Broome County hotel occupancy rises nearly 19 percent in May

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BINGHAMTON, N.Y. — Broome County hotels saw another increase in guests in May compared to a year earlier, as the hospitality industry continues to rebound from the pandemic, according to a new report. The hotel-occupancy rate (rooms sold as a percentage of rooms available) in the county rose 18.9 percent to 63.7 percent in May, […]

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NBT Bank creates chief diversity officer role

Banks & Credit Unions, Employee Benefits & Human Resources, Insurance & Financial Services, New York News, People on the Move, Regional News, Subscriber Only

NORWICH, N.Y. — NBT Bank is taking the next steps in its diversity, equity, and inclusion efforts by creating and filling a full-time chief diversity officer position. “It’s pretty clear in the research over time that a diverse workforce and a diverse leadership team provide better results,” says John H. Watt, Jr., president and CEO

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NORWICH, N.Y. — NBT Bank is taking the next steps in its diversity, equity, and inclusion efforts by creating and filling a full-time chief diversity officer position.

“It’s pretty clear in the research over time that a diverse workforce and a diverse leadership team provide better results,” says John H. Watt, Jr., president and CEO of NBT.

Since 2016, NBT had two different employees who served as a diversity officer while also performing their normal jobs, he says, but it was time to create a full-time position to handle the duties.

NBT had a well-qualified candidate in house, and Karen Sastri stepped into her new role as chief diversity officer in mid-April. She not only provides continuity for already established initiatives, but also works with bank leadership to establish new programs and best practices that will help NBT recruit, retain, and develop a diverse workforce.

Sastri, a 25-year employee, previously worked in NBT’s human-resources department, so the transition to the new job was an intuitive one that fit well with her previous experience with recruitment, employee relations, training, and development.

“I was honored to be asked,” Sastri says. She earned her bachelor’s degree from University at Albany and holds a strategic human resources business partner certification. She serves on the boards for the Chenango United Way and Dollars for Scholars and is a member of the Norwich Boys Soccer Boosters. Sastri joined NBT in 1996.

Diversity isn’t a new thing at NBT, she notes. Currently, seven of the 11 executive leaders and 55 percent of the overall management team members are women. However, diversity needs to be constantly nurtured and inclusivity must be fostered.

The goal is to promote a workplace where people can come to work and be their authentic selves, she says, and feel welcomed and supported while doing so.

“The companies that are successful are the ones that encourage inclusion,” Watt notes. NBT already has several initiatives around inclusion including roundtable discussions where employees can speak up, company community events, and empowerment workshops. These events give employees a voice, and the bank can learn from them and make the workplace a richer environment, he adds.

Diversity and inclusion initiatives can even go beyond employees to customers, Sastri says. NBT is focused on keeping its branches a welcoming space for customers and remains connected in the communities it serves to causes and organizations it deems important.

While the main intention is to ensure people feel seen and heard, accepted, and welcomed, Watt says NBT also has an obligation to its shareholders. Fortunately, he adds, promoting a diverse and inclusive workplace leads to happy employees who deliver strong results.

Headquartered in Norwich, NBT Bank offers banking and wealth-management services in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. The bank employs about 1,800 people, with more than 700 of those employees in branch offices. Parent company NBT Bancorp (NASDAQ: NBTB) has $12.1 billion in total assets.

New York manufacturing index rises in June but remains negative

Banks & Credit Unions, Employee Benefits & Human Resources, Manufacturing & Engineering, New York News, Small Business, Subscriber Only

The Empire State Manufacturing Survey general business-conditions index rose 10 points in June but stayed in negative territory at -1.2. The index — the monthly gauge on New York’s manufacturing sector — had declined significantly in May, falling 36 points to -11.6. The June reading — based on firms responding to the survey — indicates

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The Empire State Manufacturing Survey general business-conditions index rose 10 points in June but stayed in negative territory at -1.2.

The index — the monthly gauge on New York’s manufacturing sector — had declined significantly in May, falling 36 points to -11.6.

The June reading — based on firms responding to the survey — indicates business activity “was little changed” in New York state, the Federal Reserve Bank of New York said in its June 15 report. A negative reading on the index indicates a decline in the sector, while a positive number points to expansion or growth in manufacturing activity.

The survey found 28 percent of respondents reported that conditions had improved over the month, while 29 percent said that conditions had worsened, per the New York Fed.

Survey details

After plunging below zero the prior month, the new orders and shipments indexes climbed into positive territory in June, pointing to a “small increase” in both areas, the New York Fed said.

The unfilled-orders index fell to -4.3, its first negative reading in over a year, indicating that unfilled orders “shrank.” The delivery-times index fell 6 points to 14.5, suggesting that delivery times lengthened, though at the “slowest pace in over a year.”

The inventories index rose 9 points to 17.1, indicating that inventories expanded.

The index for number of employees increased 5 points to 19.0, pointing to a solid increase in employment, and the average workweek index came in at 6.4, indicating a small increase in hours worked.

The prices-paid index rose 5 points to 78.6, several points below its recent record high, and the prices-received index edged down to 43.6, signaling “ongoing substantial increases” in both input prices and selling prices.

Optimism about future conditions was “subdued” for a third consecutive month. The index for future business conditions fell 4 points to 14.0.

Delivery times are expected to decline over the next six months, as are unfilled orders, while increases in prices and employment are expected to continue in the months ahead, the New York Fed said. Capital spending and technology spending plans remained firm.

The Federal Reserve Bank of New York distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.

CNY closed homes sales fall 10 percent in May, median sales price rises over 5 percent

Construction, Design & Real Estate, Small Business, Sports, Entertainment & Tourism, Subscriber Only

SYRACUSE, N.Y. — Realtors in a six-county region of Central New York sold 622 homes in May, down 10.2 percent from 693 homes in the year-ago month. The CNY monthly median sales price hit $181,250 in May, up 5.4 percent from $172,000 in May 2021, according to the latest housing-market report released by the Greater

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CEO FOCUS: Green CHIPS Legislation to Help Drive Opportunity and Growth

Business Mentors, Subscriber Only

Green CHIPS is a significant piece of legislation with the potential to have long-term impact by attracting billions in new private investment and leveraging billions more in federal incentives. It holds the potential to create thousands of new high-paying jobs and will cement New York as the nation’s leader in semiconductor manufacturing. The bill [recently]

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The bill [recently] passed the State Senate and Assembly and [as of press time was] expected to be signed into law by Gov. Kathy Hochul. Green CHIPS is an amendment to the Excelsior Tax Credit program that allows the state to offer up to $500 million a year in state tax credits to chip companies that build new factories in New York state with a focus on reducing carbon emissions and greenhouse gases. Companies must create at least 500 net new jobs and spend at least $3 billion in capital investments over 10 years. In addition to the impact it will have on Central New York as we pursue semiconductor manufacturers for the White Pine site in Clay, it will also drive opportunities in Albany, Marcy/Utica, and western New York. The economic opportunities created by such investments will undoubtedly have a ripple effect across the state. Green CHIPS will set a new standard for environmentally sustainable chip manufacturing and reinforce community engagement as a standard of project development.

Strategic, intentional investments, regardless of their size, are what will continue to drive growth and progress for our region. As the state advances projects and investments aimed at greater community impact, private companies are also recognizing the role they can play in advancing our economy through intentional investments. [Recently], Salina 1st officially broke ground on the $10 million, 52,000-square-feet facility that is the community’s first all-minority commercial development. The project will transform a vacant downtown property into a mixed-use, all-electric building that is equipped with solar panels and will be self-powered, giving off no carbon emissions.

Likewise, the Oneida Indian Nation, the largest employer in Oneida and Madison Counties, is highlighting its commitment to the community by creating new affordable housing for its employees. The Villages at Stoney Creek apartments are located next to Turning Stone and are exclusively for new employees relocating to the region. This project helps to reduce the pressure on local housing as the company looks to attract talent to the region. These projects reflect the kinds of ways local businesses can directly support the larger community.

As always, our economic-development team stands ready to assist companies looking to invest, expand. and grow within Central New York. Please contact Andrew Fish, senior VP of economic development. at afish@centerstateceo.com.

Robert M. Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This article is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on June 9.

Ask Rusty: Must I Pay Income Tax on my SS Benefits?

Business Mentors, Insurance & Financial Services, Subscriber Only

Dear Rusty: I do not recall the rules on my income-tax obligation for Social Security (SS) benefits. Can you please explain these rules to me? Signed: Senior Taxpayer Dear Senior Taxpayer: I’ll be happy to review the rules about income tax on Social Security benefits for you. If your combined income from all sources is

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Dear Rusty: I do not recall the rules on my income-tax obligation for Social Security (SS) benefits. Can you please explain these rules to me?

Signed: Senior Taxpayer

Dear Senior Taxpayer: I’ll be happy to review the rules about income tax on Social Security benefits for you. If your combined income from all sources is low enough, your SS benefits aren’t subject to being taxed by the IRS. But some of your SS benefits will become taxable if your combined income from all sources exceeds certain thresholds, and the thresholds are dependent on your tax-filing status (single or married).

If you file your income tax as “married-filing jointly” and your combined income from all sources — both taxable and non-taxable income — is less than $32,000, then your Social Security benefits aren’t taxable. But if your combined income as a married couple is between $32,001 and $44,000, then half of the SS benefits you received during the tax year becomes part of your taxable income. And if your combined income as a married couple exceeds $44,000 then up to 85 percent of the SS benefits you received during the tax year becomes part of your taxable income. Those SS benefits will simply be included as part of your taxable income and taxed at your normal IRS tax rate.

If you file your income tax as a “single,” the thresholds at which Social Security benefits become taxable are different. Single filers with a combined income of $25,000 or less pay no income tax on their benefits. But single filers with combined income between $25,001 and $34,000 will have half of their SS benefits received during the tax year become taxable, and single filers whose combined income exceeds $34,000 will see up to 85 percent of their Social Security benefits become taxable. These single-filer thresholds apply also to those filing as single head of household or qualifying widow(er), and to those filing as “married-filing separately” if they lived apart for the entire tax year. But the threshold is zero dollars for married couples who file separately but lived together at any time during the tax year.

To clarify what “combined income” is — the IRS uses something called your modified adjusted gross income (MAGI) to determine if your Social Security benefits should be taxed. Your MAGI is your normal adjusted gross income (AGI) from your tax return, plus any non-taxable income you may have had, plus 50 percent of the Social Security benefits you received during the tax year. If your MAGI is over the thresholds described above, a portion of the SS benefits you received during the tax year will be included in your taxable income. If it is not, you pay no income tax on your benefits.

To be sure you’re aware, when you file as “married/jointly” income from both partners counts when determining your MAGI for income-tax purposes.

Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4 million member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.

Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.

Usherwood adds to Syracuse office space to enable growth

Construction, Design & Real Estate, Small Business, Subscriber Only, Technology

SYRACUSE — Usherwood Office Technology says it has expanded its Syracuse space again, noting that it’s the result of “continuous growth [that] commanded a larger, more collaborative space.” The firm has added 15,000 square feet of space to its Syracuse headquarters office located at 1005 West Fayette St. in the Rockwest Center building. Usherwood —

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SYRACUSE — Usherwood Office Technology says it has expanded its Syracuse space again, noting that it’s the result of “continuous growth [that] commanded a larger, more collaborative space.”

The firm has added 15,000 square feet of space to its Syracuse headquarters office located at 1005 West Fayette St. in the Rockwest Center building.

Usherwood — a provider of office-technology solutions and managed information-technology (IT) services — has operated at that location since 1993, per its June 13 announcement.

Usherwood’s Odyssey Technical Assistance Center, which offers help-desk services for its clients, will operate in the additional space. In addition, a large portion of the Usherwood’s Syracuse employees, including the finance, contracts, marketing, client services, and human-resources workers, will also occupy the space, the firm said.

The company has 70 employees at its Syracuse location, Usherwood tells CNYBJ in an email.

“The expansion of Usherwood’s Syracuse headquarters has been designed with our team and clients in mind,” Ken Stinson, president of Usherwood Office Technology, said. “It allows us to have most of our Syracuse team members on one floor to create a more collaborative environment. Additionally, this expansion will enable Usherwood to continue building upon our ‘client first’ culture while creating a foundation for future growth within our 17 offices throughout the Northeast. We are proud to call Syracuse our home and invest further in this great city.”

The expanded space includes eight private office suites; three conference rooms; five huddle rooms/spaces; a training center; a technology lab; a large kitchen with different types of seating; and a fitness center.

Usherwood says it has occupied many spaces throughout the building on West Fayette Street over the last 30 years. With the “flexibility” available at Rockwest Center, Usherwood has been able to expand from 10,000 square feet to operations in more than 65,000 square feet “without relocation,” the company noted.

To celebrate the new office opening, Usherwood hosted a ribbon-cutting ceremony on June 7, with all employees returning to work on that date.

Since 1976, Usherwood Office Technology has provided IT products and services throughout New York and New England with more than 140 employees serving 8,000 clients in the Northeast.

Whitman School partners with Management Leadership for Tomorrow

Health Care, Subscriber Only

SYRACUSE — Syracuse University’s Martin J. Whitman School of Management (Whitman) says it is partnering with the Management Leadership for Tomorrow (MLT). The program seeks to “increase awareness and educational and career support for underrepresented minority students through personal guidance and coaching,” per a recent Whitman announcement. MLT says it “provides the tools needed to

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SYRACUSE — Syracuse University’s Martin J. Whitman School of Management (Whitman) says it is partnering with the Management Leadership for Tomorrow (MLT).

The program seeks to “increase awareness and educational and career support for underrepresented minority students through personal guidance and coaching,” per a recent Whitman announcement.

MLT says it “provides the tools needed to successfully apply” to top business schools around the country as well as a network of “high-performing” peers in the MLT community.

“We are delighted to be partnering with a preeminent organization like MLT to help prepare our future students with the tools needed to pursue an MBA and then land high-potential jobs afterwards,” Alexander McKelvie, associate dean for undergraduate and master’s education for the Whitman School, said in a statement. “MLT is a leading source of diverse talent for top corporations nationally and we’re so happy to join their impressive list of academic partners.”

Whitman hopes the partnership will help “increase the diversity of the Whitman School community” and help in the long-term career development of its students of color after graduation.

As part of this, MLT offers a six-month MBA Prep training program that seeks to “best position” members for graduate school and direct access to admissions decision-makers.

“Whitman continues to invest heavily in our students and their future careers,” McKelvie said. “Supporting our underrepresented minority students in particular is a high priority for us, and this new partnership will allow us to help attract and recruit fantastic students — and perhaps most importantly, provide them with access to an outstanding network of talented professionals that will benefit them throughout their careers through the MLT alumni network.”

About MLT

MLT, which is headquartered in Bethesda, Maryland, says it partners with more than 150 leading companies, social-sector organizations, and universities to strengthen the recruitment and retention of diverse talent.

MLT’s “distinctive model provides the know-how, navigation systems, and network to ensure talented underrepresented minorities are able to get on and stay on the path to senior leadership. MLT’s Rising Leaders benefit from exceptional coaching, skills training, and a powerful, professional network unlike any other. MLTers join a community of peers, mentors, and senior leaders who share experience, trust, and a commitment to helping one another advance,” as described in the Whitman announcement.

Raymond launches exhibit to celebrate its centennial

Construction, Design & Real Estate, Employee Benefits & Human Resources, Manufacturing & Engineering, Regional News, Subscriber Only

GREENE, N.Y. — The Raymond Corporation recently unveiled an interactive, museum-style exhibit at its headquarters to showcase the company’s innovations and employees and provide a peek into the future of the business. The exhibit, introduced to celebrate Raymond’s 100 years in business, will now travel across the country to various company solution and support center

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The exhibit, introduced to celebrate Raymond’s 100 years in business, will now travel across the country to various company solution and support center facilities. The exhibit will end its tour at the ProMat material handling and logistics trade show in Chicago, Illinois in March of 2023.

Before cutting the ribbon on the exhibit during a June 14 event, Raymond officials took some time to celebrate the century-long history of the business that impacts almost every consumer.

The Raymond Corporation got its start in 1922 when George Raymond, Sr. purchased a foundry in Greene, but its beginnings as a material-handling company really began in 1939 when Raymond designed and patented the double-faced wooden pallet and, with employee William House, the first hydraulic hand pallet truck. From there, the company has grown and innovated into an end-to-end warehouse solution company.

“It’s a moment in a lifetime for all of us,” Steve VanNostrand, Raymond executive VP, said at the event. He noted that through its history, the Raymond Corporation has employed nearly 20,000 people in Greene. “What a legacy,” he exclaimed.

The event featured a number of proclamations from local, state, and federal dignitaries; a choral performance by The Voices of Raymond, a ribbon cutting for the museum, and factory tours.

Former employee Steve Raymond, grandson of the company founder, noted that it’s easy to overlook the significance of material handling, but the need became apparent during the pandemic and the current infant-formula shortage. He shared how emotional he felt recently watching planes loaded with pallets of infant formula to help people in need, knowing that the company’s innovations helped make that possible.

“It literally changed the world,” he said of the pallet invented by George Raymond, Sr.

Toyota Industries Corporation acquired the Raymond Corporation in 2000 and Brett Wood, president and CEO of Toyota Material Handling North America was on hand at the event to reflect on the successful partnership. He noted that a forklift is manufactured every five minutes at the Raymond plant in Greene and added that one out of every three forklifts sold is either a Raymond or Toyota brand.

“Toyota is a better company with the Raymond Company,” he said. “Both companies have really learned a lot from each other in many, many ways.”

Wood announced that Toyota has commissioned a statue of one of Raymond’s first forklifts that will soon be delivered to Raymond corporate headquarters at 22 South Canal Street in Greene. He also announced the donation of 100 walkie talkies to the Greene Central School District to help commemorate Raymond’s centennial.

Raymond President and CEO Mike Field wrapped up the event by noting, “Our history of innovation is strong, and so is our future.”

Along with its headquarters and manufacturing facility in Greene, Raymond operates a parts distribution center and its RayBuilt Center of Excellence in DeWitt. It also has a facility in Muscatine, Iowa.

Syracuse Label & Surround Printing merger fulfills succession plan

Small Business, Subscriber Only

CICERO — With company presidents planning to retire at the end of the year, Syracuse Label & Surround Printing has merged its operations with two sister companies that operate in Cohoes, near Albany. The boards of directors of Syracuse Label & Surround Printing — along with Macaran Printed Products and sister company W.N. Van Alstine

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The boards of directors of Syracuse Label & Surround Printing — along with Macaran Printed Products and sister company W.N. Van Alstine — on June 13 announced the agreement.

The June 13 announcement also signaled that the agreement is final, Peter Norris, marketing coordinator for Cicero–based Syracuse Label & Surround Printing, tells CNYBJ in an email message.

Syracuse Label & Surround Printing operates at 200 Stewart Dr. in Cicero. Besides Cohoes, Van Alstine also operates a location at 6805 Newbrook Ave. in DeWitt, per its website.

Kathy Alaimo, president of Syracuse Label & Surround Printing, and Nick Van Alstine, CEO of Macaran and Van Alstine, will lead the new business, operating as co-CEOs. Tom Sargent of Macaran Printed Products will serve as president.

“I have known Nick Van Alstine, and we’ve been friendly competitors for over 20 years,” Alaimo said. “This friendship and mutual trust evolved into a conversation about how similar our companies were, and what an exciting opportunity we had to support future growth for our employee-owners.”

Both Alaimo and Van Alstine plan to retire effective Dec. 31 of this year and both will then assume roles as co-chairs of the board of directors. Sargent will assume the CEO position effective Jan. 1, 2023.

The June 13 announcement is the “culmination of a well-planned and orderly succession process to ensure the continued success of the organization,” the companies said.

The combined organization will provide “enhanced” development and manufacturing capabilities, incorporating “state-of-the-art label technologies along with improved economies of scale.”

The new organization has three facilities, 165,000 square feet of manufacturing space, 175 full-time employee owners, and $65 million in sales.

Customers will not see any changes to the day-to-day operations of Syracuse Label, Macaran, or Van Alstine. All sales, service, and accounting procedures and contacts will “remain intact,” and all divisions will continue to use their branded visual identities and logos, per the announcement.

Purpose for merging firms

The merger brings together label and packaging companies who share common cultures, common cause and common goals, they said. The companies are 100 percent employee owned.

“Driven by industry consolidation,” both organizations said they found themselves in “similar circumstances as the competitive landscape has shifted around them.” The merger creates an organization with “greater scale, capacity and capability, bringing additional value” to the customers and markets it serves.

“This is a great fit for our businesses. This merger is all about our shared values; preserving corporate legacies, creating value for our employee-owners and becoming more competitive in the marketplace,” Van Alstine said.

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