Governor Douglas to announce $200,000 Middlebury grant award

first_imgGovernor Douglas will present the town of Middlebury with a $200,000 Community Development Block Grant which will help bring more healthcare to low-income residents. The event will be held Wednesday, March 11, at 8:15 am at the future site of the Addison County Dental Center at 32 Merchants Row in Middlebury.last_img

Ecuadorean Army Confiscates Explosives on Colombian Border

first_img The Ecuadorean government seized rifle ammunition and supplies possibly used to fabricate bombs in operations carried out in recent days on the Colombian border, the institution informed on March 22. According to the report, Soldiers of the Fourth Amazon Division seized 4,530 7.62-caliber cartridges at Nueva Loja, Sucumbíos province, where Colombian insurgents are operating, the statement said. In another operation carried out in the town of Piñuña Negra, the Military confiscated 18 cartridges of dynamite, three bags of dolomite, an industrial gas pipette, and “other home elements to presumably build an explosive device.” Control procedures on the border area resulted in the seizure of 23,235 liters of diesel, 33 quintals of concrete – used as raw material for cocaine processing – two vehicles, and two dredges for illegal mining. In these operations, six people were arrested, two of which were Colombian nationals and were deported, the report said. A week ago, Ecuadorean Army commander, General Jorge Peña, said that his country’s military has found a decrease in the presence of Colombians along the 720 km-long border, which extends from the Pacific Ocean to the Amazon jungle. Illegal groups, such as the Revolutionary Armed Forces of Colombia, operate in said region. By Dialogo March 26, 2013last_img read more

Turn your credit union’s SERP liability into net income

first_imgAs not-for-profits, credit unions are limited in what they can do to recruit and retain top talent, particularly since the excise tax was implemented. All of those 457(f) plans tied to the stock market are getting costly for both the credit union and your valuable executives. They’re taking significant losses right now during the coronavirus pandemic and likely would any bear market.Executives and their boards should be investigating split-dollar, whole life Supplemental Executive Retirement Plans (SERPs), which are very viable options. Immediately turn a 457(f) liability – especially during this time of lost income – into a performing asset with a split-dollar plan. These SERPs are based on a life insurance policy the credit union executive owns, but the credit union has a lien against it, just like a mortgage. From the first premium payment, the credit union accrues interest on the retirement pay outs borrowed against it. Plus, split-dollar SERPs experience significantly less volatility and more consistent returns. In fact, the cash value is guaranteed to increase every year when funded with whole life insurance policies.Every SERP is customizable to the board and executive’s risk tolerances. We generally don’t write Split-Dollar SERPs with Indexed Universal Life (IUL) insurance because of the volatility in these plans. They are expected to lose money about half the time when taking into account the bear market years, so we tend to stay away from them except for death benefits.While the current environment is negatively affecting all retirement plans, whole life SERPS are only experiencing downward pressure on the dividend. IULs have even greater downward pressure because caps are continually reduced, lowering the potential return, plus the market volatility, especially as distributions are paid out. Insurance companies even recommend using 70% of the maximum illustration rate on IULs when setting plans rather than the full illustration rate.In comparison, think about the 457(f): It’s essentially a bonus based on time the executive is paid at intervals or retirement. The credit union is accruing an expense and the payout is then treated as ordinary income on the executive’s W2, which means the executive is paying federal, state, and local taxes, plus the bottomless Medicare tax. In the worst-case scenario, between the 21% excise tax and federal and state income tax, the credit union could pay out $1.21 M to get the executive $500,000 in their pocket. As much as credit unions lobby to maintain their federal tax exemption, with a 457(f), the credit union is making a conscious decision to pay taxes!Split-dollar SERPs, on the other hand, accrue interest income from the inception of the loan. The annual payments received by the executive in retirement are not taxable. And, when the executive passes away, the death benefit is divided between the credit union and the executive’s estate – tax free!1 The credit union is made whole by the insurance company on its principal and interest, and the executive’s family is taken care of as well. Particularly, if the executive passes away unexpectedly early, the total benefit to their family is even more substantial.I don’t want split-dollar accounts to seem too good to be true; there are some downsides. First, the 457(f) concludes at a finite time, while a split-dollar SERP is indeterminate because it’s based on the time of the executive’s death, so it’s considered a long-term asset. The other potential negative is when the policy is taken out, the interest rate is locked in, and both the credit union and executive would have to agree to change the terms if the other party requested.Boards should consider the split-dollar program is also superior as a retention tool. With a 457(f), the executive is 0% vested until they’re 100% vested, but using a split-dollar SERP, boards have more flexibility to build a custom vesting schedule for each executive. Recruiting executives away from solid credit unions with strong, attractive SERPs is incredibly difficult. Don’t let someone else steal your leadership with a better deal.When converting from a 457(f) plan to a split-dollar SERP (OM Financial will even run a free stress test on your current plans), the credit union immediately turns a liability into a performing asset, something credit unions can definitely use right now while income is down due to coronavirus. Split-dollar plans help credit union boards recruit and retain talented leadership and earn additional income, while executives and their families are also covered. A split-dollar, whole-life SERP is something for boards and executives to consider as we all move forward during this time of uncertainty. 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Bruce Smith Bruce Smith is a Senior Benefit Consultant and Partner at O M Financial Group, specialistsin Credit Union Executive Compensation headquartered in Syosset, NY. Utilizing over thirty yearsof experience … Web: Details 1Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to a 10% tax penalty. Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured. The information provided is not written or intended as specific tax or legal advice. OM Financial Group, its subsidiaries, employees, and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.last_img read more

‘Shred the Love’ community event highlights breast cancer awareness month

first_imgBINGHAMTON (WBNG) — For the month of October, Equinox Broadcasting and GHS Federal Credit Union have partnered up to support Breast Cancer Awareness month by ‘shredding the love.” Organizers say shredding was free but encouraged people to donate in order to support efforts to raise money for breast cancer research. Organizers add that people have been very generous with donations, which they say they are grateful for. The ‘Shred the Love’ event gave people a chance to shred documents and materials all while supporting a good cause. While today was the last day of the month, lines to shred materials were still down the block.last_img

10 farmers’ cooperatives sign loan contracts with prov’l gov’t

first_imgILOILO– Ten farmers’ cooperatives are availing themselves of loans from theprovincial government to help small farmers reeling from the nose-diving ofrice prices that is being blamed on the Rice Tariffication Law. Accordingto Atty. Arturo Cangrejo, chief of the Provincial Cooperative DevelopmentOffice, the loanable amount was determined based on the cooperatives capacityto pay and drying facilities. Underthis loan program – with a two percent interest per annum and payable in threeyears – of the provincial government dubbed MangungomaSapnayon: Palay Price Procurement Program, farmers’ cooperatives must buy palay (unhusked rice) from small farmersat premium prices. * SanJulian Multipurpose Cooperative in Badiangan – P5 million *Pototan Farmers Multipurpose Cooperative – P10 million *Barotac Nuevo Development Cooperative – P5 million *Dingle Multipurpose Cooperative – P10 million *Guintapagin Agrarian Reform Cooperative in Bingawan – P1 million *Kooperatiba Naton Multipurpose Cooperative in Tigbauan – P5 million Thecontract signing was done on Tuesday. The10 cooperatives and their loans are the following: “The first amortization of thesecooperatives would start 15 months after the loan’s release. Buot silingon subra isa tuig anay nga i-rollingsang kooperatiba ang ila pundo para maka-gainincomekag amat-amat sila nga magabayad,”said Cangrejo. *Kabalikat Multipurpose Cooperative in Bingawan – P1 million *Zarraga Multipurpose Cooperative – P5 million *Santa Barbara (FACOMA) Multipurpose Cooperative – P5 million *Southern Iloilo Area Multipurpose Cooperative in Oton – P10 million Asagreed with the provincial government, the cooperatives would procure palay from small farmers at P14 perkilo./PNlast_img read more

ORVC Weekly Report (May 9-14)

first_imgORVC Weekly Report (May 9-14).Players of the Week.Baseball:  Tyler Huff – Jac-Cen-Del and Kurtis Armstrong – Rising Sun.Softball:  Michaela Mahoney – Southwestern and Baylie Hunter – Rising Sun.Boys Golf:  Drew Honnert – Milan.ORVC Report (May 9-14)Courtesy of ORVC Recorder Travis Calvert.last_img

IMCA Arnold Motor Supply Dirt Knights Tour opens on Memorial Day at Benton County Speedway

first_imgVINTON, Iowa – Opening night of the Arnold Motor Supply Dirt Knights Tour sees the series in action on Memorial Day at Benton County Speedway, the traditional home track of the IMCA Modified division.Wehrs Machine and Racing Products comes on board as presenting sponsor for the tour, which counts forays into Wisconsin and South Dakota among its eight 2018 dates.After the Monday, May 28 lidlifter at Vinton, the series is at 141 Speedway in Francis Creek, Wis., on Wednesday and Thursday, June 21-22; at Farley Speedway on Friday, June 29; at Knoxville Raceway on Thursday, July 19; at Park Jefferson Speedway in Jefferson, S.D., on Monday, July 23; at Hancock County Speedway in Britt on Tuesday, July 24; at Buena Vista Raceway in Alta on Wednesday, July 25; and at Clay County Speedway in Spencer on Monday, Aug. 6.Feature winners earn a $2,000 share of the $10,000 purse to be paid each night. All features are qualifying events for the Fast Shafts All-Star Invitational ballot and pay a minimum of $200 to start and $100 tow.IMCA Speedway Motors Weekly Racing National, Side Biter Chassis North Central Region and state points will be awarded. Entry fee for each event will be $75.“The Hawkeye Dirt Tour built a solid foundation over the past eight seasons for this series,” commented IMCA President Brett Root. “The schedule for this year includes established specials, such as the $10,000 to win Clash at the Creek at 141 and the Dynamic Drivelines Dirt Duel at Knoxville, before ending in Spencer, the corporate headquarters of Arnold Motor Supply.”“We appreciate the support of both Arnold Motor Supply and Wehrs Machine for this tour,” he added. “We look forward to crowning the champion of what will be a very exciting and competitive series this summer.”An average of more than 32 IMCA Modifieds competed at Hawkeye Dirt Tour events in 2017 while the Dirt Knights broadcast followed the Dakota Classic Tour adventures of eventual national champion Jason Wolla, Corey Dripps, Hunter Marriott, Johnny Scott and Brock and Cody Bauman.Tour events will be broadcast by IMCA.TV.last_img read more

Mary Ensminger, 76, Versailles

first_imgMary F. Ensminger, 76, of Versailles passed away at 12:30pm, Thursday, October 17, 2019 at the Margaret Mary Community Hospital in Batesville. She was born on May 13, 1943 the daughter of Fred and Ethel Busch Ensminger. Mary’s father was a pilot in WWII and was killed near New Guinea during the war so she never got to see her Dad. On October 22, 1948 her mother married Henry Stegemoller and Mary was blessed with two brothers, Alan Stegemoller of North Venice, Florida, and Jerry (Joye) Stegemoller of Cincinnati, and also a niece and nephew. Mary was a 1961 graduate of Versailles High School and attended Indiana University. She was disabled and after the death of her mother on December 27, 2015 she became a resident of the Manderley Health Care Center in Osgood. Mary was a member of the St. Paul Lutheran Church in Olean. Funeral services will be held on Tuesday, October 22nd at the St. Paul Lutheran Church with Pastor Curtis Black officiating. Burial will be in the church cemetery. Visitation will also be on Tuesday and will be held at the church. Memorials may be given to the church or cemetery in care of the Stratton-Karsteter Funeral Home in Versailles.last_img read more

Solo goes for repeat performance

first_imgSolo Performer attempts to uphold form with a couple of old foes when he takes the plunge in the feature race beneath the Dundalk floodlights. Press Association The Harry Rogers-trained eight-year-old had the returning duo of Gretzky and Paddy The Celeb well held over this mile-and-a-half trip towards the end of March. Now he gets the chance to add further credence to that half-length success in the Handicap. center_img Solo Performer is 3lb higher than when he struck last month, but he won at Dundalk over an extended mile and a quarter in January 2012 off this same mark of 90. Chris Hayes has won six races aboard the gelded son of Distant Music and renews the partnership in the 20,000 euro contest. Among the opposition is Fairview Star, a recent course-and-distance winner. Eoin Griffin’s charge successfully switched to the Flat following a rather inauspicious spell over hurdles and in bumpers. Something Graceful is also entitled to improve for her fifth-placed finish in a mile-and-a-half handicap at the Curragh a fortnight ago. Jim Bolger’s four-year-old filly appeared ill at ease on the soft ground and remains 3lb lower in the weights than when she won over a mile and a quarter at Leopardstown last August. There could be plenty more to come from Muizenberg Nights in the Hen & Stag Packages At Dundalk Stadium Handicap after she broke her duck over this same track and trip earlier this month, though Tommy Stack’s filly faces some in-form rivals in the shape of Versilia Gal, Monakova and Toberton. The Dundalk Stadium On Facebook Maiden brings proceedings to a close and Dermot Weld’s Spirit Of Concorde is sure to be very popular. The Authorized gelding has found only one too good on both starts to date and he should be sharper for his recent reappearance run. last_img read more

Santa Run will have a new beneficiary

first_img Part 1: Invisible, incapacitating concussions are sidelining high school athletes – July 19, 2016 Taylor VorthermsSports Editor at The Ellsworth AmericanTaylor Vortherms covers sports in Hancock County. The St. Louis, Missouri native recently graduated from the Missouri School of Journalism and joined The Ellsworth American in 2013. Latest Posts Part 2: When the injury is inside your head, some “don’t get it” – July 26, 2016 Biocenter_img FILE PHOTOELLSWORTH — For the past two years, more than 100 runners have donned Santa hats, reindeer antlers and other Christmas attire on the first Sunday of December in support of a cause — the Ellsworth High School graduating class of 2014.The EHS students traditionally fundraise to finance projects such as prom and graduation. But Robin Clark, an education technician at the high school, said there was one problem with last year’s seniors: “Our kids were not salesmen,” she said in jest. “For the first two years, we tried to sell things from catalogues.“Forget it.”So Clark and Sandra Finley, a special education teacher at the high school, began thinking of a different way to raise money. In 2012, the pair organized a winter race — the town’s first annual Santa Run.This is placeholder textThis is placeholder textAlthough the EHS class of 2014 has moved on, the Christmas-themed run will remain an annual fixture to the Ellsworth community — just one that supports a different cause.Proceeds from the race will now benefit the Beth C. Wright Cancer Resource Center in Ellsworth, and T-shirt sales will benefit Christmas is for Kids.“We wanted to keep it because it was a lot of fun,” Clark said. “We just thought we could do a lot of good with it.”All ages and even dogs are invited to walk or run the 5-kilometer course at 10 a.m. on Sunday, Dec. 7, at the Ellsworth Elementary-Middle School. Race-day registration will begin at 8 a.m. and end at 9:45.The registration cost is $15 per person. T-shirts are $10, although Clark and Finley will provide free shirts to the first 50 registrants. Santa hats will be given to all at no charge.Holiday costumes are encouraged for the chance to win a prize, but not required. In past years, outfits have included reindeer, elves and snowmen costumes as well as the classic Santa suits.After the race, hot cocoa and sugar cookies will be offered inside the school cafeteria, which will boast holiday décor such as blow-up Christmas characters.“I’m going to make more cookies this year because I have high expectations,” Clark said. “I’m hoping because of the cause, people are going to come out who otherwise might not.”Clark and Finley’s decision to donate registration funds to the Beth Wright Cancer Resource Center stemmed from their own personal experiences with cancer.“Cancer leaves a lot of scars,” Clark said. “I’ve had family members who have had cancer and who have died from cancer.”The Beth Wright Cancer Resource Center is one of only three freestanding cancer resource centers in Maine. The center, which serves Hancock and Washington counties, provides a comfortable place for cancer patients as well as their families and friends to receive education and support.“My husband had cancer, but we didn’t use the center because it wasn’t in existence back then,” Finley said. “If it had been, we would have used it.”Last summer, Clark and Finley reached out to the Wright center’s executive director, Michael Reisman, about turning the Santa Run into a fundraiser for the center rather than passing it on to the next graduating class.“I was pleasantly surprised,” Reisman said. “They said all we’d have to do is accept the check.“We’re honored.”Support from the community allows the center to offer free classes, meetings and programs as well as much more to those affected by cancer.“The Beth Wright Cancer Center helps anyone with any kind of cancer,” Clark said. “They help with rides, hotel rooms, gas cards… They have a program for nutrition and yoga — anything you could need.“Even if it’s just a shoulder to cry on.”T-shirt sales will benefit Christmas is for Kids, which with the promotion from Maine broadcasting stations, makes it possible to supply approximately 800 children a gift in Maine.Each of the past Santa Runs has raised roughly $1,000, but Clark and Finley hope the new causes will draw in a bigger crowd.“We’re excited,” Clark said. “Hopefully, this will become a tradition.”Registration forms will be available around Ellsworth at the Down East Family YMCA, Cadillac Mountain Sports, Cross Fit Acadia and the Beth C. Wright Cancer Resource Center. Forms also can be found on Facebook at the Ellsworth Santa Run’s event page.For more information, email Clark at or Finley at Latest posts by Taylor Vortherms (see all) EHS names new boys’ soccer coach – July 13, 2016last_img read more