Daily Star
---- — The State University College at Oneonta Foundation has been honored with a four-star "exceptional" rating by Charity Navigator, the leading independent charity evaluator in America, a media release said.
The rating is based on the foundation's commitment to sound fiscal management and its ability to deliver on its mission, the release from the State University College at Oneonta said.
Charity Navigator President Ken Berger praised the foundation's ability to "efficiently manage and grow its finances."
"Approximately a quarter of the charities we evaluate have received our highest rating, indicating that State University College at Oneonta Foundation Corporation executes its mission in a fiscally responsible way, and outperforms most other charities in America," Berger said in a letter to the foundation.
Charity Navigator, which evaluates 10 times more charities than any similar organization, has been recognized for its work by Forbes, Business Week and Kiplinger's, the release said.
"This award further illustrates the great care we take in work on behalf of our college and our students," said Paul J. Adamo, executive director of the foundation and vice president for college advancement at SUNY Oneonta. "Our donors recognize that charitable investments in the foundation can provide life-altering opportunities for our students, our communities, and the future we share."
Charity Navigator's full evaluation of the College at Oneonta Foundation is available at www.charitynavigator.org/index.cfm?bay=search.summary&orgid=12650.
The foundation's mission is to raise and administer gifts and grants to enhance the academic status of SUNY Oneonta through endowment, scholarships and institutional programs, according to its website.
The College at Oneonta's Foundation endowment and assets are $34 million, up from $16.3 million in 2000-01, Adamo said.
Wilber reports
on earnings, dividends
The Wilber Corp., parent company of Wilber National Bank, had net income of $1.764 million and basic and diluted earnings of 16 cents per share for the first quarter of 2010, a report issued Friday said.
By comparison, Wilber's net income and basic and diluted earnings per share for the three-month period in 2009 were $1.073 million and 10 cents respectively, which represents a 64.4 percent increase in net income and a 60 percent increase in earnings per share.
"We are pleased with the improvement in earnings, particularly since it was driven by our core revenue stream of net interest income," Douglas C. Gulotty, Wilber president and chief executive officer, said in a prepared statement. "We also required $400,000 less in provision for loan losses as compared to the first quarter of 2009."
The provision for loan losses for the first quarter of 2010 was $800,000, down from $1.2 million for the comparable 2009 period, a decrease of $400,000 or 33.3 percent, the report said.
Wilber introduced a dividend reinvestment and direct stock purchase plan in the third quarter of 2009 and has since added 201,750 additional shares of common stock, the report said.
Also, at its Friday board meeting, Wilber declared a quarterly dividend of 6 cents per share payable May 28 to shareholders of record May 13. The payment will be the 109th consecutive quarterly dividend paid by the company.
The Wilber Corp. is a single bank holding company headquartered in Oneonta. The corporation's common stock trades under the symbol "GIW" on the NYSE Amex (formerly the American Stock Exchange), and Tuesday the stock closed at $6.53, down 18 cents or 2.68 percent.
State offers online calculator
The state Department of Labor has online help for business owners curious about the financial benefits of hiring unemployed workers.
State Labor Commissioner Colleen C. Gardner has introduced the online HIRE Act calculator, which can calculate benefits at the click of a mouse, a media release said.
The calculator will help employers take advantage of the federal government's Hiring Incentives to Restore Employment Act, which was signed into law by President Barack Obama in March.
The calculator is available at www.labor.ny.gov/HireActCalculator.shtm.
Under the HIRE Act, employers who hire New Yorkers out of work for 60 days or more this year (after Feb. 3 and before Jan. 1) may qualify for a 6.2 percent payroll tax incentive, the state release said. In addition, for each worker retained for at least a year, businesses may claim an additional tax credit up to $1,000 if that individual is on the payroll for 52 weeks.
Cobleskill firm ranks five stars
Morningstar, a provider of independent investment research, has given the FAM Value Fund and FAM Equity-Income Fund an overall 4-star mutual fund rating, according to the Cobleskill firm.
For its 10-year performance, both FAM Funds received Morningstar's 5-star rating, which is the highest possible rating, a media release from the firm said. Morningstar's rating system is a quantitative measure that's based on past returns and other data, the release issued in April said.
Fenimore Asset Management is an independent investment advisory firm in Cobleskill, and it manages individual and institutional portfolios and two mutual funds.
To suggest a business story, announce a new business or changes to an existing one, e-mail details to drichardson@thedailystar.com or call Denise Richardson at 432-1000 or (800) 721-1000, ext. 213.
"ยจ
