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VIEWPOINT: Planning a Benevolent Business Exit
If you’re a business owner, at some point you may begin thinking about an exit strategy. Sometimes that strategy presents itself in the form of an unplanned, unsolicited buyer. Before you engage any potential acquirers, you might want to explore the benefits of contributing an ownership interest in your business to a donor-advised fund or […]
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If you’re a business owner, at some point you may begin thinking about an exit strategy. Sometimes that strategy presents itself in the form of an unplanned, unsolicited buyer. Before you engage any potential acquirers, you might want to explore the benefits of contributing an ownership interest in your business to a donor-advised fund or other type of charitable fund.
If you have owned your business for several years — or decades — you could be sitting on substantial unrealized capital gains, thanks to the increasing value of the business over time. A business sale will trigger tax on capital gains, reducing the proceeds you get to keep. No capital-gains tax will apply, however, to the sale of any portion of the business owned by your donor-advised fund, plus you will receive a charitable deduction for the gift of ownership.
Don’t start negotiating for your company’s sale before you’ve talked with your advisors and the fund administrator, such as your local community foundation. Otherwise, you might get caught in the trap of the IRS’s step-transaction regulations that affect any presale gift to charity of real estate, closely held stock, or other alternative asset.
If you sell your business without making a gift of ownership, you still have the option of making a post-sale charitable gift of cash. While this approach doesn’t avoid realizing capital gains, it still provides a charitable deduction that can be effective at reducing your income tax due in the year of the sale.
This past year, five post-sale gifts created funds at the Community Foundation. These were the result of business sales that occurred in the Syracuse area, where owners or employees received sale proceeds or deferred compensation. In each case, the donor was somewhat familiar with us, but was also connected by professional advisors who knew how beneficial a charitable contribution would be for their client that year, how flexible a donor-advised fund is for charitable giving, and how we can be a resource to donors who care about Central New York.
If you own a business and want to learn more about making a presale or post-sale gift to a donor-advised fund or other type of fund, reach out to your local community foundation. It can help you and your advisors evaluate your options and ultimately prepare for the transaction. The foundation staff will also work with your advisors to secure a proper valuation for the charitable deduction when a portion of the business interest is contributed to your donor-advised or other type of fund.
Thomas Griffith is VP of development at the Central New York Community Foundation. Contact him at tgriffith@cnycf.org or (315) 883-5544.
OPINION: School Safety Must be a Top Priority for State Lawmakers
Across the nation, we have witnessed school-targeted violence at a rate unlike any we have ever seen in this country. The grief and heartbreak families have been forced to endure as a result of these attacks is unimaginable and it is abundantly clear action is needed now before another tragedy occurs. It is obvious the safety procedures
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Across the nation, we have witnessed school-targeted violence at a rate unlike any we have ever seen in this country. The grief and heartbreak families have been forced to endure as a result of these attacks is unimaginable and it is abundantly clear action is needed now before another tragedy occurs. It is obvious the safety procedures in place must be evaluated and improved to protect students, teachers, and staff working in New York schools. [The recent] events in Tennessee are yet another horrific reminder of what is at stake.
In order to protect our vulnerable schools, our Assembly Minority Conference toured the state last fall gathering input from stakeholders charged with developing and implementing school-safety plans. Testimony from law-enforcement officials, school administrators, mental-health professionals and parents was gathered ahead of a comprehensive report aimed at identifying ways to bolster school security.
Our proposals are actionable, and they take into account the thoughts and opinions of individuals who know exactly what is needed to protect school children. We listened to them, and I implore my counterparts in the majority legislative conferences, as well as the executive to listen closely to those facing these dangers every day. Among the many topics and recommendations included in the report are:
• Increasing law-enforcement’s presence in schools
• Addressing mental-health concerns in schools
• Opening communication between key stakeholders
• Expanding state support for school safety and security
• Identifying threats and providing support to at-risk students
• Investing in school infrastructure
Teachers and students are living in fear. Schools are supposed to be safe havens for children to learn and grow, and it is nearly impossible to do that when one goes there each day in fear. Making matters worse, we have also seen a growing number of individuals calling in fake shootings in order to elicit emergency responses for their own amusement. These despicable individuals are fueling already unsustainable levels of fear, and they must be addressed accordingly.
It is hard to fathom the fear those who were forced into lockdown [by these fake shooting calls] experienced considering the [recent] tragedy. In order to combat this disturbing new practice, Assemblyman Scott Gray (R–Watertown) introduced legislation (A.2977) making such a practice a felony offense under the crime of “falsely reporting an incident in the second degree.”
Overall, we must do everything in our power to ensure school children and those who support them are safe. The stakes could not be higher, and there is absolutely no reason not to implement drastic, immediate improvements to our school-security infrastructure right now. This is an issue that transcends politics and party lines, and we need to work collaboratively. I look now to Gov. Hochul and legislative leadership; do not ignore the needs of New York’s school children.
William (Will) A. Barclay, 54, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses all of Oswego County, as well as parts of Jefferson and Cayuga counties.
OPINION: Why Trustworthiness Matters in Our Democracy
Early this year, the Gallup organization came out with a survey of Americans on how they view the ethics of various professions. Nurses ranked at the top. Doctors, pharmacists, and high-school teachers did well, too. Real-estate agents and bankers were considered about average. Down at the bottom? Telemarketers. And members of Congress. Over the course
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Early this year, the Gallup organization came out with a survey of Americans on how they view the ethics of various professions. Nurses ranked at the top. Doctors, pharmacists, and high-school teachers did well, too. Real-estate agents and bankers were considered about average. Down at the bottom? Telemarketers. And members of Congress.
Over the course of my career in Congress, I dealt with hundreds of legislators over many decades and found the vast majority to be honest and ethical. Most understood that in Congress and other legislative bodies in this country, trust is the coin of the realm. One of the worst things that can happen to a legislator is to have word get around that he or she is not trustworthy. This is because you’re constantly making deals — hammering out the details of a bill, striving to get funding for a key infrastructure project at home, working with the leadership or other members of your state delegation or even legislators from the other party to craft language that can command a majority on the floor. And as part of that process, you have to make commitments. If you don’t follow through, or you shade your language, or you misrepresent your intentions, word gets around.
So why do so many people hold the ethics of members of Congress in such low esteem and often tell pollsters that you can’t trust what they say? I think in part it’s because many politicians learn quickly to be careful about how they use language in public — not for nefarious purposes, but because it’s natural to want an audience’s support even though, quite often, the issue in question is far more complicated than it’s possible to convey in a few words. Or, especially these days, a politician may be entirely sincere in expressing a point of view, but it’s based on misinformation or information that comes from what proves to be an untrustworthy source.
At the same time, issues evolve. Policy is a dynamic process and circumstances and legislation change: What you said a year ago might no longer be relevant or even useful today. In fact, as a member of Congress I became cautious in answering when a constituent or lobbyist asked me whether I would support a particular bill, since by the time it reached the floor it might have gone through so many changes that it was unrecognizable. The problem is, as a legislator you don’t get to vote “Maybe.” A vote is a blunt response to a difficult issue; “yes” or “no” rarely reflects a member’s complete thoughts because of the complexities inherent in legislation.
Intriguingly, it’s that changeability — in how legislation evolves, politics unfolds, and politicians think — that makes trustworthiness so important. If other legislators conclude they can’t take you at your word, then you’re sidelined — as deals get struck and the details change, you have no influence. In the end, you’re just occupying a seat. As New York Congressman George Santos has found, you may have a megaphone in the press, but when it comes to affecting public policy or the course of legislative events, you’re frozen out. And the losers are your constituents.
Lee Hamilton, 91, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the 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.
Pinckney Hugo Group, a full-service marketing communications firm, has hired GAVIN WAIGHT, of Syracuse, as a media strategist and STEVE SCHULZ, of Liverpool, as a junior digital designer. Prior to joining Pinckney Hugo Group, Waight gained experience as a digital strategist at Guild Collective and as a marketing coordinator at HealthWay Family of Brands. He
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Pinckney Hugo Group, a full-service marketing communications firm, has hired GAVIN WAIGHT, of Syracuse, as a media strategist and STEVE SCHULZ, of Liverpool, as a junior digital designer. Prior to joining Pinckney Hugo Group, Waight gained experience as a digital strategist at Guild Collective and as a marketing coordinator at HealthWay Family of Brands. He is a Google qualified individual with a certification in Google Ads search. Waight has a bachelor’s degree in marketing from the Madden School of Business at Le Moyne College. Schulz has a bachelor’s degree in graphic design from the S.I. Newhouse School of Public Communications at Syracuse University.

JEFFREY DELEPINE has been promoted to senior director of enterprise risk management at NBT Bank. He joined NBT in 2014 as chief compliance officer, with 15 years of previous banking and compliance experience. From 2020-2022, Delepine also served as the chief diversity officer. In his new role, he has responsibility for building out and maturing
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JEFFREY DELEPINE has been promoted to senior director of enterprise risk management at NBT Bank. He joined NBT in 2014 as chief compliance officer, with 15 years of previous banking and compliance experience. From 2020-2022, Delepine also served as the chief diversity officer. In his new role, he has responsibility for building out and maturing NBT’s Enterprise Risk Management, Community Reinvestment Act and data governance programs. Delepine earned his bachelor’s degree from San Jose State University.
KRISTINA BERCK has joined NBT as its new chief compliance officer. Berck brings more than 15 years of experience in multiple financial-services industries to her position. She will take over responsibility for ensuring compliance with existing regulations and ensuring the banking company’s processes and controls evolve to comply with new requirements in the financial industry’s ever-changing regulatory environment. Berck earned her bachelor’s degree from Texas Woman’s University, her law degree from St. Mary’s University School of Law, and her Master of Laws degree in transnational business law from the McGeorge School of Law at the University of the Pacific.

Oswego Health has added family nurse practitioner and experienced registered nurse SHAWNNA NYE as a new provider at Fulton PrimeCare. Nye earned her master’s degree in nursing – family nurse practitioner in 2022 from Upstate Medical University and her bachelor’s in nursing and health science in 2004 from SUNY Brockport. Nye previously worked in Oswego
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Oswego Health has added family nurse practitioner and experienced registered nurse SHAWNNA NYE as a new provider at Fulton PrimeCare. Nye earned her master’s degree in nursing – family nurse practitioner in 2022 from Upstate Medical University and her bachelor’s in nursing and health science in 2004 from SUNY Brockport. Nye previously worked in Oswego at a private practice, where she gained primary care and outpatient experience. In addition, she has worked at the Syracuse VA Medical Center, Upstate Pediatric and Adolescent Clinic, and for 12 years at the Upstate Heart and Vascular Center. Nye joins Fulton PrimeCare at 98 N. 2nd St. in Fulton and will work alongside Vandana Patil, MD, and nurse practitioner Deirdre A. Wahl.

LAWRENCE PAPALEO has joined CBRE Syracuse as an associate broker, bringing seven years of real-estate experience. He is skilled in all facets of real estate including residential, commercial, REO, and investment property sales. Papaleo is a Syracuse native and graduated from Christian Brothers Academy in 2008. In 2011, he graduated from Syracuse University’s Martin J.
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LAWRENCE PAPALEO has joined CBRE Syracuse as an associate broker, bringing seven years of real-estate experience. He is skilled in all facets of real estate including residential, commercial, REO, and investment property sales. Papaleo is a Syracuse native and graduated from Christian Brothers Academy in 2008. In 2011, he graduated from Syracuse University’s Martin J. Whitman School of Management. Papaleo received his bachelor’s degree in both supply chain management and management. He began his real-estate career in 2016.

People news: Fust Charles Chambers hires audit associate
SYRACUSE, N.Y. — Fust Charles Chambers LLP announced that Taylor Chapman has joined the accounting firm as an audit associate. She will help service the

SU’s Whitman School to use donation for business and mental health initiative
SYRACUSE, N.Y. — Syracuse University’s Martin J. Whitman School of Management has created a new initiative that will support students’ personal and professional development “at

OCC, Say Yes collaborate to help Syracuse students with college housing costs
ONONDAGA, N.Y. — Onondaga Community College (OCC) and Say Yes Syracuse have reached an agreement that will help graduates of the Syracuse City School District
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.