PACP Announces 2024 Chamber of the Year Award Recipients
The Pennsylvania Association of Chamber Professionals (PACP) recognized their 2024 Chambers of the Year during their Chamber Professionals & Leadership Conference held this week at the Lancaster Marriott at Penn Square in Lancaster, PA.
In addition to recognizing organization excellence, the PACP Chamber of the Year Award focuses on acknowledging one or more significant achievements or accomplishments that a chamber has initiated, stimulated, and/or led in its respective service area at some point during the past 18 months. Organizational excellence is evaluated in the areas of membership, programs, planning, and finance.
The Wyoming County Chamber of Commerce received the prestigious award in the category of chambers with under 700 members. The Wyoming County Chamber recently formalized a partnership with the Wyoming County Community Alliance, a 501c3 organization dedicated to strengthening the community. This alliance, which promotes innovation, integrity, diversity, and collaboration, allows the Chamber to engage in community initiatives that significantly enhance our residents’ well-being and quality of life. The Alliance and the Chamber secured over $300,000 in the past 3 years through the Department of Community and Economic Development’s Neighborhood Assistance Program for community planning and projects, economic development, and student engagement. The Neighborhood Assistance Program allows businesses passionate about the proposed projects to receive tax credit for their contributions and keeps these tax dollars in our local community. The Chamber is grateful for Coterra Energy for providing this funding for our projects over the past 2 years.
Gina Suydam says, “This award acknowledges the dedication and commitment of our members to build a thriving and vibrant community. The Chamber is honored to accept this award for all Wyoming County Chamber members.”
In addition to the Chamber of the Year recognition, Allison Schultz was acknowledged for her 5 years of service to the Wyoming County Chamber of Commerce. Allison began her career as the Chamber’s Marketing & Events Coordinator and now serves as the Director of Chamber Engagement. Gina Suydam was thanked by PACP for her service as the 2024 President of the PACP Board of Directors. Suydam
remarked that evening, “We, Lindsay Shepherd, Allison Schultz, and I, are a small but mighty team who love Wyoming County and work hard to create a vibrant county where our businesses thrive.”
On behalf of the Wyoming County Commissioners, I am pleased to inform you that the County has entered into a strategic partnership with Penn’s Northeast.
Penn’s Northeast is the region’s leading economic development agency. Its main goal is to attract quality employers to Northeastern Pennsylvania by acting as an easy one-stop shop for businesses looking to expand or locate in our region. We will collaborate with the County Commissioners and the Wyoming County Chamber of Commerce to accomplish this goal. As the first point of contact, Penn’s Northeast promptly provides regional information to potential prospects by identifying buildings or sites, supplying demographic and workforce data, creating connections with economic development groups and workforce partnerships, and organizing site tours in Northeastern Pennsylvania. Therefore, we need your help identifying any properties – land and buildings- that can potentially house a new business. We will work with you and your realtor to market these sites for business attraction at no cost to you. Viable leads are passed on to our local partners, and we will work with you as needed.
Please feel free to visit our website for more information about Penn’s Northeast – www.pennsnortheast.com I look forward to hearing from you and, most importantly, receiving property submissions. Please copy Gina Suydam gina@wyccc.com on any property submission; she is your county partner in economic development. If you have any questions or would like to discuss this partnership in greater detail, please do not hesitate to contact me.
Chamber hosts a community hike to summit of Miller Mountain guided by Jeff Mitchell
Residents of Wyoming County have long appreciated the natural beauty of its rolling landscape and plentiful waterways. But what is often termed the “Gateway to the Endless Mountains” has, in recent years, become more of a destination in itself with the support of county and state officials. “Wyoming County has always been an integral part of the Endless Mountains Heritage Region (EMHR) with its artistic and historic resources, as well as its scenic section of the beautiful Susquehanna River,” says EMHR director Cain Chamberlin. “But, with the recent additions of Wyoming County’s Seneca Park, Vosburg Neck State Park, and the newly opened tract of the Pinchot State Forest on Miller Mountain, Wyoming County now has so much more to boast about in terms of outdoor recreation opportunities and is now on equal footing with our other three counties – Bradford, Sullivan, and Susquehanna – in terms of accessible green space for residents and visitors alike.” Seneca Park was acquired by the county in 2022 after a group of dedicated citizens and Eaton Township officials cleaned up the former Roadside Rest that had been a popular family destination for decades. Nestled between SR 29 and Bowmans Creek – stocked annually with trout to the delight of regional anglers – the park was historically a meeting place for members of the Seneca Nation into the 1700s. Thanks to the county commissioners and a newly formed County Parks Committee, the park is once again a focal point for family outings and other events. “We have a great location for family fun,” said Wyoming County Commissioner Ernie King. “Large open fields for games. Many picnic tables and access to the creek. Rest rooms and fire pits are also provided.” Vosburg Neck State Park (VNSP) was one of three to be designated in Pennsylvania in 2022, putting the Department of Conservation & Natural Resources (DCNR) in charge of 669 acres that were previously known as Howland Preserve and managed by the North Branch Land Trust and Friends of the Howland Preserve. The park features a non-motorized boat ramp and eight miles of well-maintained trails that connect to adjacent and similar-sized Camp Lackawanna. VNSP environmental educational specialist Amanda MacTarnaghan has the enjoyable task of developing and implementing programs and activities that bring Park visitors and nature as closely together as possible. “Awareness about park programming is still growing in the community,” she stated. MacTarnaghan started with pop-up programs on weekends to provide visitors, limited on time, a taste of what is to come and to learn about the park’s development. “A lot of people I interact with during these events are not aware that programs are happening at the park but are eager to attend future events when they find out.” Pop-up events will continue through Labor Day, and visitors can find information in the tent next to Riverside Barn. The park is primarily a day-use only facility, but MacTarnaghan has conducted several nighttime hikes that have proven popular. “I’m excited to continue to offer these experiences in the future,” she noted.
Miller Mountain was purchased by the Commonwealth in 2023 to become part of Pinchot State Forest. A 2,216-foot stand-alone peak rising above the Susquehanna River and Tunkhannock, Miller Mountain boasts a 5.9-mile trail loop with elevation changes of 1,607 feet. In a 2023 press release, DCNR secretary Cindy Dunn stated, “We are excited to finally be able to add state forestland to the region. I can’t wait to view the area from the top of Miller Mountain and take in the beautiful sites from its vistas.” Dunn cited the Conservation Fund for “their tireless work on this project for conservation across the nation.” Popular with birders and mountain bikers, hikers will find that the challenging route takes an average of three hours and 23 minutes to complete. The vistas from its summits are truly breathtaking and make the climb worth the effort. “DCNR is extremely proud to add Miller Mountain to Pinchot State Forest and the 2.2 million acres of state forestland around the Commonwealth,” DCNR press secretary Wesley Robinson added. “We are excited to offer increased access to public lands in the northeast part of the state.” The three large recreational parks and forests are not the only outdoor wonders of Wyoming County. The Susquehanna River, which enters Wyoming County from Bradford County at Braintrim Township and Laceyville and exits into Luzerne County between Falls and Exeter townships, is considered the fifth oldest river in the world at more than 300 million years. The meandering waterway wraps around Vosburg Neck and provides a unique view of the county’s farmlands, steep hills, and villages. The 146-mile segment that runs through Susquehanna, Bradford, and Wyoming counties has been designated by the National Park System as the North Branch Susquehanna River Water Trail and is managed by the EMHR with help from several river outfitters, including Susquehanna Canoe and Kayak Rentals in Falls. In addition to the aforementioned, Wyoming County is home to numerous smaller municipal parks, preserves and trails that connect people with nature and other outdoor recreationists in the community, as well as State Game Lands 57 near Forkston. A full list of these treasures can be found in the Explore Wyoming County Parks & Trails brochure produced by the Wyoming County Cultural Center, available at locations like the Dietrich Theater and Endless Mountains Visitors Bureau and accessible online at the Dietrich Theater’s website.
Written by Rick Hiduk
Chamber hosts annual after hours family friendly kayak paddle guided by Art Coolbaugh, Susquehanna Kayak & Canoe Rentals – Falls, PA.
Ah, the dog days of summer. The time for beach trips, ice-cold lemonade, and… bookkeeping? Yes, folks, now is the perfect time to get a jumpstart on your year-end financials while everyone else is still thinking about sunscreen.
Business owners lose more sleep over taxes than the fear of being outperformed by competitors. No joke. According to a survey by the National Small Business Association, over 50% of small business owners say that dealing with federal taxes is the most significant administrative burden they face.
But as much as you’d love to ignore them, taxes are like that one relative who always shows up uninvited. To keep the taxman happy, you’ll need to give your books a good scrub, wrangle those wild invoices, and make peace with your accounts well before the year-end party starts.
Alright, let’s plunge into the wacky world of year-end bookkeeping. Do it wrong, and you’ll feel like a squirrel trying to swim—progress hindered, taxes in a mess. But do it right, and you’ll have a business tougher than a week-old bagel. So, with calculators in hand and a touch of humor, here’s a helpful guide to navigate through it with ease!
Update Your Books
First up, the basics. Make sure all transactions for the entire fiscal year are recorded and organized. When your books are updated, annual bookkeeping becomes as breezy as a summer day, and you’ll dodge a barrage of questions from your accountant faster than the RoadRunner at a dodgeball tournament.
If you’re going the DIY route, start by reconciling your bank and credit card statements. Record all those invoices and bills—yes, even that suspiciously high takeout bill from “office supplies.” Don’t forget to review those less frequent expenses too—like that one-off legal fee or that fancy coffee machine you just had to have. (Hey, productivity fuel, right?)
Reconcile Your Bank Account
Next, it’s time for some reconciliation. No, not with your ex, but with your bank accounts. Ensure your bank and credit card statements match your bookkeeping software records 100%. This step prevents mysterious transactions from sneaking into your financial records like a teenager creeping in past curfew.
Grab your bank statements and business records. Find the last time the balance of your book matched your bank account balance—think of it as a financial “Where’s Waldo?” moment. Match your income and expenses to bank deposits and withdrawals. Investigate any discrepancies like a bloodhound on a scent. (Jessica Fletcher would be proud!)
Review Financial Statements
Now, take a hard look at your financial statements: cash flow, balance sheets, and income statements. Weed out errors like you’re on a mission to clean out the attic filled with decades of junk. Here’s how to royally mess up your financial reports (and suffer the consequences):
Ignoring account receivables when customers don’t pay, like pretending that IOU from your sister’s brother’s cousin’s former roommate is real money.
Overlooking cash flow statements and suddenly realizing your funds are lower than a dachshund’s belly.
Failing to compare data between quarters, because who needs to know if your business is performing like a malfunctioning GPS, sending you on unexpected detours?
Address these issues while reviewing your financial statements. Look for anomalies, dig into transactions, and find the root causes like you’re a detective solving the mystery of the missing remote control. (Because sometimes, those hidden errors feel just like that!)
Review Accounts Receivable
Focus on the incoming cash flow: accounts receivable. You want a healthy cash flow, and your accounts receivable are as crucial as Wi-Fi at a tech convention. Given the rise in late payments, it’s more important than ever to tighten your review.
Check how much money you’re owed, the status of invoices, and ensure supporting documents are organized. Use accounting applications to make this easier. For example, QuickBooks Online helps you track invoices and follow up on outstanding ones directly from the dashboard, so you can chase down those late payments like a golden retriever chasing a tennis ball.
Review Accounts Payable
Just like with accounts receivable, it’s time to give your accounts payable some attention. Accurate expenses are essential for financial planning, so grab those outstanding payables and validate expense categorization against payment status. It’s like checking your pantry before a big grocery run—you don’t want to buy more peanut butter if you already have ten jars! (Is anyone else besides me guilty of this?!?)
Pull out your outstanding payables and ensure everything is categorized correctly. This not only keeps your financial planning on point but also helps reduce your tax bill—a significant incentive unless you enjoy contributing to the government’s office coffee fund more than necessary.
Plan Deductibles and Tax Strategies
With a clear picture of your expenses, it’s time to play the tax game and maximize those deductions. Take a good look at your expenses and figure out which deductions you can claim. Think of it like a scavenger hunt for golden tickets—home office deductions, software subscriptions, and maybe even that fancy standing desk you splurged on.
Remember, the IRS is like a nosy neighbor who wants to see all your receipts. Make sure they’re organized for audits and tax filings. Proper record-keeping throughout the year helps you accurately claim deductions and minimize tax liability. Plus, it keeps you from scrambling through shoeboxes of receipts like a game show contestant on a mad dash for the prize.
Reflect and Plan for Next Year
Now is the perfect time to take a step back and ponder your business’s performance. Are you hitting your financial goals, or are they as elusive as finding a needle in a haystack? Potential issues might be lurking in your financial statements, so take a good look.
Once you’ve dissected this year’s performance, it’s time to focus on next year’s goals. Want to change your business trajectory or readjust expectations? This is your moment. Don’t procrastinate until the last few weeks of the year to review and plan—unless you enjoy last-minute stress and potential late fines. Plan ahead, because rushing at the end is like trying to pack a family of five for a week long vacation the morning of your flight.
Starting your year-end bookkeeping prep now might not feel like winning the lottery, but it’s crucial for assessing your business’s financial health, tax planning, and future goal setting. And remember, if you bring in a skilled bookkeeper, you’ll find they can do a lot more than just year-end bookkeeping.
So, while getting your books in order might not have the excitement of a thrilling adventure, it’s essential for keeping your business on track. And if you’ve realized a bit late that your books are more tangled than holiday lights, don’t panic! Your trusty bookkeeper can swoop in like a superhero, sans cape, to save the day. Let the experts handle the number-crunching chaos, so you can focus on what you do best—growing your business and maybe even enjoying a stress-free cup of coffee. Cheers to a financially fit new year!
Visit i-balanced to learn more about their services.
With one vehicle traversing up and down the East coast and another journeying to California and back, two tractor-trailers will be painted with encouraging words advertising Northeast PA over the span of three years.
The idea was brought forth by Doug Barbacci, owner of Calex ISCS, who pondered the idea of a mobile billboard with his Chief Operating Officer Tom Grimes. At one of Penn’s Northeast marketing meetings, Calex ISCS then presented the concept to the company, and John Augustine, President/CEO of Penn’s Northeast, welcomed the initiative with open arms.
For three years, the trucks will be creatively advertising Northeast PA to businesses and individuals, specifically those contemplating relocation or expansion. The signage emphasizes the benefits of NEPA’s convenient location, detailing its proximity to one-third of the U.S. and one-half of Canada.
Penn’s Northeast (PNE) serves as Northeastern Pennsylvania’s regional economic development agency for site selection consultants, real estate brokers, developers, and businesses looking to expand or locate to our nine-county region that includes Carbon, Columbia, Lackawanna, Luzerne, Monroe, Pike, Schuylkill, Wayne, and Wyoming counties.
Sure, girl scouts sell mouth-watering cookies, wear cute vests, and go camping under starry summer nights. But did you also know they problem-solve, scouring their communities for issues they can tend to? This kind of selfless community service is exactly what the Forkston Girl Scout Troop is all about, and what they are currently up to in Tunkhannock, PA while working towards their Bronze Award.
In order to obtain the Bronze Award, the Junior girl scouts, ages 9 to 11, must identify areas of improvement within the local community, work together on a project to solve one of the issues, and overall make a positive impact. Before they begin to work towards the award, the girls complete a Journey, earning badges by learning new skills that prepare them for the task of their Bronze Award project.
After observing the Tunkhannock community for a couple of weeks and brainstorming areas of improvement, Forkston’s Junior Girl Scout Troop settled upon the issue of the Tunkhannock Area Intermediate Center’s playground for their Bronze Award project. The school, grades 3 to 6, has a jungle gym and a gaga pit donated by boy scouts, but no playground equipment like sport balls, jump ropes, or chalk. When the girl scouts noticed this dilemma in their observation of the community, they did a survey with their peers that inquired about their interests in sports and recess activities. Through the survey, they discovered that their classmates desired to throw around footballs, bounce a basketball, or jump rope at recess, among other activities needing equipment. Once receiving this information, the Forkston Girl Scouts knew exactly what they wanted to do for their Bronze Award project: raise funds for a shed at the playground that will house sporting equipment for recess.
Girl scout Sadie Conrad, a Junior entering fifth grade, expresses her enthusiasm: “I’m really excited about this project because it’s going to be super fun to work on with my troop! I hope it helps make our school a better place by adding things we can all play with at recess. Plus, it’ll be awesome to see everyone happy with the changes!”
Now, the girls are asking for our help as a community to make their project come to life. So far, the troop held two fundraisers in November 2023—a soup dinner and an overnight camp—to support their ambitious endeavor, but with the hope of completing the project in August/September, more funds are needed to achieve their desired result.
You can Venmo @forkstongirlscouts or call Davina Dunlap at 570-441-3007 to donate. The troop is also welcome to donations of wood for the shed’s platform, shelving, sporting goods, and totes to contain the sporting equipment. The Amazon wish list link below offers a variety of goods the troop is looking for; you can purchase right through the link and the items will be sent to Davina Dunlap.
Are You Struggling to Organize Your Customer List in QuickBooks Online?
Managing customer information in QuickBooks Online can be challenging, especially if you have multiple locations or service lines. But don’t worry, QuickBooks Online offers powerful features like classes and locations to help you stay organized.
What Are Locations?
Locations in QuickBooks Online are used to track different offices, stores, or rental properties. This feature is particularly useful if you have customers with multiple sites. Remember, you can assign only one location per invoice.
What Are Classes?
Classes are designed to categorize different divisions, service lines, or products within your business. For instance, if you have a customer with both residential and commercial properties and you bill them on a single invoice, you can assign different classes to each line item.
Key Points:
Combined Limit: QuickBooks Online allows a combined total of 40 classes and locations.
Availability: These features are available only with QuickBooks Online Plus or Advanced memberships.
Activation:
Click the gear icon in the upper right corner.
Select ‘Company Settings’ under Settings.
On the Company tab, scroll down to the Categories section.
Click the pencil icon to edit, then turn classes and locations on.
Click ‘Save’.
Once activated, you can create new classes or locations by going to the gear icon, selecting ‘All Lists’ under Lists, and then choosing either the Class or Location list.
If you have any further questions or need a demonstration, feel free to reach out to me at i-balanced.com. Additionally, if you have any specific QuickBooks Online questions or suggestions for other topics, please contact the chamber or email info@i-balanced.com. Your input can help us provide valuable information to our community.
Susquehanna Kayak & Canoe Rentals to Open Third Location
Susquehanna Kayak & Canoe Rentals is expanding to Lackawanna State Park in North Abington Township. They will rent out paddleboards, single and tandem kayaks, pedal boats, canoes, and rowboats (with and without electric motors) for visitors to explore Lake Lackawanna.
Susquehanna Kayak & Canoe Rentals now operates three locations across Northeastern Pennsylvania. Their original shop in Falls opened in 2007, providing boat rentals along the Susquehanna River. In 2019, they opened the boat concession at Frances Slocum State Park in Wyoming, Luzerne County.
With the new location, Lackawanna State Park will be the only place in Lackawanna County to offer kayak rentals.
“For me personally, it’s exciting because we serve three counties: Wyoming, Luzerne, and Lackawanna,” said Art Coolbaugh, owner of Susquehanna Kayak & Canoe Rentals. “It’s also great for people from Clarks Summit and Scranton. They don’t have to drive far to rent a kayak and get out on the water. Lackawanna State Park will be right in their backyard.”
The Lackawanna State Park boat rental opens on May 24, just in time for Memorial Day weekend. Hours will be 11 a.m. to 7 p.m. on weekdays and 9 a.m. to 7 p.m. on weekends. They will remain open until Labor Day.
The rental stand will also sell supplies like bait and firewood. In the future, Coolbaugh hopes to offer bicycle rentals so visitors can discover the park’s popular mountain biking trails.
The Lackawanna State Park boat rental is located near the pool complex. For more information, call 570-540-1587 or visit kayaktheriver.com for details and online booking.
2024 Annual Chamber Paddle
Join us on July 25, 2024, for a serene journey down the Susquehanna River with the Wyoming County Chamber of Commerce. Trusted guide Art Coolbaugh and the Susquehanna Kayak team will lead our annual chamber paddle from The Vosburg Neck State Park to Tunkhannock’s Riverside Park, offering a scenic 4-mile route through the Endless Mountains. Meet us at the Tunkhannock Riverside Park Launch at 4:30 PM to begin our paddle adventure. Afterward, indulge in a sweet treat from the 1961 Ice Cream truck waiting for us at Riverside Park!
Leadership Wyoming “tossed it in the hole”, raising over $7,000 at their cornhole tournament for Interfaith Friends’ Back to School shoe program. The day included 30 teams competing for prizes, plus members from the community rallied for BBQ from Control Tech and took their shot at basket raffles and prizes. A winning day for a worthy cause! Thank you to all the businesses and community members that sponsored and supported the 2024 Leadership Wyoming Project.
Understanding Your Profit and
Loss Statement: A Step-by-Step Guide
Welcome! This week’s feature
will focus on empowering our local business owners with practical financial
knowledge. Today, we’re diving into a crucial tool for any business owner: the
Profit and Loss Statement (P&L). This financial document, also known as an
income statement, provides a clear snapshot of your business’s financial
performance over a specific period. Let’s break it down step-by-step to
understand how to read it effectively.
Step 1: Recognize the
Components
A typical P&L statement is
divided into several key components:
Revenue: This section lists the
total income generated from your business activities, including sales of
products or services before any expenses are deducted.
Cost
of Goods Sold (COGS):
Direct costs attributable to the production of the goods sold in your
company. This includes materials and labor costs directly tied to service
delivery or product creation.
Gross
Profit:
Calculated by subtracting COGS from Revenue. This figure tells you how
much money is left to cover all other expenses after covering the cost of
sales.
Step 2: Analyze Operating
Expenses
Operating expenses are the costs
associated with running your business that are not directly linked to the
creation of your product or service. These can include:
Salaries
and wages:
Payments to employees.
Rent: Cost of property used
for business operations.
Utilities: Electricity, water,
internet, and other necessary services.
Marketing
and advertising:
Costs to promote your business. Summing these expenses gives you the total
operating expenses.
Step 3: Calculate Net
Operating Income
Subtract the total operating
expenses from the gross profit to determine your Net Operating Income (NOI).
This number highlights the profitability of your business operations without
considering other income sources, taxes, and additional expenses.
Step 4: Consider Other Income
and Expenses
This section includes revenues
and costs not directly tied to regular business operations, such as:
Interest
income:
Money earned from bank deposits.
Rental
income:
If you rent out part of your business space.
Interest
expense:
Cost of borrowed funds. Adding or subtracting these will adjust your NOI
to show your earnings before taxes.
Step 5: Deduct Taxes to Find
Net Income
Finally, subtract any taxes owed
from the earnings before taxes to arrive at your Net Income. This is the bottom
line that tells you the actual profitability of your business after all
expenses and taxes.
Step 6: Review and Compare
Now that you have your net
income, compare it with previous periods to identify trends, patterns, or areas
needing attention. Are your operating expenses creeping up? Is your gross
profit margin improving? These insights can help guide your business decisions.
Conclusion
Understanding your Profit and
Loss Statement is essential for making informed financial decisions and
steering your business towards greater profitability. Regular reviews will help
you recognize financial trends, manage expenses, and highlight opportunities
for growth.
I hope this guide has been
helpful. If you have questions or need further assistance understanding your
P&L statement, consider reaching out to a financial advisor, accountant,
bookkeeper, or i-Balanced. Remember, staying informed is key to business success!
