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NYCUA’s Mellin applauds NCUA offering relief to credit unions
The board of directors of the National Credit Union Administration (NCUA) on April 16 approved an interim final rule that will provide important financial relief and flexibility to credit unions. That’s according to an April 19 posting on the New York Minute blog on the New York Credit Union Association (NYCUA) website. In a message to […]
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The board of directors of the National Credit Union Administration (NCUA) on April 16 approved an interim final rule that will provide important financial relief and flexibility to credit unions.
That’s according to an April 19 posting on the New York Minute blog on the New York Credit Union Association (NYCUA) website.
In a message to credit unions, William Mellin, president and CEO of NYCUA, said that the passage of the interim final rule is a “timely and much-needed victory” for credit unions.
“The Association has heard from credit unions across the state about how deposit increases have skewed balance sheets and driven down net worth ratios,” Mellin said. “That’s why last month we joined with [Credit Union National Association (CUNA)] and other state leagues in urging NCUA to adopt a new interim final rule — just like this one — that would provide relief to credit unions experiencing prompt corrective action issues related to an increase in share growth.”
Specifically, the interim final rule temporarily reduces the earnings-retention requirement for federally insured credit unions classified as adequately capitalized, and temporarily permits an undercapitalized credit union to submit a streamlined net worth restoration plan if it becomes undercapitalized “predominantly because of share growth.”
The interim rule is similar to the rule that the NCUA board previously approved in May 2020, which expired at the end of the year. Because of the pandemic’s continued financial and economic disruptions, the board determined it was “necessary” to reintroduce these two temporary relief measures related to earnings-transfer waivers for adequately capitalized credit unions and net-worth restoration plans for certain undercapitalized credit unions, according to the NCUA.
The New York Credit Union Association is the trade association for the state’s credit unions, which collectively hold more than $100 billion in assets and serve 6 million members.

Alternatives to make $2.5M in business loans in next 3 years in Schuyler County
ITHACA, N.Y. — Alternatives Federal Credit Union of Ithaca announced it plans to make more than $2.5 million business loans throughout Schuyler County over the next three years. The financing will help support both existing businesses and help build new business enterprises, Alternatives said in an online news release. Eligible applicants must fall within the
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ITHACA, N.Y. — Alternatives Federal Credit Union of Ithaca announced it plans to make more than $2.5 million business loans throughout Schuyler County over the next three years.
The financing will help support both existing businesses and help build new business enterprises, Alternatives said in an online news release. Eligible applicants must fall within the median family-income guidelines set annually by the U.S. Department of Housing and Urban Development (see income limits at https://bit.ly/3gtCWZA).
“Alternatives Federal Credit Union is excited to work even more closely with community partners, organizations, area businesses, and other leaders in Schuyler County, as we commit to deploying $2.52 million in business loans in Schuyler County,” James Hunter, chief lending officer at Alternatives, said. The funds will be disbursed over the course of three years, wrapping up at the end of December 2023, he added.
“In addition to these loans, we’re thrilled to provide free business coaching and technical assistance to 100 aspiring and/or established entrepreneurs through December 2023,” Kathleen Clark, senior director of community development at the credit union, said.
Alternatives’ main office is located at 125 N. Fulton St. in downtown Ithaca. It has four additional ATM locations in Ithaca, per its website. Alternatives has 10,886 members and $145.2 million in total assets, according to data from the National Credit Union Administration.
Founded in 1979, Alternatives describes itself as a community development credit union (CDCU), member-owned, locally controlled, and self-supporting. A CDCU is a credit union with a mission of serving low and moderate-income people and communities.

Chemung Canal Trust gets approval for new branch near Buffalo
ELMIRA, N.Y. — Chemung Canal Trust Company, a unit of Chemung Financial Corp. (NASDAQ: CHMG), on March 25 received approval from the New York State Department of Financial Services (DFS) to open and operate a new branch office in the town of Clarence in Erie County. “With the COVID-19 pandemic financially squeezing New Yorkers and
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ELMIRA, N.Y. — Chemung Canal Trust Company, a unit of Chemung Financial Corp. (NASDAQ: CHMG), on March 25 received approval from the New York State Department of Financial Services (DFS) to open and operate a new branch office in the town of Clarence in Erie County.
“With the COVID-19 pandemic financially squeezing New Yorkers and Main Street businesses across the state, it is now more important than ever for consumers to have access to affordable and reliable financial services and products during a difficult time,” Linda A. Lacewell, New York’s superintendent of financial services, said in a news release. “Chemung Canal Trust Company now has DFS approval to serve local families and businesses as the greater Buffalo community works to rebuild and recover.”
The new Chemung Canal Trust branch will be located at 9159 Main Street, Suite 1B, in Clarence.
“We are excited that the bank will be entering the Western New York market in Clarence with a dedicated lending presence,” Anders M. Tomson, president and CEO of Chemung Canal Trust and Chemung Financial, said in the DFS release. “Buffalo, along with its surrounding communities, makes up the largest market in all of Upstate New York, and we are excited to bring our brand of professional, personal and client-first lending services to the region.”
Last Oct. 21, Chemung Canal Trust announced it would expand its lending operations to serve the City of Buffalo, as well as Erie and Niagara Counties. The bank said it was planning on opening a loan production office “in the near future.”
In its Form 10-K annual report filed with the U.S. Securities & Exchange Commission on March 24 of this year, the banking company said it was planning to open a full-service branch at the same location, pending approval from regulators.
With the new additional branch office, Chemung Canal Trust will operate 31 offices in New York state. As of last Dec. 31, parent company Chemung Financial had total assets of $2.3 billion.
VIEWPOINT: Post-Pandemic Money Moves: Financial Considerations For Business Owners & Leaders
The COVID-19 pandemic inflicted unforeseen hardship on countless businesses across New York state and beyond, causing many business owners to tap into personal savings or retirement accounts to endure the devastating economic fallout. For many of these business owners, the impact of the pandemic forced tough decisions that have come at the cost of self-sacrifice to remain
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The COVID-19 pandemic inflicted unforeseen hardship on countless businesses across New York state and beyond, causing many business owners to tap into personal savings or retirement accounts to endure the devastating economic fallout.
For many of these business owners, the impact of the pandemic forced tough decisions that have come at the cost of self-sacrifice to remain solvent. Depleting emergency savings, halting contributions to a retirement plan, not taking a paycheck, and lowering federal and state tax withholding are some of the common emergency tactics used by business owners over the last year to keep their businesses and finances as healthy as possible.
In an environment where prioritization was key to staying afloat, it has taken ingenuity, creativity, and a whole lot of grit to get through the current economic climate. As we cautiously turn the corner, it is time for business owners and leaders to devise a plan to start saving again for retirement and to replenish personal losses.
Understand retirement needs
Gain a clear understanding of how much money you will need to live on in retirement, especially when your business is no longer picking up the tab for some expenses. Sit down, consider your lifestyle, and determine what that top-line number is to support your needs down the road. Your priorities may have shifted over the last year, so now’s the time to take that second look and see what holes need to be filled.
Many small-business owners view the sale of the business as their retirement plan. And that’s more than a little troubling, given only a fraction of America’s entrepreneurs are properly prepared. Often, the plan is that, when they retire, they transfer the business to a family member in exchange for a share of the future wealth. Sometimes, they negotiate a buyout, or sell it off and turn that business into cash. This “all eggs in one basket” approach is dangerous for several reasons. Below are four ways business owners can ensure they have saved enough for retirement:
• Run your numbers to get a sense of what your living costs might be when you stop working. This could result in a wake-up call to create alternative saving vehicles.
• Hire a financial advisor who will partner with you to review all the pieces of the puzzle. Advisors and planners will help you devise a financial plan, which encompasses retirement, protection, and estate planning. For business owners, this can be especially complex given succession planning and what happens to the business after the owner retires.
• Start a diversified retirement plan, such as a SEP-IRA, SIMPLE IRA, Solo 401(k), or SIMPLE 401(k).
• Keep it simple. Invest in a target-date fund that automatically adjusts the balance of your fixed-income investments and stocks based on your age. Select the target-date fund based on the age you expect to retire.
Replenish emergency savings
If this last year has taught us anything, it’s that businesses need an emergency fund. Changes in the economy, regulation, or the tax landscape can result in financial instability for a business, which can be daunting without a safety net. For small businesses, it can be challenging to find resources to stash away. However, there are some ways to sock money away without considerably impacting cash flow.
• Keep at least 10 percent of annualized revenue in the bank
• Build unanticipated expenses into your projected profit/loss
• Save larger amounts during prosperous times
• Know how much you will need to keep running in a crisis
• Continually reevaluate monthly operating expenses
• Transfer a small amount from each transaction into savings
• Automate savings
• Anticipate slow periods based on seasonal revenue
• Forecast high
Start a diversified retirement plan
This is where you, as a business owner, can lead yourself and your employees on a path to financial recovery. You do not need to max out contribution limits, but the funds will help trim your tax bill now and grow tax deferred until you make withdrawals in retirement. In most cases, the cost of opening and administering a plan is relatively small. The four main options are a SEP-IRA, a SIMPLE IRA, a Solo 401(k), and a SIMPLE 401(k). For all but SEP-IRAs, a business can be a sole proprietorship, a partnership, a limited-liability company, or a corporation.
• A SEP-IRA or a Simplified Employee Pension is a retirement plan for small business with one or more employees. You, the business owner, count as an employee. One of the best features of this specific type of retirement account is that it can be set up and funded between year’s end and your tax-filing deadline. The SEP is funded pre-tax, which means you will get a tax deduction at the time of contribution. However, taxes will be owed when you make a withdrawal from your SEP-IRA.
• A SIMPLE IRA is a retirement plan for owners with 100 or fewer employees. Contributions are pre-tax and taken directly out of employee’s paychecks, similar to a 401(k).
• A Solo 401(k) is for self-employed people without employees (except perhaps a spouse). One of the potential benefits of a Solo 401(k) is the flexibility to choose when you want to deal with your tax obligation. To understand Solo 401(k) contribution rules, you want to think of yourself as two people — an employer and an employee. The contribution limit for 2021 is $58,000, with an additional $6,500 catch-up contribution if 50 or older. Within that overall $58,000 contribution limit, your contributions are subject to additional limits in each role. As the employee, you can contribute up to $19,500 in 2021, or 100 percent of your compensation, whichever is less. As the employer, you can make an additional profit-sharing contribution up to 25 percent of your compensation or net self-employment income, which is your net profit less half of your self-employment tax and the plan contributions you made yourself. The limit on compensation that can be used to factor your contribution is $290,000 in 2021.
• A SIMPLE 401(k) is for a business with 100 or fewer employees. Plans combine the features of a traditional 401(k) with the simplicity of SIMPLE IRAs. SIMPLE 401(k) plans work more like a traditional 401(k), but employees’ contributions are capped at the lower annual amount. Under a SIMPLE 401(k) plan, an employee can elect to defer compensation. But unlike a regular 401(k) plan, you, the employer, must make either a matching contribution up to 3 percent of each employee’s pay, or a non-elective contribution of 2 percent of each eligible employee’s pay.
It’s important to remember that retirement planning and economic recovery are unique to each individual business owner, but there are some general rules of thumb that can be helpful across the board. With proper planning and strategic financial moves, the path to financial recovery is in sight.
Jennifer Green is a VP and senior wealth advisor with Tompkins Financial Advisors in the Fayetteville area. Contact her at JGreen@tompkinsfinancial.com or (315) 720-8017.

AmeriCU Credit Union offering certified financial counselors
ROME, N.Y. — AmeriCU Credit Union recently announced the certification of 12 credit union financial counselors. To earn certification, an individual must complete required examinations as provided by the Credit Union National Association’s Financial Counseling Certification Program (FiCEP), AmeriCU said in an online news release. These counselors are available to provide AmeriCU members with personalized
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ROME, N.Y. — AmeriCU Credit Union recently announced the certification of 12 credit union financial counselors.
To earn certification, an individual must complete required examinations as provided by the Credit Union National Association’s Financial Counseling Certification Program (FiCEP), AmeriCU said in an online news release.
These counselors are available to provide AmeriCU members with personalized financial-wellness guidance and counseling. They can assist with reviewing credit reports, budgeting, navigating financial hardships, and setting long-term goals.
“We are proud to have AmeriCU Member Relationship Advisors who have obtained the specialized skills, knowledge, and certification as financial counselors necessary to guide members to financial security,” Dyana Herrig O’Neill, senior VP of member relations, said. “This provides a value-added service to our membership.”
Certified financial counselors are currently available at AmeriCU financial-center locations that include Syracuse’s Armory Square, Auburn, Camillus, Cortland, Cicero, Fayetteville, Herkimer, Liverpool, Lowville, Oneida, Syracuse, and Watertown, per the release.
AmeriCU Credit Union, headquartered in Rome, serves nine counties in Central and Northern New York. In operation for more than 70 years, AmeriCU has more than 145,000 members, 19 locations, and $2 billion in assets.

M&T Bank profit jumps in Q1 compared to year-ago quarter
BUFFALO, N.Y. — M&T Bank Corp. (NYSE: MTB), the largest bank ranked by deposits in Central New York, reported net income of $447 million in the first quarter, up 66 percent from nearly $269 million in the same quarter in 2020. The Buffalo–based banking company reported earnings per share of $3.33 in the first quarter,
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BUFFALO, N.Y. — M&T Bank Corp. (NYSE: MTB), the largest bank ranked by deposits in Central New York, reported net income of $447 million in the first quarter, up 66 percent from nearly $269 million in the same quarter in 2020.
The Buffalo–based banking company reported earnings per share of $3.33 in the first quarter, up from $1.93 in the year-earlier earnings period.
“We are pleased with our results for the first three months of the year. The residential mortgage banking and trust businesses had strong revenue growth and expense levels were well-contained after considering the usual seasonal increase in salaries and employee benefits expenses. Our outlook on forecasted credit losses improved considerably,” Darren J. King, executive VP and chief financial officer, said in the banking company’s April 19 earnings report.
M&T Bank’s net operating earnings per share came in at $3.41 in the first quarter, up from $1.95 in the year-ago quarter. That easily beat the consensus analysts’ estimate of $2.96 per share, according to Zacks Equity Research.
M&T Bank’s quarterly revenue totaled $1.49 billion in this year’s first quarter, down 1 percent from the year-ago earnings period. However, the latest revenue total surpassed the Zacks consensus estimate of $1.47 billion.
M&T Bank, with total assets of more than $150 billion, operates bank branches in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia. M&T Bank holds nearly 20 percent of total deposits in the 16-county Central New York area, the highest among all banks.
VIEWPOINT: 6 Facets of Human Needs that Drive Business Success
In good economic times and bad, some businesses find a path to success while others are forced to board up their windows and doors. What’s the difference between those that soar and those that flounder? Ultimately, business success comes down to how well the people who work for that business perform. And employee performance, good or bad,
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In good economic times and bad, some businesses find a path to success while others are forced to board up their windows and doors.
What’s the difference between those that soar and those that flounder?
Ultimately, business success comes down to how well the people who work for that business perform.
And employee performance, good or bad, usually can be traced to leadership — whether company leaders want to admit it or not.
When teams break down and employees disengage, leaders and managers typically don’t question their own strategies.
Instead, they blame the people assigned to carry out those strategies. If they are feeling charitable, leaders and managers say those people were bad fits. If they aren’t feeling generous, they call them whiners, complainers, or failures.
But in about 80 percent of cases, I believe it’s not that the people are the wrong people for the job, but rather that leaders aren’t prepared to handle what I call “human moments,” because they fail to understand and address these natural human needs.
There are six facets of human needs that leaders must consider if they expect teams to perform at the highest level possible.
Those facets are:
• Clarity. In too many workplaces, people are unsure what’s expected of them or how their jobs fit into a larger plan. People on teams sorely need clarity, or they will lapse into confusion. Specifically, team members must understand the purpose of the team itself, their role within it, the team’s outcome goals, and how their team fits within the larger organization.
• Connection. Human connection is indispensable to healthy teams and is premised on connection to common core values, physical place, and a larger company culture. The trick is in creating those connections. One way is an exercise I refer to as 3-2-1. People in a group are asked to share three events they have experienced, how they responded to them, and how those events impacted them. Then they share two childhood stories or coming-of-age adolescent memories. Finally, they share one of their biggest fears.
• Contribution. Teams within an organization should never exceed 15 people, and leadership teams should be even smaller. The reason is the larger the team, the less inclined individuals are to contribute. One of the best things we can do as leaders is acknowledge the human psyche’s need to contribute and to reward it.
• Challenge. Leaders and managers often are hesitant to challenge others, not wanting to push people or make them uncomfortable. But when we withhold opportunities that challenge people, we ultimately deny others an important human need. The trick is to make sure challenges are productive. They should be difficult, but not so overwhelming that people withdraw if they fall short.
• Consideration. Everyone feels the need to be recognized and valued. Unfortunately, leaders and managers often spend so much time on toxic or poor-performing people that they neglect everyone else. You can’t obtain and retain the most-talented people if you don’t show them respect and consideration at every stage of the journey. They must be recognized for good work, thought about for promotions, and reminded of how critical they are to the organization.
• Confidence. Self-assurance is fragile and can be easily shaken, which is why it’s critical for leaders instill confidence in their teams. People fearful about failing become hesitant, avoid difficult challenges, and are less productive. But if you have confidence, even the hard stuff doesn’t seem so daunting. When leaders, managers, or facilitators help build confidence in their teams, they can inspire others to achieve audacious, improbable goals.
When all six of these facets are fully accounted for in teams, people can gel with one another, operate harmoniously, engage in healthy disagreement, and achieve important objectives.
Jeanet Wade, the ForbesBooks author of “The Human Team: So, You Created a Team But People Showed Up!” (www.thehumanteambook.com), is founder of the consulting firm the Business Alchemist.
OPINION: New State Guidance Allowing for Graduation Ceremonies is Positive Sign
The gradual reopening of New York’s businesses and movement toward normalcy in daily activities has provided a lot of optimism and hope for our small-business owners, consumers, employees, and residents of New York. To that end, my colleagues in the minority conference and I are pleased to see graduating high-school students included in those reopening efforts. New
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The gradual reopening of New York’s businesses and movement toward normalcy in daily activities has provided a lot of optimism and hope for our small-business owners, consumers, employees, and residents of New York. To that end, my colleagues in the minority conference and I are pleased to see graduating high-school students included in those reopening efforts. New guidance was recently announced that will allow in-person graduation ceremonies to take place. This is an important milestone and day for students, and it is critical that no group of individuals is overlooked as we continue to reopen our state.
Earlier this month, members of our conference wrote a letter to Dr. Howard Zucker, commissioner of the New York State Department of Health, advocating for much-needed guidance on high-school graduations and other end-of-year school events. We are thrilled to report that our call for such guidance was heard and both indoor and outdoor ceremonies will be permitted with proper health and safety procedures in place.
While certainly headed in the right direction, we are not out of the woods yet. COVID-19 is still a risk that is still prevalent across the state. However, with the increased availability of vaccines, and the widespread adoption of best practices like mask wearing and social distancing, we are able to begin a path back toward normalization. We must not needlessly restrict important social, recreational, and economic activities without good cause. New Yorkers have learned a great deal and have made incredible sacrifices to change their day-to-day lives. With the proper protocols in place, we can, and we will, be able to celebrate the great accomplishments of our graduating seniors. They earned this day, and they deserve to be able to enjoy it as others have in years past.
The challenges we have faced and the hardships we have endured over the past year have been extraordinary, to say the least. It is extremely important that, now, as the worst parts of lockdown and quarantine subside, we give our residents, students, families, and all those who were forced to forego important milestones and events a chance to experience as much as possible. Being able to walk across the stage, proudly, in front of loved ones is exactly the sort of thing we ought to be working toward making happen on a regular basis.
William (Will) A. Barclay, Republican, is the New York Assembly Minority Leader and represents the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact Barclay at barclaw@assembly.state.ny.us.
OPINION: Competition is a Hallmark of the U.S.-China Relationship
We see a new tone in diplomatic affairs between the United States and China, a real change in how both sides view the relationship. Top officials now talk openly about competition — much more so than a few years ago. The fact is that the U.S. and China have long been rivals, competing for influence and
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We see a new tone in diplomatic affairs between the United States and China, a real change in how both sides view the relationship. Top officials now talk openly about competition — much more so than a few years ago.
The fact is that the U.S. and China have long been rivals, competing for influence and advantage. Both want the same thing: to be the final arbiter of political and economic affairs in East and Southeast Asia.
When President Barack Obama called for a “pivot” toward Asia — for drawing down U.S. power in the Middle East and repositioning military resources in the Pacific — a key goal was to check China’s ambitions and to reorient the region away from China and toward the United States. Obama also wanted to incorporate China into the global economy and accommodate China’s rise.
From the standpoint of Obama’s critics, accommodating China was a mistake. Many of these critics favor an aggressive posture toward China. President Donald Trump’s “America First” agenda came with a strong dose of anti-Chinese rhetoric and complaints that China had taken advantage of us. In many ways, Trump’s foreign policy was characterized by an anti-China agenda of tariffs, trade wars, and sanctions, as the U.S.-China relationship reached a historic low point.
China shares the blame for this, of course. When Xi Jinping became China’s leader in 2012, he asserted control over the Chinese economy, dragging China “into the 21st century,” as he put it. He implemented massive building and economic programs. He clamped down on dissent and ushered in a new era of state control over communication and information.
Xi made no secret of the fact he wanted China to become a global military power as well as an economic titan. He aggressively promoted the Chinese yuan as an international currency and launched the Belt and Road initiative, a massive infrastructure project across Asia and Africa. Recently, tensions have flared over a World Health Organization investigation of the origins of the COVID-19 pandemic in Wuhan, China. The U.S. and its allies have accused China of genocidal policies toward the Uighur population in Xinjiang province.
The U.S. rejects China’s territorial claims in the South China Sea, which threaten our allies. The status of Taiwan is another sore point: We provide security and military support for Taiwan, which China claims as its own. China has ratcheted up its control of semi-autonomous Hong Kong, leading to protests.
Despite China’s rise, the U.S. remains the most powerful country in the world, including in the Pacific region. I don’t think there is much evidence for the claim, made by some people in this country, that China is our rival on the international stage. China is a regional power, but its allies are weak and isolated regimes such as North Korea and Myanmar. Most nations in the region have security ties to the U.S. Regional powers like Australia, India, and Japan are staunch American allies.
A challenge for American foreign policy is to identify areas where we can cooperate with China. Interestingly enough, there are several such areas.
We both have an interest in the nonproliferation of nuclear weapons and slowing the spread of nuclear-weapons technology. We both contribute to United Nations-led military peacekeeping operations, reflecting our interest in preventing armed conflict in Africa and the Middle East. Both of us have an interest in preventing humanitarian disasters, both natural and human-caused. And we both would benefit from increased cooperation to prevent future pandemics and disease outbreaks.
Finally, we have a shared interest in mitigating the impact of climate change. As the world’s largest consumers of fossil fuels and emitters of greenhouse gases, the U.S. and China need to be key participants in any effective climate agreement.
The U.S. and China will continue to compete, but we also need to find ways to cooperate.
Lee Hamilton, 90, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south central Indiana.

Dermody, Burke & Brown, CPAs, LLC recently hired CHALEA JONES as accounting specialist in the firm’s Custom Accounting Solutions (CAS) department. She specializes in delivering custom outsourced accounting support to a wide range of clients. Jones joins the firm with years of experience in the medical-billing industry. She is set to graduate in May with
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Dermody, Burke & Brown, CPAs, LLC recently hired CHALEA JONES as accounting specialist in the firm’s Custom Accounting Solutions (CAS) department. She specializes in delivering custom outsourced accounting support to a wide range of clients. Jones joins the firm with years of experience in the medical-billing industry. She is set to graduate in May with an associate degree in accounting from Onondaga Community College.
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