CMYK
Excellence
February 4, 2009 Week three Section one Six Pages N ewspapers
A
business and economic forecast.
All news local New look, features at cnylink.com By Joe Martell
Getting local, community-level news online has always been a difficult task. Sure, you can find all the latest news about Syracuse, but if you live in Baldwinsville or Canastota? Welcome to the world of cnylink.com, your link to Central New York communities. If you have visited us before and have not been in awhile, let’s take a look at how much delivering your community news has changed. Upon visiting cnylink.com, you can instantly see local, neighborhood news displayed like never before. The homepage is your portal to news culled from all 14 of our weekly newspapers. Our top story is a way for us to break news that is important to you, not just the latest homicide. If you would rather view news and sports specific to your community, look to the right hand side of the screen. Here you will find a listing of all 14 Eagle weekly newspapers. You are now one click away to news tailored to your local print publication. Behind these links are homepages that your editors have filled with pertinent local news and sports. This is neighborhood level news like no one else can deliver you online. Going back to the homepage, let’s look at some other fresh additions. Just below our top story, there is a random activity box bringing you an upcoming event from a deep calendar of family fun activities.
To the right, you will see our most recent photo gallery and podcast. Wait, what’s a podcast? Think of a podcast as an internet radio show, but not live. There are many different ways to enjoy a podcast. You can simply hit the play Joe Martell is director of button and listen to it stream new media at Eagle News- right from the homepage, papers. He can be reached you can download it and at jmartell@cnylink.com listen to it through your computer’s media player, or you can download it to your MP3 player and listen to the show while you are on the go. Our weekly podcast entitled “What’s News?” focuses on the events that are happening in your neighborhood. Eagle Newspapers Executive Editor Gary Catt and Managing Editor Jennifer Wing host the show and are joined by one or more editors from our communities. If you have never listened to a podcast before, this is a great, easy way to start! You can do almost anything on the web right from our homepage. Scrolling down the page you will find more news and sports from Eagle as well as News10now.com and state coverage from TimesUnion. com out of Albany. Did you know you can also check the lowest gas prices from cnylink.com? Just click on the gas pump.
What else have you been missing? Look through our top menu bar. It serves up a host of different ways to get the most out of cnylink. com. Our multimedia section is home to all of our past podcasts, photo galleries and videos. Looking to buy or sell? Stop by the classifieds section. Losing a friend or a love one is hard enough without having to pay for an obituary. Eagle Newspapers offers something no one else does - free obituaries in print and online. Searchable, archived and free, just the way they should be. Blogs:The new opinion article The Internet has changed tremendously in the past five years. Blogs can be said to be catalyst for the change.
So what is a blog? According to merriam-webster’s online dictionary: “\`blog, `bläg\ , short for Weblog, : a Web site that contains an online personal journal with reflections, comments and often hyperlinks provided by the writer.” Blogs have given people young and old a voice to the world. Anyone can have a blog on myspace. See Cnylink.com on page 5
Portfolio down? Tips to start rebuilding what you’ve lost overall economy.
By Jennifer Wing
Luther Conant, of Conant-Jones Financial Services, recently answered questions about investing in the current economic climate and the financial outlook for the U.S. in the future.
Q: What are your thoughts on the federal bailout program?
Luther Conant on investing now:
“If you are just waiting for the market to recover, you won’t know when it has come back until six months after,
and you will have missed it.”
A: It’s been my experience that you don’t solve a problem by throwing money at it. Businesses thrive and fail – that is the essence of a free enterprise society. I’m a little concerned about the bailout of the banking and automobile industry because most businesses fail through bad management, so why should the government reward bad management with money? Attrition in business is good. Strong, well-run businesses will survive, somewhat akin to how every fall, hunting season helps keep the deer population in check. Banks, starting about 10 years ago, created a feeding frenzy, where mortgages were given to people who couldn’t afford them, so on the one hand, it is the banks’ fault, because they shouldn’t have approved them. On the other hand, it is the homebuyer’s fault, because common sense should tell them what they can or cannot afford.
Q: So what should be done to fix the problem?
A: I think existing loans should be rewritten. One option would be to extend the life of the loan. Instead of a 30-year mortgage, rewrite to a 50-year, thereby creating a lower monthly payment and have a balloon payment due in 20 or so years. This keeps people in their homes. It doesn’t make sense to give the money to the banks. We need it, not the banks. Similarly, with the auto industry, there needs to be an incentive for you and I to buy American autos. Why are they in trouble? Because they haven’t sold cars. But if a reason is created to buy a car, such as giving the buyer a 20 percent refund check for every American car bought, not only will cars be sold, but consumers will have money to spend, which is good for the
in fixed annuities and some that are all about stocks. It depends upon what each person wants for his or herself.
Q:Speaking of the economy, with current market conditions, is now the time to start Q: How should the new investor get started on diversifying their portfolio? buying stocks again, or should investors A: There are six major investment asset classes: large, medium wait to see if the market turns? and small cap growth and large, medium and small cap value. A: The age-old question is how low is low. The bottom line is the stock mark will recover - it always has – it’s just a case of whether the investor has the time to wait for their investment to mature and grow. Investors today need to have at least a five-year time horizon. If you don’t have the time and can’t take the risk, then don’t invest. If you are in the market, you should stay, and this is a good time to start ratcheting in, a little at a time.
Q: In a time when many 401k plans are losing money, should the workforce look elsewhere to invest their hard-earned dollars?
A:If someone is in a 401k plan, then I assume they are employed and working, and these people should increase their contributions because everything’s on sale - all mutual funds are on sale at 30 to 50 percent off right now.
Q: How about IRAs?
A: IRAs are good to have and are generally available to those who are not covered by a retirement plan and are eligible based on income. Before purchasing an IRA, an individual should speak to an accountant about eligibility.
Q: Should seniors look into purchasing bonds?
A: As a senior myself, I can relate. Bonds are excellent for income and stocks are excellent for growth. Most seniors are probably looking at income, but need to remember that bonds are subject to market volatility and therefore can go up and down in value. For a lot of my retired clients, we’ve used guaranteed fixed annuities with a guarantee of principal and a guarantee of interest. Everyone sleeps at night. The needs vary by client, however. I’ve got clients in their 70s
Someone who wants to have diversity in their portfolio should have a little money in all six. They should always meet with a financial advisor before getting started.
Q:What is the future looking like for investors?
A: I think the future is bright, I do believe it’s going to get brighter, but we’re entering a period where we’re in the middle of the night. It’s going to take time to get the economy rolling again. If you’ve got five or 10 years to wait for returns, I would invest now. If you are just waiting for the market to recover, you won’t know when it has come back until six months after, and you will have missed it. The market could go up 500 points today, and be down 300 tomorrow. It is the long term that will determine value. If you are an investor, you want to have some money in the market now.
Q: What do you see for the future of the U.S. with a new president?
A: President Obama has some good ideas. His mind is on the right track, but it’s going to be a case of whether he can pull it off, as he is somewhat inexperienced. When President Bush was in charge, the ship was taking on water. I just hope President Obama doesn’t put more holes in it. Only time will tell. We need change, but I don’t think anyone knows how much. I just hope the Democrats and Republicans don’t get into huge fights over his agenda so that we can move forward. Luther Conant is President of Conant Jones Financial Services Inc. Securites offered through Leigh Baldwin & Co. Member FINRA & SIPC - Accounts carried by: National Financial Services, LLC.
CHuck Wainwright
Examples of the sketches done by Faye Robbins by hand, many of which are used for her tattoos.
SUNYIT
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Seneca Federal Savings and Loan Association revealed its new
and its campus
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with four
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See
page
6
See
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: Michel Tax Service......... 2 Seneca Federal................. 2 Key Bank............................ 2 Mackenzie Hughes......... 3 Oneida Savings Bank..... 3 The Miller Agency......... 4 Leave-A-Legacy................. 4 ESM-NS Credit Union................................. 5 SUNYIT............................. 6
Excellence - Money Matters/For Your Future/Get Connected - Excellence
/Excellence, February 4, 2009
Seneca Federal: New logo, same excellent service
Excellence A
business and economic forecast.
is a supplement to:
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Christopher Demong, president-CEO of Seneca Federal Savings and Loan Association is very emphatic about what the bank doesn’t have. “Seneca Federal Savings and Loan Association does not have any subprime mortgage loans. Demong said, “We do not have any securities backed by subprime mortgage loans or similar assets of doubtful value. We do not have any real estate owned as a result of foreclosure. We do not have losses from our operations in 2008.” He’s also very emphatic about what the bank does have. “Seneca Federal does have a mortgage loan portfolio with almost no past due loans representing not only 54 percent of our assets but also representing a belief in Central New York and prudent, conservative, consistent underwriting practices. We do have continued strong earnings, and we do have strong regulatory capital of approximately $11.9 million equal to 8.68 percent of our assets.” Demong sums up the “don’t haves” and “do haves” by stating, “More than anything else, Seneca Federal does have a belief in the ethical operation of financial institutions, where greed, the perception of unaccountable financial decision-making and the exploitation of individuals and the government are unacceptable practices.” Obviously, he’s annoyed by the current turn of events in the banking community. Demong continued, “As a result of these unacceptable practices which have recently become the norm for those ‘too big to fail’, we find a government bailout which has
dwarfed any in history. Why would large financial institutions reluctant to originate mortgage loans because of their inherent interest rate risk given long maturities, decide to invest in securities backed by not only mortgage loans, but mortgage loans of questionable value at best?” He concluded “That question is best answered by financial system analysts who can best explain why and how credit risk became the hallmark of these products.” He said he believes the origination of mortgage loans to foster home ownership and all of its associated economic benefits is best left to community banks such as Seneca Federal, which have the ability to manage interest rate risk and credit risk. Demong said, “In 2008 Seneca Federal’s assets grew by $6.5 million, and the bank introduced of an upgrade to identity theft protection systems for its members. This comprehensive program mandated by the Federal Government has resulted in the establishment of 29 ‘Red Flags’ signaling potential identity theft of our members, and very specific tactical responses have been developed to mitigate loss to the Association and our members.” He explained that it involves every perceived, potential threat including but not limited to threats posed by returned mail, requests for address changes, and requests for debit card replacement.” Demong said the bank’s members continue to enjoy the benefits of online banking and trust Financial Quest which has marketed a variety of
Seneca Federal has unveiled its new logo. Seneca employees, from left, are Katrina Russo, vice president, Penny VanAuken, vice president,Tammy Purcell, vice president and Janice MacDonald, vice president secretary.
nontraditional products to its clientele, providing investment options that maximize return without FDIC insurance. Demong said, “We just released our new logo in 2009 reflecting the foundation and beliefs upon which Seneca Federal was established in 1928.” The stylized “S” represents Seneca Federal, the Seneca River which flows through Baldwinsville, NY where the Association was founded, and the stylized “S” extending beyond its boundaries in the logo represents the personal, professional Service which similarly extends beyond the boundaries of most banks. “This ties together our beliefs, community commitment and intention to be here as an independent bank for a long time to come,” he said.
Michel Tax Service offers year-round financial planning and accounting services Find helpful financial information at micheltaxservice.com
Highly skilled, professional, and exceptionally friendly staff, combined with fair honest preparation fees are what sets Michel Tax Service in downtown Baldwinsville far above any other tax preparation service anywhere, according to Dan Michel the owner of the firm. “Our preparers are knowledgeable, full-time preparers who are skilled in all areas of accounting and tax preparation, who strive to insure that each client receives the best possible return that he or she is entitled to,” said Michel. “Combine this with the fact that our pricing structure continues to be about half of the ‘seasonal’ mall type operations with seasonal staff and it’s no wonder that
Michel Tax Service is by far the largest tax preparation service in Central New York.” “Our firm prepares, on average about 55 returns per day during tax season,” said office manager and tax preparer Julie Wollaber. “No other firm that we are aware of comes close to those numbers.” Central to the continued growth of the firm year after year is the fast, friendly dedicated staff, and the word-of-mouth referrals that their thousands of satisfied clients offer. “Loyal satisfied customers are happy to recommend our services to their friends and family,” said Wollaber. Michel Tax Service also offers year-round payroll and accounting services, along with financial and retirement planning. Michel has been a registered representative, and independent broker, for the past 20
years and specializes in retirement preparers were honored in 2005. planning services. Call 635-6293 or 635-5071 for Beginning its 54th year of op- more information, to drop off your eration, Michel’s father-in-law, tax information, or to set up an David Forst founded the firm in appointment to meet with your 1955. Since then the company has preparer. grown from a one- person part-time Michel Tax Service is at 32 Oswego operation to a full-service financial St. in the center of the village of Baldplanning and accounting firm, winsville. Call or visit soon for all your employing four full-time preparers, accounting, financial or retirement and a total staff of 13. Last year the planning needs. firm served over 3,500 personal and Visit micheltaxservice.com for business clients. helpful information including online In 2005, the staff of Michel Tax tax preparation assistance and imporand Accounting Service was rec- tant links to accounting services. ognized by the IRS for excellence in electronic filing. In total, 18 tax preparation services throughout the By Michael S. McMahon, Senior Vice US were recognized, six in each size President, KeyBank N.A. category. By filing more than 2,500 returns In today’s America, disposable electronically, Michel Tax Service income is in short supply. Spare cash. qualified in the “large business” category. No other New York State tax Who has it? Savings? Most people are just trying to make ends meet. Still, even with a survive today mindset, many people are concerned about their long-term financial future. They wonder if they’ll be able to meet the demand of an unexpected expense or have enough saved to put their kids through college or to comfortably retire. Most want to do something about it. They just don’t have enough money…so they think. The truth is, most of us have more money than we realize. We just fail to take a close look at how we spend it. Or we look at what we spend and
Even with a little money, you can invest in your future
When turbulence and uncertainty surround us, we look to those who have proven themselves over time.
In 1825, we began providing sound advice focused on our clients’ long term success. Today we remain a stable, well-capitalized, and proven leader, invested in the communities we serve. To our clients, old and new, thank you for your business. We stand strong, ready to serve you.
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conclude that cutting other ideas for investing out some of life’s little in your future on a tight indulgences—gourmet budget. Erase your debt coffee, beefed up cable Do you consider packages, magazine credit card payments subscriptions, dining an investment? Chances out—won’t make much are, you don’t. However, of a difference when most credit card debt it comes to the big carries an interest rate picture. Well, it does. Michael S. McMahon is If you don’t believe me, senior vice president of Key- that is higher than the start saving $25 a week. Bank’s Retail Banking divi- rate of return on any inThat’s dinner out for sion in Central New York. vestment you can make. one person. At the end He can be reached at 315- In fact, investing money of the year, without 470-5294 or Mike_S_Mc- while you’re carrying debt could actually cost accounting for interest Mahon@KeyBank.com. you money in the long you will receive, your term. For example, the traditional account will be $1,300 richer. Sure, the return on your invest- rate of return on long-term equity ment isn’t great, but it’s a start, and investments is between 11 and 12 starting is what’s important. Here are percent. If you have a credit card with an interest rate above 11 percent, INDUSTRIAL REAL ESTATE whatever gains you make from your investments will be cancelled out by RADISSON CORPORATE PARK the interest you pay on your credit Type: Industrial Land Location: Radisson Corporate Park card. So sometimes, the best investBaldwinsville ment you can make with your money Size: 300 acres to subdivide is to pay off your high-interest rate Price: $15,000 - $40,000 debt as quickly as possible. depending on size and location Not all debt is bad debt, though. Radisson Development Office (315) 638-0271 Mortgages, student loans, and other www.radisssoncommunity.com debt which may be tax deductible qhubbard@empire.state.ny.us See Key Bank on page 3
Moody’s Investors Service “A1” rated* Standard and Poor’s “A” rated* Fitch Ratings “A+” rated*
Visit key.com/strong
East Syracuse Office 7200 Kirkville Road East Syracuse, NY 13057 315-656-8220 (Phone) 315-656-9389 (Fax)
North Syracuse Office © 2009 KeyCorp Key.com is a federally registered service mark of KeyCorp. KeyBank is Member FDIC *KeyBank National Association has received the following long-term deposit ratings: Standard & Poor’s (A) Moody’s Investors Service (A1) and Fitch Ratings (A+). Source: Rating Agency Reports (as of September 29, 2008).
Left to right: Donna Giacini,Terri Beckwith, Dan Michel, Julie Wollaber and Marsha Plucinik
651 Centerville Place North Syracuse, NY 13212 315-458-0439 (Phone) 315-452-1061 (Fax)
Celebr at ing of Ser 50 Years vice
Focused on people — not profits
Excellence - Money Matters/For Your Future/Get Connected - Excellence
Excellence, February 4, 2009/
Estate planning during turbulent times Over 142 years of strength and experience By Ami Setright Longstreet
The rise in the federal estate tax exemption equivalent to $3.5 million per person in 2009 is welcome news for those individuals with very high net worth. (The New York state estate tax exemption equivalent is frozen at $1 million.) This change has no impact on those individuals whose net worth is under $3.5 million (or $7 million for a married couple). These individuals have deeper concerns. The performance of the stock market and the real estate market over the past few months has undoubtedly affected most people, and has caused many individuals to legitimately worry as to whether they will have any assets remaining to pass on to their children, or worse yet, sufficient assets to last through their own lifetimes. This is not the time to stop planning for the future. There are many important steps that should be taken by all individuals to ensure that their hard earned assets are protected for themselves and for future generations. The form of ownership that your assets take has an impact upon their treatment at your passing. For example, if all of your assets are all titled in a revocable trust, then your will will not have to be probated. The revocable trust will not affect the imposition of federal or New York State estate taxes, if applicable. Additionally, the assets in the revocable trust will not be protected in the event of a catastrophic illness causing a long-term nursing home stay. Having the appropriate beneficiaries designated on a retirement plan is also very important. If, for example, no beneficiary is named, or the beneficiary is your estate, this can create undesirable income tax consequences, because the estate (and consequently the beneficiaries of the estate) is required to pay income tax on
the entire retirement account over a short period of time. If instead, for e x a mp l e , the beneficiary on the Ami Setright Longstreet is retirement an elder law attorney at plan is the Mackenzie Hughes LLP sur viving spouse, the spouse may roll it over and take it out over his/her life expectancy. Alternatively, if the children are the designated beneficiaries and certain actions are taken, the children may stretch out the withdrawals, and consequently the recognition of income, over their lifetimes. The form of ownership of your personal residence, which is often the most valuable asset in an individual’s estate, can also be very important in terms of both income tax consequences and Medicaid implications. A common technique is to transfer the home to the children and retain life use. This becomes problematic from a Medicaid planning standpoint, both as it relates to the penalty period and look back period Medicaid rules. Additionally, if the house is sold during the lifetime of the individual, there are capital gains tax problems and the value of the life use is an available resource for purposes of applying for Medicaid. A solution to some of these problems is the placement of the personal residence into an irrevocable grantor trust, which, if properly drafted, will result in allowing for the full capital gains tax exclusion upon the sale of the home, and the life use value of the house will not be considered an available resource for purposes of applying for Medicaid.
Estate planning is not something that should be done only once during your lifetime. A common mistake is to assume that your last will and testament, power of attorney, health care proxy and trusts that were prepared 10, 15 or even 20 years ago will be sufficient when needed in the future. Estate planning documents should be reviewed every few years and looked at in light of: (1) your current asset portfolio, (2) your health and (3) the tax laws. If you want to preserve your assets in the event of a catastrophic illness, you should have your estate planning documents reviewed by an attorney who is an expert in the area of elder law. Additionally, any time there is a change in the tax laws, you should have your estate planning documents reviewed. Finally, if your finances have changed due to the recent economic downturn, your estate planning documents should be reviewed to see if changes are appropriate. Even though the economy is not yet showing signs of recovery, and even though the value many retirement and other investment assets has been significantly reduced, most people still wish to protect their assets for their own future and for future generations. Planning for a potential long term care stay should be considered by many people, if they are healthy, are very close to entering a long term nursing home facility, or are already receiving long term care. Planning early is always preferable, but there are planning methods available to protect assets in a crisis situation. Ami Setright Longstreet is a partner in the law firm of Mackenzie Hughes LLP in Syracuse, New York and is the immediate past chair of the Elder Law Section of the New York State Bar Association. She can be reached at 315-233-8263.
Key Bank From page 2
(consult your tax advisor to determine) usually carry lower interest rates. The key is to calculate whether your investments will earn you more than the interest on your debt will cost you. If the answer is no, pay down your debt, and pay more than the minimum balance due. Being debt free is your first step toward financial independence. Learn how to save According to a report by the Commerce Department, the average U.S. household did not save any money in 2006. In the 1980s, families were saving close to 11 percent of their annual earnings. The result is that when unexpected costs arise, as they always do, today’s families do not have the cash on hand to meet the demand. They have to borrow money. Too often, they borrow with a high-interest rate credit card and dig a deep hole of debt that is hard to get out of. Therefore, increasing savings and finding ways to limit spending should top the list of every financial plan. Here are three ways to accomplish this. Maximize savings for retirement. Take advantage of employer-based, tax-deferred 401(k) and 403(b) plans. If your employer matches your contributions, regularly contribute the maximum of the match. It automatically doubles your investment. Accumulate regularly planned short-term savings. As I noted above, even a weekly deposit of $25 into a savings or money market account accumulates fast. Most financial experts agree that your goal should be to accrue three to six months worth of living expenses in your account. Live within your means. Before you can save and invest money you need to know how much money you earn and how you spend it. So take an inventory of your finances, then create a realistic budget that is based upon your longterm goals. Having a clear view of the big picture is the best way to ward off instant gratification expenditures. To save successfully, you must create a balanced plan that fits your lifestyle. It doesn’t mean that you are not allowed to spend money. It just means that saving money needs to be your priority.
Seven steps to eliminate debt If you’re thinking about investing, the first thing you need to do is to eliminate the debt that is holding you hostage. In addition to consulting a credit counselor or financial services planner, here are seven ways to help you do it. 1.Get organized and prioritize. 2.Make a plan for attacking your debt. 3.Keep only one or two credit cards. 4.Make prompt payments. 5.Cut out luxury buys and the purchase of items you can live without. 6.If you own a home, consider a home equity loan or line of credit to consolidate debt. 7.Renegotiate the terms of your loans with creditors.
Invest with purpose Once you have your debt in order and have developed a healthy savings plan, it’s time to invest for wealth. Fortunately, even with a little money, you can invest in your future. In addition to 401(k) and 403(b) plans, a good place to start investing is in an Individual Retirement Account (IRA). Traditional IRAs allow pre-tax contributions to grow tax-deferred. This means that what you would otherwise pay in taxes on an annual basis is a source of additional income. The Roth IRA, on the other hand, allows after-tax contributions to grow tax-free, provided you wait until the age of 59 ½ to withdraw the money. Also, take the time to develop a plan that has well-defined financial objectives that encompass shortterm, mid-term and long-term goals. A sound investment plan balances low-yield, safe investment vehicles and higher-growth potential stocks, as well as a targeted return rate that accounts for the rate of inflation and taxes. It may be worth your while to go over your plan with a financial advisor. The most important thing, of course, is regular contributions. Small, consistent payments are more powerful than most people can imagine. The reason? Compounding interest. For example, an individual in their mid-20s who invests $2,000 a year for only eight years (a $16,000 total contribution) will earn more money by the age of 65 than an individual in their mid-30s who begins
investing $2,000 a year for 30 years (a $60,000 total contribution). Again, the key to investing is not to invest big but to get started and be consistent. If this means making some changes to your lifestyle, it’s worth it. Sure, you probably won’t generate enough money through your investments to live like a rock star, but you might just earn enough to live the later part of your life on your terms. In my book, that’s a high-yield return worth investing in.
‘It’s business as usual’
2008 may mark the 142nd year of business for Oneida Savings Bank, but it was also the 10th anniversary as a publicly traded stock holding company. Oneida Financial Corp., the parent company of Oneida Savings Bank, was formed in December 1998 Michael R. Kallet is president through an initial public stock and CEO of Oneida Financial Corp. offering that allowed depositors of the bank and individuals in our communities to become owners of a local company. It was 10 years ago that Oneida Savings started its path of loan and asset diversification, and market and financial services expansion. Over the last10 years, the success of the bank and its subsidiaries: Bailey, Haskell & LaLonde; Benefit Consulting Group; and Workplace Health Solutions only make the focus and vision clearer. Offering comprehensive financial services through a variety of specialty companies across the northeast, while remaining focused on the banking needs of Central New York, continues to be an effective path for Oneida Financial Corp. After 142 years of banking, Oneida Savings Bank realizes that it hasn’t seen it all, but can proudly say it has survived it all. This past year will go down in history as the year that changed the playing field of banking forever. Analysts and economists have pointed to a “housing bubble,” where real estate values steadily increased fueled by a seemingly never ending supply of loans. This came to an abrupt halt in 2008 with Fannie Mae and Freddie Mac taken under conservatorship by the United States Treasury. This also meant a one-time adjustment to the bank’s bottom line as a preferred stock holder in Freddie Mac. Though this could not have been foreseen by Oneida Savings, it is a fact that there have been no losses due to any sub-prime mortgage lending on the bank’s part. Furthermore, Central New York didn’t experience the highly inflated home values over the past decade that now plague many parts of this country that has lead to the bursting of the housing bubble. In fact, Oneida Sav-
ings has never been an originator of sub-prime mortgages and is reported to have one of the lowest loan loss ratios in the nation and that is what defines safe and sound banking practices. “We feel strongly that in order to sustain thriving communities, we need to make loans to qualified individuals and businesses. Any breakdown or failure of the markets we serve has direct impact upon our business. Our success depends on the success of the communities we serve, and we’re proud to do business in Central New York”, says Michael R. Kallet, president & CEO of Oneida Financial Corp. “Our customers and clients have the benefit of symbiotic partnerships among our companies. They get the most effective and tailored solutions to their financial issues.” Breaking all prior records, Oneida Savings total loans increased $18.3 million, and deposits increased $25.6 million. Two major indicators of growth also reached new highs: checking accounts toppled the $100 million mark and total assets increased over $18 million. It was also a record year for net interest income, up 4 percent over 2007. So how can a company do so well in such a severe financial crisis? Experience and diversification has been the key. “It was one of the best operating years for Oneida Savings in its’ 142 year history, unfortunately it just happened to be in 2008,” said Eric E. Stickels, executive vice president and CFO, Oneida Financial Corp. “Our local teams of banking and financial services professionals succeeded, while the broader markets failed.” It’s Oneida Financial Corp.’s current successful strategy that keeps management’s outlook positive. As many companies brace themselves for the year ahead, Kallet said, “For us, it’s business as usual and we have money to lend.” Oneida Financial Corp’s wholly owned subsidiaries include; The Oneida Savings Bank, a New York State chartered FDIC insured stock savings bank, State Bank of Chittenango, a state chartered limited-purpose commercial bank, Bailey, Haskell & LaLonde Agency, an insurance and risk management company and Benefit Consulting Group, an employee benefits consulting, retirement plan administration, and financial services firm. Oneida Savings Bank was established in 1866 and operates twelve full-service banking offices in Madison, Oneida and Onondaga counties.
Conant - Jones FinanCial serviCes 6700 Kirkville Road, Suite A E. Syracuse, NY 13057
315-432-8334 R. Luther Conant, President Amy W. Jones,VP Operations/Investment Services
Retirement Planning • Financial Guidance We are Independent Financial Planners, serving Central New York investors for over 25 years. If you are retired, or about to retire, you know the importance of investing your money for income, preservation of principle and growth. For people preparing to retire, we will advise you of the options available with your pension and 401(k) plans. If you have already retired, we can review your current financial plan for appropriateness and suitability. Call us for a no cost, no obligation meeting, to see if we can help you with your financial plan. Remember - Your standard of living in retirement will directly depend on how you invest your retirement money. Leigh Baldwin & Co., Member: FINRA & SIPC,Accounts carried by National Financial Services, LLC.
Seneca Federal Has Raised The Curtain On Its New Logo!
“New Logo...Same Seneca” ...and Coming in February, you can view our new updated website at
www.senecafederal.com
FDIC Each depositor insured to at least $100,000
Backed by the full faith and credit of the United States government
Federal Deposit Insurance Corporation • www.fdic.gov
/ Excellence, February 4, 2009
Excellence - Money Matters/For Your Future/Get Connected - Excellence
Leave a Legacy: You can make a difference in the lives that follow Over 80 non-profits in the Central New York Area, from Auburn to Utica, have banded together to share resources and spread the word about leaving a legacy. “You do not have to be a millionaire to make a difference in someone’s life,” explains Beth Lynn Hoey, director of development for Francis House and steering committee member for Leave a Legacy of CNY. “There have been so many people just like you and me who have saved lives and impacted lives by leaving a bequest or planned gift to charity.” Leave a Legacy is a campaign conducted by the National Committee on Planned Giving to inspire people to make charitable bequests. Bequests are just one type of “planned gift” – a gift that will be distributed sometime in the future – to a charity that is meaningful to you. Through Leave a Legacy, people who have made chari-
table bequests and other types of planned gifts share their experiences in the hope of encouraging others to give. Leave a Legacy is a broadbased community campaign that involves all types of nonprofit groups, including social service and arts organizations, hospitals and educational institutions. The program is conducted by professionals who assist donors with charitable estate planning. These partners help promote the message that people from all walks of life – covering a wide range of ages and income levels – have the ability to “make a difference in the lives that follow” by leaving a charitable legacy. Leave a Legacy does not solicit gifts for any particular organization. Instead, the advertisements encourage individuals to support their favorite charity or charities. Hoey recalls the story of one man who had a lifelong friend living at Francis House, a home for
people with terminal illnesses, in Syracuse. He visited with his friend every day, and eventually got to know the residents and volunteers on a personal level. He was so moved by the organization, the people involved, and how they cared for his friend, that he decided to make a gift to Francis House. He donated a collection of over 400 videos for the residents to enjoy. When he died, he left a bequest in his will to Francis House. His gift was used to pay for the cost of care for several residents at Francis House. Says Hoey, “he supported us when he was alive and then left us a legacy of his love by truly ‘making a difference in the lives that followed him.’” “Now more than ever, nonprofits have tightened their budgets,” explains Hoey. “It is so important for people to hear the message of how planned giving can make a difference, however many non-profits cannot afford their own marketing
campaign.” Non-profit members pool their resources along with the support of the Leave a Legacy of CNY Partners including: Association of Fundraising Professionals (AFP) of CNY, Planned Giving Council of CNY, Central New York Community Foundation, United Way of CNY, Bond, Schoeneck & King, PLLC, WCNY and The Community Foundation of Herkimer & Oneida Counties. After successful Spring and Fall media campaigns in 2007 and 2008, Leave a Legacy of CNY is looking for ward to continuing to share their message this year. “It’s wonderful to see all of these non-profit organizations come together for a common purpose,” says Hoey. “We can make the world a better place – every gift, regardless of size, makes a difference.” For more information, visit leavealegacyofcny.org.
Francis House provides a home and an extended family to people with terminal illnesses.They have received a bequest from a friend of past resident. The gift was used to help pay for the cost of care for residents in their final days.
The Miller Agency maintains its commitment to customer service By Karen Morano
With so many insurance agencies around to choose from, it can be a daunting task to decide which one is right for you. Some agencies specialize in one type of coverage but not another. The Miller Agency offers clients a choice of insurance plans and programs, with one-stop shopping for a full range of products. They offer home, business, auto, health, disability and life insurance. The Miller Agency is able to provide for and assist their clients with all of their insurance needs. The commercial insurance division also offers engineering services, premium financing and assistance with the audit process. Approximately 75 percent of the agency’s business is derived from commercial property and casualty accounts, including professional offices, retail establishments, transportation companies, schools and small to
mid-size contractors. The other 25 percent comes from personal lines, property and casualty and financial services. Founder Hy Miller started the agency more than 55 years ago. He is still active in the business. His son Robert joined the firm in 1972 and is president of the company. Jon Maloff, the vice president and treasurer, joined the agency in 1981. Currently, the agency represents 10 property and casualty companies and more than 20 life and health insurance companies. In addition to agent representation, the Miller Agency also acts as a broker in procuring the necessary insurance program for a client when the appropriate coverage is not available from their own companies. Coverage and limits of protection vary from company to company and between policies. In commercial insurance, these must often be negotiated with a
company. The insurance agent must be able to shop for the best coverage and price for the client. “The consumers have to realize that they are unique people with specific needs. When it comes to professional services, a consumer must regard himself as important enough to seek out professional advice,” Maloff said. “We offer a hands-on approach and accessibility when our clients need our advice.” The Miller Agency follows up to make sure their clients are satisfied and have all their questions answered. Their customers know employees at the Miller Agency are only a phone call away if a client needs them. Clients aren’t sent to an automated recording, whether they call the office or a company claim department. Price is not always the best indication of a good deal on insurance, Miller said. He sees the internet and national advertising as having an increasing influence
on the general public, especially when it comes to price. Cost is an important consideration for many clients. “The promise of a low premium may result in a loss of coverage the person was getting before without realizing it,” Miller said. “Many of these offers are too generic, too black and white,” Maloff said. “There are a lot of fine print or gray areas that only an insurance expert would know to look for and be able to understand. As long as the person doesn’t have a claim, he may never know the difference in coverage and assume he’s saving money.” During the last decade, judicial interpretations have created the need for insurance companies to increase premiums or create additional fine print relating to insurance contract limitations and/or exclusions. The adversarial relationship between claimants and defendants as well as judicial determinations continues daily. It results in the escalation of costs and diminution of insurance protection for the consumer. “The average person will find it difficult to understand the language, even though it’s all supposedly in plain English. That’s just the way the insurance companies like it,” Miller said. “People need to understand this is a contract. They wouldn’t enter into most contracts
without having them found themselves in reviewed by an atfinancial trouble and torney. An insurance there will likely be policy is merely a more consolidation contract between the in the coming year. insured and the inClients are placed surance company.” in a company that’s An agent also right for their long keeps up-to-date with term needs. The the constantly changMiller Agency is their ing technicalities, clients’ resource for rules and regulations insurance and finanMiller Agency President surrounding the incial services, working Robert Miller dustry. Consumers with them as their may not know where to access that needs change. information. Hard work and superior knowlMiller advises seeking an inde- edge of insurance has carried the pendent agent that he or she feels agency forward since its inception. comfortable with and can trust. Dedication has allowed the agency The agent can help the person fer- to expand into one of the largest ret out an insurance program that locally owned and independent will work in the individual’s best insurance agencies in Central New interest. York. The Miller Agency’s first priorThe Miller Agency has chosen ity is finding the most appropriate to continue operating the “old-fashinsurance coverage for its clients at ioned way,” with a commitment a reasonable cost. to customer service. The type of As an independent insurance client who gravitates to their orgaagency, the Miller Agency has the nization is looking for that special, ability to place insurance with a va- one-on-one personal care. riety of companies, resulting in the That is what the Miller Agency best combination of coverage, price continues to provide. Miller credand service for its clients’ individual its the business’s longevity to its situations. service. The Miller Agency pays parFor more information about ticular attention to the financial the Miller Agency, call 446-5444. strength of the companies they The agency is located at 7000 E. represent. There has been turmoil Genesee St. in the Lyndon Office in the industry. Some companies Park.
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Excellence - Money Matters/For Your Future/Get Connected - Excellence
Excellence, February 4, 2009/
Cnylink.com From page 1
com, or blogspot.com. This has changed the way people use the internet and allows anyone to take their message to the masses. On cnylink.com, we use our blogs to give our editors, writers and guest “bloggers” a way to voice their opinions and views. Some are controversial while others are just informational. A blogger is allowed more freedom to stand on their side of a subject. Come check them out. We have all varieties! Looking for a job? Cnylink. com is home to the CNY Employment Guide. No matter what collar you wear, there is something for you. Besides job listings, the Employment Guide has tips for resume writing, preparing for an interview and even how to dress for one. Stop by and see what’s out there.
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On the horizon The internet is an amazing utility that is ever changing in its abilities. We promise to put forth our best in keeping up with these changes
and pioneering them whenever possible. Our soon-to-be-released health section is just about ready to roll. It is equipped with loads of great information including a calorie burning
calculator, active older adults section, nutrition info and much more. Also in the works is an interactive Business Directory. The Business Directory will be a place where local businesses can dispense news and
specials to our audience. For our visitors, this means a place where you can find sales and important information on businesses in your town.
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Rolling in the dough
ESM-NS Federal Credit Union teaches financial literacy
110 West Fayette Street, One Lincoln Center, Suite 900, Syracuse, New York 13202
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We
315-422-1391
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Sadie Fero a kindergartener at Fremont Elementary School is shown right after “rolling in the dough” at a school-wide assembly promoting the important of establishing good savings habits. ESM-NS Federal Credit Union sponsors a wide range of financial literacy programs.
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CMYK /Excellence, February 4, 2009
Excellence - Money Matters/For Your Future/Get Connected - Excellence
SUNYIT: Record enrollment, campus expanding Four new buildings planned
With rising enrollment and an expanding campus, SUNYIT is an institution on the move — and an increasingly popular
choice for students. “SUNYIT is entering a period of tremendous growth and development,” said Wolf Yeigh,
president. “With our infrastructure growing and our academic offerings increasing it stands to reason that more and more
Adirondack Hall, one of two residential complexes on the SUNYIT campus, after its recent exterior renovation. A new residence hall is one of four fund buildings planned.
Dr. Chun practiced the science of medicine, but she was also a woman of faith.To help her hospital treat body and soul, she funded the new chapel with a gift in her estate plan.Thanks to Dr. Chun, patients and LEAVE A LEGACY® their families will have a place to seek peace. Include your favorite cause Of Central new YOrk Make a Difference in the Lives that Follow in your will or estate plan. Contact a charitable organization, attorney, financial advisor or local LEAVE A LEGACY® program to learn how. 315-701-3117 leavealegacyofcny.org Thank you to our partners: AFP | Central New York Community Foundation | Planned Giving Council of Upstate New York | Bond, Schoeneck & King, PLLC Strategic Financial Services, LLC | The Community Foundation of Herkimer& Oneida Counties | WCNY | United Way of CNY
students are choosing us.” SUNYIT has experienced two consecutive years of record enrollment, and planning is underway for four new buildings: a $13 million student center, $20 million field house, $27.5 million advanced technology center and a $23.5 million residence hall. A ceremonial groundbreaking for the student center project was held in October 2008 with construction scheduled to get underway in 2009. A second master of business administration program and a criminal justice major are being launched in 2008-09. SUNYIT, the State University of New York Institute of Technology, is SUNY’s only institute
RULES GOVERN I NG I NTESTATE SUCC ESSION SEC. 4-1.1 DESC ENT AN D DISTRI BUTION OF A DEC EDENT'S ESTATE The property of a decedent not disposed of by will shall be distributed as provided in this section. In computing said distribution, debts, administration expenses and reasonable funeral expenses shall be deducted but all estate taxes shall be disregarded, except that nothing contained herein relieves a distributee from contributing to all such taxes the amounts apportioned against him or her under 2-1.8. Distribution shall then be as follows: (a) If a decedent is survived by: (1) A spouse and issue, fifty thousand dollars and one-half of the residue to the spouse, and the balance thereof to the issue by representation. (2) A spouse and no issue, the whole to the spouse. (3) Issue and no spouse, the whole to the issue, by representation. (4) One or both parents, and no spouse and no issue, the whole to the surviving parent or parents. (5) Issue of parents, and no spouse, issue or parent, the whole to the issue of the parents, by representation. (6) One or more grandparents or the issue of grandparents (as hereinafter defined), and no spouse, issue, parent or issue of parents, one-half to the surviving paternal grandparent or grandparents, or if neither of them survives the decedent, to their issue, by representation, and the other one-half to the surviving maternal grandparent or grandparents, or if neither of them survives the decedent, to their issue, by representation; provided that if the decedent was not survived by a grandparent or grandparents on one side or by the issue of such grandparents, the whole to the surviving grandparent or grandparents on the other side, or if neither of them survives the decedent, to their issue, by representation, in the same manner as the one-half. For the purposes of this subparagraph, issue of grandparents shall not include issue more remote than grandchildren of such grandparents.
“It me ans the state decIdes who ge t s your asse t s If you don’t have a wIll.”
(7) Great-grandchildren of grandparents, and no spouse, issue, parent, issue of parents, grandparent, children of grandparents or grandchildren of grandparents, one-half to the great-grandchildren of the paternal grandparents, per capita, and the other one-half to the great-grandchildren of the maternal grandparents, per capita; provided that if the decedent was not survived by great-grandchildren of grandparents on one side, the whole to the great-grandchildren of grandparents on the other side, in the same manner as the one-half. (b) For all purposes of this section, decedent's relatives of the half blood shall be treated as if they were relatives of the whole blood. (c) Distributees of the decedent, conceived before his or her death but born alive thereafter, take as if they were born in his or her lifetime.
101 s o u t h s a l I n a s t r e e t, s y r a c u s e , n e w y o r k 132 02 315 -474 -7 571 V w w w. m a c k e n z I e h u g h e s .c o m
When you want to protect your business, your family, and yourself, you need someone who works as hard as you do.
At the Miller Agency, our first priority is making sure you have the right protection for the way you work and live. We take pride in our high service standards, and every member of our team works for you. Call us today and find out how we at Miller can provide the finest insurance protection for you, your family and your business.
Miller Agency
of New York, Inc. Jon M. Maloff, CPCU Robert I. Miller
7000 East Genesee Street P.O. box 929, Fayetteville, NY 13066 (315) 446-5444
of technology. More than 2,800 students are enrolled in undergraduate and graduate degree programs in technology, professional studies and the liberal arts on the SUNYIT campus, a high-tech learning environment on hundreds of acres in Marcy, minutes from Thruway Exit 31, Utica. SUNYIT students come from all over New York, many other states and more than 20 other nations; a growing number of students are enrolled in online courses and degree programs. SUNYIT’s undergraduate degree majors/programs include: accounting, applied mathematics, applied mathematics/electrical engineering, business, civil engineering technology, communication and information design, computer engineering technology, computer and information science, computer information systems, criminal justice, electrical engineering, electrical engineering technology, finance, general studies, health information management, health services management, industrial engineering technology, mechanical engineering technology, nursing, psychology, sociology and telecommunications. Graduate degree programs are: MBA in health services management, MBA in technology management; master of science degree programs in accountancy, advanced technology, applied sociology, computer and information science, health services administration, information design and technology and telecommunications; and
master of science programs in nursing: adult nurse practitioner, family nurse practitioner, gerontological nurse practitioner, nursing administration, and nursing education. Accelerated BS/MS options are available in computer science, nursing and telecommunications. Through internships and close cooperation with employers, SUNYIT has extraordinarily high placement rates. More than 20,000 alumni pursue successful careers in communication, computer science, management, nursing, and many other fields. Apart from their excellent academic experience, SUNYIT students enjoy campus life in highly rated residence halls. The campus’s two residential complexes – Mohawk and Adirondack halls – offer the privacy and convenience of apartments, with students sharing suites in townhouse-style buildings. Students themselves have rated their residential experience highly in the last two SUNY student opinion surveys. SUNYIT’s NCAA Division III athletics (men’s and women’s basketball, cross country, soccer, swimming and volleyball; men’s baseball and golf; and women’s bowling and softball) and intramurals are complemented by entertainment, activities and community-building experiences that support and sustain a unique campus culture. Open house programs are held in spring and fall, and individual campus visits can be scheduled online. For more information, visit sunyit.edu/ admissions.
Graduating from high school? Finishing your two-year degree?
Great Success Begins at SUNYIT! Majors/Programs Accounting Applied Mathematics Applied Math/Electrical Engineering Business Administration Civil Engineering Technology Communication & Information Design Computer Engineering Technology Computer Science accelerated BS/MS option available Computer Information Systems Criminal Justice Electrical Engineering Electrical Engineering Technology Finance General Studies Health Information Management Health Services Management Industrial Engineering Technology Mechanical Engineering Technology Nursing accelerated BS/MS option available Psychology Sociology Telecommunications accelerated BS/MS option available
State University of New York Institute of Technology www.sunyit.edu 1-866-2-SUNYIT admissions@sunyit.edu
Minutes from Thruway Exit 31, Utica
Quality, affordable education in technology, professional studies and the liberal arts