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Unity House of Cayuga County, Inc. has promoted ALLIE MACPHERSON to director of Grace House from program manager. Unity House offers two residential options in Auburn for those recovering from drug and alcohol addiction. MacPherson holds a bachelor’s degree in psychology from SUNY Cortland, and recently completed her CASAC (certified alcohol & substance abuse counselor) […]
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Unity House of Cayuga County, Inc. has promoted ALLIE MACPHERSON to director of Grace House from program manager. Unity House offers two residential options in Auburn for those recovering from drug and alcohol addiction. MacPherson holds a bachelor’s degree in psychology from SUNY Cortland, and recently completed her CASAC (certified alcohol & substance abuse counselor) credential.
She serves as a member of the Cayuga County Alcohol & Substance Abuse Subcommittee and the Drug Free Community Coalition, and chairs the opiate subcommittee.
MacPherson is also a graduate of the Cayuga County Chamber of Commerce’s Leadership Cayuga Class of 2011, and was named a 2015 40 Under Forty winner in Syracuse.
Contact The Business Journal News Network at news@cnybj.com
ANNE MARIE O’DEA-AQUISTO has joined Titan Security as an account executive. She previously spent more than 20 years as an architectural specifications rep traveling New York state providing product training and teaching technical applications within the construction industry. With more than 23 years’ experience, DAVID MULDER joins Titan Security as master technician. He has extensive
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ANNE MARIE O’DEA-AQUISTO has joined Titan Security as an account executive. She previously spent more than 20 years as an architectural specifications rep traveling New York state providing product training and teaching technical applications within the construction industry.
With more than 23 years’ experience, DAVID MULDER joins Titan Security as master technician. He has extensive training and work as a designer, installer, programmer, and project manager, along with certifications in various access controls, security systems, and fire systems.
Contact The Business Journal News Network at news@cnybj.com

Upstate Medical program focuses on global-health issues facing pregnant women and children
SYRACUSE — Upstate Medical University has launched a program designed to address the global health issues that women face during pregnancy, and infants deal with in early childhood. The initiative — known as the global maternal child and pediatric health program — will combine research, clinical trials, education, and training both in Syracuse and abroad,
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SYRACUSE — Upstate Medical University has launched a program designed to address the global health issues that women face during pregnancy, and infants deal with in early childhood.
The initiative — known as the global maternal child and pediatric health program — will combine research, clinical trials, education, and training both in Syracuse and abroad, the medical school announced April 28.
The global maternal child and pediatric health program is part of Upstate’s Center for Global Health & Translational Science (CGHATS).
The center “already has done significant” work in global health issues, such as mosquito-borne illnesses like dengue and chikungunya, the school said in a news release.
It is among the research centers conducting investigations into developing a vaccine for the dengue viruses.
Upstate Medical will base the global maternal child and pediatric health program in Syracuse at the Institute for Human Performance. But researchers will carry out much of its work — including clinical trials and educational opportunities — through CGHATS collaborations in Ecuador and Thailand.
“Emerging health issues of pregnancy and childhood have identified a need for special and immediate attention to develop innovative strategies for disease prevention, diagnosis and treatment,” Dr. Danielle Laraque-Arena, president of Upstate Medical University, said. “Building on the success of our already significant work in global health, this program will focus our efforts on the most vulnerable and vital among us: pregnant women, infants and young children.”
“This new program with its emphasis on child and maternal health is a logical extension of the outreach efforts and faculty expertise already established by our Center for Global Health & Translational Science,” David Amberg, Upstate’s VP for research, said in the release. “But with this new program, we will now have a laser-like focus on emerging areas of research during pregnancy and early childhood.”
Experts
Upstate Medical says it expects the program to attract international researchers and clinicians to the Syracuse campus and send Upstate experts abroad.
Dr. Joseph Domachowske, director of the new program, is an expert in pediatric infectious disease who has done “significant” work in clinical trials for childhood diseases, according to Upstate Medical. He spoke with CNYBJ on April 28.
When asked how Upstate Medical is paying for the program, Domachowske noted that CGHATS is “well funded” by the U.S. Department of Defense and federal grants.
Upstate Medical will also use funding secured in CGHATS partnerships with industry, academic institutions, and philanthropic organizations that aid in funding research for the testing and development of new diagnostics, drugs, and vaccines.
The school is also hoping to secure a $6 million grant from the Atlanta–based Centers for Disease Control and Prevention.
Upstate Medical should find out about that potential grant funding, which Domachowske described as “significant,” sometime during May.
The medical school would look to hire two and as many as 12 new employees in the roles of clinical-research assistants and clinical-study nurses, especially if Upstate Medical secures the grant funding, he adds.
Program origin
Domachowske’s colleagues at CGHATS have been working in Ecuador and Thailand developing treatment and prevention strategies for different mosquito-borne viral infections.
They started hearing about Zika virus and what it was doing during pregnancy and what was happening to the babies being born with congenital defects.
“It became clear … at our [CGHATS] center that they needed some additional pediatric expertise and someone that had been doing some work with women during pregnancy and reached out to me,” says Domachowske.
Domachowske, a member of the pediatrics faculty at Upstate, has led medical missions to Latin America for more than a decade.
One of his first assignments is to conduct clinical trials for vaccines to protect against influenza and respiratory syncytial virus (RSV), a common and “highly contagious” virus that infects the respiratory tract of most children before their second birthday.
“And despite that, very few people really have heard of it. We don’t have a treatment. We don’t have a [method of] prevention,” says Domachowske.
The RSV clinical trial will study whether giving the vaccine to mothers in the last part of pregnancy may keep the newborn safe from the virus during the most vulnerable first several months.
“For the RSV study, we’re collaborating with several local obstetricians,” says Domachowske.
Researchers will also enroll patients for these clinical trials in Ecuador, Upstate Medical said.
Other diseases that may become a focus of research include Group B streptococcal septicemia, a severe bacterial infection that affects newborns, Domachowske said.
“We don’t yet have a vaccine for that one and the time to prevent it is during or right around delivery because that’s when the babies get colonized with bacteria from the mom,” he says.
The program could also research CMV, or cytomegalovirus, a common infection that can be serious for babies or an unborn child if the mother has the virus.
Understanding how Zika virus affects pregnancy and the growing fetus is also an area that “clearly needs to be further understood through systematic study,” according to Upstate.
In addition to hosting clinical trials and medical research, the program will focus on broadening education of global health issues.
Upstate Medical will design the educational offerings for clinicians and researchers seeking “global experience” related to pregnancy, infancy, and young childhood.
Contact Reinhardt at ereinhardt@cnybj.com
ConMed boosts 2016 earnings forecast, after posting Q1 loss
UTICA — ConMed Corp. (NASDAQ: CNMD) reported on April 27 that it has increased its profit and revenue forecast for the rest of this year, as foreign-exchange rates won’t take as big a bite as previously expected. The Utica–based surgical-device maker now expects net earnings per share in the range of $1.95 to $2.05 for
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UTICA — ConMed Corp. (NASDAQ: CNMD) reported on April 27 that it has increased its profit and revenue forecast for the rest of this year, as foreign-exchange rates won’t take as big a bite as previously expected.
The Utica–based surgical-device maker now expects net earnings per share in the range of $1.95 to $2.05 for 2016, up from its prior guidance of $1.85 to $1.95.
ConMed now anticipates reported 2016 sales in the range of $768 million to $778 million, compared to the previous range of $760 million to $770 million, “due to the updated foreign-exchange impact anticipated for the year.”
The revenue forecast includes constant currency organic-sales growth of 1 percent to 3 percent; sales related to the SurgiQuest acquisition of $55 million to $60 million; and an “updated negative impact of foreign exchange” of $13 million to $15 million, according to its earnings report. ConMed is basing the update on foreign-currency exchange rates as of April 22.
That was the good news. The bad news was ConMed reported a first-quarter net loss of $2.3 million, or 8 cents a share, compared to net earnings of $6.3 million, or 23 cents, in the same quarter a year ago.
Excluding restructuring, business acquisition, and debt refinancing costs, ConMed reported net income of $8.4 million, or 30 cents a share, down nearly 29 percent on a year-over-year basis. Zacks Equity Research said that missed its consensus analysts’ estimate of 40 cents.
ConMed issued its earnings report after the close of trading on April 27. Its stock price declined nearly 7 percent over the first two full trading days after the report.
In its earnings release, ConMed also excluded amortization of intangible assets, which resulted in adjusted first-quarter net earnings of $11.6 million, or 42 cents a share, down about 15 percent from the year-ago period.
ConMed contends that the decline in adjusted net earnings was “largely attributable” to the impact of “unfavorable” foreign-exchange rates, partially offset by a lower tax rate and improved gross margin during the quarter.
The firm generated revenue of more than $181 million during the first quarter, an increase of nearly 2 percent compared to the first quarter of 2015, the company said.
ConMed’s leader expressed optimism about the firm’s financial results and outlook.
“Despite a slow start to the year for capital sales in the international markets, we saw growth in all three of our main product categories domestically, with U.S. orthopedics posting its third consecutive quarter of positive growth,” Curt Hartman, president and CEO of ConMed, said in the company’s earnings report. “We remain confident in our financial outlook for the year as investments in our strategic initiatives and in product development translate into further operating improvements.”
ConMed employs about 3,400 people. It has a direct selling presence in 17 countries and international sales comprise about 50 percent of the company’s total sales.
Contact Reinhardt at ereinhardt@cnybj.com
Financial Snapshot: the Balance Sheet
Spring has sprung, the grass is green, the books are closed, and the balance sheet looks clean. Over the course of the last few months, I have had the privilege of presenting a number of sessions focused on how to read and understand financial statements. The sessions were well attended, and the depth-of- discussion questions
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Spring has sprung, the grass is green, the books are closed, and the balance sheet looks clean.
Over the course of the last few months, I have had the privilege of presenting a number of sessions focused on how to read and understand financial statements. The sessions were well attended, and the depth-of- discussion questions brought me a deeper understanding of how financial statements are an area of confusion for many people.
The balance sheet for example — by definition a balance sheet “balances,” meaning that assets equal liabilities plus equity. Said another way, assets minus liabilities equals equity. The balance sheet provides a snapshot in time of your enterprise’s worth, and potentially so much more.
By developing an understanding of what the balance sheet represents, you can assess and potentially improve the stability of your enterprise.
Let’s start with working capital, which measures liquidity. Higher working capital ratios indicate that a larger portion of the company’s resources are invested in current assets such as cash, inventory, or accounts receivable. A lower ratio indicates a more significant investment in long-term assets such as property and might indicate that a short-term cash crunch is on the horizon. Working capital is easily calculated as current assets divided by current liabilities.
Many businesses do maintain debt relationships with banks. The debt-to-equity ratio measures the extent of this relationship and is computed by dividing total liabilities by owner’s equity (stockholder’s equity or member’s equity). The debt-to-equity ratio is an indicator of a company’s credit worthiness and the current reliance on borrowings to sustain the business. Demonstrating a high or rising ratio is almost certain to cause challenges when looking to secure debt.
Knowing how often your accounts receivable (A/R) turn over allows you to assess cash flow; by knowing the average number of days A/R outstanding, a business can monitor the effectiveness of cash-collection procedures. The computation is a two-step process. First, divide annual sales by the average accounts receivable for the period. Divide the number of days in the period (365 for a year) and you have the average number of days A/R outstanding. A quicker collection of cash can mean paying less interest to the bank because reduced line-of-credit borrowings, or the ability to take advantage of discounts with vendors.
Inventory is often a key number on the balance sheet. When this is the case, close monitoring is important. The inventory turnover, which is calculated by dividing purchases by average inventory, provides a metric by which to manage inventory. A high number indicates the company is continually turning over materials. In contrast, a low number could be an indication that the company is carrying excessive inventory. When inventory is on hand for a lengthy period of time, the costs incurred to carry the inventory can have a significantly negative impact on the bottom line and ties up cash.
Cash flow can be measured in a number of ways. By taking a ratio approach, a business is able to quickly monitor cash-flow adequacy. Cash flow from operations needs to exceed the demands of debt repayments, plus acquisition of property, plus distributions to owners. Divide cash from operations by these items to get a read on the adequacy of cash flow. A ratio that exceeds 1 is an ideal goal. Remembering the old phrase “cash is king” never hurts.
While none of these measurements tell the entire story on their own, in combination, they can provide a means to measure and monitor how well your business uses assets.
Whether you are considering sharing financial information for the purpose of raising capital or to comply with lending requirements, it is important to understand the story the balance sheet reveals. Trust me; these measurements are sure to be evaluated. Did increasing sales really provide a benefit? Is your business truly bigger or stronger? These balance-sheet assessment tools can provide valuable insight.
Every business, no matter what the size, has ratios for the taking. Contact your CPA to improve your balance-sheet savvy and learn how to use the key business metrics discussed here as well as those which may be unique to your enterprise.
Gail Kinsella is a partner in the Syracuse office of The Bonadio Group accounting firm. Contact Kinsella at gkinsella@bonadio.com
CNY ATD announces CNY BEST nominees
SYRACUSE — The CNY ATD has announced nominees for the 9th Annual CNY BEST Learning and Performance Awards. The organization annually presents these awards to recognize excellence in learning and performance in the Central New York region. The awards put the spotlight on organizations that link learning to the strategic growth or success of organizations
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SYRACUSE — The CNY ATD has announced nominees for the 9th Annual CNY BEST Learning and Performance Awards.
The organization annually presents these awards to recognize excellence in learning and performance in the Central New York region. The awards put the spotlight on organizations that link learning to the strategic growth or success of organizations and individuals, the CNY ATD said in a news release.
Nominations for this year’s CNY BEST Learning and Performance Awards represent a wide-range of businesses and nonprofits, the organization said. A panel of local and national judges representing the profession and community will be evaluating the nominations for quality of learning and performance practices, practice results and impacts, and demonstrations of how the practices linked to the strategic growth or success of the organization and individuals.
The CNY BEST Learning and Performance nominees include the following.
For-profit organizations
CXtec, The Hartford, Saab Sensis Corporation, Suburban Propane, and The Lodge at Turning Stone Resort Casino
Not-for-profit organizations
CenterState CEO, Elmcrest Children’s Center, Fayetteville Manlius Crewsters, Hillside Work-Scholarship Connection, Mohawk Valley Community College, and Visions for Change, Inc.
The winners will be announced at the CNY BEST Learning and Performance Awards ceremony to be held on Thursday, June 16, at 5 p.m. at the DoubleTree by Hilton Syracuse, near Carrier Circle. Those interested in registering or getting more information on the awards ceremony, can visit www.cnyastd.org, email: info@cnyastd.org, or call (315) 546-2783.
Contact The Business Journal News Network at news@cnybj.com
BALDWINSVILLE — Attorney Rebecca M. Speno has opened her own law office at 136 E. Genesee St., Suite 2, in the village of Baldwinsville. Speno was previously an attorney at Bond, Schoeneck & King, PLLC in Syracuse. She tells CNYBJ that she decided to start her own law firm primarily because “in my field of
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BALDWINSVILLE — Attorney Rebecca M. Speno has opened her own law office at 136 E. Genesee St., Suite 2, in the village of Baldwinsville.
Speno was previously an attorney at Bond, Schoeneck & King, PLLC in Syracuse.
She tells CNYBJ that she decided to start her own law firm primarily because “in my field of law — real property tax assessment litigation — conflicts of interest can be a problem if a firm or solo [attorney] represents both sides of the “v” — taxpayers/property owners and municipalities.”
She continues, “Bond has a robust school and municipal practice, and its labor department had a significant amount of municipal clients. So while I was able to do assessment work for many municipal entities, I was not able to grow a practice of my own handling exclusively property tax valuation and exemption issues.”
So, Speno will focus her solo practice on her area of expertise as a real property tax assessment litigator. The services she will offer include initial property valuation analyses, property tax exemption application filings, grievance preparation filings, PILOT agreement negotiations, and litigation regarding property tax assessment exemptions and the correction of errors, according to her website (www.rmspenolaw.com).
Speno holds a bachelor’s degree from Hobart & William Smith Colleges and her law degree from Syracuse University College of Law.
The Law Office of Rebecca M. Speno, Esq., the formal name of her practice, operates in 400 square feet of space that she leases.
Contact Carbonaro at mcarbonaro@cnybj.com
EBRI: New hires continue to favor target-date funds for 401(k)s
Interest in target-date and other types of balanced funds remained “strong” through 2014, with younger plan participants more likely to hold target-date funds than older participants. That’s according to a new joint study that the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) — both based in Washington, D.C. — released April
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Interest in target-date and other types of balanced funds remained “strong” through 2014, with younger plan participants more likely to hold target-date funds than older participants.
That’s according to a new joint study that the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) — both based in Washington, D.C. — released April 28.
Target-date funds, also known as lifecycle funds, are designed to offer a diversified portfolio that automatically rebalances to be more focused on income over time.
In 2014, 60 percent of 401(k) participants in their 20s held target-date funds, compared with 41 percent of 401(k) participants in their 60s.
The study, entitled “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2014,” also found that recently hired participants — those with two or fewer years of tenure — used target-date funds. The results show that 59 percent of recently hired 401(k) participants held target-date funds, compared with 48 percent of 401(k) plan participants overall.
“Target-date funds are a popular, convenient investment choice for savers looking for professional asset allocation, portfolio diversification, and automatic rebalancing over time,” Sarah Holden, ICI senior director of retirement and investor research, said in a news release. “More than 70 percent of 401(k) plans included target-date funds in their investment lineup in 2014, and recently hired workers, in particular, often invest in these diversified funds.”
Among participants who were offered target-date funds, 65 percent opted to buy them, according to the release.
Equities dominate
The study found about two-thirds of 401(k) assets continue to be invested in stocks through equity-only funds, the equity portion of balanced funds, and individual company stock in 2014.
An additional 27 percent of 401(k) assets were in fixed-income securities such as stable-value investments, bond funds, and money market funds.
“The bulk of 401(k) assets continued to be invested in equities at year-end 2014,” Jack VanDerhei, EBRI research director, said in the release. “This is driven in part by younger plan participants, who have higher concentrations in equities. Participants in their 60s remain focused on growth as well, however, allocating 56 percent of 401(k) plan assets to equity investments.”
In 2014, 8 percent of 401(k) plan participants in their 20s had no equities, while three-quarters of those younger plan participants had more than 80 percent of their account balances invested in equities.
In comparison, 12 percent of 401(k) plan participants in their 60s had no equities, while only 22 percent of them had more than 80 percent of their account balances invested in equities.
Other findings
The study also found 401(k) participants’ investment in company stock continued at “historically low” levels. Only 7 percent of 401(k) assets were invested in company stock in 2014.
This share has fallen 63 percent since 1999, when company stock accounted for 19 percent of assets.
In addition, 401(k) participants were “slightly less likely” to have loans outstanding at year-end 2014 compared with year-end 2013.
At the end of 2014, 20 percent of all 401(k) participants who were eligible for loans had loans outstanding against their 401(k) accounts, down from 21 percent at the end of 2013.
The study found that the average 401(k) account balance tends to increase with participant age and tenure.
For example, in 2014, participants in their 30s, with more than two years and up to five years of tenure, had an average 401(k) balance of close to $25,000.
At the same time, participants in their 60s with more than 30 years of tenure had an average 401(k) account balance of nearly $275,000.
The study is based on the EBRI/ICI database of employer-sponsored 401(k) plans, the largest database of its kind, compiled through a collaborative research project undertaken by the two organizations since 1996.
The 2014 EBRI/ICI database includes statistical information on 24.9 million 401(k) plan participants in 81,139 plans, which hold $1.9 trillion in assets and cover 45 percent of the universe of 401(k) participants.
Contact Reinhardt at ereinhardt@cnybj.com
Study: 60 percent of millennial college grads expect to still face student loans into their 40s
A new study from Citizens Bank, called “Millennial Graduates in debt,” shows that most recent college graduates with student loans underestimated their monthly payments and now expect to still be paying off their loans into their 40s. The research indicated that college grads age 35 and under with student loans now are spending nearly one-fifth
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A new study from Citizens Bank, called “Millennial Graduates in debt,” shows that most recent college graduates with student loans underestimated their monthly payments and now expect to still be paying off their loans into their 40s.
The research indicated that college grads age 35 and under with student loans now are spending nearly one-fifth (18 percent) of their current salaries on student-loan payments and that 60 percent now expect to be still facing payments after the age of 40.
At the same time, fewer than 50 percent have looked into refinancing options to lower their monthly payments, consolidate their private and federal loans, or otherwise improve the terms of their loans, according to the Millennial Graduates in Debt survey.
According to The College Board, the cost of college has increased 13 percent for public four-year colleges, and 11 percent for private, nonprofit four-year colleges, in the last five years. To help pay for college, more than three-quarters of respondents (77 percent) in the new Citizens’ survey indicated they had received federal loans. One-third of respondents said they had taken out private student loans, which typically are smaller, and in most cases, require a credit-qualified co-signer.
“The long-term cost of college continues to be a major challenge for Millennials, even after they have established themselves in the workforce and significantly improved their credit from where they were when they started school,” said Brendan Coughlin, president of consumer lending at Citizens Bank. “As this generation of college graduates starts to contemplate future life events like home purchases and retirement, it becomes increasingly important for them to take control of their college debt, whether it’s through refinancing or other tactics that can help them limit its impact on their overall financial health.”
Citizens’ Millennial Graduates in Debt survey found that graduates with student loans grappled with the following trade-offs required to make their student-loan payments every month:
In light of this, some millennials now express buyer’s remorse regarding their college investment, with 57 percent saying they regret taking out as many student loans as they did. More than one-third (36 percent) of millennial graduates with student loans said they would not have gone to college if they had known how much it was going to cost them.
“Unfortunately, the long-term cost of college is leading some graduates to question the value of their investment — in many cases, before they have fully explored their opportunities to significantly reduce their payments,” Coughlin said.
Citizens Bank conducted a survey of 501 U.S. millennials (ages 18-35) who are college graduates (2-year, 4-year, postgraduate, or professional degree) and currently have student loans. The custom survey was conducted online for Citizens by TNS from Feb. 10-22.
Contact The Business Journal News Network at news@cnybj.com

Cayuga Centers combines HR, IT, and finance under new chief fiscal offer position
AUBURN — Cayuga Centers president and CEO Edward Myers Hayes recently announced he has restructured the agency’s executive team, promoting Elizabeth Palin to the new post of chief fiscal officer. Palin will oversee the integration of the finance, IT, and HR departments at Cayuga Centers. “This new position brings together agency-wide aspects of operations —
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AUBURN — Cayuga Centers president and CEO Edward Myers Hayes recently announced he has restructured the agency’s executive team, promoting Elizabeth Palin to the new post of chief fiscal officer.
Palin will oversee the integration of the finance, IT, and HR departments at Cayuga Centers.
“This new position brings together agency-wide aspects of operations — encompassing finance, IT, and HR. Ms. Palin’s strong work has raised our fiscal operations to a higher level of functioning and I look forward to her continuing to develop this and our other core services of human resources and information technology as we grow our programs and our agency,” Hayes said in a news release.
He explained that the nonprofit has grown its programs from a limited program agency serving only Cayuga County with a $2 million budget to a multi-service provider that runs programs throughout Central New York, the New York City area, Florida, and Delaware. So, it needs “to enhance [the] structure and organization” of its agency-wide management functions to better support staff members across the agency and its future growth, he added.
Palin joined Cayuga Centers as chief financial officer in 2012. She came from another unnamed nonprofit, where she served as director of finance, according to the release. Palin received her bachelor’s degree in accounting from SUNY Institute of Technology, and after college worked in public accounting, obtaining her CPA designation.
The Auburn–based nonprofit says it offers a variety of evidence-based programs, residential and foster care treatment, and services for persons with developmental disabilities. Cayuga Centers employs more than 500 people and has a $50 million budget.
Contact The Business Journal News Network at news@cnybj.com
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