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The Gardner Area League of Artists

Fall 2008 Art Show and Sale
November 7-9, 2008

The Gardner Area League of Artists announces the Fall 2008 Art show and sale, featuring live musical performances, which will be held November 7-9 at the Gardner Senior Center, 294 Pleasant St., Gardner. The public is invited.

An artist reception is Friday, Nov. 7 from 6-9 p.m., where prizes will be awarded for best in media categories and best in show. The judges are Joanne Boudreau, Barbara Conn, and Judith Ferrara. Artistic media will include sculpture, watercolor, pastel, acrylic, oil, photography, pencil, and mixed media.

The show continues Saturday from 10 a.m. to 5 p.m. and Sunday from noon to 4 p.m. GALA offers 2 major shows a year, and GALA artist displays are found year-round in businesses around the greater Gardner area. GALA promotes the arts as an essential component of a healthy community, and new members are welcome. For more information call 978-630-2340 or visit www.galagardner.org.

Pictured: Sally Sargent with her painting, "Blue Bottles with Lilies," one of the works of art to be shown at the GALA Fall Art Show.

Summary:

Gardner Area League of Artists (GALA)

Fall Art Show and Sale

Fine Art - Live Music - All weekend

Public invited

Reception:

Friday, Nov 7, 6—9 pm

The Arts:

An essential component of a healthy community

Dates and Times:

Friday, Nov 7 - 6-9 PM

Saturday, Nov 8 - 10-5 PM

Sunday, Nov 9 - 12-4 PM

The Place:

Gardner Senior Center

294 Pleasant St.

Gardner, MA

For more information:

978-630-2340 www.galagardner.org

--
Vicki or Chuck Heidorn
Gardner Area League of Artists
978-630-2340

Working Capital for
Massachusetts Businesses

OCTOBER 2008



In This Issue
2008 Fiscal Year End Highlights
Recent Highlight: Southeastern Massachusetts
Mission

The Trust lends working capital to small and medium sized, value-added businesses in the Commonwealth of Massachusetts. By providing loans where traditional financing is not available or where credit is no longer extended, companies are able to implement restructuring plans to create a stable financial future for the company and its employees. The Trust's experienced staff also works hand-in-hand with management to assist in the turn-around of businesses.

Services

The Trust works with companies to evaluate business plans/ opportunities and provide management assistance as well as capital.

The Trust offers Term Loans, Lines of Credit, and in some instances Guarantees for working capital financing. The Trust will participate on a Senior or Subordinated basis, providing viable financing options for a variety of situations.

Eligibility Criteria

Loans are available only to value-added businesses that are based in Massachusetts. Retailers, service firms, restaurants, and real estate businesses are not eligible.

Loans are considered when and if they lead to the financial stability and improvement of the business.

Loan amounts are limited to $10,000 per employee.

The Economic Stabilization Trust completed another successful year executing its mission to provide working capital and management advisory services to credit-challenged manufacturing and value-added businesses throughout the Commonwealth.
2008 Fiscal Year End Highlights

Total Funds Committed
$8.1 million

Private Funds Leveraged
$48.7 million

Total Jobs Supported
1,100


Recent Highlight


Southeastern Massachusetts

A $750,000 Term Loan to a 35-year old niche contract manufacturer.

Substantial increases in raw material costs and technical issues with a new product introduction resulted in operating losses and insufficient working capital. Management implemented price increases and cost reductions that returned the company to profitability. The Trust provided subordinated working capital while the company transitioned to a new senior debt relationship and preserved 85 jobs.

If you know of a company that could benefit from more working capital, please call me at 617-727-8158 x 2233.

Sincerely,

William Delorfano, Senior Credit Officer
Economic Stabilization Trust

FOR IMMEDIATE RELEASE

Children invited to Trick Or Treat for UNICEF

Children in the greater Gardner area are invited to participate in the United States fund for UNICEF. The money will save lives by providing clean water, educational supplies, and immunizations. Local merchant, Vicki Heidorn, has registered with UNICEF through the Unitarian Universalist Society of Gardner, 66 Elm St., Gardner. On Sunday, October 26 at 10 a.m., Ms. Heidorn will distribute boxes and speak on the work of the United Nations and the power of children to “Make Halloween Count.” Collection boxes will also be available at Surroundings Gallery & Custom Framing, 377 Main Street, Gardner, through October 31. Trick-or-treating in Gardner is Oct. 31 from 6-8 p.m. Community members are encouraged to visit unicefusa.org/trickortreat for creative ideas to create excitement and purpose while helping UNICEF to save children’s lives.

For more information, Contact: Vicki Heidorn, 978-630-2340
Unitarian Universalist Society of Gardner
66 Elm St., PO Box 637
Gardner, MA 01440
Office phone: 978-632-0222

Health Reform - Fair Share Contribution ALERT!

State Proposes Expansion of $295 FSC Assessment on Employers

&

Mandatory Quarterly Reporting, Filings and Payments!

Burdensome employer reporting requirements were recently expanded by the Legislature and Governor Deval Patrick in legislatively approved changes to the Fair Share Contribution (FSC) program. Also, the Patrick Administration is now finalizing companion regulatory changes to the program in an attempt to raise more tax revenue on the backs of Massachusetts employers.

As you know, under the MA health reform law, employers of 11 or more Full Time Equivalent employees (FTEs) that do not make a “fair and reasonable” premium contribution to their full time employees’ health insurance are subject to the $295 per employee assessment. Employers were first required to make this FSC/HIRD filing in November of 2007.

The state now wants YOU to report, file and pay – if you fail the tests – 4 TIMES A YEAR!

The proposed regulatory changes to the FAIR SHARE CONTRIBUTION include a change in the dual testing formula to determine which employers are hit with the assessment. The Patrick Administration has proposed to change the regulation to require that employers meet both tests; the 25% participation (take up) rate AND the 33% employer premium contribution for all full time employees employed at least 90 days. The current assessment is $295 per employee per year, prorated for part time employees, on those employers that do not meet the Fair Share requirement.

As a result of this change, a significantly larger number of employers are expected to be hit by the $295 per employee assessment, including many seasonal employers that are likely to appear to have more than 11 FTEs during one or two quarters of the year, despite falling below the 11 FTE threshold when employee hours are calculated on an annual basis. The old calculation used 22,000 payroll hours on an annual basis to equal 11 FTEs – the new basis will be 5500 payroll hours per quarter.

The participation test will be particularly difficult to meet, in that the regulation makes ZERO allowances for those employees that already have coverage elsewhere, possibly via a spouse or another employer or on Medicare.

EVEN IF YOU OFFER YOUR EMPLOYEES GOOD QUALITY HEALTH INSURANCE, IF YOU CAN’T MEET BOTH TESTS – YOU WILL BE SUBJECT TO THE $295 TAX!

Michael F. Ellis

President & CEO

Greater Gardner Chamber of Commerce

210 Main Street

Gardner, MA 01440

(978) 632-1780

fax: (978) 630-1767

MEllis@GardnerMA.com