Vol. 20 No. 7 July 2011

ChamberLine The

JULY BUSINESS CONTACT BREAKFAST

WEDNESDAY, July 27, 7:30—9:00 AM

DUTCHESS COUNTY FAIRGROUNDS—HORTICULTURE BUILDING

By most accounts, agriculture is still the number one industry

in the state. Tourism holds the distinction of being our second

most important industry. At the July 27th Business Breakfast

of the Rhinebeck, Red Hook, and Hyde Park Chambers, Bob

Grems, GM at the DC Fairgrounds will talk about the role the

fairgrounds plays in showcasing agriculture and contributing to

the state’s huge tourism industry. The Hudson Valley contin-

ues to generate more tourism dollars than any other region in

the state except for New York City and Long Island. In 2009,

the figure generated in the Hudson Valley amounted to

$3,089,000.00.

Bob will also use the occasion to inform chamber members of the status of the very important discussions

with Village of Rhinebeck officials on fairgrounds rezoning efforts. He comments, ―We are very much

aware that the fair and some of our other off-season events create challenges for village residents. While al-

ways working to mitigate those challenges, we are trying to do a better job informing every one of the posi-

tive benefits of being here, as well. The economic impact for not only Rhinebeck but for pretty much the

entire Hudson Valley region is just huge and must be taken into consideration. Also, I would like to discuss

with fellow chamber members our goal to create greater synergy between fairgrounds events and businesses

in our three communities.‖

As part of the rezoning discussion, the Dutchess County Agricultural Society has completed a Master Plan

for the fairgrounds, launched a public relations campaign, and authorized an economic impact study. Details

and preliminary findings will be shared with attendees at the breakfast.

Immediately following the breakfast, we will have a presentation by Sign Post Apps about a potential smart

phone application that has a map, lists events, and much more. The Village, Town and Chamber are looking

at this as a potential collaborative effort. Learn what it’s all about with us!

JULY BUSINESS AFTER HOURS: ANNUAL SIP N’ SAIL, July 20, 2011

Join us on Wednesday, July 20th, on our annual Sip N’ Sail Dinner Cruise sponsored by Fraleigh & Rakow!

We will board Spirit on Hudson starting at 5:30 p.m. at the Rhinecliff dock, depart promptly at 6:00 p.m. and

will return between 8:00 and 8:30 p.m. The cost is $50 per person and reservations must be made in advance.

This is always a great night, so please get your reservations in early!

2 RHINEBECK AREA CHAMBER OF COMMERCE BOARD OF DIRECTORS Officers President Vicki Haak, CFP® Ameriprise Financial Services 1st Vice President Sean Kemp McCabe & Mack LLP 2nd Vice President Marybeth Cale Palmiter Benefits Group Cale Consulting LLC Treasurer Robert Babirad Hudson Valley Federal Credit Union Directors George Banta, Jr. The Beekman Arms Josh Burckhard, D.C. Rhinebeck Chiropractic James Chapman The Rhinecliff Suzanna Hermans Oblong Books & Music Jesse Hewitt Northern Dutchess Hospital Tom Jozefowicz Williams Lumber Tina Keil Bella Fiori Michael Madigan, O.D. Rhinebeck Eye Care Philip Meltzer, CFP® Morgan Stanley Smith Barney Looking Glass B&B Kevin O’Connor The UPS Store Chamber Staff Colleen Cruikshank, Ex. Director Claudia Cooley, Member Rep. Chamber Office Information: 23F East Market Street 876-5904 fax 876-8624 Mailing address: PO Box 42, Rhinebeck, NY 12572 info@rhinebeckchamber.com RhinebeckChamber.com

Message from the President…..

The ChamberLine

2011 CHAMBERLINE ADVERTISING RATES: 1/2 page—$75 per month or 12 months for $750

Business Card —$25 per month or 12 months for $250 Single page inserts $100 (must be provided pre-printed for insertion)

1/4 page —$50 per month or 12 months for $500 For more information on advertising, please call 876.5904.

Dear Members:

Of the many things that I enjoy about summer in Rhinebeck, one of

the top ten is playing in the dirt. Nothing can be more rewarding than

spending an afternoon tending to a garden, and then sitting down to a

glass of rose' to enjoy, somewhat literally, the fruits of ones labor.

We are fortunate here in the Hudson Valley to have many avenues

for savoring our local harvests. If not from our own gardens, we can

visit our local farm stands and orchards, dine at our diverse selection of

restaurants or spend time perusing the farm fresh products at the Rhine-

beck Farmers' Market. And for those who wish to enhance their culi-

nary skills, RACoC members such as Hammertown Barn, The Omega

Institute and Warren Kitchen & Cutlery offer a variety of cooking

classes. Clearly, agritourism is alive and well in the Hudson Valley.

Yet, if gardening isn't high on your summer fun list, then there are

plenty of other activities to keep families and guests occupied. Whether

it's sharing in the excitement of an Old Rhinebeck Aerodrome air show,

visiting one of our many historic sites or simply catching the sunset at

the Rhinecliff dock, there truly is something for everyone.

Still bored? Then check out the RACoC website or the flip through

the 2011/2012 Visitor's Guide & Membership Directory. Simply put,

whether you are a couch potato or want to learn how to roast pota-

toes, you'd be hard pressed not to find something entertaining to do in

our lovely valley.

Our communities depend on tourism to help bring revenue and jobs.

Each and every one of our livelihoods is somehow connected to the

economic success of tourism. The Rhinebeck Area Chamber of

Commerce is committed to attracting tourism dollars, as well as,

supporting our local economic development, and we depend on your

help to make this happen.

The Chamber and our members have a full calendar of summer

events. These gatherings are a great way to meet your neighbors

and perhaps discover a new adventure for your family and friends. On

July 20th the Chamber will set sail on Spirit on Hudson for our annual

Sip 'N' Sail cruise; please make an effort to come and take in the sum-

mer sunset. Many thanks to Fraleigh & Rakow for sponsoring this

great event. It's like taking a mini vacation in our own back yard...

and it sure beats weeding!

Sincerely,

Vicki Haak

The ChamberLine 3 JUNE BUSINESS AFTER HOURS AT OMEGA!

Many thanks to Omega for hosting an

amazing evening at the Center for

Sustainable Living. We were treated to

fantastic food and tour of this amazing

building. Tours are offered on Wednesdays

and Saturdays. Call Omega at 266-4444 for

more information.

THANK YOU AND BEST WISHES TO

TERRI FERRIS, RHINEBECK SAVINGS BANK

We were fortunate to have Terri Ferris as a

member of the RACoC Board of Directors

and wish to thank her for all her time and

efforts as she leaves the Rhinebeck branch

to go conquer the Southern Dutchess

market for Rhinebeck Savings Bank.

She promised we will see her at events!

SAVE THE DATES!

Friday, September 2nd

Highlights From The Footlights

Fundraiser with the Performing Arts Center

Friday, October 21st

Cocktails at Sunset Terrapin at Dinsmore

Photos courtesy of Gerry Montesano Photography.

4 The ChamberLine

Welcome… NEW MEMBERS

Art Directions 257 S. Quaker Lane

Hyde Park, NY 12538 845-229-1122

Blue Ribbon Brownies

Kelly Spencer 6 Shtazell Ave., Apt. 2 Rhinecliff, NY 12574

845-876-3129

Gipson Design Group Inc. 6369 Mill Street

Suite 208 Rhinebeck, NY 12572

845-876-8995 www.gipsondesigngroup.com

Mansfield, Gautier & Rosenthal LLP

Jon Gautier 187 East Market Street

Rhinebeck, NY 12572 845-876-2300

www.mgrlawyer.com

The ChamberLine 5

UPCOMING EVENTS Monthly Business Breakfasts

Wednesday, July 27th: Hosted and sponsored by Dutchess County Fairgrounds, 7:30 a.m.

Joint with Red Hook and Hyde Park Chambers.

No Breakfast in August.

Wednesday, September 20th: Sponsored by Wells Fargo Advisors. Joint with Red Hook Chamber.

Location TBA.

Business After Hours

Wednesday, July 20th: Annual Sip N’ Sail aboard Spirit on Hudson. Boarding begins at 5:30 p.m. at

the Rhinecliff dock and departure is promptly at 6:00 p.m. $50 per person and reservations are a must.

Sponsored by Fraleigh & Rakow.

Wednesday, September 20th: Norrie Point Educational Center. Sponosred by Hudson Valley Clean

Energy and joint with Hyde Park Chamber of Commerce,

Other Events

Friday, September 2: Fundraiser at the Performing Arts Center, ―Highlights from the Footlights‖. Tick-

ets are $45 per person and include a cocktail hour and meet-n-greet with the cast.

Friday, October 21st: Cocktails at Sunset!

RHINEBECK CHAMBER OF COMMERCE SEEKS VOLUNTEERS

Do you, or someone you know, like meeting people from places all over the world? Are you knowledgeable about our area and the Hudson Valley? Do you have two hours a week to give back to your community? If so, then the Rhinebeck Area Chamber of Commerce is seeking volunteers to aid visitors at the Mill Street Informa-tion Cottage to greet tourists, help with phones, hand out brochures and maps, and answer general ques-tions. The shifts are two-hour time slots from 10 a.m. to 4 p.m. Monday-Sunday, May through the end of October.

We have a great core group, but sometimes need additional coverage. Please call Colleen at 845-876-5904.

Retirement Plans Can Be SIMPLE

If you’re a small business (or a self-employed individual), there are many retirement plan

alternatives available to help you and your eligible employees with retirement planning. One

popular option for organizations such as sole proprietorships, partnerships, corporations and

non-profit organizations to consider is the SIMPLE (Savings Incentive Match Plan for

Employees) Individual Retirement Account (IRA).

Unlike some retirement plans, there are specific criteria a business must meet to participate in

a SIMPLE IRA plan. Here are the answers to some commonly asked questions about this

type of retirement plan:

Can any business establish a SIMPLE IRA plan? Self-employed individuals and em-

ployers with fewer than 100 employees may adopt a SIMPLE plan. However, the busi-

ness must not maintain any other employer-sponsored retirement plan where contribu-

tions are made or accrued during the calendar year in which the SIMPLE plan is effec-

tive. (This does not apply to plans that cover only union employees who are excluded for

the SIMPLE plan.)

What is the deadline for establishing such a plan in order for it to qualify for the 2011 tax year? The IRS dead-

line for establishing SIMPLE IRA plans for the current year is October 1. After October 1, plans can only be estab-

lished for the next tax year. An exception to October 1 exists if the business is a newly established company and has

never sponsored a SIMPLE IRA plan.

Which employees are eligible to participate in this type of plan? An eligible employee is one who has received at

least $5,000 in compensation from the employer during any two prior calendar years (does not need to be consecutive

years) and who is reasonably expected to receive at least $5,000 compensation during the current year. The employer

is able to elect in the plan’s initial agreement to reduce the amount of compensation and the number of years required.

However, there is no required participation for this plan – eligible employees can choose whether or not they want to

participate and contribute.

How much can employees contribute to the plan through salary deferral? The maximum salary deferral limit to a

SIMPLE IRA plan for 2011 cannot exceed $11,500. If an employee is age 50 or older before December 31, then an

additional catch-up contribution of $2,500 is permitted.

What are the maximum employer contribution limits for a SIMPLE IRA? Each year the employer must decide to

do either a matching contribution (the lesser of the employee’s salary deferral or 3% of the employee’s compensation)

or non-matching contribution of 2% of an employee’s compensation (limited to $245,000 for 2011). All participants

in the plan must be notified of the employer’s decision.

When must contributions be deposited? Employee deferrals should be deposited as soon as administratively feasi-

ble, but no later than 30 days following the last day of the month in which the amounts would otherwise have been

payable to the employee. These rules also apply to self-employed individuals. The employer contributions deadline is

the due date of the employer’s tax return, including extensions.

Can there be a vesting scheduled with a SIMPLE IRA? There is no vesting scheduled with this type of plan – both

employer and employee are immediately 100% vested.

How are withdrawals from SIMPLE plans taxed? Withdrawals from this type of account are taxed as ordinary in-

come. However, if a participant is younger than age 59-1/2 and makes a withdrawal within the first two years of plan

participation, he or she will owe a 25% IRS penalty and ordinary income taxes on the amount withdrawn. After the

initial two years of plan participation, the 25% IRS penalty is reduced to 10% for pre 59-1/2 withdrawals.

Can the assets in a SIMPLE IRA be rolled over? Participants are able to roll over funds from one SIMPLE plan to

another at any time. And after two years of participation, employees may roll assets to a traditional IRA without tax

penalties.

Wells Fargo Advisors does not provide legal or tax advice. Be sure to consult with your tax and legal advisors before

taking any action that could have tax consequences. Investments in securities and insurance products are: NOT FDIC-

INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE.

Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells

Fargo & Company. ©2011 Wells Fargo Advisors, LLC. All rights reserved.

As with any investment alternative, you should check with your Financial Advisor to evaluate the best option for your financial situation.

Gerald Dingee, CFP®

HEALTH & WELLNESS FOR LIFE EXPO

June 4, 2011, DC Fairgrounds

Photos courtesy of Gerry Montesano

Photography.