. To honor them we would like to congratulate and thank those who renewed their membership August & September 2015. Thank you for your ongoing support of the Greater West Chester Chamber of Commerce. Dave Fairman Director of Membership
Members for 20 - 29 years
William H. Bunch Auctioneer & Appraiser
Elmark Signs & Graphics
Kildare’s
ACAC Fitness & Wellness Center
Mars Drinks North America, LLC
Stalnaker Control Systems
Meridian Bank
Robert S. Supplee
Thoughts Embellished Inc.
Westtown Dental Associates Unruh, Turner, Burke & Frees, P.C. West Chester Area Senior Center Model Specialties Co. Deery-Thomas Agency Lorgus Flower Shop Holiday Inn Express Hotel & Suites West Chester Paul W. Britt D.D.S. West Chester Public Library
Jones Termite & Pest Control, Inc. Dave’s Automotive Repair Enterprises, LLC Moonflower Cobblestone Realty High Street Caffe Legacy Wealth Management
10 - 19 years
Susanin, Widman & Brennan, P.C.
Edward Jones Investments / J. Kitchen Chester County Council, Boy Scouts of America Tom Mohr Law Office, P.C. PECO Energy/Exelon Corporation Avilion, Inc. Blue Dog Printing & Design
Chamber Chatter NEWS
Fox Chase Bank
Chamberlain Chiropractic & Wellness
Long & Foster Real Estate, Inc. / T. Walsh
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Fulton Bank
Communication Graphics
ShopRite
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3 - 9 years
Otto’s BMW Rams Head Bar & Grill Avis / Budget Rent-A-Car
1 - 2 years The Alternative Board (TAB) / PA & Ohio Valley Peak Legal Group Lee Smith Architects & Centaur Construction Company
Goshen Beverage Center Artisan Exchange Balance Hair Spa Studio The Desmond Hotel & Conference Center Element Risk Management Friends Association for Care & Protection of Children Resolution Accounting RC Taylor Group The Social Lounge Canterbury Arts Moore Maguire Real Estate Group / Keller Williams TurboQB LLC Partners in Outreach KarMar Realty Group, Inc. Sandler Training The Fence Authority Rothman Institute
www.edwardjones.com
Meeting on your schedule, not ours. Face-to-face meetings. One-on-one relationships. How did Edward Jones become one of the biggest financial services companies in the country? By not acting like one.
Jeff Kitchen, AAMS® .
Financial Advisor
.
105 South High Street West Chester, PA 19382 610-430-1320
Eric S Smith, CFP®, AAMS®
Brad Abel
Financial Advisor
Financial Advisor
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704 West Nields Street, Suite G West Chester, PA 19382 610-436-4101
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105 South High Street West Chester, PA 19382 610-430-1320
MKT-8275-A-AD © 2013 EDWARD JONES. ALL RIGHTS RESERVED.
GOLF MEMBERSHIP WINNERS The Greater West Chester Chamber of Commerce has teamed up with Applecross Country Club to offer renewing members an opportunity to win a Casual Golf Membership at Talamore and Applecross Country Clubs. All current members are eligible to win during the month they renew their membership. The drawings will continue each month through December 2015.
Ms. Carolyn Hope ACAC Fitness & Wellness Center
Ms. Jennifer Heisinger Walker Peak Legal Group
Ms. Michelle Morkun Avilion, Inc.
Mr. Gregory M. Cary PECO Energy/Exelon Corporation
Mrs. Sylvia Britt Paul W. Britt D.D.S.
Mr. Stuart Brooks RC Taylor Group
Mr. Bill Bunch William H. Bunch Auctioneer & Appraiser
Mr. Donnie Moore The Social Lounge
Ms. Laura Aloisio Dave’s Automotive Repair Enterprises, LLC Mr. Jim Crane Goshen Beverage Center Ms. Dara Brosz Mars Drinks North America, LLC
Congratulations to the following businesses who were picked in a lottery drawing of Chamber businesses that renewed their memberships in August and September 2015:
Mr. Martin C. Zeller Model Specialties Co. Tom Mohr Tom Mohr Law Office, P.C. Ms. Lisa Thompson Otto’s BMW
Robert S. Supplee Daniel J. Brennan Susanin, Widman & Brennan, P.C. Mr. Jack Bramley Thoughts Embellished Inc. Ross A. Unruh, Esq. Unruh, Turner, Burke & Frees, P.C. Ms. Victoria E. Dow West Chester Public Library Drs. Diorio, Swintek, Guenthner Westtown Dental Associates
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Questions to Ask Yourself During the Recent Market Volatility Volatile markets are scary. In fact, they can be very scary. None of us, including myself, like it when market volatility picks up. Similarly, none of us, including myself, like it when our account value goes down. However, despite knowing these realities of investing, we still invest. In doing so, we must remember that market volatility, while uncomfortable, is a consistent and expected byproduct of investing. We assume this undesirable side-effect of investing in an attempt to make money over the long term. Remember, investing is all about the long term. Here are few questions you should consider asking yourself.
Do I need the Money Now? If you need the money now, you may not want to be invested in the volatile part of the market. Typically, we invest in the volatile part of the market because we do not need all or a large portion of the money right now or in the foreseeable future. While not needing the money probably gives you little comfort if you see your account value go down, you may be re-assured if you have a higher risk capacity. Your risk capacity means that while you may not like losing money, and you may not want to lose any more, you could have the “capacity” to do so. Your risk capacity means that you may have time to withstand short-term market losses in a guided attempt to reap the benefit of long-term gains. * A special note for retirees. Yes, losing money is not fun, but remember, you could be only withdrawing a small portion of your total asset base. For this reason, may I suggest that you could also answer this question with a “No”? No, I do not need it all now.
Am I Diversified? Diversification could be one of the keys to your portfolio’s success in times of market volatility. Diversification means not having all your eggs in one basket. Diversification means having a little bit of this and a little bit of that. Most commonly, it could take the form of a split of stocks and bonds.
Bonds, more recently, have become the ugly stepchild as the pending threat of rising interest rates continues to stir. Many people are asking whether bonds even belong in a portfolio or not. Personally, I think bonds DO belong in most portfolios. By having bonds in your portfolio, you could potentially dampen the downside loss potential if the stock market heads south.
Have my long-term goals and objectives changed? Good investing and good financial planning are all about setting goals. These goals help guide your decision-making as you progress through your life. Most of these goals are strategic, long-term objectives outlined throughout one’s life. For many investors, it may be unlikely that your long-term goals and objectives have changed over the past few days. If they have changed, it could be that the change in your goals and objectives stems from an unexpected event. It’s probably unlikely that your change in goals and objectives stems from a few days of market volatility.
What Else Should I Consider? When market volatility increases, it’s normal to experience increased anxiety if you see your account values go down. Now, more than ever, is a critically important time to keep your emotions in check. It’s during times like these that you should stay focused on your long-term vision, stay focused on the plan, and stay focused on making decisions that actively and prudently help you reach your goals! Advisory services offered through Capital Analysts or Lincoln Investment, Registered Investment Advisors. Securities offered through Lincoln Investment, Broker Dealer, Member FINRA/SIPC. www.lincolninvestment.com Simone Zajac Wealth Management Group, LLC and the above firms are independent, non-affiliated entities. The views and opinions expressed herein are those of the author(s) noted and may or may not represent the views of Capital Analysts or Lincoln Investment. Past performance is no guarantee of future results. Diversification does not guarantee a profit or protect against a loss. In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities). Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Lower-quality fixed income securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed-income security sold or redeemed prior to maturity may be subject to loss.
Daniel R. Zajac, CFP®, AIF®, CLU® is a partner with Simone Zajac Wealth Management Group. You can learn more about Daniel and read his thoughts on financial planning at www.financeandflipflops.com.
daniel@simonezajac.com | 610.363.1344 | www.simonezajac.com
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By: Daniel R. Zajac
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Advisor. Advocate. Agent.
610-696-2394 | www.arthurhall.com
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Part One: “I Don’t Need Estate Planning, Do I?” Many people have some VERY wrong ideas about estate planning. Not surprisingly, most people get their information from various sources including friends, relatives, TV, articles, even the internet (“I read it on the internet so it must be true…”). While well-intentioned, these sources don’t always get it 100% right. Here are three of the most common misconceptions I hear about estate planning, and my attempt to set the record straight.
“I don’t need to do any estate planning because I’m not wealthy and I own much less than the federal estate tax exemption.” For the vast majority people, estate planning is about protecting the people you love and the property you have – not about minimizing taxes on a massive “estate.” Good planning ensures your assets will go to the people (or charities) you choose with the least amount of delay and cost. Good planning also plans for incapacity so that you and your assets are protected during your lifetime. And if you have children under 18, a solid plan will make sure your children are legally protected and will be supported and raised by the people you want, the way you want, if anything were to happen to you. While estate planning doesn’t need to be overly complicated, it is far too important to ignore, regardless of the size of your financial “estate.”
“I have a Will, so my family will avoid probate when I die.”
By: Jennifer Walker
“I don’t have a Will, so my family will avoid probate when I die.” You may be surprised to learn that if you own assets in your name and you don’t have a Will or other plan in place, the state has one for you. The state’s “intestacy laws” control (via probate) what happens when you die without a Will. Unfortunately, the state’s plan might not be what you would have wanted.
EXAMPLE: If you’re married with children and die without a Will, your spouse and each child will be entitled to a share of your estate. Contrary to popular belief, the surviving
spouse does not automatically receive everything. This could result in a spouse not having enough to live on and, if the children are minors, the court setting up expensive guardianships for their inheritances (often inaccessible to the surviving parent) until they turn 18.
Old or young, rich or poor, married or single, estate planning can give you the peace of mind of knowing you’ve protected yourself and your loved ones from unnecessary worry, complication and cost – no matter what the future may hold.
Probate is the legal process through which the court makes sure that after your death your debts are paid and your assets are distributed according to the instructions in your Will. So rather than avoiding probate, a Will is really a set of instructions to the probate court and only works if there IS a probate. If you’re relying on your Will (as opposed to a Trust or beneficiary designations, for example) to control what happens to your property after you die, your family will have to deal with the probate process.
Jennifer H. Walker is the founder of Peak Legal Group Ltd., an Estate Planning and Probate law firm in West Chester.
610-580-4689 | www.peaklegalgroup.com
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Ring in the Holiday Season with the 2015 Old-Fashioned Christmas Celebration. When: Friday, December 4th From live performances and band competitions to jaw-dropping lights shows and floats, the 36th annual holiday celebration promises fun for the entire family! Main Event Schedule Jingle Elf Run Friday, December 4th 2015 at 6:30pm Register at RunCCRS.com 2015 MARS Drinks Old-Fashioned Christmas Parade presented by QVC Friday, December 4th 2015 at 7:15pm Old-Fashioned Toy Drive November 2nd through December 7th For a list of drop off locations, visit GreaterWestChester.com For A Complete List of Events, visit GreaterWestChester.com
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Old-Fashioned the 2 0 1 5 H o - H o - H o l iday S eason I s U pon U s ! T is the season for the M A R S D rin k s
C h r i s t m a s Pa r a d e
It’s time to ring in the holiday season with the 2015 MARS Drinks Old-Fashioned Christmas Parade presented by QVC. This 36-year West Chester tradition will undoubtedly raise holiday spirits high enough to keep Santa’s sleigh flying high until Christmas Day.
The Old-Fashioned Christmas Celebration, an annual tradition since 1980, returns on Friday, December 4, at 7:15 p.m. Returning as masters of ceremonies are 6abc’s Adam Joseph and QVC’s Carolyn Gracie and Dan Hughes. The parade promises to be a traditional spectacle with exciting modern twists. Local schools, businesses, volunteer fire companies and service organizations will join the many marching bands, floats and antique vehicles that are mainstays of the Old-Fashioned Christmas experience. The Greater West Chester Chamber of Commerce is pleased to welcome back our sponsors of this event. “The Chamber is proud to present the 36th annual MARS Drinks Old-Fashioned Christmas Parade,” says president Mark Yoder. “The sponsors’ continued investment in the parade demonstrates their support of the entire West Chester community.”
Supporting sponsors include: - F ranklin Mint Federal Credit Union - Fred Beans Ford Lincoln Mercury of West Chester - Infiniti of West Chester - Lamb McErlane PC - PECO - Under the Sun Productions
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Univest Wells Fargo Bank WSFS Bank First Resource Bank AAA Mid-Atlantic Hotel Warner West Chester Business Improvement District
Sign Up for the 7th Annual Jingle Elf Run 2 Mile Run, 1 Mile Walk Cash Prizes & More! Friday, December 4 - 6:30pm Downtown West Chester presented by QVC in downtown W e s t C h e s t e r PA . QVC returns as the presenting sponsor and will broadcast live, on-site updates. Highlights will be broadcast periodically on QVC during Christmas Day - so take a break from your Christmas Story marathon and tune in! “One-hundred million homes across the country will have the opportunity to experience the holiday spirit that makes [the event] so special,” says QVC’s vice president of Corporate Communications and Community Affairs.
Register on-line www.runccrs.com Jingle Elf Hats guaranteed to all pre-registrants. All others will receive hats while supplies last. Great holiday prizes to age group winners. Cash to the top 3 male and female in the 2 mile. Great costume awards for the most creative holiday outfits. Cash to the best elf costume!
The Greater West Chester Chamber of Commerce ensures that there is plenty of holiday cheer to go around on parade night. There’s no reason not to make your way to Downtown West Chester on Friday, December 4th! Special Thanks: Parade Producers Todd Marcocci and Amy Walp, Under the Sun Productions Inc.
Media Sponsors include: - 6abc - County Lines Magazine - Daily Local News
- Main Line Today Magazine - Ben FM - Disc Hounds
On-Site Registration at CCRS 24 South High Street M ore I nformation at www . greaterwestchester . com
Additional Sponsors include: - Brandywine Valley Conference and Visitors Bureau
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
November Events Calendar Thursday, November 5
Wednesday, November 11
Fall Business Expo
Coffee Connection
at Church Farm School
Historic Wheelworks Building hosted by
Thursday, November 5 Church Farm School 1001 East Lincoln Highway Exton, Pennsylvania 19341 5:00pm – 7:00pm
Wednesday, November 11
This event is free to attend
239 East Market Street, West Chester 7:45am – 9:00am Free for members | $10 for non-members RSVP is appreciated
Tuesday, November 17
Wednesday, November 18
Business Card Exchange
Membership Luncheon
Bryn Mawr Trust Company
“Economic Update” with Moody’s Analytics
presented by Advisor. Advocate. Agent.
Tuesday, November 17 849 Paoli Pike, West Chester 5:30pm – 7:30pm Free for members | $10 for non-members RSVP is appreciated
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Wednesday, November 18 West Chester Golf & Country Club 111 West Ashbridge Street, West Chester 11:45am – 1:00pm | www.arthurhall.com 610-696-2394 | $25 for members $35 for non-members RSVP is required
December Events Calendar
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Wednesday, December 2
Friday, December 4
Business Card Exchange
Mars Drinks Old Fashioned Christmas Parade
Wells Fargo Bank
presented by QVC
Wednesday, December 2 17 North High Street, West Chester 5:30pm – 7:30pm Free for members | $10 for non-members RSVP is appreciated
Friday, December 4 Downtown West Chester 7:15pm See pages 9 for details
Thursday, December 10
TUesday, December 22
Toy Drive Breakfast
Coffee Connection
at St. Agnes School
Safe Harbor of Chester County
presented by
Thursday, December 10 211 West Gay Street, West Chester 7:45am – 9:00am In lieu of payment please bring an unwrapped gift.
Tuesday, December 22 20 North Matlack Street, West Chester 7:45am – 9:00am Free for members | $10 for non-members RSVP is appreciated
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Running a business is better without fees. Just a $1,500 minimum daily balance to avoid a monthly maintenance fee.
Stop by one of our convenient locations, visit us at tdbank.com/smallbusiness or call 1-888-751-9000.
TD Bank, N.A.
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370617.2-LM-S-NJ15-QB24434_ChamberCommerce_GrWestChester_3.625x4.75_BW.indd 1
6/4/15 1:03 PM
Remember The Monsters Under The Bed? You know what I mean; you remember, maybe yours was in the closet... but you remember. Luckily we’ve grown up. No more monsters; right? We’re grownups now; right? We get up, we get dressed, coffee maybe... how grown up. Off to work, like a grownup. We sit at our desks, turn on our computers and give no thought to the monsters. For many of us though, the monsters are all too real. If your office is at the end of the long hallway or all those other grownups work for you, you’d best remember the monsters. They are not under the bed or in the closet, they are out there; make no mistake, they’re out there and they are very, very real. We live in a world in which the threat of attack is all too real. Phishing, data breach, ransom-ware, the list is long. That is what we are here to talk about today. Almost daily we hear news of a breach. We’re almost desensitized; unless, you’re one of the victims. Statistics indicate that 44% of small-businesses report having fallen prey to an attack. The cost to a business of an attack is said to be $8,700 on average to mitigate, no small matter. As the responsible parties, we are entrusted with the assets, the data, of our company or institution and that of the clients and individuals we serve. Unguarded and unchecked an organization’s files and folders can be corrupted or stolen, by means as veiled as they are sinister. You cannot defend against the monsters by hiding under the covers; you must turn on the lights and look in the closet, or under the bed.
By: Paul Dolnick
There are ways to guard against the monsters; spam filters, antivirus software, strong firewalls, intrusion prevention, zero-day malware detection, data loss/leak protection, encryption and two-factor authentication. Sound extensive? It is. Although you likely don’t need all of these, you probably have some of them already. The question is, which of those that you don’t have, should you? Furthermore, what do they cost and what could be the cost if you don’t? These are good questions and I suggest that you ask them. At this time, I’ll address the last question, albeit not with a quantified number; the ceiling has not yet been set. Recent changes have occurred to make the cost potentially staggering. The Justice Department ruled that a company can be sued for punitive damages in the event of a data breach. Additionally, response lately to some breaches has seen the termination of “C”-level personnel. The inherent cost is no longer limited to loss-of-public-trust; as if that weren’t enough. Now the price to the company victimized can be financially significant and the toll to key-executives can be their positions.
It is no longer safe to turn away and hope to make it through unscathed. You must take action to fend off the monsters, you’re a grown up now.
Paul Dolnick is the Director of Sales and Marketing at Computer Systems Resource, Inc. The West Chester based company is offering clients network installation, administration, multiple platform integration and disaster preparedness with prompt consistent service.
610.430.3308 | csri-qt.com
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Me mbe r Spotlight If you live or work in the West Chester community, you need no convincing of the area’s greatness...which often makes giving back that much easier. For one special Chamber member, serving West Chester has been second-nature…for the past fifty years. Hugh J. Purnell, Jr., a longtime GWCC member and active WC citizen, has displayed his commitment to the West Chester region since 1966. Hugh’s trademark involvement with the Chamber dates back over twenty years ago, when he began volunteering in the Antique Car segment of West Chester’s Old-Fashioned Christmas Parade (where you’ll find him this December 4th!). His passion for antique vehicles also carries over to his participation in Chester County Antique Car Club, an organization Hugh joined in 1994 and to the Delaware Valley Oldsmobile Club. Automobiles are just one of Hugh’s many passions he turned into acts of giving. Since 1959, Hugh has been a member of the Good Will Fire Company, where he was former Captain, Chief Engineer, Lieutenant, Vice President, and Lt. of Fire Police. He is a life member of First West Chester Fire Co.
Hugh J. Purnell, Jr. purnellcpa@aol.com 610-692-3845
It doesn’t stop there; Hugh’s also been involved in other Fire organizations like Lionville Fire Company and the Chester County Fire School. He also serves on several Non-Profit corporations’ Boards of Directors, usually as treasurer. Impressed? We are, too. There’s no question Hugh is one of West Chester’s most special citizens, and his resume certainly proves it. Hugh exemplifies how individuals can turn passions and career skills into avenues for community service and giving. When Hugh isn’t tied up volunteering or teaching, he works as a private CPA in West Chester, PA. Accounting wasn’t spared by Hugh’s involvement, either. Hugh has been a member of multiple accounting associations since 1965, one of which he was a founding member.
The career and volunteer history of Hugh J. Purnell, Jr. is something to be admired by local citizens of all ages. His humble nature of giving has subsequently served our community for decades. Hugh’s history of service is a legacy that younger generations should strive to continue. The Greater West Chester Chamber of Commerce applauds Hugh on his ongoing dedication to our beloved community. Considering his resume listing of over 40 organizations, we suggest you introduce yourself to Hugh Purnell at an upcoming Chamber event. Who knows, he may just share exactly how he did it all!
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DARE_ad_chamber_011714.pdf
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Family Owned Since 1976
Open Evenings and Saturdays Daily, weekly, monthly Free Local Pickup and Delivery C
610-696-4700
mbromley@fredbeans.com
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Auto Rent is part of the Fred Beans Family of Dealerships which is a respected part of our community
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CM
MY
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CMY
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610-696-7153
dareauto.com
Our Services Include: PA State & Emissions Inspection • Heating & Air Conditioning • Brakes & Tune-Ups Alignments • Oil, Lube & Filter Changes • Preventative Maintenance • Tire Services Foreign & Domestic Cars • Same Day Service Local Shuttle Service • Belts & Hoses
301 S. Bolmar Street, West Chester, PA 19382 8:30-5:30 Monday-Friday • 8:30-4:00 Saturday
GWCC’s EITC Program It’s easy for your business to participate!
EITC contributions enable the Chamber to distribute your company’s donation to a growing list of Chamber member schools in the greater West Chester area and give your company generous tax credits. EITC scholarships directly benefit students in need of financial assistance. Invest in your community!
Please contact the Chamber office for more information.
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By: Charles Mann
In Pursuit of Tax-Free Opportunities: Roth IRAs Roth IRAs are tax-advantaged accounts that can hold many different types of assets and investments. Unlike Traditional IRAs, which offer pre-tax contributions and tax-deferred growth potential, Roth IRAs have taxable contributions with tax-free growth potential. Distributions are tax-free, too, as long as the investor is age 59½ or older and has owned the IRA for at least five years. As an added bonus, there is no minimum distribution requirement for Roth IRAs, so the money has the potential to grow and compound tax-free for decades.
Earn too much to contribute to a Roth? If you expect to be in the same or a higher income tax bracket during retirement, a Roth IRA may be a particularly attractive option. However, not everyone can make contributions to one. Roth IRAs have income limitations. For the 2015 tax year:
Single individuals, heads of households, or married couples (filing separately) who earn $116,000 up to $131,000 can contribute a reduced amount to a Roth IRA. If they earn more than $131,000, they are not eligible to contribute to a Roth IRA. Married couples, filing jointly, or qualifying widow(er) who earn $183,000 up to $193,000 can contribute a reduced amount to a Roth IRA. If they earn more than $193,000, they are not eligible to contribute to a Roth IRA.
While income determines whether a person can contribute to a Roth IRA, it has no bearing on Roth ownership. As a result, anyone of any income level can have a Roth IRA. And, because of that, there are ways for high-income earners to reap the benefits of Roth IRAs without making contributions directly.
Rollovers to Roth IRAs In 2010, the income limits that prevented high earners from rolling assets out of Traditional IRAs and into Roth IRAs were removed. As a result, Americans can make contributions to Traditional IRAs and then rollover those assets into Roth IRAs. When this happens, the taxpayer will owe taxes on the amount of the rollover. For 2015, taxpayers can contribute up to a maximum of $5,500 to IRAs. If you are age 50 or older, you can contribute up to $6,500 for the year.
Contribute to a Roth 401(k), 403(b), or 457(b) plan Some companies and organizations allow participants in 401(k), 403(b), or 457(b) plans to make contributions to designated Roth accounts. The contributions are taxable, but any earnings grow tax-free and distributions are tax-free as long as certain requirements are met. A key difference between designated Roth accounts and Roth IRAs is required minimum distributions must be taken from Roth plan accounts at age 70½. While it is permissible to divide your annual plan contribution between designated Roth 401(k) contributions and traditional pre-tax 401(k) contributions, the total contribution amount cannot exceed $18,000 for 2015. If you are age 50 or older, you may be able to contribute an additional $6,000 to an employer’s plan this year. If you’re passionate about taxes and would prefer to have tax-free income during retirement, ask your financial advisor about Roth strategies and how they may benefit you. Trinity Wealth Management, LLC is a Registered Investment Adviser. This article is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Trinity Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Trinity Wealth Management, LLC unless a client service agreement is in place.
J. Charles Mann, CFP®, CRPC® has been developing and implementing wealth management strategies for over fifteen years. He is the President of Trinity Wealth Management, LLC, a Registered Investment Adviser located in Berwyn, Pennsylvania.
610.296.2020 | www.trinity-wealth.com
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