Show Me the Money! NYS Funding Opportunities Going on Now

Show Me the Money! NYS Funding Opportunities Going on Now

There’s something for everyone in Round XII of the Regional Economic Development Council initiative.

Apply using the NYS Consolidated Funding Application by July 29 at 4 p.m. for a variety of funds to help your community thrive.

To help you quickly identify potential funding, we created the following cheat sheet, summarizing and categorizing funding available. Please note: While every effort has been made to ensure accuracy, you can see complete details at REDC Round 12 Program Fact Sheets. Also, a few items fall into more than one category, so you’ll see them posted a couple of times in the table that follows.

If you need a little extra time to explore the funding available, call RBT CPAs. You’ll have a trusted partner to take care of your taxes and accounting so you can focus on learning about and securing funding for your community.

ROUND XII
REGIONAL ECONOMIC DEVELOPMENT COUNCIL INITIATIVE CHEAT SHEET

AGRICULTURE

NYS Grown & Certified Infrastructure, Technology, Research and Development Grant$5.8 million in totalFunding is for a grant program that will assist agricultural entities in implementing projects that will invest in critical farm infrastructure, adopting state-of-the-art practices, purchasing innovative technology or equipment, or conduct cutting edge research to aid in the development of new products to meet consumer demand marketed under the New York State Grown & Certified program.

ENERGY

NYSERDA Energy Efficiency Programs Funding Up to $2 million in totalThe Flexible Technical Assistance Program provides engineering analysis to help customers make informed energy decisions. The New Construction – Commercial Program offers technical support and financial incentives to identify and install energy efficiency, electrification, and carbon reduction opportunities in non-residential and mixed-use new construction, adaptive reuse, change of use and substantial renovations to existing buildings.
NY Power Authority ReCharge New YorkUp to 17.9 MW in totalDesigned to retain or create jobs through allocations of lower cost electricity to businesses and Not-for-Profit Corporations. There is also power available for businesses expanding operations or relocating to NY.

ENVIRONMENT RELATED

NYSERDA Carbon Neutral Economic Development Funding Up to $10 million in totalSupports the planning, design and installation of economic development projects to operate at carbon neutral or net zero energy performance, or to achieve significant greenhouse gas emissions, or greenhouse gas equivalent emissions, reductions.
NYSERDA Commercial and Industrial Carbon Challenge FundingUp to $15 million in totalFunds between $500k and $5 million to projects that reduce carbon emissions for large commercial and industrial customers (i.e., energy efficiency or process efficiency measures, on-site generation, beneficial electrification, carbon capture, or other proven efficiency or renewable energy technologies).
NYS DEC Climate Smart Communities (CSC) Grants Up to $14 million in totalFunding for municipalities to perform inventories, assessments, and planning projects that advance their ability to address climate change at the local level and become certified Climate Smart Communities. Also supports mitigation implementation projects that reduce greenhouse gas (GHG) emissions from the non-power sector and adaptation implementation projects that directly address climate change threats or alleviate hazards in the community exacerbated by climate changes.
EFC Green Innovation Grant Program (GIGP) Up to $15 million in totalCompetitive grants help pay for certain projects that improve water quality and mitigate the effects of climate change through the Green Innovation Grant Program (GIGP). Project must implement a Green Practice (i.e., Green Stormwater Infrastructure, Energy Efficiency, Water Efficiency, and/or Environmental Innovation).

JOBS/WORKFORCE DEVELOPMENT

Empire State Development (ESD) Funds — $150 million in totalFunding for capital-based economic development projects intended to create or retain jobs; prevent, reduce or eliminate unemployment and underemployment; and/or increase business or economic activity in a community or Region.
FOR PROFIT ORGANIZATIONS ONLY Empire State Development (ESD) – Excelsior Jobs Program Up to $75 million in totalJob creation and investment incentives to firms in strategic industries (i.e., software development, scientific research and development, financial services, agriculture, manufacturing, back office, distribution, life sciences, music production and entertainment). Create new jobs or retain existing jobs and make a significant capital investment. Firms in the Excelsior Jobs Program may qualify for up to five, fully refundable tax credits, including a jobs tax credit, an investment tax credit, a research and development tax credit, a real property tax credit and a childcare services tax credit.

MARKETING

ESD Market New York $15 million in totalFunding for tourism marketing initiatives, capital/construction projects and the recruitment and/or execution of special events (i.e., including meetings, conferences, conventions, festivals, agritourism/craft beverage events, athletic competitions and consumer and industry trade shows).

MISCELLANEOUS

DOS Brownfield Opportunity Areas Program GrantUp to $4 million in totalGrants available on a competitive for up to 90% of the total cost of development of a Brownfield Opportunity Area (BOA) Plan; pre-development activities to advance projects within a State-Designated BOA; and Phase II Environmental Site Assessments within a State-Designated BOA.
DOS Local Government Efficiency (LGE) GrantUp to $4 million in totalFunding assistance to local governments to develop projects that reduce the cost of municipal operations and service delivery, with the goal of limiting the growth in property taxes. Assistance is available to implement intermunicipal efforts including shared services and functional consolidations.
Federal Industrial Development Bond Cap Program Up to $300 million in totalStatewide private activity bond allocation (“volume cap”) authority under Federal guidelines will be dedicated to facilitate lower cost tax-exempt bond financing for qualified projects by authorized State and/or local government issuers.

PARKS, RECREATON & HISTORIC

OPRHP Environmental Protection Fund (EPF)Up to $20.875 million in totalFunding available for the acquisition, planning, development, and improvement of parks, historic properties, and heritage areas located within the physical boundaries of the State of New York.

STRATEGIC DEVELOPMENT/COMMUNITY DEVELOPMENT/PLANNING

ESD Strategic Planning and Feasibility $2 million in totalFunding for working capital grants of up to $100,000 each to support 1) strategic development plans for a city, county, or municipality or a significant part thereof and 2) feasibility studies for site(s) or facility(ies) assessment and planning.
HCR New York Main Street Program (NYMS) Up to $4.2 million in totalMatching, reimbursement grants from $50,000 – $500,000 to assist downtown property owners with renovation projects or technical assistance projects to support later renovation projects.
NY DOS Local Waterfront Revitalization Program Up to $16.3 million in totalMatching grants available on a competitive basis to municipalities to develop and implement Local Waterfront Revitalization Programs (LWRP) and Watershed Management Plans to revitalize communities and waterfronts.

 

DOS OPDCI Environmental Protection Fund Smart Growth Community Planning &  Zoning Grant Up to $2 million in totalCompetitive grants to municipalities to develop or update comprehensive plans, area plans (such as Transit Oriented Development plan) or zoning ordinance that incorporate smart growth principles including promoting efficient and sustainable land development and redevelopment patterns that optimize prior infrastructure investments.

 

NYS Canal Corporation – Canalway Grants Program Up to $1 million in totalCompetitive grants available to eligible municipalities and 501(c)(3) non-profit organizations along the New York State Canal System for canal related capital projects.

 

WATER & SEWER

NYS Homes and Community Renewal  Community Development Block Grant Funds Up to $20 million in totalThis federally funded program helps counties, cities, towns, and villages with projects (i.e., community planning, water and sewer) that improve communities and benefit residents across New York State.
NYS DOS – Local Waterfront Revitalization Program Up to $16.3 million in totalCompetitive matching grants available to municipalities to develop and implement Local Waterfront Revitalization Programs (LWRP) and Watershed Management Plans to revitalize communities and waterfronts.
NYS Canal Corporation – Canalway Grants Program Up to $1 million in totalCompetitive grants available to eligible municipalities and 501(c)(3) non-profit organizations along the New York State Canal System for canal related capital projects.

 

DEC Water Quality Improvement Project (WQIP) Program Funding Up to $75 million in totalCompetitive, statewide reimbursement grant to implement projects that directly improve water quality or aquatic habitat or protect a drinking water source.

 

 

DEC Non-Agricultural Nonpoint Source Planning and MS4 Mapping Grant Funding Up to $3 million in totalGrants available to produce planning reports for non-agricultural nonpoint source water quality improvement projects; comprehensive stream corridor studies; Municipal Separate Storm Sewer System (MS4) mapping.

 

EFC Green Innovation Grant Program (GIGP) Up to $15 million in totalCompetitive grants help pay for certain projects that improve water quality and mitigate the effects of climate change through the Green Innovation Grant Program (GIGP). Project must implement a Green Practice (i.e., Green Stormwater Infrastructure, Energy Efficiency, Water Efficiency, and/or Environmental Innovation).
EFC Wastewater Infrastructure Engineering Planning Grant Program Up to $3 millionGrants help municipalities pay for the initial planning of eligible Clean Water State Revolving Fund (CWSRF) water quality projects or to fund engineering and planning activities to produce an engineering report.

 

 

340B Standards Updates: What Do They Mean to You?

340B Standards Updates: What Do They Mean to You?

With the passing of the Consolidated Appropriations Act of 2022, hospitals that depend on 340B Drug Pricing Program discounts to help make up budget shortfalls got some breathing room through the end of 2022.

Section 340B of the Public Health Service Act provides discounts on eligible outpatient prescriptions to hospitals serving a disproportionate share of low-income individuals not covered by Medicare and Medicaid. The formula used to determine discounts resulted in extra money for those hospitals – many of which operate with tight margins and have come to depend on those extra funds.

When COVID hit, many of these hospitals transformed operations to emergency response, stopping services for all but those dealing with COVID and other life-threatening issues. As a result, fewer people went to the hospital. In turn, a number of the hospitals were dropped from the 340B program because they didn’t meet minimum thresholds for Medicaid inpatient days.

The impact was dramatic. A study  by 340B Health showed critical access hospitals losing an average of 39% of contract pharmacy savings (or the equivalent of $220,000 per hospital). Of smaller rural hospitals, 10% said they lost at least $700,000. Larger hospitals reported losing 23% of their community pharmacy savings, with an average loss of $1 million and the top 10% losing $9 million or more.

Earlier this year, the $1.5 trillion Consolidated Appropriations Act of 2022 was passed. Among other things, it provides temporary relief on eligibility for the 340B Drug Pricing Program. The legislation ensures hospitals can stay in the program if they otherwise would lose eligibility based on patient data included in Medicare cost reports for 2020 through 2022.

Hospitals at risk of losing their 340B eligibility due to the pandemic will continue to be eligible through December 31, 2022. Those that lost eligibility could be reinstated by filing a self-attestation indicating the loss of eligibility stemmed from Covid-19 impacts with the Secretary of the Department of Health and Human Services (DHHS) within 30 days of enactment (April 14, 2022). However, reinstatement is not retroactive so any funds lost when eligibility ended will not be made up.

What happens after December 31, 2022 remains to be seen and may be determined in courtrooms. Since 2020, six major drug manufacturers stopped providing 340B discounts to entities that had an onsite pharmacy and contracted with outside pharmacies to distribute drugs purchased through the program. The companies assert the outside pharmacies receive discounts from both 340B and Medicare or Medicaid.

In 2021, Arkansas passed a law requiring drug manufacturers to sell to all contract pharmacies at 340B rates. This year, several states have tried passing similar legislation. A court ruling in the District of Columbia indicated DHHS doesn’t have authority to require the companies to resume drug discounts to 340B entities. In a separate case, the District of New Jersey court ruled pharmaceutical companies couldn’t limit the number of pharmacies used by a 340B entity. With opposing opinions in the courts, more litigation is required.

In another case, Becerra v Empire Health Foundation, Supreme Court justices are examining how Medicare calculates disproportionate share of hospital payments. The court’s opinion could limit DHHS’ ability to interpret the law and increase judicial policy’s role in interpreting health care statutes. The court’s opinion is expected next spring.

As if things can’t get any more complicated, Michigan is enacting laws to stop insurance companies and pharmacy benefit managers from discriminating against hospitals and other providers for participating  in 340B.

With no interested constituent appearing to be happy with the way things stand now, it looks like the future of 340B will be at the mercy of the courts. Stay tuned. In the meantime, if all the legal updates to 340B have you questioning accounting and tax repercussions for your organization, give RBT CPAs a call. We’re a leading accounting firm in the mid-Hudson Valley, providing support for a number of the region’s leading healthcare institutions.

To What Degree Can You Boost College Completion Rates?

To What Degree Can You Boost College Completion Rates?

Colleges are doing better than ever attracting new students, but the same can’t be said for getting students to finish degrees.

In fact, about four out of every 10 students who start college never finish, leaving many with student loan debt but no college degree to show for it. Growing research and resources show improving college completion rates is good for students, colleges/universities, and society overall. Is it time to jump on the bandwagon?

According to the National Student Clearinghouse Center (NSC), which tracks completion rate trends, the 2021 six-year completion rate for those who started in the fall of 2015 reached 62.2% (a 1.2% increase over 2014), with the largest increase in community colleges. CollegeTransitions.com reports that in 2021 just 41% of students completed college in four years.

A poll conducted by Third Way and New America found that due to the pandemic one out of every three students believe they’ll need an additional semester or year to finish college. Since this requires more funding, there’s a chance many of these students will never get their degree.

Those who don’t finish college see much lower earnings than their counterparts who do graduate.

2020 Bureau of Labor Statistics Data shows the following relationships between education and earnings:

  • Less than a high school degree: $619 weekly and $32,188 annually
  • High School Degree: $781 weekly and $40,612 annually
  • Some college: $877 weekly and $45,604 annually
  • Associate’s degree: $938 weekly and $48,776 annually
  • Bachelor’s degree: $1,305 weekly and $67,860 annually
  • Master’s degree: $1,545 weekly and $80,340 annually
  • Professional degree: $1,893 weekly and $98,436 annually
  • Doctorate degree: $1,885 weekly and $98,020 annually

Students aren’t the only ones impacted – institutions of higher learning are, too.

According to CampusLogic.com, “Students who drop out in order to attend a different institution, or who drop out entirely, will negatively impact graduation rates and generate lost tuition revenue.”

What’s an institution of higher learning to do?

Some states are using American Rescue Plan Act (ARPA) funds to expand programs shown to improve completions rates, like CUNY ASAP (which doubled participant graduation rates) and Bottom Line (which increased graduation rates by 23% in four years). Colorado has a task force charged with using remaining ARPA funds to improve completion rates. North Carolina invested $2 million of CARES Act funds to expand its Accelerate, Complete and Engage (ACE) program to enhance bachelor’s degree completion rates in the state’s school system.

Some schools are benefiting from the Title III Strengthening Institutions program Part A, using funds specifically for retention and completion purposes.

Proposed legislation like the College Completion Fund Act would provide for $62 billion over 10 years on programs to help students complete their degrees.  There’s a lot of lobbying for Federal retention and completion funds in 2023 fiscal year appropriations.

Some colleges are already moving ahead with their own retention grant programs.

EdSurge.com reports that the main reason students leave college is financial. Some colleges offer small grants for those close to graduating, owing a modest amount, who used up all other aid sources, and are at risk of dropping out due to funds. One study found about a third of colleges that used these grants experienced higher graduation rates among recipients.

Georgia State University’s retention grant program has had 86% of recipients since 2011 going on to complete their degrees. Perhaps even more notable: it also benefits the university. Boston Consulting Group showed “for every 1,500 grants disbursed, the university receives an additional $5.4 million to $9.2 million in revenue. Even after including the costs of the grants themselves and the costs associated with the administration of the program, the Boston Consulting Group estimated that Georgia State’s return on investment was between $4 million and $7.8 million.”

Grants are just one solution – there are others.

Refer to the U.S. Department of Education database containing individual college and university plans for driving retention and completion. Also the University Innovation Alliance has a playbook to help institutions interested in exploring and starting a retention and completion program.

For insights and assistance on how investing in a retention and completion program can have a positive impact on accounting and taxes, give RBT CPAs a call. We’re the Hudson Valley’s premier accounting firm and within the top 250 nationwide. A number of institutes of higher learning in the area are already our clients – see why. Give us a call.

JUNE 9 Update: NY County Gas Caps

JUNE 9 Update: NY County Gas Caps

We recently published an article about NY county gas caps, based on information available in May. Since then, several counties updated how they are handling the cap. In an abundance of caution, we felt it best to update our piece based upon these recent changes.  It should be noted that there is a lot of controversy surrounding the tax and its administration. This may result in additional changes, so it’s best to refer to the NYS Department of Taxation and Finance and NYS Tax Publication 718-F for up-to-date information or simply give us a call.

From June 1 through the end of this year, New York State is giving a tax break on fuel.

Both the sales tax and excise tax on fuel is taking a holiday, June 1 through December 31. Distributors and wholesalers must exclude these taxes from the price charged for motor fuel and highway diesel motor fuel. In addition, county governments have the option to cap the price their applicable sales tax rate is imposed on based on cents per gallon.

As noted in NYS Tax Publication 718-F, “The Tax Law authorizes counties and cities to change their percentage rate sales tax to a cents-per-gallon method, or stay with a percentage rate method. Effective June 1, 2022, several localities have elected to change their method of computing local sales tax on motor fuel, highway diesel motor fuel, and B20 biodiesel sold as qualified fuel. In many of these localities, the local sales tax will no longer be computed using a percentage rate method and will instead be computed on a cents-per-gallon basis.”

Some counties have signed on to offer the tax break – see table below.

Counties Adopting the Cents-per-Gallon Method (Source: NYS Tax Publication 718-F)

Counties Adopting the Cents-per-Gallon Method

1 Rate will expire on August 31, 2022. 2 Rate will expire on November 30, 2022. 3 Rate will expire on December 31, 2022. 4 Rate will expire on February 28, 2023.  * Sales and uses made in these cities are subject to cents-per-gallon local tax in addition to the percentage rate local tax.

For help with related taxes or accounting, contact RBT CPAs – a leading firm in the Hudson Valley and one of the top 250 nationwide.

Knowing Production Costs Can Help Shape Your Strategies

Knowing Production Costs Can Help Shape Your Strategies

How much of a profit did you make on each item produced yesterday? Last week, month or quarter?

Tracking and evaluating your production costs on a regular basis can help inform everything from your pricing and marketing strategies to sales, staffing, process improvement opportunities, and other factors affecting your profit margin and success.

According to the National Federation of Independent Businesses’ (NFIBs’) April 2022 Optimism Index, business conditions are at their lowest in almost 50 years.  Inflation is a problem for over 30% of respondents. Nearly 50% have job openings they can’t fill. Profits are down thanks to the higher material costs, weaker sales, lower prices, and higher tax and regulatory costs. Pessimism about anything getting better in the second half of 2022 is high.

While it would be understandable to declare your business at the mercy of so many external influences, regularly tracking and evaluating production costs can help you have more control over profits, productivity, efficiency, and more.

Quickbooks Intuit defines production costs as total expenses – like costs for labor, materials, machinery, rent and other overhead – incurred to produce a product or service. They impact pricing, cash flow, and profit or loss.

To calculate total costs, add fixed costs (which are the same regardless of how many products are produced and include things like rent, utilities, insurance, and monthly salaries) to variable costs (which change depending on production volume, raw materials, packaging, shipping, and more). So, if fixed costs are $30,000 a month and variable costs are $70,000, total production costs are $100,000. If you made 10,000 units, the production cost per unit is $10 ($100,000/$10,000).

When you can manage to maintain or even reduce production costs without compromising quality, you can maintain or increase profit margins and business success.

Consider:

  • Tracking and analyzing your production numbers regularly. By watching your production costs, you’ll know when expenses change and how they may affect sales and profits, so you can proactively adjust – production, pricing, marketing and more – as needed.
  • Negotiating and shopping around for materials and services. With raw material shortages, supply chain issues, and dramatic price swings for fuel, putting extra effort into managing costs can have a big impact on your bottom line. You may find your suppliers will negotiate, especially if you’re a long-term, dependable client. Explore potential discounts that may be available in return for longer contracts, bigger orders, and cash payments.
  • Evaluating every step in the process for efficiencies. Eliminate anything that does not add value, including excessive packaging which can drive up shipping costs and waste. Schedule equipment maintenance to reduce issues and downtime.

Perhaps one of the best things you can do is invest in software.

Software can help all your processes and systems talk and feed each other to help with enterprise resource planning (ERP). As an added benefit, you can track productivity by person and align training and incentives accordingly. Yes, it’s a big time and money investment, but when there are so many headwinds, being armed with the type of insights and information an ERP system can provide may just be what you need for long-term success.

There is one other thing you can do to promote success – choose RBT CPAs to handle all your accounting and auditing needs. Contact us to find out why we’re the Hudson Valley’s leading accounting firm and one of the top 250 nationwide.