New Jersey - Digital Publishing

INSIDE
Navigating controversy
Chief of biomedical association is no
stranger to handling sticky topics like
animal testing and abortion. . Page 5
Alleviating pain
Following business input, the state
looks to phase in hikes to unemployment
insurance tax over the course of
several years. . . . . . . . . . . . Page 5
By the numbers
$1 billion in golf-related
wages paid annually in
New Jersey. . . . . . Page 5
Accessible advertising
East Hanover car dealer uses every
technology medium in his grasp to
make a sale. . . . . . . . . . . . . Page 10
Opinion
■ Editorial: No surprise in cuts to UEZ,
fi lm tax credits. . . . . . . . . . . Page 12
■ Corner Offi ce: Credit unions have
unfair advantage. . . . . . . . . Page 13
■ NJBIZ Poll: Backing Christie’s budget.
. . . . . . . . . . . . . . . . . Page 13
Lists
■ Nonprofi t organizations
. . . . . . . . . . . . . . . . . . . . Page 20
■ State departments and agencies
. . . . . . . . . . . . . . . . . . . . Page 21
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A hurdle beyond political pitfall
BY EVELYN LEE
AN AMBITIOUS proposal to build
a new casino and other facilities
at the Meadowlands Sports
Complex faces an uncertain road
ahead, with many stakeholders
dismissing its viability so long as
For address or name corrections, fax label to (732) 846-0421
®
SPOTLIGHT: NONPROFITS
Nonpro ts discuss paths taken in
successful capital campaigns
. . . . . . . . . . . . . . . . Page 15
MARCH 7, 2011 www.njbiz.com $2.00
Revel, Xanadu show challenge in relying on private capital for Meadowlands casino
BY BETH FITZGERALD
JUDITH M. PERSICHILLI walked
the corridors of St. Francis Medical
Center, in Trenton, exchanging
hugs and catching up with
old friends.
“I love these nurses,” she said,
and clearly the feeling is mutual:
Persichilli is one of their own.
the governor and legislative leaders
continue to throw their support
behind saving Atlantic City
and its gaming industry.
Should Chris Christie and
the Legislature shift positions,
however, there’s another hurdle
Persichilli, 61, is the CEO of
Catholic Health East, a nonprofi t
health care system stretching from
Maine to Miami. But she started
out making beds and taking temperatures
at St. Francis, where she
earned her nursing diploma in
1968. She went on to get a bachelor’s
in nursing from Rutgers
grapevine
grapevine
Jersey City Medical Center seeks partnership, auto
insurance reform advocated, HINJ’s dream and
more . . . . . . . . . . . . . . . . . . . Page 11
in place: While some believe a casino-driven
development would
have no problem getting funded
and built, others said a project of
such magnitude would likely require
a state subsidy.
Last week, the Meadowlands
FOCUS ON JUDITH M. PERSICHILLI
Top care, from hospitals to hospices
Catholic Health East off ers services in many settings
Judith M. Persichilli, CEO of
Catholic Health East, has focused
the nonprofi t’s New Jersey eff orts on
its urban areas.
University, and a master’s degree
from Rider University — and was
CEO of St. Francis for eight years
during her rise through the CHE
executive ranks.
CHE’s diverse health care
portfolio spans what Persichilli
calls the “continuum of care”:
34 acute-care hospitals, four
long-term acute-care hospitals,
> See CARE on page 6
Christina Mazza
SOUTH
RISING
Things are looking
up in Atlantic City,
Camden
NEXT WEEK IN
REAL ESTATE REPORT
Regional Chamber unveiled a
concept plan that will include
a 150,000-square-foot casino, a
400,000-square-foot convention
center, six hotels, a spa, a theater/
museum, a water park, restaurants
and an aquatics center.
> See MEADOWLANDS on page 6
‘Dramatic’
change a
nightmare
for tenants
Experts warn of burden in
lease accounting proposal
BY EVELYN LEE
PROPOSED CHANGES to lease accounting
procedures could have
wide-ranging implications for New
Jersey’s business community, as
compliance is expected to carry
heavy administrative costs for
companies, and signifi cantly alter
commercial real estate transactions
in the future, according to real estate
insiders. Tenants will be driven
to sign shorter-term leases and purchase
space, rather than rent, while
landlords may see property values
decline and fi nancing agreements
with banks put at risk.
Last August, the Financial
Accounting Standards Board
and the International Accounting
Standards Board published a
draft proposing that a so-called
right-of-use model be applied in
accounting for virtually all leases,
where the right to use the leased
> See LEASE on page 7

® Around The STATe
Last year, the red Tape review Commission, led by Lt. Gov. Kim Guadagno, cut
the number of pages in the state registry by more than half.
Guadagno calls red tape eff orts a ‘fi rst step’
Lt. Gov. Kim Guadagno convened the fi rst public
meeting of the permanent Red Tape Review
Commission, which aims to reduce regulations
that slow down job creation and investment.
The nine-member commission met March 2
in Jersey City, and heard testimony from people
involved in a range of industries, including health
care, real estate, construction and higher education.
Guadagno held several meetings of a red tape
review group before she signed an executive order as
acting governor in September that made it a permanent
commission.
The Trio east site is adjacent to Trio west, a 140-unit,
two-building condominium property Tarragon built in 2008.
Trio East, a 6.5-acre development site in Palisades
Park previously owned by real estate developer
Tarragon, has been sold as part of a court order
for $1.8 million, commercial real estate brokerage
Cushman & Wakefi eld announced last week.
Tarragon, which fi led for Chapter 11 bankruptcy
protection in January 2009, was required by the bankruptcy
court to sell the property to satisfy the lien
holder, according to Cushman & Wakefi eld, which was
appointed by the court to sell the asset and represented
The work of the group last year contributed to
a steep drop in the number of pages of the state register,
which lists adopted and proposed regulations.
It fell from 7,020 pages at the end of 2008 to 3,012
pages two years later.
“It’s a great fi rst step — but only that, a fi rst
step,” Guadagno said in a statement. “The ongoing
Red Tape Review Commission will not only continue
this progress, but further spread the news far and
wide that it’s a new day in New Jersey, one defi ned
by an environment welcoming to business and amenable
to investment.” – Andrew Kitchenman
Court orders sale of Palisades Park project site
the seller in the deal. Berkeley Palisades Park LLC, of
Austin, Texas, purchased the site, which has been approved
for the development of 64 residential units.
Trio East is adjacent to the 140-unit Trio West, a
two-building condominium property Tarragon built in
2008; the unsold portion of Trio West — 71 units —
was sold to Phoenix Realty Group for $18 million in
2009 as part of Tarragon’s Chapter 11 reorganization,
according to Cushman & Wakefi eld. Tarragon emerged
from Chapter 11 last year. – Evelyn Lee
Governor defends
transit plan, decries
‘the chicken games’
Gov. Chris Christie told a summit meeting in Trenton last week
that anyone interested in infrastructure should tell Senate President
Stephen M. Sweeney (D-West Deptford) and Assembly
Speaker Sheila Y. Oliver (D-East Orange) to “stop the chicken games,
knock it off” about repealing the toll hikes the governor wants to use
for his transportation plan.
The New Jersey Transportation Summit was sponsored by the New
Jersey Alliance for Action, a nonprofi t that includes business and labor
groups, as well as advocates for investment infrastructure.
Christie’s fi ve-year plan to fund the state’s exhausted Transportation
Trust Fund would involve $1.6 billion in annual spending through 2016.
Notable projects include repairs to the Pulaski Skyway; the Route 7 Wittpenn
Bridge, in Kearny; and Route 139, in Jersey City and Hoboken.
Transportation Commissioner James Simpson, a panelist, said the
state is addressing infrastructure maintenance, including $600 million
in bridge repair. He called Democratic demands to roll back turnpike
tolls “a stupid idea” when the funds — originally for the ARC tunnel to
Manhattan — are needed for infrastructure, despite Christie killing the
Access to the Region’s Core project in the fall.
Jim Weinstein, executive director of NJ Transit, said information
gathered for ARC is being used in studies by New York and Amtrak for
potential future tunnels, so “the value of the money that was spent on
ARC is not lost value,” he said.
The event, which was expected to draw about 500, attracted executives
from across the country, including Robert Furniss, a Floridabased
vice president with Canadian rail car builder Bombardier Inc.
“We have a great customer in New Jersey,” said Furniss, whose
company has built rail cars for NJ Transit. – Andrew Kitchenman
Honeywell inks deal
to test tech in China
Morris Township-based Honeywell
International said last week
it was chosen to develop and
implement a pilot project to test
smart-grid technology in China.
The deal is part of a grant
agreement between the U.S.
Trade and Development Agency
and the State Grid Electric Power
Research Institute, a subsidiary
of State Grid Corp. of China.
The project will evaluate
how smart-grid technology
could help State Grid manage
energy supply and demand in
China, with a particular focus on
the country’s commercial and
industrial facilities. The pilot
includes “automated demand response,”
a technology aimed at
automatically adjusting electricity
consumption in response to
high demand.
Shane Tedjarati, president
and CEO of Honeywell China
and India, said Honeywell is one
of the only companies with the
technology to alert customers
when energy use outpaces generation
capability. – Jared Kaltwasser
Democrats again take
up millionaire’s tax
Democratic members of both
houses of the Legislature are
introducing an income tax increase
for those reporting more
than $1 million in income.
Sen. Shirley K. Turner
(D-Trenton) introduced a bill
Feb. 22 that would raise the tax
rate for income above $1 million
from 8.97 percent to 10.75 percent,
the same level as in 2009.
The funds from the tax
increase would be used for property
tax relief.
Assemblyman John F.
McKeon (D-South Orange) said
he would introduce the tax in
the Assembly, citing an opinion
poll in which the public supported
the tax.
Gov. Chris Christie
NJBIZ (ISSN 1540-4161) is published weekly except year-end and one extra issue in December by Journal Publications Inc., 1500 Paxton Street, Harrisburg, PA 17104. Subscriptions: $64.95 per year. Periodicals postage paid at Harrisburg, PA and at
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2 March 7, 2011 ◆ njbiz www.njbiz.com
Tim Larsen/Offi ce of the Governor
Courtesy of Cushman & Wakefi eld

12%
10%
8%
6%
8.3
7.1
2008
Q1
9.1
2008
Q2
vetoed a similar measure last
year. – Andrew Kitchenman
Breaking ground on
state-of-the-art plant
Lt. Gov. Kim Guadagno was on
hand last week to break ground
on a new water treatment plant
in the Short Hills section of
Millburn.
The $75 million facility
is being built by New Jersey
American Water to replace its
1920s-era Canoe Brook Water
Treatment Plant. The new facility
is scheduled to go online by
June 2012.
New Jersey Warehouse Vacancy
9.8
2008
Q3
9.8
7.8 7.7 8.2
7.8 7.7
2008
Q4
10.7
8.8
2009
Q1
10.4
9.3
2009
Q2
10.4
9.9
2009
Q3
11.5
10.2
2009
Q4
11.6 11.6
11.2
2010
Q1
Vacancy NJ-South VacancyNJ-North
2010
Q2
11.9
10.8 10.8 10.6
2010
Q3
11.0
2010
Q4
The facility was designed
to meet 2012 standards for
disinfection byproducts under
the federal Safe Drinking Water
Act. New Jersey American Water
also plans to apply to have the
building LEED certified by the
U.S. Green Building Council as a
Leadership in Energy & Environmental
Design project. The
facility will have high-efficiency
pump motors, lighting and
plumbing fixtures.
The project is expected to
create 200 jobs. It will serve customers
in portions of Essex, Morris,
Passaic, Somerset and Union
counties. – Jared Kaltwasser
Kelly Frank, CPA, Director, Not-for-Profi t Practice, J.H. Cohn,
and Joe Torre, Manager
warehouse vacancies fall
Demand for warehouse space in
New Jersey has been increasing, as
evidenced by falling vacancy rates
statewide. The sharpest declines
have occurred in the southern part of
the state, and are attributable to the
improved retail climate. Still, vacancy
remains above 10 percent, indicating
demand for construction of additional
warehouse space will remain
limited for the foreseeable future.
Source: Otteau Valuation Group Inc., www.otteau.com
Lautenberg revisits
Superfund legislation
U.S. Sen. Frank R. Lautenberg
(D-Cliffside Park) announced
last week the reintroduction of
legislation to generate up to $2
billion in annual revenue by
requiring polluters to fund the
cleanup of Superfund sites.
Lautenberg’s Polluter Pays
Restoration Act, co-sponsored
by Sen. Robert Menendez (D-
Hoboken) and five other legislators,
would reinstate the small
fees on crude oil and chemical
companies that had historically
funded the remediation of “or-
phan sites,” or polluted properties
where responsible parties
cannot be found.
The authority for the fees
expired in 1995, and with the
trust fund financing orphan
site cleanups now bankrupt,
taxpayers have had to foot the
bill for such efforts, Lautenberg
said. – Evelyn Lee
CorreCtions
n Delta Development Group and
HR&A Advisors prepared the report
recommending the elimination
of the state’s urban enterprise
zones. The New Jersey Institute of
Technology was involved with
other reports requested by the
Chris Christie administration.
NJIT’s role with the UEZ report
was incorrect in a Feb. 28 story.
n Faith Baum, co-owner of Illumination
Arts, said LED lighting
can be a great solution for some
specific applications, like colorchanging
lighting; other exterior
lighting applications; and some
interior lighting applications,
such as staircase lights, undercabinet
and countertop lighting.
She was misquoted in a Jan. 17
story about Dialight Corp.
Let’s talk
not-for-profi t,
expert to
expert.
Let’s talk about what J.H. Cohn provides. Specialty teams who
understand the unique needs of not-for-profit organizations.
Personal, partner-level attention and guidance to enhance fi nancial
stewardship, improve operational performance and protect your
tax-exempt status—so you can stay focused on fulfilling your
mission. If that’s what you’re looking for in an accounting firm,
talk to J.H. Cohn.
We turn expertise into results.
Call 877.704.3500 or visit jhcohn.com
New Jersey New York Connecticut California
®
Around The STATe
DeaLS arounD
new JerSey
n New York-based Pfizer Inc., which
has a division in Madison, announced
it completed the acquisition of Bristol,
Tenn.-based King Pharmaceuticals
Inc. through its wholly owned
subsidiary, Parker Tennessee Corp.
n Merck & Co. Inc., in the Whitehouse
Station section of Readington,
announced Tokyo-based Fujifilm will
acquire the Merck BioManufacturing
Network. Financial details of the
transaction were not disclosed.
n Roseland-based Automated Data
Processing has acquired Advanced-
MD, of Salt Lake City, in a deal that
will expand ADP’s reach to small and
midsized medical practices.
n Future Skies Inc., of Wall Township,
is now the prime contractor
for the U.S. Army’s product director
common software task order. The
contract includes two base years and
two option years with a total value of
$33.7 million. – Laura Mortkowitz
www.njbiz.com njbiz ◆ March 7, 2011 3

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As president of the New Jersey Association for Biomedical Research, Jayne Mackta plans to educate policymakers on the
importance of animal testing, and convince her industry of the importance of defending the right to conduct such research.
Spending a career in the crosshairs
Biomed association chief has advised on abortion, animal testing
BY JARED KALTWASSER
TO SAY JAYNE MACKTA is battle-tested
would be an understatement.
In the 1980s, she worked with a support
group counseling couples with genetic
defects, and found herself in the thick of
the abortion debate. For the past two decades,
she’s faced off against animal rights
groups to argue that animal testing is vital
to the research that yields the world’s
medical breakthroughs.
That battle has been equally heated, if
somewhat obscure.
BY ANDREW KITCHENMAN
INSTEAD OF GETTING socked with an annual
spike of $300 per worker in unemployment
insurance taxes next year, the state
will mete out less pain to employers over
a longer period of time under a bill introduced
in Trenton that seeks to shore up the
state’s defi cit-ridden UI fund, which now
owes $1 billion to the federal government.
The Assembly and Senate bills give employers
predictable UI tax increases — averaging
$130 per worker — for the fi scal year
beginning July 1, 2011. UI taxes are expected
to rise again for the following two years,
eventually hitting the $300 increase.
By steadily increasing the UI contributions,
the bills make the best of a tough
situation — and give employers the information
they need to budget future labor
“I would say that most people are not
in the middle,” said Mackta, president of
the New Jersey Association for Biomedical
Research. “They’re totally outside the fray.”
Mackta fi rst joined NJABR in 1989,
when the fl edgling organization was trying
to fi nd its wings in the face of tremendous
pushback from groups that equate animal
research with animal cruelty.
Her previous work, with a genetic support
group, included counseling couples
who carried genes for diseases about their
medical options, which include the po-
costs, according to Laurie Ehlbeck, New
Jersey director of the National Federation
of Independent Business.
“Nobody’s happy about having an
increase,” Ehlbeck said, though she was
pleased a consensus has formed to support
the bills, which are backed by both busi-
litically delicate option of terminating a
pregnancy if the fetus is affected with the
disease. As NJABR searched for a leader,
associates in the pharmaceutical industry
looked to Mackta.
“They reached out to me and said,
well, you’ve been fi ghting that battle —
how would you like to fi ght the animal
rights people?” Mackta recalled.
Mackta led the organization until
2008, when she left to start a new group,
Global Research Education and Training —
GR8, for short. The group promotes high
animal-care standards in research interna-
> See BIOMED on page 9
Bringing predictability to grim UI tax increases
Bill aims to help execs plan as state shores up jobless benefi ts fund
“Nobody’s happy about
having an increase.”
Laurie Ehlbeck, N.J. director of the National
Federation of Independent Business
ness and labor.
The bills are based on recommendations
from the unemployment insurance
task force appointed by Gov. Chris Christie,
which includes three representatives
each from business and labor. The task
force released its fi rst report Feb. 25.
In addition to phasing in the UI tax
increases, the bills raise the amount of
money that must accumulate in the UI
fund in order to trigger a decrease in taxes
— a change supported by business groups
seeking to reduce uncertainty and fl uctuations
of future tax increases.
The bill is fair to labor and businesses,
said Edward Fedorko, executive director
of the Mechanical & Allied Crafts Council
of New Jersey.
“It’s not a good situation, but we have
to be worried about the debt that has to be
> See UI on page 8
www.njbiz.com njbiz ◆ March 7, 2011 5
Christina Mazza
Golf Courses
in New Jersey
did you know New Jersey has
291 golf courses
9 %
are Audubon Society
certi ed, double the
national rate.
25,000 acres of golf courses
$1.8 billion:
total annual
economic impact on N.J.
26,500 jobs paying
$1 billion in annual wages
$500 million in taxes paid
annually by golf courses
Top six counties by
number of golf courses:
Monmouth . . 30
Bergen . . . . 22
Morris . . . . 21
Burlington . . . 19
Essex . . . . . 18
Somerset . . . 17
Some famous courses:
Private:
Baltusrol, Spring eld
Pine Valley, Pine Valley
Trump National Golf Club, Pine Hill
Public:
Blue Heron Pines, Egg Harbor
Ballyowen Golf Club, Hamburg
Royce Brook, Hillsborough
Sources: The New Jersey Golf Course Owners Association,
the Rutgers University Economic Advisory Service,
New Jersey Communities Online

MEADOWLANDS
> Continued from page 1
Chamber CEO Jim Kirkos said the financial
feasibility of the concept — which
would call for an investment of around
$1.5 billion — “will be dependent on answers
to a request-for-proposals that would
be issued by the state. It will only be clear
what the site is worth by looking at market
activity.” He stressed, however, that construction
of the plan would be funded by
the private sector.
Gaming “is an important catalyst” for
private-sector investment, said Carl Goldberg,
a partner at Roseland Property Co.,
in the Short Hills section of Millburn, and
former chairman of the New Jersey Sports
and Exposition Authority.
The fact that the casino could be accessed
via rail from New York’s Penn Station
“is an extraordinary geographic dynamic
that would excite the private sector,” because
of gaming’s evolution into what he
called “a convenience industry.” The decision
whether or not to go to a casino “is
driven by the ease of getting there.”
Still, along with private-sector investment,
some components of the vision plan
“would likely require some element of tax-
Revel’s casino in Atlantic
City stalled when the
economy faltered, but
the Economic Development
Authority approved $260
million in tax-increment
financing to help complete
the $2.8 billion project.
CARE
> Continued from page 1
25 nursing homes and 37 home health/
hospice providers, with a staff of 54,000
employees across 11 states.
In New Jersey, most CHE hospitals are
in cities with large low-income populations:
St. Francis, in Trenton; the Lourdes Health
System, with hospitals in Camden and Willingboro;
and St. Michael’s Medical Center,
in Newark. These urban hospitals depend
more heavily on the “government payers” —
federal Medicaid and Medicare, New Jersey
charity care — than the more generous reimbursements
hospitals may negotiate with
commercial health insurers.
Given the tough economics of urban care,
Persichilli said CHE’s New Jersey hospitals are
fortunate to belong to the big, financially
strong, A-rated CHE, which she said made
about $40 million in 2010. St. Francis made
money last year, while both St. Michael’s and
Lourdes ended 2010 in the red, she said.
“The challenge, first of all, is the definition
of success,” Persichilli said. “Our
definition of success, which is based on our
incremental financing” through the state’s
Economic Redevelopment Growth grant
program, which provides grants of up to
75 percent of a project’s annual incremental
tax revenues, Goldberg said.
“The infrastructure associated with
these projects can be very expensive,” he
said. “Tax-incremental financing can help
mitigate infrastructure costs and attract
the private sector to provide the rest of the
capital to execute the rest of the project.”
Two major projects in New Jersey are
due to receive state assistance: Last month,
the Economic Development Authority approved
$260 million in tax-increment financing
to support the completion of the
troubled $2.8 billion Revel casino development
in Atlantic City; an ERG grant also is
being considered for the stalled Xanadu retail
and entertainment complex, near the
proposed site for the chamber’s vision plan.
Still, more than 99 percent of the
costs of another high-profile development
— the $1.5 billion New Meadowlands Stadium,
adjacent to the Xanadu site — was
financed by private investment, with the
state paying for some related road improvements,
according to Goldberg.
The chamber’s concept “really hinges
on the casino aspect” as its main revenue
values, is that we have a preference for the
poor. We believe we are succeeding if we are
reaching out and taking care of the most
vulnerable of our communities. We’re really
committed to urban health care.”
National health care reform will cut
government payments to hospitals by $155
billion over the next decade — in part by not
paying hospitals for unnecessary readmissions
or care of hospital-acquired infections,
she said. But the other side of the coin is the
law’s mandate that in 2014, most Americans
must get health care coverage, potentially
giving CHE’s hard-pressed urban hospitals
fewer uninsured patients and more revenue.
“Our biggest fear is the cuts (to hospitals)
are going through, and the coverage (of
the uninsured) is going to be stalled,” Persichilli
said. “That will cause mergers, consolidations,
closures — there are some organizations
that won’t be able to make it.”
Indeed, if St. Francis, St. Michael’s and
Lourdes were freestanding hospitals, they
might be facing an uncertain future, she
said. A standalone hospital without strong
operating margins might not “have access
to capital to buy state-of-the art equip-
Photos by Christina Mazza
An Economic Redevelopment Growth grant is being considered for the longdelayed
Xanadu project at the Meadowlands.
generator, said Jeffrey R. Gural, chairman
of real estate services firm Newmark
Knight Frank and owner of the Tioga
Downs and Vernon Downs racetracks, in
New York. “Without a casino, it would be
almost impossible to finance the project.”
But not everyone considers a casino to
be a safe investment option.
“With a casino, you hope to have a
revenue stream, but there’s no certainty”
as there would be with a major retailer in
a shopping center, said one source in the
real estate industry. “That’s the risk.”
Gural, who is trying to secure financing
in his bid to take over the Meadowlands
Racetrack, expected “nothing is going to
happen for the next couple of years” with
the chamber’s vision, given Christie’s opposition
to a Meadowlands casino, but that
could change if a legislative push in New
York to allow table gambling at the Aqueduct
and Yonkers racetracks is successful.
That would make it “very difficult for
New Jersey not to counter by putting casino
gambling in the Meadowlands,” he
said. “It’s very hard, logically, to say the
Meadowlands will be competing with Atlantic
City, because Atlantic City is already
competing with New York.”
Gural said the chamber’s concept
ment, build ambulatory care centers, to
spend money strategically — because they
wouldn’t have access to financing.” CHE,
she said, “really provides a safety net for all
of our hospitals.”
Meanwhile, her strategic vision for CHE
is to provide more and more care outside the
acute-care setting, at outpatient facilities and
in the patient’s home. The traditional hospital
with emergency rooms and intensive care
units will be part of a system where outpatient,
primary and preventive care strives to
reduce emergency room visits and hospitals
admissions. St. Francis has a so-called PACE
center in Trenton that provides all-inclusive
care to the elderly; Camden has one and
Newark will by year-end. St. Francis is developing
an outpatient ambulatory care center
in Bordentown, while Lourdes has physicians
offices outside Camden’s city limits.
Persichilli said the elderly patients in
PACE centers often are eligible for both
Medicaid and Medicare, which pay CHE to
provide care where it makes clinical sense,
whether that’s a hospital, a clinic or at
home.
Five years ago, St. Francis delivered 80
would complement his racetrack project at
the sports complex, noting business at the
Tioga Downs casino improves on racing
days. The feasibility of financing the vision
also depends on what the casino tax rate —
the percentage of casino revenue that goes
to taxes — would be in the Meadowlands,
he said. “The tax rate will determine how
easy it is to finance” the casino, he said.
Christie and the Legislature may consider
the chamber’s vision as “an alternative
plan” if Atlantic City fails to make
progress, said Nicholas R. Amato, director
of the casino and resort development practice
group at law firm Genova, Burns &
Giantomasi, in Newark, and former executive
director of the Casino Reinvestment
Development Authority.
“If this was a viable project, every major
casino would want to build a casino in the
Meadowlands,” Amato said. “You’d probably
have people knocking down your doors.”
Amato disagreed that the chamber’s
vision would require state assistance. Revel
was the rare exception of a casino needing
a state subsidy, since its construction
stalled as the economy soured, he said: “If
a casino needed a subsidy to be built, it
probably wouldn’t be successful there.”
E-mail to: elee@njbiz.com
percent of its care in the hospital; now there
is an even split between inpatient and outpatient
care, she said.
Outreach to the homeless is a major
goal; Persichilli said CHE’s hospital CEOs
“get an incentive, a financial reward by increasing
their outreach to the homeless in
their communities.” Improving the health of
the homeless makes sense, since, “they show
up in our emergency rooms repeatedly, with
mental health and substance abuse problems
that are big deterrents to their health.”
Persichilli said it’s been estimated 1 percent
of the population of Camden accounts
for 30 percent of the city’s health care
spending. “If we can get to that 1 percent
in Camden, in Trenton, in Newark — we’ve
changed the cost structure, the per capita
cost of care, and we’ve improved the population
health.”
Asked what she misses about her days
as a bedside nurse at St. Francis, she said:
“When you’re a nurse you can go home every
day and know that you’ve done something
really special. When you’re the CEO
of a system, sometimes it takes years.”
E-mail to: bfitzgerald@njbiz.com
6 March 7, 2011 ◆ njbiz www.njbiz.com

LEASE
> Continued from page 1
asset would be recorded as an asset on the
balance sheet, and the corresponding lease
payments recorded as a liability.
While capital or fi nance leases are
recorded on the balance sheet, lease payments
made under operating leases currently
are recorded as expenses on a company’s
income statement as they are incurred, and
nothing is recorded on the balance sheet.
The proposed changes — intended
to provide more complete information to
investors on the fi nancial effects of lease
contracts — are expected to be fi nalized
sometime this year, with implementation
possible in 2013.
“It’s going to be a dramatic change,”
said Gary Illiano, national offi ce partner at
accounting fi rm Grant Thornton, in New
York. “It affects anyone who has any kind of
lease — it affects virtually every company.”
If the change goes through, operating
leases will be recorded on a company’s
balance sheet, which could dramatically
increase a fi rm’s assets and liabilities, and
skew various metrics used to assess a company,
Illiano said.
Under current standards, a company
with $10 million in assets, $8 million in liabilities
and $2 million in equity has a 4-to-
1 debt ratio, he said; under the proposed
changes, a $10 million lease would increase
assets and liabilities each by $10 million,
creating a 9-to-1 debt ratio, he said.
Such changes to a company’s balance
sheet “may run afoul of existing debt
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covenants” with banks, said Marc E. Betesh,
president and chief executive of KBA
Lease Services, in Woodbridge. If a debt
covenant restricts a borrower from having
more than a certain amount in debt, “that
may be violated by this change,” he said.
In response to concerns raised by businesses,
FASB and IASB tentatively decided at
a joint board meeting last month to identify
two different types of leases: a fi nance
lease, which would have a profi t-or-loss
effect consistent with the proposals, and
an other-than-fi nance lease, with a profi tor-loss
effect consistent with an operating
lease under current accounting standards.
The boards also tentatively agreed
that renewal options would be considered
part of the lease term only if there is a signifi
cant economic incentive to extend the
lease; the boards had previously proposed
in their exposure draft that assets and liabilities
would be recorded based on the
longest likely possible term of the lease,
taking into account any options to extend
or terminate the lease.
The boards are seeking input on their
tentative decisions to determine whether
stakeholders’ concerns would be addressed.
While it was positive that the boards
were recognizing concerns from businesses,
said Jeff Milanaik, president of Heller
Industrial Parks, in Edison, the proposed
changes still lack clarity, and as long as
there is uncertainty surrounding the lease
accounting changes, “tenants are going
to go for shorter lease terms, so it won’t
adversely affect their balance sheets.” But
landlords “like longevity in lease terms,”
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which is benefi cial for securing fi nancing
for buildings.
Milanaik said he and other members
of the commercial real estate industry submitted
their objections to the proposed
changes during the comment period,
which ended Dec. 15, and are now awaiting
the fi nal version of the proposals.
Real estate owners need longer term
leases to create value for their assets, said
Ray Sohmer, executive vice president at
commercial real estate services fi rm Jones
Lang LaSalle. The timing of the accounting
changes “is completely inappropriate,
because of the negative pressure the economy
had on the value of commercial real estate
buildings,” he said. A short-term lease
“is going to be negatively impacting value
even further.”
Meanwhile, the changes will “diminish
the attractiveness of the renewal option,”
Sohmer said. Tenants “use that option as
leverage to renew,” he said. If a company
indicates its intent to renew in an annual
report, it loses that leverage.
And regarding the boards’ tentative decision
on renewal options, “it’s very unclear
how to evaluate what a ‘signifi cant economic
benefi t’ is and equate it to some probability
they’re going to renew,” he said.
Under the existing accounting rules,
“it was sometimes more advantageous to
lease a property, because a lease did not
show up on the fi nancial statements,”
Betesh said. Under the proposed rules,
though, “there may be no material difference
in whether you buy or lease.”
The most immediate impact of the
Impact of changes
■ Only 7 percent of executives felt
their companies were very prepared
to comply with the new lease accounting
standards, according to a survey
released by accounting and consulting
fi r m Deloitte last month.
■ More than 80 percent said the
new standards will place a signifi cant
burden on fi nancial reporting for both
tenants and owners.
■ More than 40 percent believe the
new standards would make it more diffi
cult to obtain fi nancing.
– Evelyn Lee
new standards would be “the huge administrative
burden for the accounting industry
and the business community,” Betesh
said. Companies will be required to organize
all of their lease documents, so they
can properly analyze the current and projected
costs of their leases, he said.
“A lot of accounting fi rms don’t have
a lot of expertise in real estate leases,” and
may not know how to determine the proper
allocation of costs, or project the future
costs of such leases, Betesh said. And the
need for companies to seek, and pay for,
more assistance from their accounting
fi rms would essentially amount to “an unfair
tax on small business,” especially for
New Jersey’s signifi cant small and midsized
business population, Sohmer said.
E-mail to: elee@njbiz.com
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UI
> Continued from page 5
repaid to the federal government,” Fedorko
said, referring to the more than $1 billion
the state has borrowed to fund benefits.
Two proposals from Christie that appear
to be off the table — at least, for now
— are reductions in the maximum weekly
benefit and a mandatory one-week wait to
start receiving benefits.
Ehlbeck said the current federal law
governing extended UI benefits prevents the
state from reducing benefits, and added this
may not be the best time to make the changes,
given the fragile state of the economy.
However, Ehlbeck said, business owners
remain concerned that New Jersey has
some of the most generous
benefits in the
country. Out-of-work
residents can collect a
maximum of 60 percent
of their average weekly
wages in the base year,
up to $598. That’s the
second-highest maxi- Fred H. Madden Jr.
mum in the country, after Massachusetts,
for workers without dependents.
Assemblyman Joseph V. Egan (D-New
Brunswick), who sponsored the bill in his
house, said he wanted to include only one
year of increases in the bill, but agreed to
allow a two-year increase. Egan and state
Sen. Fred H. Madden Jr. (D-Turnersville),
who sponsored the Senate version of the
bill, are the chairmen of the labor committees
in each house, and served as nonvoting
members of the task force.
Egan credited state Labor Department
officials with providing the information
needed to reach a consensus on
the task force.
The state raided the UI fund for years
without raising the taxes to build it. Since
the recession, employers have been hit
with two increases in their UI taxes.
E-mail to: akitchenman@njbiz.com
IN BRIEF
VaxInnate receives $200M
for its flu vaccine testing
Cranbury-based VaxInnate Corp.
announced last week it was awarded
a government contract worth nearly
$200 million for its work with a new
technology for developing flu vaccines.
The contract from the Biomedical
Advanced Research and Development
Authority, part of the U.S. Department
of Health and Human Services, provides
$118 million for a base period of
three years, and an additional $78 million
for an optional two-year extension.
According to Dr. Thomas Hofstaetter,
president and CEO of VaxInnate,
the government is unhappy with
the industry’s response time when
it comes to producing flu vaccines.
VaxInnate’s method involves growing
vaccines in bacteria, instead of chicken
eggs, so “we can make large amounts
in a very short period of time,” Hofstaetter
said. – Laura Mortkowitz
Report: Small businesses
play role in hiring boost
Small-business hiring helped spur a rise
in private-sector employment, according
to the most recent ADP National Employment
Report, released Wednesday.
Nonfarm employers added a
total of 217,000 workers in February,
well above the average gain of 63,000
during the prior six months, with small
businesses adding 100,000 of those
employees, according to Automated
Data Processing.
Small business’ strong showing “is
consistent with the long-term pattern,”
said Patrick O’Keefe, director of economic
research at Roseland-based J.H.
Cohn LLP. “Smaller businesses operate
on a tighter budget than large ones, so
they’re more prone to reduce employment
when their income shows signs
of decline — but small businesses are
also more responsive and nimble when
the economy picks up.” – Martin C. Daks
Horizon replaces one
Marino for another
Robert A. Marino last week became
president and CEO of Newark-based
Horizon Blue Cross Blue Shield of New
Jersey, replacing William J. Marino,
who retired as chairman and CEO after
17 years of leading the company. The
two men are not related.
Robert Marino was promoted
from executive vice president and chief
operating officer. A 38-year veteran of
the Blue Cross Blue Shield system, he
has been an officer of the company for
nearly 20 years.
“Given my New Jersey roots, it is
truly an honor to lead the state’s oldest
and largest health insurer,” Marino
said. Horizon is by far the state’s largest
health insurer, with 3.6 million members.
– Beth Fitzgerald
8 March 7, 2011 ◆ njbiz www.njbiz.com

The scientifi c community shares the goals of reducing
or replacing the use of laboratory animals for testing.
BIOMED
> Continued from page 5
tionally, with an initial focus on China.
Mackta returned to NJABR last year,
stepping back into an issue she believes
opponents of animal research have slowly
been winning.
“It was welcome news when we heard
Jayne was going to be back at it,” said
Debbie Hart, the president of biotech
trade group BioNJ and a longtime associate
of Mackta’s. “She seems to have hit the
ground running with as much passion as
she’s ever had in her career.”
Karl Field, chairman of NJABR’s board
and the executive director of veterinary sciences
at Bristol-Myers Squibb, said Mackta
has brought a renewed focus to the organization
and a keen understanding of the association’s
strengths and weaknesses.
He said that’s more important than
ever as the association deals with limited
fi nancial resources and the continued
threat of legislation that could directly or
indirectly affect research.
“NJABR traditionally has taken any
good idea and turned it into a program or
service or a product for its membership or
for the state, but we can’t continue to do
that,” he said. “We really have to look at
what are the most important things out
there affecting our ability to do biomedical
research, and (then) address them.”
Much of the challenge, Mackta said, is
framing the debate.
For instance, animal research is allowed
in New Jersey under an exemption
to the state’s “animal cruelty” law. Mackta
said she’s glad for the exemption, but not
for the terminology.
“If you can defi ne cruelty,” Mackta
said, “you have won the game.”
In fact, the industry does have extensive
— and costly — care guidelines for the
use of animals in research. The industry
has its own guidebook and accreditation
system, and the federal government requires
institutions that use animals in research
to set up committees to oversee and
evaluate the care and use of the animals.
There’s also a growing fi eld of veterinary
science specifi cally geared toward caring
for laboratory animals.
Those standards were one reason
Mackta’s work in China was a challenge,
she said. “It’s very hard to make the case
that you need to provide pure and specifi c
kinds of feed, and that the caging has to
be a certain size, and the care has to be
very intense and very expensive,” she said.
“The people who are in charge of caring
for these animals are probably not making
that amount of money in a month.”
Mackta also said animal research is a
small part of biomedical research, and that
the number of animals used in research
pales in comparison to the number of animals
eaten as food, for instance. According
to the U.S. Department of Agriculture, the
total number of animals used in research
in the United States in 2009 was 979,000;
about 59,000 of those animals were in
New Jersey. But Dave Sacks, a department
spokesman, said those fi gures do not include
mice, rats and birds — which make
up a majority of animals used in labs — as
the care of those animals is not covered by
the federal Animal Welfare Act.
Still, Mackta doesn’t hang her hat
on statistics. “Numbers are so easily manipulated
to give you the information that
you’re looking for,” she said.
Instead, she talks about science, arguing
both that animal testing is the best option
in many cases, and that the scientifi c
community shares the goals of reducing or
replacing the use of laboratory animals.
“It’s good science to always be looking
for new ways to do things, to refi ne
your techniques to have the best model,”
she said.
In the meantime, her goal is to educate
policymakers on the importance
of animal research, and to convince the
pharmaceutical industry itself of the importance
of defending their right to conduct
that research, even as the industry
continues to shrink.
“We have to fi nd the winning strategies,”
she said. “I don’t know what they are,
but I do believe that if we don’t make the
case in a compelling way, so people connect
the dots and understand the implications
… we’re going to then one day wake up and
go, ‘What happened? Where did it go?’ And
then it’s going to be too late.”
E-mail to: jkaltwasser@njbiz.com
Christina Mazza
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1265 Springfield Avenue
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Denis Dankosky, Agent
105 Miln Street
Cranford, NJ 07016
Bus: 908-276-0088
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Zanetta Glover CPCU, Agent
570 Broad Street
Newark, NJ 07102
Bus: 973-648-0699
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Hemant Jiwnani, Agent
532 Summit Ave
Jersey City, NJ 07306
Bus: 201-653-1770
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Michael Lyne, Agent
472 Westfield Ave
Clark, NJ 07066
Bus: 732-340-0500
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Deseral Neal, Agent
200 West Second Street
Plainfield, NJ 07060
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Angel Rodriguez, Agent
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Bert Sweeney, Agent
35 Beechwood Rd
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Joe Brogan LUTC NQA CLU, Agent
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Tawanda Jackson, Agent
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Navin Jiwnani LUTCF, Agent
326 Route 22 West
Green Brook, NJ 08812
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Karen Mojka, Agent
1910 Washington Valley Road
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Chip Ott, Agent
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Fully equipped to handle mobile sales drive
E. Hanover dealer taps market with text messages, social networks
BY JARED KALTWASSER
ON ONE END of Gene Epstein’s desk
at Warnock Dodge, Chrysler, Jeep is
a pair of full-page newspaper ads
from competing dealerships. At the other
end is his computer. In the middle sits his
cell phone.
Epstein, director of business development
at the East Hanover dealership, said
he uses all three items to reach customers,
but the latter two are becoming more important
as his company tries to reach an
increasingly connected and informed customer
base.
“What we’re seeing is a new generation
AT A GLANCE
Warnock Dodge, Chrysler, Jeep
■ HEADQUARTERS: 175 Route 10
East Hanover, 07936
■ FOUNDED: Parent company founded in 1976
■ MANAGEMENT: Tim Ryan, general manager
■ PERFORMANCE: A promotional text-messaging
campaign of some 3,000 customers resulted in 62
calls, 36 visits and eight sales.
of clients,” he said. “This is a new generation,
and they have a new buying mentality.”
The dealership is enjoying a resurgence
of sales in the slow recovery from
the recession, Epstein said. That’s due in
part to Chrysler Group LLC’s decision to
get back into the leasing business, but he
also attributed it to the dealership’s evolving
advertising efforts.
The dealership has embraced new media
such as e-mail, Facebook and the dealership’s
website to attract customers and,
in December, Warnock tried a new method
— text messaging.
“The way it was presented was it’s so
inexpensive, we can’t not do this,” he said.
The company mined a database of
24,000 customers and netted 3,000 cell
phone numbers. A promotional message
sent to that list resulted in 62 calls, 36 visits
and eight sales.
Epstein said in a good month, the
dealership sells nearly 200 cars. Most sales
result from customer referrals, but he said
the 4 percent return rate on the text message
campaign was a success, because he
believes those sales wouldn’t have happened
without the texts.
“Looking at the analytics of all of
this, I can look at you and say we probably
wouldn’t have seen these people,” he
said. “The eight people were in (the store)
because of that text message.”
Epstein said text messages offer the
dealership a more reliable way to reach
customers, giving Warnock an easier way
to track the marketing push’s success.
Warnock contracted with Californiabased
Trumpia on the text campaign.
Four-year-old Trumpia offers new media
advertising across a variety of platforms,
including text, e-mail and social media.
Gene Epstein said a text-messaging campaign
‘was so inexpensive, we can’t not do this’
to try to sell cars at Warnock Dodge, Chrysler,
Jeep, in East Hanover.
Trumpia’s CEO, Ken Rhie, said advertisers
today must use multiple channels to
reach customers.
“It’s no longer just printing, no longer
just e-mail, no longer just having a website,”
Rhie said. “It’s all of that plus new
technologies.”
Epstein said he agrees with the “wide
net” philosophy, and said the company
plans to use text messages again, though
next time, they’ll target the texts to more
specifi c groups of clients.
While new media means new learning,
Epstein said it also means the dealership
has access to more data. They previously
relied on customer surveys to track
advertising effectiveness.
“We’ve reached a point where we can
now post-mortem a given sale,” Epstein
said, “when I can look you square in the
face and tell you where it came from.”
Epstein doesn’t believe any advertising
method is a silver bullet, and said the
dealership will continue to use traditional
advertising methods. The goal, he said, is
to get out the company’s message, and he’s
willing to use any productive method to
achieve that goal.
“Each of these methods is nothing
but a tool,” he said. “It’s just a tool in
the arsenal.”
E-mail to: jkaltwasser@njbiz.com
MAKING IT
Making It explores how businesses and nonpro ts are
meeting the economy’s challenges and opportunities.
Contact Beth Fitzgerald at b tzgerald@njbiz.com
Suite
Escape
Best time
management tip:
Sleep less, work more.
Jose Cruz
Senior managing director,
HFF
Let your assistant
control your calendar.
Bernie Flynn
President and CEO,
New Jersey Manufacturers Insurance Co.
Prioritize with a
vengeance, and always
do the most important
task rst each day.
Jim Kirkos
CEO,
Meadowlands Regional Chamber
Prioritize what is most
important and ensure
those things get done
rst. I also surround
myself with talented
people who I trust and can delegate
critical tasks to.
Brenda Ross-Dulan
Southern New Jersey regional president,
Wells Fargo
Ron
Rickles
New Jersey
managing partner,
Deloitte LLP
Stay focused on the big picture;
don’t let the multitude of little
things get in your way.
NEXT WEEK
The March panelists talk
about March Madness.
10 March 7, 2011 ◆ NJBIZ www.njbiz.com
Christina Mazza

grapevine
grapevine
Another hospital seeks partner
Jersey City Medical Center wants to partner
with a larger health care system. Grapevine
has learned the hospital has asked for
proposals, which were submitted under a
confi dentiality agreement, and that Jersey
City Medical is close to a decision.
Driving auto insurance reform
The insurance industry is anxious to see
regulations the Department of Banking
and Insurance has been drafting to reform
the PIP portion of auto insurance. The
industry expected DOBI to introduce the
draft regs in fi rst quarter 2011, but now
that time frame looks uncertain.
Personal injury protection, which
covers medical benefi ts, is the costliest
part of auto insurance. PIP was not reformed
during deregulation in 2003, so
it’s now putting pressure on the entire
system, two industry sources said. “The
industry can’t contain the cost anymore.
The premiums are going to start to skyrocket,”
one source said. If PIP is not reformed
now, by 2013, New Jersey could
be back in a crisis similar to 2001, when
affordability and availability were issues,
the sources said.
Passing on 2 Riverfront loan
Northwestern Mutual was approached
to lend for 2 Riverfront Center, in Newark,
but passed on the deal about three to four
weeks ago, a source in the fi nancial community
confi rmed. The project is the new
home proposed for Panasonic Corp. by
SJP Properties and Matrix Development
Group. Grapevine was unable to learn
what other lenders, if any, have been approached
about the $102 million project.
Pining for Bagger
The Rich Bagger lovefest continues at
HINJ. The pharma advocacy group still
hopes Bagger will someday become its
president and CEO. An insider said “significant”
members of HINJ have made clear
that Bob Franks’ successor, Dean Paranicas,
is fi ne, but they want Bagger if he
leaves the governor’s offi ce. “They’re willing
to let the Rich scenario play out,” the
source said.
As Grapevine reported in December,
Bagger was courted by HINJ early in
its search process, but reportedly told the
group he remained committed to the governor.
The insider said either way, it’s unlikely
Bagger would work at HINJ: If Bagger
left the Chris Christie administration,
he’d probably want a salary more in line
with the gazillions he made at Pfi zer.
Some HINJ members also covet Mike
Ferguson, who helped pass the Medicare
Part D prescription drug benefi t while in
Congress. Ferguson is now running a D.C.
lobbying fi rm. Maybe if Ferguson gets a
seat on the Sports Authority, he’d spend
more time in Jersey.
It ain’t easy saving UEZ
Municipal offi cials are hopeful they will be
able to rescue the state’s Urban Enterprise
Zone Authority by describing the positive
effect the program has had on zones, according
to a senior lobbyist. However, if
state offi cials follow through on a consultant’s
report that found the program
wasteful, they are going to push for a
replacement to the program that would
provide a similar benefi t. The details of a
potential UEZ replacement haven’t been
worked out.
Seeing red over regulation
The state’s Red Tape Review Commission is
aiming for far-reaching results, at least according
to one of the commissioners. Regu-
COL-2894 7.5 x 10
lations covering “virtually every aspect of
business in the state of New Jersey” will see
some streamlines, the commissioner said,
calling duplication of efforts and duplication
of licensing just two examples of some
obstacles businesses face.
There’s apparently no dissent among
the members. The commission members
“are clearly all in the same direction” when
it comes to cutting red tape, the source said.
“No one is against regulation. Just foolish,
and onerous, unnecessary regulation.”
Need to exchange this policy
Trenton business lobbyists already are
vying for changes to bills recently intro-
Count On
The Business Bank
Of New Jersey
duced to create state health care exchanges
for individuals and businesses to shop
for insurance when federal health reform
is in full swing in 2014. The bills create a
seven-member board of directors to oversee
the exchanges — and banned from
the board are health care and insurance
industry professionals.
“Absolutely nonsensical,” said one
industry insider. “Health care and insurance
professionals are vital to the success
of these exchanges.”
Grapevine reports on the behind-the-scenes buzz
in the business community. Contact Editor Sharon
Waters at swaters@njbiz.com.
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www.njbiz.com NJBIZ ◆ March 7, 2011 11

oUr poinT of VieW
film, UeZ
cuts come
as no shock
Recommendations made
to the Chris Christie
team on tax incentives,
and their responses, are telling
for New Jersey businesses —
particularly those in fi lm or in
one of the state’s urban enterprise
zones, which the administration
wants to end.
That’s hardly a surprise:
The fi lm tax credit, in particular,
has been spotted walking
around with a bull’s-eye on its
chest. The report found the program
paid for itself, though the
state contests the fi ndings, saying
an end to tax credits won’t
end fi lming in New Jersey. But
studio owners say business has
been much quieter since the
state froze the credits, and the
program was credited with creating
more than 900 jobs, paying
an average of about $47,000, in
2009. But it’s best to judge the
credits closer to 2015, when the
program sunsets.
The UEZ program, on the
other hand, was labeled a complete
bust in the report. The
major attraction — allowing
retailers to charge half the sales
tax — gives an unfair advantage
to these cities, which invest the
difference in sales tax collection
into local restoration work. Suburban
downtowns do this sort
of work without getting a break
on the sales tax. And there are
now nearly three dozen UEZs in
the state, including tiny Hudson
County, which has seven
UEZs in its 12 municipalities.
Why not just waive the sales tax
outright for the entire county?
■ ■ ■
In January, responding to
Christie’s ill-advised decision
to recruit executives from Illinois,
we wondered: “What
would Honest Abe say?”
Well, the Land of Lincoln
has responded, with an ad campaign
in New Jersey media touting
the Garden State’s horrid tax
climate — which is really going
to give pause to the two business
owners who were thinking
of relocating here for the taxes.
Continuing its rub-your-nosein-it
campaign, Illinois is set to
follow that with commercials
on NJN listing the ways the
Bulls are better than the Nets.
OPINION
leTTerS To THe eDiTor
eDA is no rubber stamp
I applaud NJBIZ’s in-depth coverage of the
EDA’s award of an Urban Transit Hub Tax Credit
for Panasonic’s proposed move to a new offi ce
building in downtown Newark. New Jersey’s
business paper of record should keep close tabs
on the administration of this and other economic
incentive programs.
However, NJBIZ says this grant “… goes
against the mission of the Urban Transit Hub
program, which was designed to encourage urban
developers and tenants to make big capital
investments in long-suffering cities” (“A good
idea is becoming a giveaway,” Our Point of
View, Feb. 21).
In fact, this project fi ts that stated mission
like a glove: it is a major investment in
new construction, at prevailing wages, in a
city, and shifts commuting from cars toward
mass transit. This project creates signifi cant
new ratables for Newark and Essex County.
This project represents hundreds of well-paying
construction jobs desperately needed in
our still stagnant economy.
Moreover, the other objection expressed
by some — that the UTHTC program did not
envision moving jobs from one location to another
in the state — is dead wrong.
The Legislature revisited and substantially
revised the UTHTC in 2009, making
clear that a “credit shall not be reduced if [a
business] relocates to an urban transit hub
from another location or locations in the
same municipality.” The Legislature sought
to encourage existing in-state New Jersey
businesses to build new facilities in our cities.
Necessarily, they would move from elsewhere
in New Jersey.
My fi rsthand experience representing applicants
is that our EDA’s leadership does an
excellent job vetting applications to ensure
New Jersey jobs truly are at risk of being lost to
other states, and take pains to ensure the project
will provide greater tax benefi ts to the state
than the amount being awarded. EDA board
members spend hours grilling EDA staff each
month on proposed incentive awards; they are
no rubber stamp.
Notwithstanding a still-soft economy,
the Legislature, the governor and the EDA
have fi nally convinced businesses and developers
to make huge investments in our
urban cores. The EDA is thoroughly vetting
applicants. NJBIZ should be applauding this
watershed moment.
Paul Josephson, partner
Hill Wallack LLP
Newark
Urban transit tax credit is brilliant legislation
One of the largest line items in the state’s overburdened
budget is aid to cities (“A good idea
is becoming a giveaway,” Our Point of View,
Feb. 21).
The Urban Transit Hub Tax Credit is designed
to get the cities back on their feet and
off the public’s back.
The UTHTC is a brilliant piece of legislation
and is critical to New Jersey’s economy
and future competitiveness. Anyone who feels
this tax credit is a giveaway either doesn’t get it
or is acting purely out of self interest.
Sab Russo, president
Mercer Oak Realty LLC
Ewing
panasonic credit worth it in long run
The Urban Transit Hub Tax Credit for Panasonic
is critical in keeping jobs in New Jersey.
In the long run, this will more than make up
We won’t
lose any
business to
Illinois as long as
Pat Quinn is the
governor. He’s
a disaster.
Chris Christie
on Illinois’ ads in New
Jersey media
for the $100 million, both in personal and corporate
tax revenues.
Regina Maurer, partner
Maurer & Maurer, CPAs LLC
Morristown
protect against sudden disability
If you were to suffer a sudden disability, how
would you pay for all of the expenses related to
your lifestyle? Would your business be able to
continue generating income for you?
Business owners should consider setting
up a wage continuation plan for themselves
and their employees. Such plans can help ensure
that owners and employees will continue
to receive salaries despite long-term disability.
Key person disability insurance and disability
overhead expense policies are two other
important protective options. Key person insurance
will pay a monthly benefi t as determined
by the key employee’s pre-disability earned
income. The monthly DI benefi t can then be
used to provide revenue to hire and train a
replacement, or to strengthen the company’s
cash fl ow. A disability overhead expense policy
can help pay for overhead expenses should
you become disabled under the terms of the
policy. Thus, if you are temporarily unable to
generate revenue, the bills will continue to be
paid without interruption.
The real key to plan design begins with a
realistic understanding of the risks involved.
The right policy can then provide fi nancial security
for you and your business to help mitigate
the potentially devastating effects of a major
accident or long-term illness.
Louis A. Tucci
L. Tucci Financial LLC
Little Falls
Quote
marks
12 March 7, 2011 ◆ njbiz www.njbiz.com

Corner offiCe
Banks, credit unions must
compete on level ground
New Jersey’s credit unions have been trying to make the
case recently that they should be allowed to take municipal
deposits in order to drive more competition.
And while New Jersey’s banks welcome free competition, credit
unions have an unfair advantage, because they don’t pay taxes
and are not subject to the same requirements as banks.
Credit unions have the special federal
privilege of a tax exemption because their
legal mandate is to serve people of modest
means. However, with this special privilege
come limitations, such as business lending
and field of membership restrictions.
Credit unions cannot serve
the general public, and are charged
with serving only consumers in their
field of membership. To join a credit
union, you must have a common
bond. This common bond has now
been stretched beyond recognition,
as there are now 167 credit unions
nationally with more than $1 billion
in assets, including some that serve
areas larger than states.
There’s some evidence that credit
unions are no longer fulfilling their
mission of serving people of modest means.
The National Community Reinvestment Coalition,
a consumer group, released a study
in September 2009 that found banks outperformed
credit unions in serving people of
modest means.
Congress limited credit unions’ abil-
nJBiZ opinion poll
While business owners stand to gain
quite a bit from Chris Christie’s
budget plan,
many responders to our
most recent poll said
the gains for executives
are balanced by interests
of residents.
Still, business owners
are heaping praise
on the governor, with
Pro Fire Systems’
Len Guancione’s
“thank God for Christie”
response summing
up how most feel about
the plan.
Steve Struthers,
of DynTek, said Christie
“is taking the courageous
route by doing
what he thinks is the best thing for the economy,
regardless of whose toes he steps on.”
Richard Monsen, of Monsen Engineering
Co., said the effort is “hardly a windfall
ity to lend to businesses in 1998 because
it wanted to ensure credit unions remained
focused on their specific mission of meeting
the needs of consumers, not businesses.
As part of their “special status,” Congress
“There’s some evidence
that credit
unions are no longer
fulfilling their
mission of serving
people of modest
means.
”
– John E. McWeeney Jr.
chose to cap credit unions’ business lending
at 12.25 percent of assets. Business
loans under $50,000 do not count against
this cap, nor does the guaranteed portion
of Small Business Administration loans.
Yet, credit unions have been lobbying for
expanded business lending.
for business owners.”
“If New Jersey is to survive, we must
strengthen our business community to create
jobs and pay taxes,” he wrote.
Reader JoAnn Dixon, meanwhile, took
issue with the Legislature, which “seem(s) to
Credit unions want it both ways. They
want expanded powers in the areas of municipal
deposits and business lending, but they
still want to hide under the cloak of their
tax exemption. As credit union membership
expands, so does the cost to American taxpayers,
who underwrite the credit union industry’s
tax subsidy to the tune of more than
$1.3 billion a year. At a time when budgets
are under severe stress, why are taxpayers still
subsidizing credit unions?
New Jersey’s banks have been serving
consumers, businesses, and all levels of
state and local government for well over
a century. On the government side, this
includes not just taking deposits, but also
buying short-term and long-term debt,
which provide critical funding to meet the
government’s operating and capital needs.
There is no shortage of competition for
government deposits or any other type of
banking services in New Jersey.
If credit unions want to expand their
services, they have the option of converting
to a mutual savings bank char-
ter. A mutual charter would preserve
mutual ownership for their members
and allow them to break free from
restrictions, such as the one on business
lending.
New Jersey’s banks welcome free
competition, but they deserve a level
playing field. If there are credit unions
in New Jersey that want to operate
like banks, they should stop hiding
behind their tax exemption, change
their charter and become banks. That
means paying taxes and reinvesting in New
Jersey’s communities just like New Jersey’s
banks do.
John E. McWeeney Jr. is president and CEO
of the Cranford-based New Jersey Bankers
Association.
A good budget for business, but it’s not a windfall
Chris Christie's budget plan:
21.5%
Is a runaway
win for
business
owners
17.3%
Cuts programs
with proven
economic
strength
61.2%
64.7%
Offers a
balanced mix
for execs and
residents
Critical to
keeping jobs
in the state
be against anything he wants to do. I’m not a
Republican, but the guy seems to be on track
to lead New Jersey out of
the wilderness and tax
morass we’ve been in.”
But reader David
Melvin said some cuts
went bone deep, like
those to infrastructure.
“The Swiss just built
the longest train tunnel
in the world, while we
canceled the most important
train tunnel in
the world.” And fellow
reader Pam Pernot said
many of Christie’s cuts
“are short-term, Band-
Aid cuts. It’s time he
starts to think long-term
benefits to the state …
beyond the next election.”
NEXT WEEK:
A plan to redevelop the Meadowlands
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www.njbiz.com njbiz ◆ March 7, 2011 13

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SPOtLiGht: nOnPrOFitS
®
CAPITAL
BUILD
FIND
PROSPECTS
Princeton HealthCare’s
capital campaign extends
its goal after hitting its mark
ahead of time. Page 16
IDEAS
Navigating the path to a successful campaign
takes more than a worthy goal. Nonprofits
share their secrets to meeting expectations.
FIND
LEADERS
Hunterdon
Medical Center
credits long-term
supporters as it closes
in on goal. Page 18
www.njbiz.com njbiz ◆ March 7, 2011 15
Photo illustration: Sara Siano

®
SPOtLiGht
Capital campaigns take dedication, planning for nonpro ts
By Andrew KitchenmAn
While nonprofi t organizations rely
on annual fundraising to operate,
signifi cant expansions often
depend on the more specialized and timeconsuming
process of capital campaigns.
Nonprofi ts increasingly have turned
to multiyear, multimillion-dollar campaigns
in recent years to address their longterm
capital needs. Several New Jersey organizations
recently shared strategies they
deployed in successful campaigns, with
much of the focus on successful planning
and donor relationships.
Centenary College, in Hackettstown,
spent years planning the four-year, $50
million campaign it completed in 2010.
The central goal was the construction of
a campus center that would serve as a cultural
hub for northwestern New Jersey.
“Leading into this campaign, it was
leapfrogging on what we saw as the suc-
cess of our fi rst campaign, which ended in
2001,” said Kathleen Ward, vice president
for strategic advancement.
The planning that went into the Centenary
campaign is central to all successful
capital-building efforts, according to fundraising
experts.
This planning component can be as
important as the execution of the campaign,
according to Victoria M. Bixel,
president of Nutley-based fundraising con-
sulting fi rm Semple Bixel Associates.
The planning begins with a feasibility
study to determine “whether the campaign
has the potential to reach its goal,
has the volunteer leadership to make it a
success and has a compelling case for support
— meaning, the project is compelling
enough for people to give to,” Bixel said.
During this stage, an organization
must take a step back and have a good
> See cAmPAiGn on page 17
Strategy pays
o for Princeton
medical center
By Andrew KitchenmAn
Princeton HealthCare System Foundation
is in the middle of a fi ve
year-campaign to raise $150 million
for the new University Medical Center
at Princeton.
However, that goal has grown as the
organization reached its original $115 million
benchmark well ahead of time.
Joseph Stampe, vice president of
development, said the hospital drew on
strategies that were fi rst honed in higher
education, focusing on individuals who
have a connection
with the in-
stitution, “have
capacity to give
and also have a
strong inclination
to give.”
Stampe said
they used the
“fi ve I’s” in fundraising:identifying
prospects,
informing and
interesting them
in the project,
involving them,
and seeking their
investment.”
The system
has a staff
member who is
Fundraising
strategies
Princeton Health-
Care System
Foundation used
the “fi ve I’s” in
fundraising:
■ Identifying
prospects
■ Informing
■ Interesting
■ Involving
■ Investment
trained in researching whether potential
donors have the money to give, drawing
on public sources like property values
and corporate records.
Once prospects were identifi ed, the
hospital asked them to support goals connected
to their interests.
As the campaign proceeded, Princeton
drew on its experience of an early
1990s campaign that funded a hospital
expansion, as well as a wellspring of community
support.
“We have one of the most amazing
projects to raise funds for in the new hospital,”
Stampe said.
E-mail to: akitchenman@njbiz.com
16 March 7, 2011 ◆ njbiz www.njbiz.com

cAmPAiGn
> Continued from page 16
understanding of how the community perceives
the organization.
“We describe it as a readiness assessment
for an organization,” Bixel said. “You
always want to go into a campaign with victory
in sight.”
The organization must determine whether
potential donors agree with its plans. In ad-
‘‘ Victoria
You always want to go into
a campaign with victory in
sight.
”
M. Bixel
President, Semple Bixel Associates
dition, the organization must make sure its
fi nances are transparent to donors.
After all that, if an organization fi nds
potential donors won’t support a campaign,
fundraising consultants “have to come back
with a very honest assessment that no,
you’re not ready to endure a capital campaign,”
she said.
In that sense, the potentially yearslong
capital campaign is even longer, since
its potential success will depend on an organization’s
offi cials putting in the time
communicating with donors as part of its
> See cAmPAiGn on page 18
Christina Mazza
SPOtLiGht
Strategic planning was central to Centenary’s capital-building e orts, says Kathleen Ward, assistant vice president of strategic advancement,
who is pictured between Virginia Newman Littell, left, capital campaign chairman; and Barbara-Jayne Lewthwaite, president of the college.
BE IN A POSITION OF STRENGTH SM
Ivan Brown, CPA, Co-Founder and former Managing Partner
of WithumSmith+Brown for 20 years, goes the distance in his
personal and business life every day. Meridian Health System
Board of Trustees Member; American Cancer Society Eastern
Division Board Member; and Charity Marathon Runner. Through
his influence, the tenet of “doing well by doing good” has been
ingrained within the WithumSmith+Brown culture, and his
leadership and philanthropic mindset have helped put our Firm and
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Ivan Brown, Co-Founder, CPA
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withum.com
WithumSmith+Brown, PC
Certified Public Accountants and Consultants
New Jersey. New York. Pennsylvania. Maryland. Florida. Colorado.
www.njbiz.com njbiz ◆ March 7, 2011 17
®

®
SPOtLiGht
Hunterdon Medical Center finds success in donor relations
By Andrew KitchenmAn
The first two years of Hunterdon
Healthcare System’s capital campaign
focused on what hospital President
Robert P. Wise called “family and
close friends.”
The campaign is supporting a
$70 million expansion and renovation
of Hunterdon Medical Center, including
a new radiation oncology wing that
opened a year ago. It has raised $9.3 mil-
lion toward its $15
million goal.
Wise said the
organization identified
long-term contributors
to support
the effort, as well as
the hospital’s own
doctors.
“I couldn’t ask
for a greater response
BED7174 NJBic Race a.qxd:Layout 1 2/23/11 10:42 AM Page 1
Hunterdon Healthcare
System has raised
$9.3 million toward its
goal of $15 million for
its expansion and
renovation of Hunterdon
Medical Center.
from the medical staff,”
Wise said.
Wise noted the
importance to donors
of understanding the
real needs of the hospital,
and no group is in
a better position to do
that than its own staff.
Wise is in his
21st year as the hospi-
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tal’s president, and has seen competition
grow for scarce contributors’ dollars,
as out-of-area institutions like Johns
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Cancer Center, in New York, target
New Jerseyans.
“We have to demonstrate that we are
just as good” at providing excellent care as
these organizations, Wise said.
E-mail to: akitchenman@njbiz.com
cAmPAiGn
> Continued from page 17
continuing operations.
Bixel said campaigns offer a heightened
version of fundraising — “incredibly intensive
efforts where you have the staff of the
organization, you have the board of the organization,
you have a steering committee
driving the campaign over what could be a
one-year process, or a multiyear process.”
Capital campaigns are distinguished by
their design to reach specific goals, such as
funding for new facilities, rather than nonprofits’
annual fundraising, which aims to
fill a gap in the operating budget.
Bixel said some of her clients have
had to continue capital campaigns past
their originally planned end dates, since
donors are taking more time to decide
whether to give.
In some cases, there have been fewer
large donations. While some larger donors
continue to give to organizations with
which they have a long-standing relationship,
most capital campaigns are seeking
more donors and smaller gifts, Bixel said.
At the height of the recession, when
organizations consulted with Semple Bixel
about whether to launch a capital campaign,
they decided against it unless there
was an urgent need. Now, firms are encouraged
to move forward. Bixel’s advice to
those who have done the necessary planning
is: “Be cautious, but do this. The tone
has changed.”
The McAuley School for Exceptional
Children, a North Plainfield school for
cognitively disabled children, is a case of
a small nonprofit successfully launching a
capital campaign. Through support from
the families and foundations, the school
was able to hold a ribbon-cutting ceremony,
and has raised $1.5 million toward its
$2 million goal.
In the 35 years since Robert F. Semple
founded Semple Bixel, the number of capital
campaigns has increased dramatically, as
has the number of nonprofits, Bixel said.
“The fundraising process has not
changed, we’ve just had to become more
creative,” Bixel said.
McAuley School director Sister Lee
Ann Amico said the capital campaign was
prompted by the decision to purchase a former
parochial school and renovate it so it
could meet state code.
The school was founded in 1966 to
> See cAmPAiGn on page 19
18 March 7, 2011 ◆ njbiz www.njbiz.com

cAmPAiGn
> Continued from page 18
serve students with Down syndrome, and
has roughly 35 students. While the school
formerly was affi liated with the Catholic
Church, it ended the affi liation after it began
to receive state funding.
“I knew the project was worthy, and I
didn’t know how we were going to do it,
but I did believe we would do it,” Amico
said. “I relied on Semple Bixel to steer me in
the right direction.”
Amico said the campaign relied on a
base of supporters who already were familiar
with it.
“We reached out to some folks that we
knew would be very much interested in the
campaign, and also these folks would have
the ability to reach out for us beyond themselves,”
Amico said. “They were not only
our friends or acquaintances, but they had
some other contacts that they could maybe
help us with.”
The campaign’s success allowed the
school to open in its new building in January.
Amico said she was amazed at the donors
who the campaign reached, as volunteers
reached out to additional potential donors.
“We found friends who we didn’t know
we had,” said Amico, who said that along
with being the school’s director, she is the
principal and “I do boiler work.”
She is hoping to complete the last
$500,000 in fundraising in the next 18
months.
e
The larger $50 million campaign at
Centenary drew on both the college’s alumni
base and the broader northwestern New
Jersey community. The campaign offered a
variety of giving levels, from $250 to dedicate
a brick outside of the new center to
million-dollar-plus gifts.
The center is named after David and
Carol Lackland, who contributed roughly
$20 million.
Ward said the college was able to advance
toward its goal despite the recession.
“It was defi nitely a concern, but we already
had done a lot of good work in introducing
the topic of the need to several indi-
Easy to get to...hard to leave.
Paid for by
N.J. Urban
Enterprise Zone
funds.
Christina Mazza
In Lakewood, you can have it all . . .
from the crack of the bat at the BlueClaws’ Stadium
to the rising curtain at the historic Strand Theater
from walks, trails, and picnics in our pristine parks
to endless rounds of golf at three golf courses
from boating and fi shing on beautiful lakes
to 3 1 ⁄2% sales tax for shopping and
free parking in a quaint Victorian setting
from visiting nearby beaches, boardwalks, and malls
to learning at two outstanding universities
from the 2nd largest industrial park in New Jersey
to a new corporate park, luxury Hilton Hotel,
and publicly owned airport
For you, your family, your business:
Lakewood – a place where
you can have it all !
For more information:
Patricia Komsa, Exec. Dir./UEZ Coordinator
Lakewood Development Corporation
732-364-2500 Ext. 5257
E-mail: pkomsa@lakewoodtwpnj.org
www.twp.lakewood.nj.us
1111111111111111111f
LkwdUEZ_NJBIZ_Qtr11.indd 1 1/27/11 10:11:19 AM
The David and Carol Lackland Center at Centenary College, in Hackettstown, opened after a
$50 million campaign, which tapped alumni and the broader northwestern New Jersey community.
ee
f
viduals,” she said. “I do think there might
have been a bit of stall in giving (when
the market crashed). When people grew
more confi dent and they realized the world
wasn’t going to end, they realized this was
still a good investment.”
Ward credited much of the campaign’s
success to its volunteers, who were led by
Virginia Littell. She had built a relationship
with the college through her husband,
former state senator and Centenary board
member Robert Littell.
A successful capital campaign “is really
about passion,” Virginia Littell said.
“It’s about telling a story. It’s about con-
Grow a
strong
organization
SPOtLiGht
vincing people.”
She said campaigns need to work to
draw in potential donors. “The biggest
thing for everybody who volunteers is you
absolutely have to have a passion for the
process,” she said.
Virginia Littell found the “story” that
Centenary was telling — about how the
new center would play a positive role in
both the cultural and economic life of the
community — was compelling to donors.
“There’s no question that there is an
ownership, a partnership, a sense that we
are working together,” she said.
E-mail to: akitchenman@njbiz.com
Current economic conditions make it critical for not-for-profit
organizations to have accurate financial information to remain
focused on their mission. Our experts understand the unique
financial, regulatory and operational challenges organizations
face today.
Let us help you meet your challenges so you can grow and
succeed in your mission.
973-328-1825 | www.nisivoccia.com
www.njbiz.com njbiz ◆ March 7, 2011 19
®

NEW JERSEY'S TOP
ORGANIZATION
RANK | PREV. YEAR ESTABLISHED
1 | 2 Visiting Nurse Association of Central Jersey
1912
2 | 1 Bancroft
1883
3 | 3 Easter Seals New Jersey Inc.
1948
4 | 8 Community FoodBank of New Jersey
1982
5 | 6 Community Options Inc.
1989
6 | 4 YCS - Youth Consultation Service
1918
7 | NR Institute for Advanced Study
1930
8 | 5 Recording for the Blind & Dyslexic Inc.
1948
9 | 9 Tri-County Community Action Agency
1987
10 | 7 Catholic Charities, Diocese of Metuchen
1982
11 | 11 Family Service
1962
12 | 10 SERV Behavioral Health System Inc.
1974
13 | 12 Catholic Charities - Diocese of Trenton
1913
14 | 17 NORWESCAP
1965
15 | 13 Newark Preschool Council Inc.
1965
16 | 14 Valley Home Care Inc.
1987
17 | 15 Occupational Training Center of Burlington
County
1964
18 | NR United Jewish Communities of Metrowest New
Jersey
1952
19 | 16 Moorestown Visiting Nurse Association
1904
20 | 18 The Seeing Eye
1929
21 | 20 New Jersey Institute for Disabilities
1949
22 | 19 Samaritan Hospice
1980
23 | 22 Daughters of Miriam Center/The Gallen Institute
for Subacute Care
1921
24 | 23 Daughters of Israel Inc.
1906
25 | 24 Rutgers University Foundation
1973
NEW JERSEY’S TOP
Nonprofit Organizations
Nonprofit Organizations
Ranked by 2010 total expenses*
For full list, visit www.njbiz.com/lists
For full list, visit www.njbiz.com/lists
By Danielle Neufell
Ranked by 2010 total expenses*
By Danielle Neufell
ADDRESS
PHONE | FAX | WEBSITE
176 Riverside Ave.
Red Bank, 07701
(800) 862-3330 | (732) 224-0843 | www.vnacj.org
425 Kings Highway East
P.O. Box 20
Haddonfield, 08033-0018
(856) 429-0010 | (856) 429-1613 | www.bancroft.org
25 Kennedy Blvd., Suite 600
East Brunswick, 08816
(732) 257-6662 | (732) 257-7373 | www.eastersealsnj.org
31 Evans Terminal
Hillside, 07205
(908) 355-FOOD | (908) 355-0270 | www.njfoodbank.org
16 Farber Road
Princeton, 08540
(609) 951-9900 | (609) 951-9112 | www.comop.org
284 Broadway
Newark, 07104
(973) 482-8411 | (973) 482-4530 | www.ycs.org
Einstein Drive
Princeton, 08540
(609) 734-8000 | (609) 924-8399 | www.ias.edu
20 Roszel Road
Princeton, 08540-6206
(609) 452-0606 | (609) 520-7990 | www.rfbd.org
110 Cohansey St.
Bridgeton, 08302
(856) 451-6330 | (856) 455 7288 | www.tricountycaa.org
319 Maple St.
Perth Amboy, 08861
(732) 324-8200 | (732) 826-3549 | www.ccdom.org
770 Woodlane Road
Mount Holly, 08060
(609) 267-5928 | (609) 267-2318 | www.fam-serv.org
20 Scotch Road
Ewing, 08628
(609) 406-0100 | (609) 406-0307 | www.servbhs.org
383 W. State St.
P.O. Box 1423
Trenton, 08607-1423
(609) 394-5181 | (609) 695-6978 | www.catholiccharitiestrenton.org
350 Marshall St.
Phillipsburg, 08865
(908) 454-7000 | (908) 859-0729 | www.norwescap.org
10 Park Place
Newark, 07102
(973) 848-5000 | (973) 671-6051 | www.newarkpreschool.org
15 Essex Road, Suite 301
Paramus, 07652
(201) 291-6000 | (201) 291-6260 | www.valleyhomecare.com
130 Hancock Lane
Mount Holly, 08060
(609) 267-6677 | (609) 265-8418 | www.otcbc.org
901 Route 10
Whippany, 07981-1156
(973) 929-3000 | (973) 884-7361 | www.ujcnj.org
300 Harper Drive
Moorestown, 08057
(856) 552-1300 | (856) 552-1301 | www.moorestownvna.org
10 Washington Valley Road
P.O. Box 375
Morristown, 07963-0375
(973) 539-4425 | (973) 539-0922 | www.seeingeye.org
10 Oak Drive, Roosevelt Park
Edison, 08837
(732) 549-6187 | (732) 549-0629 | www.njid.org
5 Eves Drive, Suite 300
Marlton, 08053-3101
(856) 596-1600 | (856) 596-7881 | www.samaritanhospice.org
155 Hazel St.
Clifton, 07011
(973) 772-3700 | (973) 253-5389 |
www.daughtersofmiriamcenter.org
1155 Pleasant Valley Way
West Orange, 07052
(973) 731-5100 | (973) 736-7698 | www.doigc.org
7 College Ave., Winants Hall
New Brunswick, 08901
(732) 932-7777 | (732) 932-6758 | www.support.rutgers.edu
SENIOR EXECUTIVE(S)
ORGANIZATION DESCRIPTION 2010 TOTAL EXPENSES
Mary Ann Christopher
$95,000,000
Provider of home-health, hospice and community-based care,
serving more than 100,000 individuals annually throughout New
Jersey
Toni Pergolin
$93,423,000
Offers continuum of services for individuals with intellectual and
developmental disabilities and acquired brain injuries
Brian Fitzgerald
Helping people with disabilities and their families
Kathleen DiChiara
Fighting hunger and poverty in 18 of New Jersey's 21 counties
Robert Stack, Jessica Guberman
To develop housing and employment for people with disabilities.
Richard Mingoia, Phil DeFalco, Bruno Pettoni
Therapeutic residential facilities, foster care, autism/special
education schools, in-home behavioral health, and communitybased
programs
Peter Goddard
Higher education institutions
Andrew Friedman, Brad Thomas, Andy Malavsky, Peter Beran,
Mike Kurdziel
National nonprofit provider of audio educational textbooks for more
than 250,000 blind/visually impaired, dyslexic, and learning disabled
students and veterans
Edward Bethea, Albert B. Kelly
Community, neighborhood development and improvement, child
care, literacy, nutrition services, and education and youth services
Marianne Majewski
Social service organization
Bob Pekar, Qindi Shi, Michael Snyder
Provides essential behavioral health services to adults, children and
families in more than 60 programs throughout southern and central
New Jersey
Gary VanNostrand, James J. Rose
Provide residential and outpatient services to people with serious
mental illnesses and developmental disabilities
Marlene Lao Collins
Nonprofit agency providing alcohol, drug and substance abuse
consulting, dependency prevention and treatment, food, clothing,
financial assistance, emergency housing, domestic violence, shelter,
and counseling
Terry Newhard
Community action agency focused on serving the needs of low
income in the community
Jacqueline P. Crawford
To prepare children to enter school ready to read and ready to learn
Donna M. Fry
DOH licensed, JCAHO accredited, Medicare certified home-health
care, skilled nursing, hospice, rehab, clinicians and maternal child
health
Clarence E. Cyrus, Joseph S. Bender, Jeff Haines
Employment for individuals with disabilities, work activity center,
food service, janitorial, recycling and packaging
Max Kleinman, Howard Rabner
Fundraising organizations that cross categories includes community
funds/trusts and federated giving programs
Charlotte A. Holcombe, Kathleen A. Miller, Jeffrey DeFrehn
Home-health care includes visiting nurses, hospice, bereavement
support, counseling, community wellness, public vaccination clinics
and private-duty services
James A. Kutsch Jr.
Breeds, trains and provides Seeing Eye dogs for people who are blind
or visually impaired
Robert J. Ferrara, Venus D. Majeski, Robert Gross, Debra Gilbert,
Dominic M. Ursino
Comprehensive programs for infants, children and adults with
disabilities, early interventions, education, therapeutic, medical,
residential, vocational programs and assisted technology. There are
25 locations.
Mary Ann Boccolini
Family of services including hospice care, palliative care, grief
support, transitional services, geriatric care management and end-oflife
education
Fred Feinstein, Frank DaSilva
Long-term care and subacute facility providing broad-based services
to seniors, a respite program, and senior housing with supportive
services
Susan Grosser
Nursing, convalescent, geriatric and short-term and long-term
rehabilitation
Carol Herring
Single organization support
$88,827,000
$76,047,004
$72,000,000
$69,369,322
$59,760,000
$52,599,157
$48,900,000
$46,513,906
$45,964,695
$45,000,000
$40,958,000
$40,211,087
$37,000,000
$33,500,000
$31,132,763
$30,064,000
$30,000,000
$26,768,000
$26,765,234
$25,608,355
$25,594,361
$25,000,000
$24,427,887
Source: The organizations. List does not include hospitals and colleges. These can be found on separate NJBIZ lists. *Includes operating expenses and program expenses. NA: Not Available. NR: Not Ranked. There is no charge to be included in NJBIZ lists. We assume that
information provided by representatives is accurate and truthful. We are not responsible for the omission of organizations that do not respond to our questionnaire or to fax or phone requests for information. If your organization was omitted and you wish to be included
in future lists, please go to our website at www.njbiz.com and select "Lists" then "Add Data." You may also e-mail lists@njbiz.com or call (732) 246-5733. Information may also be faxed to (732) 846-0421. Information received after press deadline cannot be included. The
list, or any parts of them, cannot be reproduced without written permission from NJBIZ. For more on Information Products from NJBIZ, please call (732) 246-5701.
20 March 7, 2011 u njbiz www.njbiz.com

NEW JERSEY'S TOP
NEW JERSEY’S TOP
State Departments and Agencies
State Departments and Agencies
Ranked by the number of full-time employees*
For full list, visit www.njbiz.com/lists
By Danielle Neufell
Ranked by the number of full-time employees*
By Danielle Neufell
RANK | PREV. AGENCY
ADDRESS
PHONE | FAX | WEBSITE SENIOR EXECUTIVE(S)
1 | 1 Department of Human Services 222 S. Warren St.
P.O. Box 700
Trenton, 08265-0863
(609) 292-3717 | (609) 296-6837 | www.state.nj.us/humanservices
2 | 2 State Judiciary 25 W. Market St.
P.O. Box 037
Trenton, 08625-0037
(609) 292-9580 | (609) 393-0947 | www.judiciary.state.nj.us
3 | 3 Department of Law and Public Safety P.O. Box 080
Trenton, 08625-0080
(609) 292-4925 | (609) 292-3508 | www.state.nj.us/lps
4 | 4 Department of Corrections Whittlesey Road
P.O. Box 863
Trenton, 08625-0863
(609) 292-4036 | (609) 292-9083 | www.state.nj.us/corrections
5 | 5 Department of Children and Families 222 S. Warren St.
P.O. Box 729, Third Floor
Trenton, 08625-0729
(609) 984-4500 | (609) 777-0443 | www.state.nj.us/dcf
6 | 6 Department of Treasury P.O. Box 002
Trenton, 08625-0002
(609) 292-1040 | (609) 633-9090 | www.state.nj.us/treasury
7 | 7 Department of Transportation David J. Goldberg Transportation Complex, 1035 Parkway Ave.
P.O. Box 600
Trenton, 08625-0600
(609) 530-2000 | NA | www.nj.gov/transportation
8 | 8 Department of Labor and Workforce Development 1 John Fitch Plaza
P.O. Box 110
Trenton, 08625-0110
(609) 292-0620 | NA | www.lwd.dol.state.nj.us
9 | 9 Department of Environmental Protection 401 E. State St., Seventh Floor, East Wing
P.O. Box 402
Trenton, 08625-0402
(609) 292-2885 | (609) 292-7695 | www.state.nj.us/dep
10 | 10 Motor Vehicle Commission P.O. Box 160
Trenton, 08666-0160
(609) 292-6500 | NA | www.nj.gov/mvc
11 | 11 Department of Health and Senior Services P.O. Box 360
Trenton, 08625-0360
(609) 292-7837 | (609) 984-5474 | www.state.nj.us/health
12 | 12 Department of Military and Veterans Affairs P.O. Box 340
Trenton, 08625-0340
(609) 530-4600 | (609) 530-7100 | www.state.nj.us/military
13 | 13 Department of Community Affairs 101 S. Broad St.
P.O. Box 800
Trenton, 08625-0800
(609) 292-6420 | (609) 984-6696 | www.state.nj.us/dca
14 | 14 Department of Education 100 River View Plaza
P.O. Box 500
Trenton, 08625-0500
(609) 292-4450 | (609) 777-4099 | www.state.nj.us/education
15 | 15 State Parole Board P.O. Box 862
Trenton, 08625-0862
(609) 292-4257 | (609) 943-4769 | www.state.nj.us/parole
16 | 17 Department of Banking and Insurance 20 W. State St.
P.O. Box 325
Trenton, 08625-0400
(609) 292-7272 | (609) 633-3601 | www.state.nj.us/dobi
17 | 16 Office of Legislative Services Statehouse Annex
P.O. Box 068
Trenton, 08625-0068
(609) 292-4840 | (609) 777-2442 | www.njleg.state.nj.us
18 | 18 Civil Service Commission 44 S. Clinton Ave.
P.O. Box 310
Trenton, 08625-0310
(609) 292-4144 | (609) 984-3800 | www.state.nj.us/csc
19 | 19 Department of Agriculture Health and Agriculture Building, John Fitch Plaza, 369 S. Warren St.
P.O. Box 330
Trenton, 08652-0330
(609) 292-3976 | NA | www.nj.gov/agriculture
20 | 20 Department of State P.O. Box 001
Trenton, 08625-0459
(609) 292-6000 | NA | www.state.nj.us/state
21 | 21 Higher Education Student Assistance Authority P.O. Box 545
Trenton, 08625-0540
(609) 584-4480 | (609) 588-7389 | www.hesaa.org
For full list, visit www.njbiz.com/lists
FULL-TIME
EMPLOYEES
Jennifer Velez, commissioner 14,842
Glenn A. Grant, acting administrative director 8,939
Paula T. Dow, attorney general 8,408
Gary M. Lanigan, commissioner 8,398
Allison Blake, commissioner 6,788
Andrew P. Sidamon-Eristoff, state treasurer 5,915
James S. Simpson, commissioner 3,178
Harold J. Wirths, commissioner 3,073
Bob Martin, commissioner 2,595
Raymond P. Martinez, chair and chief administrator 2,225
Poonam Alaigh, commissioner 1,671
Maj. Gen. Glenn K. Rieth, adjutant general 1,497
Lori Grifa, commissioner 1,023
Christopher D. Cerf, acting commissioner 772
David W. Thomas, executive director 640
Thomas B. Considine, commissioner 501
Albert Porroni, executive director 440
Robert M. Czech, chair/CEO 221
Douglas H. Fisher, secretary of agriculture 206
Kim Guadagno, lieutenant governor 176
E. Michael Angulo, executive director 164
Source: The agencies and the New Jersey Department of Treasury. *As of 2010. NA: Not Available. NR: Not Ranked. There is no charge to be included in NJBIZ lists. We assume that information provided by representatives is accurate and truthful. We are not responsible
for the omission of organizations that do not respond to our questionnaire or to fax or phone requests for information. If your organization was omitted and you wish to be included in future lists, please go to our website at www.njbiz.com and select "Lists" then "Add
Data." You may also e-mail lists@njbiz.com or call (732) 246-5733. Information may also be faxed to (732) 846-0421. Information received after press deadline cannot be included. The list, or any parts of them, cannot be reproduced without written permission from
NJBIZ. For more on Information Products from NJBIZ, please call (732) 246-5701.
www.njbiz.com njbiz u March 7, 2011 21

ERIC ABBEY / OWNER
LOVING PETS CORPORATION
DECORATIVE FEEDING BOWLS AND PET TREATS
CRANBURY, NJ
SINCE 2005 18 EMPLOYEES
SELLING MORE
WITHOUT
GOING BROKE
CHALLENGE: Eric was enjoying astronomical
growth. Orders for the Bella Bowl, the company’s
top seller, were going through the roof. But demand
was putting a strain on Eric’s relationship with his
supplier, not to mention his cash flow.
SOLUTION: Eric and his PNC banker had the Cash
Flow Conversation. They found that increasing Eric’s
line of credit 1 would help keep production lines
fl owing smoothly — and allow Eric and his team to
go out and sell even more, without worrying about
cash shortfalls.
ACHIEVEMENT: Loving Pets recently sold more
than 330,000 Bella Bowls in a single month — the most
ever. Now that Eric’s cash fl ow is steady, he can focus
on taking his business to the next level.
WATCH ERIC’S FULL STORY at pnc.com/cfo and
see how PNC CFO: Cash Flow Options can help solve
your business challenges. Call 1-877-CALL-PNC
or visit a PNC branch to start your own Cash Flow
Conversation today.
ACCELERATE RECEIVABLES
IMPROVE PAYMENT PRACTICES
INVEST EXCESS CASH
LEVERAGE ONLINE TECHNOLOGY
ENSURE ACCESS TO CREDIT
S:10”
The person pictured is an actual PNC customer, who agreed to participate in this advertisement. Loving Pets’ success was due to a number of factors, and PNC is proud of its role in helping
the company achieve its goals. 1 All loans are subject to credit approval and may require automatic payment deduction from a PNC Bank Business Checking account. Origination and/or other
fees may apply. Banking and lending products and services and bank deposit products are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC.
Bella Bowl is a registered trademark of Loving Pets Corporation. PNC is a registered mark of The PNC Financial Services Group, Inc. (“PNC”). BBK-5290 ©2011 The PNC Financial Services Group,
Inc. All rights reserved. PNC Bank, National Association. Member FDIC
S:13.5”

Architecture and Engineering
Jarmel Kizel Architects and Engineers
Inc., in Livingston, has expanded its structural
engineering studio with the appointment
of Ronald Brokenshire as director.
He previously served as an associate with
Structure Studio, in Morristown. He received
his B.S. and M.S. from the New Jersey
Institute of Technology.
Banking
EverBank Commercial Finance Inc., the
commercial finance and leasing subsidiary
of EverBank Financial Corp., has named
Richard D. Gumbrecht as chief growth officer.
In the newly created senior leadership
position, he will be responsible for identifying,
evaluating and implementing strategic
growth initiatives across the enterprise.
Credit Unions
Parsippany-based Garden Savings Federal
Credit Union has promoted Nick Biason to
executive vice president and chief financial
officer. He has worked at Garden Savings for
the past 28 years.
Health Care
Lisa A. Dutterer has been named vice
president of operations for Kennedy University
Hospitals’ Cherry Hill and Stratford
campuses. She previously was associate
vice president of administration at St. Luke’s
Hospital and Health Network in Bethlehem,
Penn. She graduated from Bridgewater College
and received an M.S. in physical therapy
from Arcadia University.
Financial Advisers
The Morristown office of SES Advisors
Inc. has hired Brendan C. Bayer as vice
president. He previously worked as a
senior treasury analyst for Ingersoll Rand,
in Piscataway. He holds a B.A. in economics
from Mary Washington College, and an
MBA from the Simon Graduate School of
Business at the University of Rochester.
PRESENTING SPONSOR: NOMINATION
Law
Woodbridge-based Wilentz, Goldman &
Spitzer P.A. has announced six promotions
within the firm. All were formerly associates
with the firm:
n Edward Albowicz, of the financial services
team, has been named counsel. He
holds a J.D. from the University of Pennsylvania
Law School, and a B.A. from Brandeis
University.
n Kelly Erhardt-Wojie, of the commercial
real estate team, has been named counsel.
She holds a J.D. from Widener University
School of Law, and a B.A. from North Carolina
State University.
n Everett Johnson, of the public finance
team, has been named shareholder. He
holds a J.D. from Rutgers School of Law
– Newark, an M.S. in taxation from Seton
Hall University, and a B.S. from Rutgers
University. He also is a certified public accountant.
n Daniel Lapinski, of the mass tort and
class actions team, has been named shareholder.
He has a J.D. from Seton Hall University
School of Law, and a B.A. from Rutgers
University.
n Alex Lyubarsky, of the personal injury
team, has been named counsel. He has
a J.D. from the Fordham University School of
Law, and a B.A. from New York University.
n Francine Tajfel, of the commercial real estate
team, has been named counsel. She holds
a J.D. from Columbia University School of
Law, and a B.A. from Cornell University.
Nonprofit
Benjamin Sheedy has been named president
and CEO at Linden Emergency Medical
Service. He has been active with the professional,
nonprofit ambulance service for 15
years, serving in operational posts including
lieutenant, assistant captain and captain.
Property Management
Heritage Pointe of Teaneck has announced
the appointment of Wendy
Palmiero as executive director. She previously
served as a director with Atria Senior
MAJOR SPONSOR: SUPPORTING SPONSORS:
Close Up: Linda Pissott Reig
Position: Shareholder and member of the FDA/Biotechnology
practice group in the Newark office of
Buchanan Ingersoll & Rooney
Key role: I counsel pharmaceutical, medical device
and biotechnology companies on marketing and sales
of FDA-regulated products in compliance with state
and federal laws. In addition, I provide legal counsel
relating to the research and development of prescription
drugs and medical devices.
Goals: To be the “go-to” person for my clients in providing
legal and business advice.
Previous jobs: Was a principal in a Morristown law
firm, where I worked for more than 13 years in the
areas of pharmaceutical products liability/consumer
fraud litigation, and later began counseling
pharmaceutical, medical device and biotech
companies.
Key strengths: Responding quickly to clients
and anticipating issues before they occur.
Career high: Counseling small biotechs as well as
Fortune 100 companies on state and federal laws;
assisted in establishing in 2008 the BioNJ Legal Forum
Advisory Committee, which I co-chair.
Next: Work with Buchanan’s FDA practice to leverage
their expertise to benefit my clients.
Challenges: Identify ways our attorneys with expertise
in federal government relations, health care,
corporate, employment, and other related areas can
provide assistance and value to our clients.
After hours: Spending time with my husband and
two daughters; working out at the gym; reading nonfiction,
such as books by Malcolm Gladwell, or books
about the pharma industry, such as Dark Remedy,
Billion Dollar Molecule and The Cure.
Living Group at the company’s Briarcliff
Manor residence.
Real Estate
Debbie Cangi has
joined Clinton-based
Max Spann Real Estate
& Auction Co.
as a regional director
of business development.
She previously
worked for The Star-
Ledger, as an adver- Debbie Cangi
tising account executive specializing in
servicing the state’s real estate industry.
She received her bachelor’s degree in
business administration from Montclair
State University.
CB Richard Ellis has added two commercial
real estate professionals to its East
Brunswick office:
n Jeremy Neuer has been named senior
vice president. He previously worked at
Cushman and Wakefield, as both a tenant
and landlord representative. He is a graduate
of Trenton State College with a B.S. in
business administration.
n Joseph Sarno has been named executive
vice president. He previously was an executive
director at Cushman and Wakefield. He
holds a B.S. in business administration from
Bryant College.
Wealth Management
RegentAtlantic Capital LLC, in Morristown,
has announced the following personnel
moves:
n J. Brent Beene has been named partner. A
wealth manager for two years, he has been
the only non-owner serving on the management
committee.
n James Ciprich has been promoted to
wealth manager. He previously was a financial
adviser at the firm.
n Andy Kapyrin has been named partner.
He is director of research and is a member
of the company’s investment team.
DO YOU KNOW AN OUTSTANDING
INDIVIDUAL OR ORGANIZATION
MAKING A DIFFERENCE IN HEALTHCARE?
DEADLINE: MONDAY, APRIL 4, 2011
Nomination instructions at www.njbiz.com/events
Questions? Contact Sarah Spangler at (732) 246-5713 or sspangler@njbiz.com
www.njbiz.com njbiz u March 7, 2011 23

Careers
3/30 Wednesday noon to 4 p.m.
Career Fair. Fairleigh Dickinson
University Career Development
Center. FDU, 100 University
Plaza Drive, Hackensack. (201)
692-2196.
How To/Training
3/9 Wednesday 11:30 a.m. to
1:30 p.m.
Squeezing the
Most Out of
Your Small Business
Retirement Plan. National
Association of Women
Business Owners South Jersey.
Ameriprise Financial Services
Inc., 1000 Atrium Way, Suite
401, Mount Laurel. Cost: $10
for members, $18 for nonmembers.
(609) 923-5889.
3/10 Thursday 1 p.m.
Lunch and Learn: Your Au-
thentic Self in Business. Howell
Chamber of Commerce. The
Chapter House Restaurant, 1454
Route 9 South, Howell. Cost: $15
for members, $25 for nonmembers.
(732) 363-4114.
3/10 Thursday 1 to 1:30 p.m.
Webinar: Make the
Most of Your Sales
Leads. Infogroup. To
register, visit https://
infogroup.webex.com.
3/11 Friday noon to 1:30 p.m.
Brown Bag Lunch: Meeting
Business Challenges with Cloud
Computing. Newark Regional
Business Partnership. NRBP Conference
Center, 744 Broad St.,
26th Floor, Newark. Cost: $25 for
nonmembers. (973) 242-4229.
3/12 Saturday 9 a.m. to 3 p.m.
Marketing Strategies for Small
Businesses. Monmouth/Ocean
Small Business Development
Center. Ocean County College, 1
College Drive, Toms River. Cost:
$249. (732) 224-2315.
NOTICE OF PUBLIC FORECLOSURE SALE OF STOCK
PURSUANT TO UNIFORM COMMERCIAL CODE
PLEASE TAKE NOTICE that on March 24, 2011, Jim Iversen and Alfred Iversen (the “Iversens”) will conduct a
public foreclosure sale (“Foreclosure Sale”) of 1,250 shares of common stock (the “Pledged Shares”) of A L Systems,
Inc., a New Jersey corporation (“ALS”), which Briarcliff Solutions Group, LLC (“BSG”) pledged to the Iversens, as
subordinated secured creditors of BSG, to secure the payment of BSG’s indebtedness to the Iversens (the “BSG Obligations”),
pursuant to Article 9.610, et seq. of the Uniform Commercial Code (as enacted in the State of New York and
all other applicable jurisdictions, the “UCC”). Default has occurred in the payment of the BSG Obligations.
PLEASE TAKE FURTHER NOTICE that the Foreclosure Sale of the Pledged Shares will be conducted on March 24, 2011 at 10:00
a.m., prevailing Houston, Texas time, at the office of Jackson Walker L.L.P., 1401 McKinney Street, Suite 1900 Houston, TX 77010.
PLEASE TAKE FURTHER NOTICE that the following terms and conditions will apply to the Foreclosure Sale:
1. The Pledged Shares will be sold to the highest bidder for cash or acceptable certified funds unless there is a higher credit bid by
the Iversens as the holder of a security interest and lien covering the Pledged Shares.
2. The Foreclosure Sale and conveyance of the Pledged Shares will be subject to all matters of record applicable to the Pledged
Shares which are superior to the security interest and liens of the Iversens, including the security interests and liens of Fifth Third
Bank and Granite Creek Flexcap I, L.P. All cash proceeds will be delivered to Fifth Third Bank pursuant to existing contracts.
3. The total amount of the BSG Obligation is $2,244,689.09, of which the amount of $1,334,027.78 is past due and payable. The
security interest and lien held by the Iversens in the Pledged Shares is expressly subordinate and subject to a security interest and lien
held by Fifth Third Bank in the approximate amount of $1,175,000.09 as of February 21, 2011 (excluding accruing interest, default
interest, fees, expenses and other charges), and a security interest and lien held by Granite Creek Flexcap I, L.P. in the approximate
amount of $6,029,404.11 as of January 31, 2011 (excluding accruing interest, default interest, fees, expenses and other charges). The
successful bidder at the Foreclosure Sale will acquire the Pledged Shares subject to the security interest and lien of Fifth Third Bank
and Granite Creek Flexcap I, L.P., unless the successful bidder tenders an acceptable bid in an amount sufficient to satisfy in full in
cash the BSG Obligations to the Iversens and the amount of indebtedness owed by BSG, Mincron and A L Systems to Fifth Third
Bank and Granite Creek Flexcap I, L.P.
4. The Iversens have not made and will not make any covenants, representations, or warranties concerning the Pledged Shares
other than providing the successful bidder at the Foreclosure Sale with a bill of sale and assignment to the Pledged Shares containing
any warranties of title required by applicable law. The Pledged Shares shall be sold “As Is, Where Is”, and “WIth All FAults”
and no representation or warranty as to merchantability or fitness will be given.
5. The Pledged Shares will be sold only in a single block to a single purchaser.
6. The purchaser at the Foreclosure Sale will be required to execute an investment intent letter which will provide that: (a) it is
an “accredited investor” as such term is defined in Section 501 of Regulation D of the Securities Act, (b) the Pledged Shares are
being acquired for investment only and not for distribution; (c) the purchaser is acquiring the Pledged Shares only for its own account;
(d) the purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating
the risks and merits of the investment; (e) the purchaser has sufficient financial means to afford the risk of the investment in the
Pledged Shares; (f) the Pledged Shares are not registered and may not be resold unless registered or unless an exemption from
registration is available; (g) the Pledged Shares certificate will be legended to reflect that the shares are restricted; and (h) the
purchaser has had an opportunity to review such financial information about ALS as is in the possession of the Iversens.
7. The Iversens reserve the right to credit bid for the Pledged Shares and to accept any offer that, in their sole discretion, they
determine to be acceptable.
8. The Pledged Shares will contain a restrictive legend typed on the certificates indicating that the shares may not be sold except
pursuant to an effective registration or unless a valid exemption from registration is available.
9. Prospective purchasers will be furnished, on request to the Iversens, such public financial information on ALS as is in the possession
of the Iversens subject to the execution of a non-disclosure and non-solicitation agreement.
10. THIS PUBLIC FORECLOSURE SALE NOTICE DOES NOT CONSTITUTE AN OFFER TO SELL, NOR THE SOLICITA-
TION OF AN OFFER TO PURCHASE, THE STOCK TO OR FROM ANYONE IN ANY JURISDICTION IN WHICH SUCH
AN OFFER OR SOLICITATION IS NOT AUTHORIZED.
PLEASE TAKE FURTHER NOTICE that the Iversens reserve the right, for any reason whatsoever, to: (i) adjourn the Foreclosure
Sale at the Foreclosure Sale, (ii) withdraw from the Foreclosure Sale all or any portion of the Pledged Shares at any time prior to or
during the Foreclosure Sale or cancel the Foreclosure Sale; and (iii) modify the bidding procedures regarding conduct of activities at
the Foreclosure Sale, including, without limitation, the manner in which bids are submitted and the permitted increments of such bids.
PLEASE TAKE FURTHER NOTICE that interested parties may obtain further information regarding the Foreclosure Sale by
contacting Robert Cowin, 217 N. Columbia Street, Covington, Louisiana 70433, Telephone (985) 635-6004.
Dated: February 25, 2011. 6020599v.4
3/15 Tuesday 2 p.m.
Webinar: SBA Disaster
Assistance. Small
Business Administration
and Agility Recovery
Solutions. To register, visit
preparemybusiness.org.
Fundraising
3/7 Monday 6 to 9 p.m.
Taste of the World. Rotary Club
of West Orange Foundation.
Mayfair Farms, 481 Eagle Rock
Ave., West Orange. Cost: $40 in
advance, $50 at the door. (973)
992-9400, ext. 321.
4/1 Friday 6:30 to 10:30 p.m.
Taste of the Best. The Doane
Academy Scholarship Fund. Doane
Academy, 350 Riverbank,
Burlington. Cost: $75. (609) 386-
3500, ext. 66.
5/7 Saturday 9 a.m.
5K Run for Hope. HomeFront
New Jersey. ETS, Rosedale Avenue,
Princeton. (609) 989-9417.
Networking
3/7 Monday 6 to 8:30 p.m.
Savor Food Tasting. North Jersey
Regional Chamber of Commerce.
Preakness Hills Country
www.oneonone.org
Funding provided by:
Club, 1050 Ratzer Road, Wayne.
Cost: $50. (973) 470-9300.
3/8 Tuesday 11:30 a.m. to 1:30 p.m.
Chapter Luncheon. Mercer Regional
Chamber of Commerce
Hamilton Chapter. Villa Romanza,
429 Route 156, Yardville.
(609) 689-9960.
3/12 Saturday 10 a.m. to 2 p.m.
Business Expo. Warren County
Regional Chamber of Commerce.
Warren County Technical School,
1500 Route 57 West, Washington.
(908) 835-9200.
3/15 Tuesday 5 to 7 p.m.
After Hours Networking Event.
Howell and Southern Monmouth
Chambers of Commerce.
Manasquan Savings Bank, 1410
Meetinghouse Road, Sea Girt.
(732) 363-4114.
3/18 Friday 8 to 9:30 a.m.
Breakfast Bonanza. Howell
Chamber of Commerce. Panera
Bread, 4715 Route 9 North, Howell.
Cost: $5 for nonmembers.
(732) 363-4114.
How to Submit
3/21 Monday 6:30 to 9 p.m.
Annual Business Showcase.
New Jersey Association of Women
Business Owners Sussex-Warren
Chapter. Paragon Village,
425 Route 46 East, Hackettstown.
Cost: $10. (609) 799-5101.
3/22 Tuesday 11:30 a.m. to 1:30
p.m.
State of Robbinsville Township
Address. Mercer Regional
Chamber of Commerce.
Grainger’s Robbinsville, 18 Applegate
Drive North, Robbinsville.
(609) 689-9960.
3/22 Tuesday 11:30 a.m. to 2 p.m.
Monthly Luncheon. Venture
Association of New Jersey. Marriott
Hanover, 1401 Route 10
East, Whippany. Cost: $55.
(973) 631-5680.
3/25 Friday 8 a.m.
New Jersey Venture Conference.
New Jersey Technology Council.
The Palace at Somerset Park, 333
Davidson Ave., Somerset. Cost:
$235 for members, $400 for nonmembers.
(856) 787-9700.
NJBIZ welcomes your Upcoming Events items. Press releases may be e-mailed to ftr@njbiz.com with
“Upcoming Events” in the subject line. Designate each item as one of the following: Careers, How To/
Training, Fundraising, Networking. Items must include the following information: Full date, start and
end times; topic; cost; event sponsors; name of facility; street address; city; and contact phone number,
e-mail address or URL. View the complete statewide events calendar online at www.njbiz.com.
Emmy Award-winning
Anchor Steve Adubato —
He Asks The Questions You
Want Answered.
Every Saturday at 10:00 a.m.
Every Monday at 7:00 a.m. & 1 p.m.
Every Thursday at 11:30p.m.
24 March 7, 2011 u njbiz www.njbiz.com

New Businesses
2 A S I S Inc.
177 Main St., Unit 327
Fort Lee, 07024
Type: n/a
ADP Transport Inc.
1083 Main St., Unit 2A
Paterson, 07503
Type: Trucking
Bankruptcies
CAMDEN
Titan Windows Inc.
420 Commerce Lane, Suite 10
West Berlin, 08091
Chapter 7, filed 2/17/2011
Case number 11-14537-GMB
NEWARK
Topaz Real Estate Inc.
dba RE/MAX Properties
20-00 Fair Lawn Ave.
Fair Lawn, 07410
Chapter 7, filed 2/21/2011
Case number 11-14865-DHS
Alternative Marketing Solutions
aka AMS Electronics
150 Wesley St.
South Hackensack, 07606
Chapter 7, filed 2/22/2011
Case number 11-14996-DHS
TRENTON
Barnegat Light Plumbing LLC
347 W. Eighth St.
Ship Bottom, 08008
Chapter 11, filed 2/19/2011
Case number 11-14786-MBK
Cards for Less of Marlboro Inc.
19 Cloverleaf Drive
Marlboro, 07746
Chapter 7, filed 2/19/2011
Case number 11-14753-MBK
State Insulation Corp.
525 Johnstone St.
Perth Amboy, 08861
Chapter 11, filed 2/23/2011
Case number 11-15110-MBK
Mergers & Acquisitions
Date Announced: 02/17/11
Buyer: Humana Inc./Concentra Inc.
City/State: Addison, Texas
Seller: Immediate Medical Care
Center
City/State: Parsippany
Percent Sought: 100**
Date Announced: 02/21/11
Buyer: PSM Holdings Inc.
City/State: Roswell, N.M.
Seller: United Community Mortgage
Corp.
City/State: Keyport
Percent Sought: 100**
Insider Trading
SYNCHRONOSS TECHNOL-
OGIES INC. (SNCR)
Christopher Putnam, officer, sold
140,500 shares of common from
$33.80 to $34.49 each from Feb.
16 to Feb. 22 in a transaction
worth $4,845,500, and now directly
holds 13,391 shares.
C.R. BARD INC. (BCR)
Bronwen K. Kelly, officer, sold
New Businesses include businesses that have moved to New
Jersey or opened a new office in the state. The information was
supplied by InfoGROUP.
Bankruptcies are obtained from federal courthouse records
available on Public Access to Court Electronic Records, or PACER.
Listings are organized by the office in which they were filed.
Mergers & Acquisitions data were supplied by FactSet Mergerstat
(indicated by *) and Thomson Reuters. (** Indicates information
was provided by both.)
27,442 shares of common at
$98.67 each on Feb. 18 in a transaction
worth $2,707,708, and
now directly holds 24,827 shares.
VONAGE HOLDINGS CORP.
(VG)
Jeffrey A. Citron, director and
beneficial owner of more than 10
percent of a class of security, sold
514,286 shares of common from
$4.03 to $4.46 each from Feb. 18
to Feb. 22 in a transaction worth
$2,179,898, and now directly
holds 52,092,100 shares.
Real Estate Transactions
NORTH
CommonWealth REIT purchased
120,000 square feet of
office space at 5 Paragon Drive,
in Montvale, from Invesco Real
Estate for $20.6 million. HFF
represented the seller.
more information
CENTRAL
Metro T&C Inc. leased 83,000
square feet of industrial space
at 720 W. Edgar Road, in Linden,
from Cantor Cos. for an
undisclosed amount. Cushman
& Wakefield, Inc. represented
both parties.
CAN DO/ Koi Spa Salon renewed
its lease for 61,000 square feet of
retail space on Route 1, in Princeton,
from Investcorp International
Realty Inc. and Lincoln
Equities Group for an undisclosed
amount. The lessor was
represented in-house.
SOUTH
Club Metro USA leased 15,250
square feet of retail space on
Route 73, in Marlton, from Tanurb
Marlton L.P. for an undisclosed
amount. Metro Commercial
represented the lessor.
Insider Trading reports on the stock transactions reported to the
Securities and Exchange Commission by officers, directors and major
shareholders. These data were compiled by Thomson Financial
and are listed in order of transaction value.
Real Estate Transactions are provided by brokers and their representatives.
Listings should include the names of the buyer and seller
or lessee and lessor; the square footage or acreage; the address of
the property; the date of the deal; and the brokers representing each
party. For sales transactions, please include the price. Send all transaction
information to ftr@njbiz.com with “real estate” in the subject line.
www.njbiz.com njbiz◆March 7, 2011 25

Kristen A. Boswell, of the New Jersey-based engineering firm, Boswell
Engineering, recently became the first fourth-generation certified engineer
in the state of New Jersey. Boswell is pictured right, with her father,
Stephen Boswell, CEO of Boswell Engineering.
How to Submit
NJBIZ welcomes your Off the Clock and Guest List items. Pictures, and captions
that identify everyone in the photo from left to right, may be e-mailed to
offtheclock@njbiz.com with “Off the Clock” or “Guest List” in the subject line.
Please send electronic files at 300 DPI at an original size of 6 inches wide.
Students from Touro College of Osteopathic Medicine collected and donated more
than 140 pairs of blue jeans for homeless teens. The Jeans for Teens drive was
conducted at Palisades Medical Center to support a nationwide program sponsored
by Aéropostale and DoSomething.org. Pictured, standing from left, are Touro College
medical students Todd May, Christine Capriolo, Danny Nahl and Rajani Mohan.
Kneeling, from left, are Zarna Shah, Neha Gulati, Hasti Sanandajifar and Vanessa Yoo.
We're Making
Good Impressions;
as a matter of fact, NJBIZ.com averages over
Want to Learn More?
Call (732) 246-5729.
The Provident Bank is once again hosting a “Deposit $1 of Hope” fundraising
drive to benefit the Community FoodBank of New Jersey at each of its
80-plus branches. For every dollar contributed to the CFBNJ, the organization
distributes $8 to $11 worth of food and groceries to local food pantries, soup
kitchens, senior centers and homeless shelters. Pictured, from left, are bank
employees Renee Cohen, Ana Perez, Quintessa Akins and Maria Avila.
Campbell Soup Co. unveiled a plan to reduce childhood
obesity and hunger in Camden, Campbell’s home since
1869. The company will invest $10 million over 10 years
with the goal of reducing childhood obesity and hunger
in Camden’s 23,000 children by 50 percent. Campbell
will partner with leading organizations, including the
Robert Wood Johnson Foundation, Share Our Strength,
The Food Trust, New Jersey Partnership for Healthy Kids-
Camden, the Camden Children’s Garden and the YMCA,
along with the United Way, Cooper University Hospital,
Rutgers University, and the Food Bank of South Jersey in
the initiative. Pictured are Campbell Soup Co. chefs with
Forest Hill Elementary School children.
40,000 unique visits and 130,000 page views per month!
NJBIZ, New Jersey’s only independent weekly business journal, reaches nearly 60,000 readers every week!
And now, NJBIZ.com has clicked through to another level as the strong online component of NJBIZ.
• NJBIZ.com averages 73,000 visits and
130,000 page views
per month.
• NJBIZ.com is attracting a new following every day with over 40,000 unique visitors
each month.
• Our Home page, Weekly Issue page and Top Headlines/Daily News page
receives up to 20,000 page views per month.
• Our daily e-newsletters have over 20,000 subscribers.
njbiz.com site sponsors:
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29470_z1020080_NJBizJrnl_R1.indd 1 2/18/11 1:53:30 PM
Job #: 29470_z1020080 March week 2 Merch: MBa
26 March 7, 2011 u njbiz www.njbiz.com
Job #: 29476_z1030018 april week 2 runs 4/11
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TRIM: 0” Bleed: 0” Safety/Live Matter Area: 5 x 3”

Project Ladybug
The Hip Event
Dina Manzo, Project Ladybug founder and star of “The Real Housewives of New Jersey.”
Kendra Cestone, left, wife of 4Sixty6 owner Ralph Cestone; and Sam Mickail,
4Sixty6 executive chef.
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Pictured, from left, are Briella Marie, “Jerseylicious” cast member; Stephen
Marinaro, “The Salon Guy”; and Tracy DiMarco, “Jerseylicious” cast member.
New Jersey reality TV stars come together by donating clothing and accessories for fans to bid on at a live and silent auction. Items were donated from stars
from shows like “Jersey Shore”, “Jerseylicious”, “The Real Housewives of New Jersey” and “Cake Boss”. Fans were also able to meet their favorite reality TV
personality while enjoying musical performances, shopping, drink specials and more. The event was presented by The Hip Event, and was held at 4Sixty6 in
West Orange. All proceeds from the event benefited Project Ladybug, which strives to enrich the lives of children with life-threatening conditions. Pictured,
from left, are Christy Pereira, owner of Gatsby Salon, in Green Brook, and “Jerseylicious” cast member; Peter Falzo, owner of Peter’s of Millburn; Maria Cucciniello,
owner of The Hip Event, in Montclair; and Anthony Lombardi, owner of Robert Anthony Salon, in Verona, and “Jerseylicious” cast member.
SAVE THE DATE
Co-Presented by:
The 6th Annual NJBIZ Real Estate Symposium will feature two panels of leading NJ
real estate executives, a keynote speaker and a host of networking opportunities.
If you do business within the real estate industry, you won’t want to miss this event.
Tuesday, March 15th ● 7:30am – 12:00pm ● Hilton Woodbridge, Iselin ● Cost: $75.00
Register online at www.njbiz.com/events
Questions - contact Sarah Spangler at (732) 246-5713 or sspangler@njbiz.com
Event Agenda
7:30-8:30 Continental Breakfast and Networking
8:30-8:45 Welcome & Opening Remarks
8:45-9:30 Keynote Address
U.S. Senator (ret.) Robert Torricelli
9:30-10:30 State of New Jersey: An Economic Outlook
Moderator: Ben Dworkin, Director of The Rebovich Institute for New Jersey Politics
Panelists: Andrew Sidamon-Eristoff, Treasurer, State of New Jersey
James W. Hughes, Dean, Edward J. Bloustein School of Planning & Public Policy, Rutgers University
Dennis Bone, President, Verizon New Jersey
10:30-11:00 Networking Break
11:00-12:00 New Jersey’s Distressed Real Estate Market
Moderator: H. Gary Gabriel, Executive Vice President, Capital Markets Group, Cushman & Wakefi eld
Panelists: Jonathan B. Schultz, Co-Founder & Managing Principal, Onyx Equities
Brian M. Stolar, President & CEO, Pinnacle Companies
Norman Feinstein, Vice Chairman, The Hampshire Companies
Alan R. Hammer, Partner, Brach Eichler LLC
12:00pm Symposium Concludes
Major Sponsors: Supporting Sponsors:
Sponsorship and Exhibitor Opportunites Available! Contact Mark Cialdella at (732) 246-5729.
Digital Copiers for Less
Real Solutions for Real Savings
Low Cost Systems • Document Management • Rental Programs
For more information call 609-259-3800x104
or visit www.xdsinc.com
117 North Gold Drive • Robbinsville, NJ 08691
www.njbiz.com njbiz u March 7, 2011 27

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