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History from OHA: A History of Markson Bros. Furniture Company
Throughout most of the 20th century, the Markson Bros. Furniture Company was a business institution in Central New York. The highly successful family business venture began when Abraham and Isaac Markson opened the National Art Company, located at 227 North Salina St. in 1905, with only $200 in capital that Isaac’s wife, Ella, had saved […]
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Throughout most of the 20th century, the Markson Bros. Furniture Company was a business institution in Central New York.
The highly successful family business venture began when Abraham and Isaac Markson opened the National Art Company, located at 227 North Salina St. in 1905, with only $200 in capital that Isaac’s wife, Ella, had saved through her own personal thriftiness. The brothers sold art items, household specialties, and religious merchandise mainly through door-to-door sales. The brothers expanded their business to include furniture, built a new structure at 231 North Salina St., and incorporated their company as Markson Bros. Furniture Company.
Markson Bros. was reputed to be the first company in Central New York to sell merchandise on a credit plan in the early 20th century. In the 1920s, along with an array of furniture, Markson Bros. sold Hoosier cabinets, Frost refrigerators, Detroit Jewel stoves, lamps, phonographs (the brothers marketed their own phonograph called the Marksonola), and records. The company’s success allowed it to expand to new locations throughout Central New York: Oswego in 1918; Utica in 1920; Auburn in 1922; Watertown in 1927; Cortland in 1928; Ithaca in 1930; and Fulton in 1937.
In 1936, the family spent $25,000 (the equivalent of $445,000 today) to renovate their establishment. Interior improvements included a central entrance, terrazzo floor, and new, larger display windows with improved lighting. Additional improvements included installing an electric elevator. Exterior improvements included new store signs and three-foot tall letters to clearly identify the business. Markson Bros. expanded its building footprint, taking up an entire block on North Salina Street, and opened a warehouse on Walton Street in downtown Syracuse. The company used two advertising slogans: “You can always do better at Marksons” and “The Markson Bros. furnish a home from the cellar to the dome.” Markson Bros. even had its own bowling team, with famed local bowler, Andy Piraino, leading the team to multiple championships.
Abraham Markson died at a young age in 1922. Isaac continued managing Markson Bros., hiring other family members, including his son-in-law, Leopold Goldberg, as vice president, and his son, Asher S. Markson, as treasurer. Along with operating the family business, Isaac Markson also was a member of the National Retail Furniture Association, the Syracuse Rotary Club, Philo Lodge No. 968 of the Free & Associated Masons, the Tigris Temple, and the Lafayette Country Club. Isaac Markson also supported several local Jewish organizations, including the Jewish Home for the Aged, Bradley Brook Camp, the Fresh Air Camp, the Jewish Charities, and was president of Temple Adath Yeshurun for 25 years. In 1940, Isaac and his wife, Ella, celebrated their 40th wedding anniversary at Hotel Syracuse. At age 65, Isaac Markson was still president of Markson Bros. and would continue in that position another eight years.
Isaac Markson succumbed to a two-year illness in May 1948 at the age of 72. Rabbi Irwin Hyman of Temple Adath Yeshurun praised Isaac Markson as an exemplary citizen. “It is with profound sorrow that I join with the family of Isaac Markson in their hours of bereavement. In the passing of Mr. Markson, the community has lost one of its most promising citizens and Temple Adath Yeshurun its guiding light and spirit for the last 25 years.” Upon Isaac’s death, his son, Asher, became the company’s president after serving as its treasurer since the 1920s.
Asher Markson graduated from Syracuse Central High School and the New York University School of Commerce. Asher emulated his father’s business acumen, as well as his altruistic and philanthropic inclination for local organizations and charities. He served with the U.S. Army Ordnance Department from 1942 through 1944, achieving the rank of First Lieutenant. After his military service, Asher became a member of Post 131, Jewish War Veterans. In 1951, the Jewish War Veterans selected him as Outstanding Citizen for that year.
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The business had become the largest furniture and household furnishings retailer in Central New York with three generations of customers continuing to buy their furnishings there. In April 1955, Asher Markson celebrated the company’s 50th anniversary. That same month, he also was elected to a two-year term as president of the Chamber of Commerce. Asher told a Herald-Journal reporter that he started in the family business at age five performing very small tasks. He graduated to framing artwork and delivering merchandise for 25 cents per week. “At some time or other I’ve held every job in the business,” Markson recalled. “I’ve repaired, collected, bought, delivered, sold, and even written advertising copy!”
Helping Asher celebrate Markson Bros.’s Golden Anniversary was none other than Miss America for 1955, Lee Ann Meriwether. The 19-year-old pageant winner specifically came to Syracuse to officiate the observance by cutting a large cake inside the store at 7 p.m. on Tuesday, April 26, 1955. Prior to her cake-cutting duties that evening, Meriwether had appeared on local TV and met with Ella (Mrs. Isaac) Markson at the Persian Terrace at Hotel Syracuse. The next day, she toured Syracuse University and the Veterans Administration Hospital, then was the guest of honor at a dinner. The next day, Miss America flew to Allentown, Pennsylvania, where she continued her hectic, activity-filled schedule.
In November 1959, Asher Markson sold Markson Bros. Furniture Company to Sonmark Industries, a company formed in Philadelphia for the purpose of purchasing Markson Bros. Furniture Company. Sonmark Industries had actually leased the Markson Bros. stores for 10 years prior to the sale. Asher Markson continued to manage the furniture company, just as he had since 1948. By this time, Markson Bros.’ annual sales equaled about $2 million (about $16 million in today’s dollars). According to Markson, Sonmark planned to open new stores in shopping centers and other locations where the population was growing. The sale occurred through a stock transfer and did not involve selling any real estate, which remained in the Markson family. In March 1961, Asher Markson announced he was severing all ties with Markson Bros., Inc.
In January 1968, Asher Markson agreed to sell his furniture store at 227-231 North Salina St., as well as a warehouse located at 124-132 West Willow St. to the Syracuse Urban Renewal Agency for the Clinton Square Urban Renewal Project. The agency planned to purchase a total of 17 properties in a two-block area on the north edge of Clinton Square and clear the site for the Herald-Journal/Post-Standard newspaper plant. The buildings were assessed at $162,400; Markson sold them to the agency for $275,000. At the time, Raymour Furniture Company occupied the Markson Bros. buildings, but had plans to move to 421 South Warren St. The new Syracuse Newspapers building opened on June 20, 1971, and published the daily Herald-Journal and the Post-Standard, along with the Sunday Herald-American; in 2001 the company discontinued publishing the two Herald newspapers. In 2012, Syracuse Media Group (SMG) formed to continue publishing the printed Post-Standard, but also publish digital content on its website, Syracuse.com. In June 2013, SMG moved from Clinton Square to the former Merchants Bank building on South Warren Street to publish its online content. In 2016, VIP Structures purchased the Clinton Square building with plans to move its workforce into about 30,000 square feet on the first floor, rent about 50,000 square feet on the second floor to tenants, and lease back the production and press room to SMG to continue publishing the Post-Standard newspaper.
Although Asher Markson had been president of Markson Bros. from 1948 to 1961, and was an accomplished business leader and executive, he also was notable for his civic responsibilities. His long list of leadership roles included serving on the boards of Merchants National Bank, Syracuse Savings Bank, the Better Business Bureau, the American Red Cross, Syracuse Community Foundation, the Youth Development Center of Syracuse University, the Mayor’s Human Rights Commission, Syracuse Community Chest, Syracuse Jewish Welfare Federation, and Syracuse General Hospital. He also was president of Temple Adath Yeshurun from 1948 to 1964. He was well-liked and well-respected in Syracuse and spent countless hours as a concerned citizen trying to better the local community. In 1955, the Syracuse Herald-Journal stated, “Suffice it to say that when a proposition involving the welfare of this city and its citizens is up for consideration, Asher Markson is always there. And when the work is passed out he is always given twice his share. And he always does it twice as well as most of us. Syracuse has reason to be proud of this modest man.” Asher Markson died at age 79 on March 15, 1980. He is buried in the Adath Yeshurun Cemetery.
Thomas Hunter is curator of museum collections at the Onondaga Historical Association (OHA) (www.cnyhistory.org), located at 321 Montgomery St. in Syracuse.

Former POMCO Group operates as UMR, after sale to UnitedHealth Group
SYRACUSE — Following its acquisition this past spring by UnitedHealth Group Inc. (NYSE: UNH) POMCO Group is now operating under the UMR brand. POMCO Group is a third-party administrator (TPA) of self-funded health-care and risk-management plans. Minnetonka, Minnesota–based UnitedHealth Group is the parent company of UnitedHealthcare. “UMR sits under UnitedHealthcare as the TPA product line,” says
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SYRACUSE — Following its acquisition this past spring by UnitedHealth Group Inc. (NYSE: UNH) POMCO Group is now operating under the UMR brand.
POMCO Group is a third-party administrator (TPA) of self-funded health-care and risk-management plans. Minnetonka, Minnesota–based UnitedHealth Group is the parent company of UnitedHealthcare.
“UMR sits under UnitedHealthcare as the TPA product line,” says Michael McGuire, CEO of UnitedHealthcare NY, who is based in Manhattan.
“UMR pretty much does the same thing and has access to a lot more resources than we did [at POMCO],” says Donald Napier, senior VP of UMR.
Both Napier and McGuire spoke with CNYBJ at the local UMR office at 2425 James St. in the Eastwood section of Syracuse. The property still bears the name POMCO, but will change to the UnitedHealthcare brand “probably by the end of this year,” according to Napier.
UMR — formerly known as United Medical Resources, Inc, — is based in Wausau, Wisconsin, according to a company profile on Bloomberg.com. UMR has about 4,000 employees, says McGuire. The figure includes about 330 in the Syracuse office, according to Napier.
The acquisition
The final acquisition discussions between UnitedHealth Group and POMCO Group started near the end of the third quarter of 2016, but the relationship “started probably seven or eight years ago,” says Napier.
“It was a very good, strategic fit … because of what we could offer and open up space to,” he adds.
UMR has grown through acquisition of TPA businesses and this transaction gives it the upstate New York market, according to McGuire. The former POMCO Group’s clients also have access to “all the things that UnitedHealthcare brings to bear,” he says.
He was referring to smartphone applications, cost “transparency,” and more wellness and disease-management programs.
McGuire declined to disclose any financial terms of the acquisition agreement in the CNYBJ interview.
Pomfrey
Robert Pomfrey, president and CEO of POMCO Group, is no longer involved in day-to-day operations at UMR, but does handle client consulting when needed, says Napier. “He’s on-call for us,” he adds.
When asked if the UnitedHealthcare acquisition was a succession plan for Pomfrey, Napier replies that it “was a way so that we could ensure that POMCO could continue … its legacy going forward.”
“UnitedHealthcare is a proven market innovator that brings vast technological and capital resources to ensure investments in our clients, employees, providers and community,” Pomfrey, said in a March 6 UnitedHealthcare news release announcing the deal. “This collaboration will expand UnitedHealthcare’s products and service while also bringing more cost-effective solutions to POMCO clients, members and the Central and Upstate New York regions.”
Jobs impact
When asked if UnitedHealthcare had either cut or added jobs since the acquisition closed more than seven months ago, Napier replied, “both” and noted that it’s “a net gain.” The company cut “a handful” of jobs, “probably 12, 14, and we’re adding 30,” he says.
POMCO Group made headlines when it announced about 90 job cuts in the final months of 2015 from a business unit the firm had created under a contract with Health Republic Insurance of New York, which insurance regulators shut down in late 2015.
That situation wasn’t a factor in the acquisition talks, according to Napier.
“We had conversations when we had Health Republic and things earlier on about doing stuff together … It wasn’t like that was a triggering event,” he explains.
UMR’s client base in Central New York includes the Syracuse City School District and the City of Syracuse, both described by Napier as “long-term” clients.
The customer base also includes other municipalities, schools, and hospitals, some of which are located “downstate.”

Excellus names Chan-House medical director in Utica region
UTICA, N.Y. — Excellus BlueCross BlueShield, Central New York’s largest health insurer, announced it has named Dr. Mew Kwan Chan-House as one of the company’s
Haylor, Freyer & Coon opens new office in Schenectady
Haylor, Freyer & Coon Inc. (HF&C) says it has opened an Eastern New York regional office in Schenectady. It’s the sixth office for the Salina–based insurance and risk-management agency. HF&C says it will use the location to service clients in Eastern New York and the Capital Region. HF&C will lease new office space at Two
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Haylor, Freyer & Coon Inc. (HF&C) says it has opened an Eastern New York regional office in Schenectady.
It’s the sixth office for the Salina–based insurance and risk-management agency. HF&C says it will use the location to service clients in Eastern New York and the Capital Region.
HF&C will lease new office space at Two Harbor Center at Mohawk Harbor. Two Harbor Center is a mixed-use building with a total of more than 65,000 square feet of office and retail space.
The Schenectady–based Galesi Group, a commercial real-estate development firm, is the developer on the project.
“We have been amazed by the Galesi Group’s vision for this new development,” Jim Freyer, CEO of HF&C, said in a news release. “We have been searching for the right space for our expansion for some time, and we clearly found it at Mohawk Harbor. We look forward to a mid-December grand opening. Over the years, we have seen tremendous growth in our Syracuse, Rochester, Watertown, Ithaca and Binghamton locations. It made sense to continue our successful model of distinctive and exceptional service in Eastern New York and Mohawk Harbor is definitely the place to be.”
HF&C has begun staffing this new office space, and when at capacity, the office will have 10-15 new employees or more.
These new employees will work alongside George Mahoney, a risk-management advisor, who is already located in Schenectady.
“As a full-service agency, we are looking to complement our commercial business presence with a full staff of group benefits and personal-insurance advisors. This is an exciting time for HF&C and we look forward to becoming part of the resurgence in Schenectady,” said Freyer.
David Buicko, president and CEO of the Galesi Group, said Haylor, Freyer & Coon is “exactly the type of quality employer” that his firm wants to attract to Mohawk Harbor. “We thank them for selecting our waterfront community for their new office,” he said.
About Mohawk Harbor
Mohawk Harbor is a 60 acre master planned community that integrates luxury living, high-tech offices, hotels, restaurants, and retail along one mile of the Mohawk River, per the release. When complete, Mohawk Harbor will encompass 1.4 million square feet, including 206 apartments, 50 condominiums, 24 townhouses, two hotels, 100,000 square feet of harbor-side retail/dining, and 70,000 square feet of Class A Office space. Rivers Casino & Resort is also located there. The $330 million casino and resort opened in early February.
About HF&C
Haylor, Freyer & Coon says it is an “employee-owned company” with 180 employee owners. The insurance agency is licensed to operate in all 50 states.
HF&C is also a partner of Assurex Global, described on its website as the “world’s largest privately held commercial insurance, risk management, and employee-benefits brokerage group.”
Collectively, this network of more than 600 offices in more than 80 countries, on six continents, allows HF&C to have local representation throughout the world to meet the demands of clients’ foreign operations and travel, the agency contends.
MMRL selects Harvard scientist to grow its cardiac research center
UTICA — The Masonic Medical Research Laboratory (MMRL) announced it has appointed Maria Kontaridis, Ph.D. to be its new director of research. She will become just the fourth director of research, and the first woman to serve in that role, in the 60-year history of the organization, MMRL said. Kontaridis comes to MMRL from Harvard
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UTICA — The Masonic Medical Research Laboratory (MMRL) announced it has appointed Maria Kontaridis, Ph.D. to be its new director of research.
She will become just the fourth director of research, and the first woman to serve in that role, in the 60-year history of the organization, MMRL said.
Kontaridis comes to MMRL from Harvard Medical School, where she is currently an associate professor of medicine, and the director of the Basic Cardiovascular Research Program at Beth Israel Deaconess Medical Center (BIDMC).
“Through her extensive leadership and research expertise, Dr. Kontaridis’ vision will position the Masonic Medical Research Laboratory as one of the top cardiac research centers in the country and around the world,” David F. Schneeweiss, president of the MMRL board of directors, said in a news release.
Kontaridis received her undergraduate bachelor’s degrees from the University of Florida in classics and chemistry. She earned her master’s degrees in pharmacology and biomedical and biological sciences, as well as her Ph.D at Yale University.
Kontaridis will officially take over day-to-day operations of MMRL in January and will move to the Mohawk Valley with her family in July 2018, the organization said.
“I am honored to have the opportunity to lead the Masonic Medical Research Laboratory during this pivotal time in its history,” she said.
Aflac survey: workers more confident but “lack” understanding on benefit choices
Aflac Inc. (NYSE: AFL) recently announced results from two studies that analyzed the trends, attitudes, and use of employee benefits among the U.S. workforce. The 2017 Aflac WorkForces Report (AWR) found that American workers may feel more confident about benefits choices, while admitting a lack of understanding regarding the choices being made. The findings in
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Aflac Inc. (NYSE: AFL) recently announced results from two studies that analyzed the trends, attitudes, and use of employee benefits among the U.S. workforce.
The 2017 Aflac WorkForces Report (AWR) found that American workers may feel more confident about benefits choices, while admitting a lack of understanding regarding the choices being made.
The findings in the AWR resulted from a national online survey of 5,000 U.S. workers, conducted between Jan. 26 and Feb. 17, by Warren, New Jersey–based Lightspeed GMI and released by Aflac.
A separate Aflac study found younger workers who may be making benefits decisions for the first time also “lack knowledge” of health-insurance coverage but want to “branch out” and make independent benefits decisions.
Aflac, based in Columbus, Georgia, offers voluntary supplemental health and life insurance products through the workplace and is well-known for its TV commercials featuring a talking duck.
“False sense”
The 2017 Aflac WorkForces Report found that more than half (55 percent) of American workers who receive benefits from their employer agreed that completing their annual health-benefits enrollment made them “feel secure, like being tucked in at night, or accomplished, like they just finished a marathon.”
And 67 percent said they are “confident” they understood everything for which they signed up.
However, these results may indicate an underlying “false sense of confidence.”
The survey also uncovered that 76 percent of workers are making benefits decisions without a “complete” knowledge of the overall plan.
When asked specifically about understanding their overall policies, like deductibles, copays, and providers in their network, only 24 percent of these workers could answer they understood everything.
And this result has been on a steady decline since 2015, when nearly half (47 percent) believed they knew everything, and then down to 39 percent in 2016.
“It’s counterintuitive to see that workers are reporting a positive benefits enrollment experience, but so many are still struggling with a good understanding of the various aspects of their health care coverage,” Matthew Owenby, senior VP, chief human resources officer at Aflac, said in the release. “Benefits enrollment is one of the most important decisions a worker can make each year. Ensuring workers are more educated will require a sustained effort by employers and employees alike to better understand all aspects of benefits, including coverage options and costs.”
Younger workers
Aflac said it conducted a separate survey among 1,000 people from age 20 to 26, employed either full or part time, because millennials and Generation Z are entering the workforce in record numbers.
The Aflac WorkForces Report First-Time Enrollees Survey was conducted from Aug. 24 to Aug. 28 of this year by Austin, Texas–based Research+Data Insights Inc. on behalf of Aflac.
It found that more than half (51 percent) of young workers will be choosing their health-care benefits for the first time this enrollment season.
When thinking about health-care benefits, nearly one-quarter of young adults surveyed associate benefits with independence (22 percent), yet only 19 percent feel confident, and just 31 percent say they feel prepared.
Their biggest concern about choosing their own health-insurance plan is cost (44 percent), followed by understanding how health insurance works (36 percent).
Of respondents currently on their parents’ health plans (35 percent), more than half (54 percent) are leaving their parents’ plan in the next year to purchase their own benefits for the first time.
More than two-thirds (69 percent) of those on their parents’ plans are unaware how much their health-insurance coverage even costs, but surprisingly, 41 percent indicated they contribute financially to the health-insurance plan their parents pay for, Aflac said.
Despite who is paying the bill, young workers are interested in voluntary benefits. When asked about the benefits young adults are most interested in, voluntary benefits were chosen by one-third of respondents; specifically, 32 percent said hospital insurance and 29 percent answered accident insurance, according to the survey.
New AMA research finds 1 in 5 physicians ready to reduce clinical work
The burden and bureaucracy of modern medicine take a toll on U.S. physicians and appear to be major factors influencing physicians’ plans to reduce clinical work hours or leave the profession, according to new research by experts at the American Medical Association (AMA), Mayo Clinic, and Stanford University. The research study calls for a “comprehensive
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The burden and bureaucracy of modern medicine take a toll on U.S. physicians and appear to be major factors influencing physicians’ plans to reduce clinical work hours or leave the profession, according to new research by experts at the American Medical Association (AMA), Mayo Clinic, and Stanford University.
The research study calls for a “comprehensive approach by national policymakers and health-care delivery institutions to address the challenge.”
Published in a new issue of Mayo Clinic Proceedings, the research shows that about one in five physicians intend to reduce their clinical work hours in the next year. Meanwhile, about one in 50 physicians plan to leave medicine for a different career in the next two years.
The research sheds light on a “troubling correlation” between the career plans of U.S. physicians and the growing problem of burnout, technology dissatisfaction, and administrative fatigue among physicians, the AMA said in a news release. Physicians who were burned out, dissatisfied with work-life integration, and dissatisfied with electronic health records (EHRs) were more likely to intend to reduce clinical work in the next 12 months. Burnout is the largest factor influencing physicians who expect to leave medicine in the next two years.
Attrition in the physician workforce results in “diminished access” to care for patients. If just 30 percent of physicians follow through on their intention to leave medicine in the next two years, the study estimates that 4,759 physicians would leave the workforce — a loss roughly equivalent to eliminating the graduating classes of 19 U.S. medical schools in each of the next two years.
“Our findings have profound implications for health care organizations,” the researchers noted. “Replacing physicians is costly to institutions with one recent analysis suggesting costs of $800,000 or more per physician. In addition, turnover is disruptive to patients, staff, and organizational culture, the release stated.
The AMA said it has made the prevention of burnout a “core priority.” It contends it is striving to help physicians cope with the “real challenges of providing quality patient care in today’s environment, arming them with relevant, cutting edge tools, information, and resources, and, in so doing, rekindle a joy in medicine.” ν
Retiring boomers offer nonprofits a great opportunity
They can help fuel your volunteer and fundraising efforts Government-reform initiatives, particularly in Medicaid, Medicare, and other federal and state grants, have been placing increasing pressure on the fiscal viability and stability of many tax-exempt health and human-service providers. The message from government has been clear for many years. That is, the continued existence of
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They can help fuel your volunteer and fundraising efforts
Government-reform initiatives, particularly in Medicaid, Medicare, and other federal and state grants, have been placing increasing pressure on the fiscal viability and stability of many tax-exempt health and human-service providers. The message from government has been clear for many years. That is, the continued existence of autonomous tax-exempt service providers will, in part, be increasingly dependent on the work of volunteers and the philanthropic support from the organization’s constituency. Accordingly, let’s talk about how the future viability of your organization can be enhanced through coordinated volunteer efforts and aggressive fundraising and development activities.
The U.S. Census Bureau recently indicated that there are 74.1 million baby boomers, born between 1946 and 1964, living in the U.S. The baby boom population, of which I am a proud member, is retiring at an average rate of 10,000 individuals every day for the next 15 years.
The people who are retiring each day create an enormous opportunity for tax-exempt organizations. Just look at the American Red Cross and its responsiveness to the recent hurricanes — Harvey in Texas and Irma in Florida. The abundance of people resources, experience, and talent that enters the retirement ranks each day must be tapped by the tax-exempt sector in amounts never seen before. I personally feel that the success of Uber and Lyft can largely be attributed to the baby boom generation’s desire for meaningful activities.
The opportunity and availability of volunteer people resources is clearly at what many consider to be a historic high in the U.S. Accordingly, every organization’s strategic plan should have a goal of how best to capitalize on the availability of free and experienced labor. Technology advancement only adds to this potential, since people can volunteer from the comfort of their own home.
In addition to volunteerism, virtually every tax-exempt organization’s strategic plan must also include goals and action steps that will secure the long-term fiscal viability and stability of the organization through more aggressive and successful fundraising efforts. The tax-exempt service sector is in the midst of a seminal change from the past 60 years beginning with LBJ’s “Great Society,” which gave birth to both the Medicare and Medicaid programs in 1965.
As all levels of government are now publicizing increasing stress on their ability to fund safety-net health and human-service providers, this transformation and the resulting revenue gap must be replaced. If you are looking for evidence, please refer to recent Congressional proposals calling for a $1 trillion reduction in Medicaid spending growth over the next 10 years. And, I might add that the next 10 years will see the 74 million baby boomers continue to age and create increased demands for each and every type of medical and social-service support.
Accordingly, I offer the following 10 recommendations for your consideration as an individual volunteer, board member, or management of a tax-exempt organization. While certain of these suggestions may seem obvious, you would be amazed at how many tax-exempt organizations do not place appropriate emphasis on volunteerism and philanthropic support.
1. No substantial progress can be accomplished by charitable organizations or government if we do not make progress on the overwhelming challenges faced by our urban core. To that end, the public-education sector in Central New York, particularly in our city schools, continues to be a source of extraordinary frustration and lack of educational success for urban youth. Societal issues of poverty, violence, substance abuse, and lack of nutrition, coupled with the decline of the nuclear family, has placed extraordinary pressure for better results. There are numerous volunteer opportunities in urban education, as well as at those tax-exempt organizations that provide support to the education of our youth.
2. To be more specific, follow the example of our local Rotary and Kiwanis Clubs, as well as many other fraternal organizations, which offer tremendous value in terms of both volunteer support and financial contributions to support urban educational excellence that is not available within the budgetary constraints of our city school district.
3. Identify families, including empty-nesters and the ever-growing early retiree constituency, who have the time and energy to adopt a student for character development, job opportunities, and developing social skills.
4. Through social-service referrals, find volunteers willing to adopt an at-risk family with children to provide monthly financial support and volunteer mentoring for our at-risk youth.
5. The media has extensively covered the continued racial divides in our country. Each of us has something to offer, either overtly or anonymously, through random acts of kindness and generosity. Support at the core of these issues is being addressed by Greater Syracuse HOPE (Healing, Opportunity, Prosperity, and Empowerment) as well as dozens of tax-exempt and faith-based organizations devoting their entire mission to addressing and improving the core issues facing the city of Syracuse. This initiative is an excellent example of the benefits derived from a coalition of collaborative tax-exempt organizations.
6. Businesses in the community can offer regular and frequent job-shadowing opportunities for secondary school students to provide exposure, awareness, and the reality of a job experience to our at-risk youth.
7. Using the existing infrastructure of Central New York Community Foundation and the United Way, together with our city school district-sponsored charitable foundation, encourage and promote the concept of charitable donations from alumni, businesses, and friends who want to see Syracuse succeed.
8. Health-care systems and colleges and universities have an extraordinary track record in both volunteerism and philanthropic initiatives. There is no need to re-create the wheel. Learn from those who have been consistently successful in capitalizing on the value of volunteer time and financial support.
9. Publicize your accomplishments in both volunteer services and fundraising initiatives, making maximum use of social-media platforms. There is a long history of the importance of communicating effectively with your targeted audience in each of these areas. The ALS “Ice Bucket Challenge” and the texting of $10 to hurricane-relief efforts are two relatively recent examples of benefits derived from social media.
10. Figure out a way to connect with those baby-boomer retirees. It’s clear that strong philanthropic support for tax-exempt organizations frequently follows the volunteer connection and related effort.
Each of the foregoing suggestions may require further discussion and tailoring for your particular organization’s facts and circumstances. I do believe that the resurgence of downtown development and the related focus of many organizations on addressing the core issues of urban decay and our social-service infrastructure will be a key component in assessing the success of these various initiatives for your organization.
Gerald J. Archibald, CPA, is a partner in charge of the management advisory services at The Bonadio Group. Contact him at garchibald@bonadio.com
Four pre-Retirement Mistakes You Can’t Afford To Make
The roadmap to retirement planning can be filled with potholes, detours, missed exits, and major accidents. There’s no fail-safe GPS; a complicated and unstable economy makes it more difficult to plot a sound financial course than it was for previous generations. Volatile stocks, disappearing pensions, and the uncertainty of government-backed programs such as Social Security
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The roadmap to retirement planning can be filled with potholes, detours, missed exits, and major accidents. There’s no fail-safe GPS; a complicated and unstable economy makes it more difficult to plot a sound financial course than it was for previous generations.
Volatile stocks, disappearing pensions, and the uncertainty of government-backed programs such as Social Security and Medicare give pre-retirees a host of crucial nest-egg variables to weigh and balance. Mistakes can be costly. The average life expectancy is significantly longer than decades ago, and some retirees may need funds to sustain them for 30-plus years.
With so much up in the air, it’s generally best to keep your feet on the ground.
Today, people over the age of 50 face economic conditions much different than previous American retirees. If we know we may face the possibility of a money shortage in our older years, then more than ever it makes sense to conserve what we have while accumulating as much as possible without risk.
Here are four big financial mistakes pre-retirees make.
Carrying too much risk
Many investors have short memories, almost suffering from amnesia about the devastating 2008 financial crisis. They have allowed their equity allocation to drift to a greater percentage outside their comfort zone. One of the most common mistakes is an overexposure to individual company stock. Some people are loyal to a fault. Large company stocks as a group have lost money, on average, in about one of every three years.
Hoarding cash
Many people don’t know where to put their money, so they let it sit in cash because of their market fear. What most don’t realize is that this money is being devalued due to inflation. Cash equivalents — savings deposits, CDs, Treasury bills, money market funds — are safe, but offer lower returns than stocks and bonds.
Having tunnel vision with stocks and bonds
Annuities can be a solid alternative or supplement. With pensions almost as outdated as rotary phones, annuities have come more into play for retirement planning, according to a report from the U.S. Government Accountability Office. The report noted the growing concern of retirees outliving their assets, and advised those without traditional pensions to delay taking Social Security and to consider an annuity. Both can be inflation-protected while providing income for life — in other words, a true pension.
Inadequately addressing health care
Whether it’s through insurance or setting aside money specifically for health care, many people don’t sufficiently plan for this crucial retirement necessity. I suggest that those with high-deductible health plans should consider building a cash reserve for health-care expenses by contributing to a health savings account (HSA). Even if not offered through your employer, HSAs are still available through websites such as healthsavings.com or through various banks.
Retirement planning is not about picking the next hot stock, or getting in and out of the market at the right time. Portfolio-management techniques are available that allow for safety and growth at the same time.
Richard W. Paul is president of Richard W. Paul & Associates, LLC (www.rwpaul.com) and author of “The Baby Boomers’ Retirement Survival Guide: How to Navigate Through the Turbulent Times Ahead.”
Booz Allen Hamilton renews lease and expands in Rome
ROME — Booz Allen Hamilton, a global management and technology consulting firm and government-services contractor, recently renewed its lease and expanded its office in the Griffiss Business & Technology Park in Rome. Marty Dowd, of CBRE/Syracuse, and Gareth Hallam, of CBRE/Washington D.C., represented Booz Allen in the lease renewal and expansion to 5,840 square feet of
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ROME — Booz Allen Hamilton, a global management and technology consulting firm and government-services contractor, recently renewed its lease and expanded its office in the Griffiss Business & Technology Park in Rome.
Marty Dowd, of CBRE/Syracuse, and Gareth Hallam, of CBRE/Washington D.C., represented Booz Allen in the lease renewal and expansion to 5,840 square feet of space at 500 Avery Lane, according to a news release from the real-estate firm. Lease terms were not disclosed.
The Rome office is the only upstate New York location for McLean, Virginia–based Booz Allen Hamilton, which provides management and technology consulting and engineering services to corporations, government agencies, and nonprofits.
Some of the job titles of the people that Booz Allen employs in Rome include software engineer, systems administrator, geospatial analyst, STEM re-entry intern, and cybersecurity analyst, according to a company LinkedIn page.
Booz Allen Hamilton employs more than 24,000 people globally.
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