Bulletin Board Magazine 2019 Volume 2

VOLUME 2 | 2019 Bulletin Board The Bui lder Connect ion

Master Sponsor Spotlight

Associate Spotlight

Builder Spotlight

Highlights Of Opportunity

Shore Builders Association Events Recap

SHORE BUILDERS Association of Central NJ, Inc.

Covering Monmouth, Ocean, Mercer, & Middlesex Counties

XXXXX President’s Message

C ontents 01 President's Report By Michael J. Kokes 03 Welcome New Members 07 Master Sponsor Spotlight - ABC Supply Co. Inc. 13 Netwave:Associate Spotlight 17 Builder Spotlight - Harbor Properties: A Jersey Shore Building Legacy 19 SBACNJ Builder Program 25 Construction Street Sweeping Reasons To Keep The Site Clean By Loring Dunton VP C & L Sweeper Service 27 Highlights Of Opportunity Zone Tax Benefits By Edward P. Rigby, CPA, Tax Strategist, The Curchin Group, LLC 33 Shore Builders Association Events Recap 41 Legal/Legislative By Michael J. Gross, Esq. , Steven M. Dalton, Esq. and Carmella M. Gubbiotti, Esq. 43 SBACNJ Testimonials 48 Ferguson Awards Scholarships To Aspiring Female Contractors 49 It’s Going To Be A Brilliant Celebration! by Marge Karahuta, Co-Chair & Stephanie Shaffery, Co-Chair 51 NAHB Spring Leadership Meetings 54 What Am I? by Michael J. Kokes - SBACNJ VOLUME 2 | 2019

EDITORIAL CONSULTANT Flair Marketing Group - Stephanie Shaffery

PRESIDENT'S Message By Michael J. Kokes - SBACNJ

DESIGNER Flair Marketing Group

OFFICERS President – Michael J. Kokes

S ummer is here! Everyone’s favorite time at the Jersey Shore. This time of year, in particular is my favorite because of the always successful and fun events at SBACNJ, like the golf outing and BBQ on the beach. There is nothing better than spending quality time with my fellow association members. The locations, weather, and well attended nature of these events truly make them worthwhile. As I round the corner on my last six months as President, we begin our transition process of the officers assuming their new roles, particularly, Chris Amato being installed as President at the end of this year. In his last six months, Past President Tom Bovino allowed me to take more of an active role with running the association which provided a fantastic transition of the responsibility. It is hard to articulate how much the President actually does and the responsibilities associated with the position, so being able to work up to the official hand-off is crucial to a successful transition. There is no experience like hands-on experience. Doing it under the guidance of someone who has been doing it provides a reassuring safety net. Chris and I will continue to work together to ensure a seamless transition for 2020. We continue to work on our website, which is nearing completion. I suspect by the time this issue is released it will either be live or close to it.

First Vice President – Christopher Amato

The exercise of creating the website from the ground up has provoked some thought generating topics, from probing questions of our membership. In particular, the question of what the association does and who we are. Defining the association, and the members who we are made up of, and more importantly what we want to be, got me thinking a lot about myself and who I am, and maybe how other members or past members see themselves. I thought about this a lot, so I decided to take a stab at writing my thoughts down. That article is published later on in this issue and I hope you all give it a read. While a lot of us have these discussions in a more business planning environment, I encourage you to think about who you are and what you want to be, and how you present yourself to others. It is an eye-opening exercise that is worth the effort. Thank you all again for your tireless support of the association both with your time and financially. It is through your generosity that we can continue to reach outward to help improve and support the communities we do business in. I look forward to seeing you all at the upcoming events, including the Annual BBQ on the Beach in July. Enjoy the summer!

Vice President of Associates – Kim Manicone

Michael J. Kokes President - SBACNJ

Treasurer – James Pittenger

Secretary – Dave Eareckson

Immediate Past President – Thomas Bovino

SBACNJ STAFF Executive Officer – Gina McNamara

Office Manager – Chris Boyle

The Bulletin Board magazine is published quarterly and is distributed to the membership and others.

eMagazine by member company Flair Marketing Group stephanie@flairmg.com

Unless otherwise noted Photography by member company: All is Sharp Photography Howell, New Jersey Photos can be viewed and ordered online at allissharp.com

68 Continuous years of publication to our members

THE BUILDER CONNECTION

Interested in Joining SBACNJ?

CLICK HERE As a Builder

CLICK HERE As an Associate

CLICK HERE As a Remodeler

190 Oberlin Avenue North Lakewood, NJ 08701 | P (732) 364-2828 | F (732) 905-2577

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WELCOME New Members We would like to take this opportunity to welcome the following new members and thank their sponsor.

Progressive Painting Steve Sherr 30 Treeline Drive Holland, PA 18966 215-968-0940

Builders General TJ Shaheen

CK Construction, Inc. George Kolozsvary 186 Oakland Mills Road Manalapan, NJ 07726 732-736-8815 Sponsor: Jim Franklin American Properties

15 Sycamore Avenue Little Silver, NJ 07739 732-747-0808 Sponsor: Chris Amato CMM Custom Homes Barrett Drywall NJ, Inc. Nathan Barrett

XXXX Article by XXXX

Sponsor: Jim Franklin American Properties Netwave Interactive Marketing Adam McIndoe 600 Bay Avenue Point Pleasant Beach, NJ 08742 732-701-9797 Sponsor: Bill McNamara The Curchin Group Everest Marble Billy Thompson 830 Bloomfield Avenue Clifton, NJ 07012 732-683-9050 Sponsor: Joanna Pecoraro Ferguson Enterprises Socialfix Media Terry Tateossian 99 Grayrock Road, Suite 204 Clinton, NJ 08809 908-574-0898 Contractor Dynamics Joseph Hughes 609 Lake Avenue Asbury Park, NJ 07712 732-733-2390

310 Ward Avenue Bordentown, NJ 609-915-2675

Sponsor: Jim Franklin American Properties Bidereator

ABC Supply Mark Lucia 540 James Street Lakewood, NJ 08701-0709 (732) 364-7000 Sponsor: Jim Franklin American Properties GAF Roofing Ed Small 9 Peyton Court Marlton, NJ 08053 856-357-1098 Sponsor: Jim Franklin American Properties Liberty Overhead Door Bob Nosti 717 Old Shore Road Forked River, NJ 08731 (732) 286-3667 Gibbons, P.C. Cameron MacLeod One Gateway Center Newark, NJ 07102 (973) 596-4925 Sponsor: Jeff Kolakowski NJBA Century Cabinetry Ted Gavala 220 Phillips Road Exton, Pennsylvania 19341 (610) 363-5221

JV Engineering John Vincenti 706 Tall Oaks Drive

CyberHome Systems, LLC Lance Faber PO Box 6182 Monroe Township, N 08831 732-605-9701 ST Sales Corporation Brooke King

Vahid Walker 1 Allen Place Red Bank, NJ 07701 98-967-2984 Sponsor: Grant Lucking NJBA Virtuoso Architecture Paul Grabowski 1330 Laurel Avenue, Bldg 3, Suite 304 Sea Girt, NJ 732-612-3152 Sponsor: Richard Robinson Member Rebate Program Szaferman, Lakind, Blumstein & Blader Benjamin Branche 101 Grovers Mill Road, Suite 200 Lawrenceville, NJ 08648 609-275-0400 Sponsor: Chris Gaffney Toll Brothers Trinity Dominion Rimvis Mati 46 Renee Court Jackson, NJ 08527 828-469-6465 Sponsor: Jim Franklin American Properties RCP Management Company Patti Clemente 2 Commerce Drive, Suite 101 Cranbury, NJ 08512 609-356-1958 Sponsor: Gabe Vitale C&L Sweeping & Pavement Maintenance International Planning Alliance John Campise 311 Osborn Avenue Point Pleasant, NJ 08742 609-709-7179 Sponsor: Arvo Prima Pr1ma Builders

Brick, NJ 08724 (732) 539-9385 Sponsor: Mark Buckley McCue Captains Insurance PC Richard & Sons James Becker 2 Germak Drive Carteret, NJ 07008 (634) 843-444 258 Mechanic Street Red Bank, NJ 07701 (732) 842-130 Sponsor: James Pittenger Pittenger Builders J. Lorton & Company John Lorton 421 s. Main Street Forked River, NJ 08731 69-693-8380 Sponsor: Kim Manicone USI Insurance Services Defense Disposal Services David McCarthy Sponsor: Jim Franklin American Properties Black-Tie Blinds David Ellis

1707 Union Avenue Hewlett, NY 11557 516-374-5454

Sponsor: Jon Scherer Ferguson Enterprises Atlantic, Tomorrow’s Office Erik Snyder

4390 Route 1 North Princeton, NJ 08540 646-951-0507 Sponsor: Kristin Marzarella All County Enterprises All-Star Plumbing & Heating, Inc. Michael Fleming 125a Parker Avenue Manasquan, NJ 08736 732-223-3511

Sponsor: Rich Robinson Member Rebate Program Core Concrete & Masonry Paul Pereira 1540 Dolington Road Yardley, PA 19067 267-767-2854 Sponsor: Jim Franklin American Properties Realty Whitestone Associates Wriston Phillips 2430 Highway 34, Building B, Suite 101 Manasquan, NJ 08736 732-592-2101 Sponsor: Steve Dalton Giordano, Halleran & Ciesla Maloney & Curcio Gregory Hansen 1601 Pennsylvania Avenue Linden, NJ 07036 732-546-0861

Sponsor: Chris Amato CMM Custom Homes Brunswick Bank & Trust Keith Rada 439 Livingston Avenue New Brunswick, NJ 09801 732-247-5800 Sponsor: Michael Kaplan Kaplan Companies

2235 Gibbs Avenue Trenton, NJ 08611 609-532-4789 Sponsor: Jim Franklin American Properties

Sponsor: Jim Franklin American Properties

S H O R E B U I L D E R S A s s o c i a t i o n o f C e n t r a l N J , I n c .

Be sure to save the dates for these important upcoming programs: Click here for Shore Builders Events

S A V E THE DAT E S !

Sponsor: Stan Graser Ferguson Enterprises

AUGUST 22, 2019 SBACNJ Young Professionals and CAI F.A.S.T. Meet and Greet Location: River Rock, Brick

SEPTEMBER 12 General Membership Meeting—6pm Location: Jumping Brook Country Club, Neptune

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New Jersey Builders Association’s partnership with Association Master Trust (AMT) helps manage the cost of health bene ts for our members. AMT oers: • Cost eective “cutting edge” bene t plans. • A strong history of dividend returns. • Access to the Horizon Blue Cross • Blue Shield of NJ and the National Blue Cross Blue Shield provider network. Need To Reduce Healthcare Costs?

WhyWait? Start Saving Today!

TALK TO VAL DENOIA , YOUR LOCAL TERRITORY MANAGER, TO LEARN MORE ABOUT WEYERHAEUSER FRAMER SERIES ® LUMBER. HE CAN BE REACHED AT (908) 330-7439 OR VAL.DENOIA@WEYERHAEUSER.COM

Association Master Trust

Call: 973-379-1090 www.amt-nj.com | info@amt-nj.com

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Bulletin Board | 6 | www.shorebuilders.org Weyerhaeuser is a registered trademark of Weyerhaeuser NR Company © 2019. All rights reserved.

Master Sponsor Spotlight

MASTER SPONSOR SPOTLIGHT ABC Supply Co. Inc.

Our company’s commitment to contractors is supported with a team of nearly 15,000 associates at more than 760 locations nationwide, including 22 locations throughout New Jersey. Our associates continuously go through training to stay up-to-date on products and industry trends.

S ince our founding in 1982, ABC Supply Co. Inc. has revolutionized the building material distribution business. In the process, our company has grown into a $10.5 billion enterprise serving the needs of professional contractors and builders. The success that is chronicled in ABC Supply’s history is the result of an unwavering focus on this guiding principle: Treat contractors with respect, and give them the products and services they need to build their businesses. Co-founder Ken Hendricks spent many of his formative years working with his father, who was a contractor. While learning about the roofing and siding businesses, Ken also witnessed the lack of respect that his father and colleagues often received from their suppliers. That experience—and the lessons his father taught him about honesty, respect, hard work and never giving up—formed the basis of the dream that would become ABC Supply.

Bulletin Board | 7 | www.shorebuilders.org Now nearly four decades later, ABC Supply has become the largest wholesale distributor of roofing in the United States and one of the nation’s largest wholesale distributors of select exterior and interior building products. Ken and Diane’s dream was to put their contractor customers’ needs before everything else: treating them like the professionals they are, giving them the tools they deserve and upgrading their image along the way. They believed there was a better approach to meeting contractors’ needs, and that philosophy is the cornerstone of ABC Supply. By 1982, Ken and his wife Diane were successful entrepreneurs and owned two well-established companies. At that time, they chose to take a risk and acquire three building supply centers that became the first locations of the new American Builders and Contractors Supply Company (ABC Supply Co).

Having so many locations also means that we get to know local needs and building codes, so contractors can benefit from our associates’ local expertise. With peak building and construction season upon us, ABC Supply has the building materials and services contractors and builders need to get their projects completed. Some products we carry include steep- and low-slope roofing, siding, windows, doors, decking and more.

Here are some ways ABC Supply can help our customers throughout their projects: • A promise to deliver orders within a 30-minute window of their scheduled time. • Product drops on roofs to save

• Value-added marketing services through our Freedom Programs to help contractors get the word out about their businesses through targeted mail, websites, marketing starter kits and jobsite signs. • ABC Connect, an online program that integrates ABC Supply’s products and pricing with leading industry software,

We invite you to stop in to take a look around and talk with our associates. ABC Supply has 22 locations throughout New Jersey, including a branch at 540 James St., Lakewood, New Jersey 08701. You can also call this location at 732-364-7000.

contractors time and energy by getting the materials where they need them. • Credit management to give contractors access to the appropriate line of credit to help them manage their cash flow. • Access to professional meeting spaces

Visit ABCSupply.com for more information.

allows contractors to easily build estimates and place orders 24/7.

with product displays and samples at our Solution Centers in ABC Supply locations.

ABC Supply is always expanding our knowledge base and service capabilities, so we can continue to meet our customers’ changing needs—today and tomorrow. After all, we’re only successful when our customers succeed.

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The beautiful bathrooms in the homes you build don't need to come at the expense of the beautiful outdoors. So, when you think about how to heat the water for your buyers’ homes, think Bradford White water heaters. Bradford White offers highly efficient and environmentally-friendly options that not only perform beautifully but save energy and your buyers money. Like our new Infiniti TM K Series tankless water heaters, our AeroTherm Series ® heat pump water heaters and our high efficiency eF Series ® gas water heaters — all ENERGY STAR ® qualified. Insist on Bradford White water heaters in every home you build. It matters. How your home buyers heat their water matters.

To learn more visit bradfordwhite.com/4builders

Proudly Represented By

©2019, Bradford White Corporation. All rights reserved. BWBBM0719

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ROOFING • SIDING • WINDOWS TOOLS • ANDMORE

You’ll work with the largest wholesale distributor of roofing in the U.S. and one of the nation’s largest wholesale distributors of select exterior and interior building materials. Look to ABC Supply for: • Uniform service practices of one company with over 760 locations • Choice of top brands, products, tools and accessories • Competitive pricing, electronic billing, product bundling, and custom reporting • Order accuracy, delivery coordination and prompt communication

CALENDAR OF EVENTS 2019

SHORE BUILDERS Association of Central NJ, Inc.

YourCompetitive Edge

SBACNJ Young Professionals and CAI F.A.S.T. Meet and Greet—5:30 pm Location: River Rock, Brick General Membership Meeting—6pm Location: Jumping Brook Country Club, Neptune

August 22

September 12

Experience the ABC Supply difference for yourself

PAC Fundraiser—Monster Mini-Golf Location: Monster Mini-Golf, Eatontown

*October 22

General Membership Meeting—6pm Location:Woodhaven Lumber & Millwork, Lakewood Holiday Party—6pm Location: McLoone’s Supper Club, Asbury Park, NJ

November 13

December 4

NAHB International Builders Show Location: Las Vegas

January 21-23

General Membership Meeting—9am Annual Economic Forecast: Robert Deitz, PhD, NAHB Location: Jumping Brook Country Club, Neptune

February 5

Annual FAME Awards—6pm Location: South Gate Manor, Freehold

February 26

Atlantic Builders Convention Location: Harrah’s Waterfront Conference Center

April 1-2

22 locations in New Jersey to serve you

Lakewood, NJ 540 James St 732-364-7000

West Creek, NJ 1015 S Route 9 609-597-6466

Toms River, NJ 1221 Highway 37West 732-341-8600

Trenton, NJ 9 CheltenWay 609-890-1700

Pleasantville, NJ 725BW Delilah Rd 609-484-9100

Lambertville, NJ 1496 Route 179 609-397-6336

*Date and location is subject to change.

Bulletin Board | 11 | www.shorebuilders.org Avenel • Bergenfield • Camden • Cape May Court House • Cedar Knolls • Clifton • Delran • East Orange Hainesport • Plainfield • Rahway • Randolph • Riverdale • Runnemede • Tinton Falls • Vineland

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Associate Spotlight

NETWAVE: Associate Spotlight By Adam McIndoe Director of Business Development Netwave Interactive Marketing, Inc.

Adam McIndoe Member - SBACNJ

E

very business needs a brand, and there is a resource right here within the Shore Builders Association of Central New Jersey to help craft yours. Adam McIndoe is the Director of New Business Development at Netwave Interactive, a creative marketing and branding agency based in Point Pleasant. Netwave has been a fixture of the Jersey Shore for 15 years, developing many of the brands you see around the region including those in various building trades and related professional services. Born and bred at the Shore. Adam was born and raised in nearby Toms River. He holds a marketing degree from Montclair State University and began his career in New York City with IC Media Direct helping manage digital advertising and PR accounts. Adam joined Netwave in 2008 to oversee the firm’s search engine optimization program. By the time he was promoted to account management responsibilities, the department had increased billings by more than 400% and grown to include Google AdWords advertising and content development services. As an account executive, Adam offered clients an extensive array of marketing services: web design and development, email marketing, advertising, and even consulting.

In 2014, he was named one of the Top 40 Under 40 Marketing Executives by the NJ Ad Club. In 2017, he was promoted to Director of New Business Development and a member of the Netwave management team. The new face that became familiar, fast. Adam was introduced to the Shore Builders Association by Bill McNamara of longtime Netwave client, The Curchin Group. Bill suggested Adam get involved by helping with judging of the 2018 FAME Awards. Immediately upon this introduction, Adam was greatly inspired by the mission of the organization to help grow communities responsibly by providing a voice from builders to government officials on realistic regulations. Between the level of business professionals involved and the quality of work produced, he finds the association to be an important part of his network. An active participant in any group he joins, Adam quickly volunteered for the following committees:

“In the few months I have been a member of the Shore Builders Association of Central New Jersey, I have been continually impressed with the dedication and commitment of my fellow members who readily volunteer for the betterment of our communities,” Adam said. “The work of the SBA ensures our communities are sustainable now and for decades to come. Meanwhile, my skills and knowledge as a marketer allow me to spread the word about this important mission.” “Adam and the team at Netwave have done a phenomenal job with Curchin’s marketing, from print to digital and even recruiting,” Bill said. “They have a unique ability to develop engaging messaging, imagery and marketing materials for businesses like ours. They are also honest and straightforward in developing a true strategy for your branding and advertising.”

• Young Professionals

• Golf Classic

• Sales and Marketing

• Membership Services and Programs

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SBACNJ Builder Program

SBACNJ Builder Program

THANKYOU to Our Builder Package Participants

J oin CMM Custom Homes, Homestake Capital, and Palatial Homes, in our NEW Builder Program!

This exciting program for builder members makes participating in all the benefits of the association easy and seamless!

Enjoy these benefits:

Thank You to Our Builder Package Participants

• Yearly SBACNJ Membership Dues (including Gold Star Membership

• 2 tickets to each event of the year, including: oo January – General Membership Meeting oo February – FAME (Fabulous Achievements in Marketing Excellence) Awards Night oo March/April – Schmooza Palooza post-convention networking event oo June – Annual Golf Tournament (2 dinner only tickets) oo July – Annual Caribbean Night on the Beach oo September – General Membership Meeting oo October/November – Networking event oo December – Annual Installation & Holiday Party

• Recognition as Builder Sponsor Participant on SBACNJ Website

• Listing and recognition as Builder Sponsor Participant in Bulletin Board Magazine

• Two Magnetic SBACNJ Member Name Badgets

• Four Builder Member Car Magnets

• An Exclusive Profile in Bulletin Board Magazine

For information on how to participate in this Builder program please call the Association office at 732-364-2828

The Yearly Cost of the Builder Program is $3,000. If you are interested in learning more or joining the program, please let us know!

AwardWinning Homes By An AwardWinning Builder

For information on how to participate in this Builder program please call the Association office at 732-364-2828

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SBACNJ Builder Program Continued

THANKYOU to Our 2019 Associate Sponsors

S H O R E B U I L D E R S P R O D U C T S P O N S O R

S H O R E B U I L D E R S P L A T I N U M S P O N S O R

S H O R E B U I L D E R S M A S T E R S P O N S O R

Thank You to Our 2019 Associate Sponsors

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YOU BUILD. WE’LL TAKE CARE OF THE REST.

Our team of seasoned professionals offers a “one stop shop” of expertise allowing you more time to do what you do best—build. LET’S GET STARTED.

/ Civil Engineers / Land Surveyors

/ Planners / Architects

/ Landscape Architects / Reserve Specialists

NEARLY 30 YEARS

FWHassociates.com 1856 Route 9 | Toms River, NJ 08755 | 732.797.3100 100 N Krome Ave. | Florida City, FL 33034 | 305.307.5343

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Construction Street Sweeping

CONSTRUCTION STREET SWEEPING Reasons To Keep the Site Clean By Loring DuntonVP C & L Sweeper Service

XXXX Article by XXXX

Compelling Reasons for Construction Street Sweeping Services

You need attorneys with in-depth knowledge and experience with the complex issues facing the building industry.

X

Builders make an investment in sweeping for a variety of reasons: • Keeping the property safe and hazard free • Managing site appearance • Keeping the project as clean as possible. There are several things that the street sweeping service can do for you, and builders should allocate this cost into their budget even though it may not appear to be a high priority item. What Does Street Sweeping Do for the Project?

XXXXXXX

You need attorneys who provide high quality legal services.

You want attorneys who listen to you.

You want attorneys who understand your work and the challenges you face.

Environmental, Real Estate, Land Use and Planned Real Estate Development practices please contact: Michael J. Gross, Esq. John A. Giunco, Esq. Michael A. Bruno, Esq. J. Scott Anderson, Esq. Marc D. Policastro, Esq. Paul H. Schneider, Esq. Steven M. Dalton, Esq. Laurence I. Rothstein, Esq.

You want attorneys who are responsive and attentive.

Keeping nails off the street prevents people from stepping on nails as they walk the site. Nail punctures can cause serious injuries and can cause legal issue damages if an individual gets hurt on your worksite. The same is true for vehicles on the site. One stray nail could completely ruin a car owners’ day. Regular sweeping keeps these hazards from causing safety issues. The Value of Street Sweeping for Appearance For cleanliness, visitors to the site need to know that they will not be covered in dust. Sometimes the site visitors are township inspectors who are tasked with evaluating how well regulations are being adhered to. Nothing raises a red flag like a dirty site. Environmental regulations require management of soil erosion and runoff. Inspectors look for compliance

to environmental guidelines and will impose fines for sites that don’t meet standards. Street sweeping can avoid these unwanted costs. Construction Street Sweeping Conclusions A professional street sweeping service will come to your location at any time you schedule and provide you with the best possible street cleaning with equipment designed for the job. After a good street sweeping not only does the site look better but what is unseen is the safety of the site has improved. Construction street sweeping, a best practice for safety, cleanliness and general wellbeing of the site.

You want attorneys who frequently work with governmental regulatory agencies on applications and approvals and anticipate future legislation that could a ect your projects.

You want attorneys who take that extra step to ensure that you are satis ed.

Michael J. Vitiello, Esq. Tara Phelan Carver, Esq. Timothy J. DeHaut, Esq. Steven P. Gouin, Esq. Todd D. Greene, Esq. C. Justin McCarthy, Esq. John A. Sarto, Esq. Louis J. Seminski, Esq. A yfa H. Ellington, Esq.

Some of this concrete ends up in the street. Step on it or drive on it and CRUNCH! For safety, street sweeping services keep the site free of debris. Construction debris such as wood framing from carpentry, bricks from exterior masonry, glass shards from bottles or broken windows present significant hazards to pedestrians, contractors and vehicles. Nails are a unique problem for a construction site.

You want attorneys who provide exceptional value for the fees you pay.

(732) 741 -3900 info@ghclaw.com

www.ghclaw.com www.njenvironmentlaw.com

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XXXXX Highlights of Opportunity

Requirements for Opportunity Zone Investments

is considered to be zero. Investments held for a 5 year period are allowed a basis increase equal to 10 percent of the initial deferred gain. In the example above after a 5 year holding period, taxpayer A increases their basis in the opportunity zone investment from zero to $20,000 i.e., 10 percent of the $200,000 deferred gain. After 7 years, the taxpayer is allowed an additional 5 percent basis increase. Further, the amount of gain required to be recognized into taxable income under the above rule will result in a corresponding basis increase in the qualified opportunity zone investment. As discussed below, subsequent appreciation may be excluded from taxation for investments held for at least 10 years. Although the original deferred gain must be included into taxable income by at least December 31, 2026 as discussed above, investments held for at least 10 years receive a further tax benefit. For such investments held for at least 10 years, the taxpayer may make an election to treat the investment's basis as being equal to the fair market value of such investment on the date of sale. For example, assuming taxpayer A holds their investment for at least 10 years at which time the investment has appreciated to $300,000. The original deferred gain of $200,000 would be taxable at December 31, 2026 (the additional basis increases for 5 and 7 year holding periods may also be applicable) with a corresponding basis increase to $200,000. The subsequent appreciation in fair market value ($100,000) from $200,000 to $300,000 may be excluded from tax at the election of the taxpayer through the special basis increase to fair market value if the 10 year holding period is met. Special Rule for Investments Held For At Least 10 Years

would be required to recognize $50,000 of gain from the original sale. As discussed below, there may be other available deferral opportunities under existing tax law such as Section 1031 exchanges that could be available for taxpayers to achieve gain recognition deferral. What are Opportunity Zone Funds? Opportunity Zone Funds are investment entities formed as either partnerships or corporations. Such entities must invest at least 90 percent of its assets in qualified opportunity zone property. Such property includes qualified opportunity zone stock, a qualified opportunity zone partnership interest, or qualified opportunity zone business property. The IRS allows taxpayers to "self-designate" investment vehicles as qualified opportunity zone funds. Form 8996 may be filed by taxpayers to certify that the partnership or corporation meets the investment rules for opportunity zone property. Failure to maintain the 90 percent asset test will result in IRS penalties imposed on the investment fund. Further, a qualified fund may be an existing entity as long as the investment into the fund is made after December 31, 2017 and the eligibility tests are otherwise met. Year of Inclusion into Taxable Income for Deferred Gain and Special Basis Rules The original deferred gain amount is recognized into taxable income upon the earlier of: (1) the date of sale or exchange of the qualified opportunity zone investment, or (2) December 31, 2026. Thus, in the example above, the $200,000 capital gain originally recognized is only temporarily deferred until December 31,2026 . The amount includible in taxable income is the excess of: (A) the lesser of the amount of gain originally deferred (e.g., the $200,000 "original gain") or the fair market value of the qualified opportunity zone investment, over the taxpayer's basis in the opportunity zone investment. At the date of the original investment in the opportunity zone, the taxpayer's basis in the investment

The recent IRS proposed regulations provide further guidance on the requirements imposed on opportunity zone investments including original issuance requirements, substantial improvements required for existing zone property, and active trade or business rules. In general, stock in a qualified Opportunity Zone Corporation must be issued solely for cash at its original issuance after December 31, 2017. Likewise, a partnership equity interest must be issued solely for cash after December 31, 2017. These opportunity zone investments must own opportunity zone tangible property that has either an original use within the zone or is substantially improved. Substantial improvement means that for existing properties within the zone, the opportunity zone fund must make improvements to the property over a 30 month period at least equal to the property's adjusted basis in the hands of the fund at the beginning of the 30 month term. The IRS' proposed regulations indicate that for land and building in existence within a zone at December 31, 2017, the taxpayer is only required to make improvements over the 30 month period at least equal to only the building's adjusted basis (i.e., the basis of the land is not factored into the substantial improvement rule).

HIGHLIGHTS OF OPPORTUNITY Zone Tax Benefits By Edward P. Rigby, CPA, Tax Strategist,The Curchin Group, LLC

Edward P. Rigby, CPA, MST The Curchin Group, LLC

General/Background

The Tax Cuts and Jobs Act tax law changes include a special tax incentive for investments in Opportunity Zone property. The law change is effective on the December 22, 2017 date of enactment and generally allows a deferral of capital gains that are reinvested in certain designated areas called Opportunity Zones. Opportunity Zones are designated at the state level based on certain low income community population census tracts. Further, Opportunity Zones generally are designated based on economic development initiatives to attract investment and startup business activity. The following information summarizes the key rules associated with the Opportunity Zone tax benefits, including guidance issued by the IRS in recently issued proposed regulations. Eligible Gain and Taxpayer According to the IRS' proposed regulations, gain eligible for deferral is capital gain recognized by taxpayers through sales or exchanges with unrelated parties generally from the date of enactment of Tax Cuts (see above) through December 31, 2026. Capital gain also includes Section 1231 gains (eligible for taxation as a capital gain) from sales of depreciable business property. However, gains that are taxed as ordinary gains (e.g., Section 1245 gains from depreciation recapture) are not eligible for deferral.

An eligible taxpayer is a person that may recognize gains for federal income tax purposes, including individuals, C corporations, S corporations, partnerships, and trusts and estates. Related party transactions generally include sales between certain family members and between companies and owners. For purposes of determining "related party" ownership, a 20 percent ownership threshold instead of the more common 50 percent threshold is imposed. For example, a sale of a capital asset to a taxpayer's company in which he or she owns 30 percent of the equity, is not eligible for the gain deferral. Time Period for Election Eligible gain recognized by a taxpayer may be deferred by electing within a 180 day elect ion period beginning on the date of such sale to reinvest the amount of gain in a qualified opportunity fund that is gene rally acquired after December 31, 2017. For example, taxpayer A sells stock to an unrelated party and recognizes a $200,000 net capital gain. Taxpayer A can elect to reinvest the $200,000 gain in a qualified opportunity fund within the 180 day election period. Note that the deferral is available up to the $200,000 amount of the gain originally recognized. In contrast if taxpayer A only reinvests $150,000 in a qualified opportunity fund, the taxpayer

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Highlights of Opportunity Continued

What is a Qualified Opportunity Zone Business?

formed as either a corporation or partnership. The IRS' proposed regulations allow a fund to "self-certify" that eligibility tests (including a 90 percent asset test) are met. Form 8996 can be submitted to the IRS to certify eligible status as a qualified opportunity zone fund. Failure to meet investment standards will result in penalties. Taxpayers have 180 days from the original sale to "roll over" the eligible original gain into an opportunity zone fund. Taxpayers holding investments for at least 10 years may achieve exclusion of gain in excess of the original deferred gain amount as discussed above. Further, a complex set of rules such as original use, substantial improvements, active business and asset holding requirements are imposed for qualified investments.

The Tax Cuts and Jobs Act eliminated the like kind exchange opportunities for tangible personal property such as art work or machinery and equipment. Under current tax law like kind exchanges are only available for real property. New Jersey State Conformity The New Jersey Division of Taxation recently issued guidance indicating that the State of New Jersey will allow taxpayers to enjoy the benefits of opportunity zone investments. Conclusion/Summary Taxpayers recognizing eligible gains (i.e., capital gains from sale transactions between unrelated parties) may elect to defer the original gain until at least December 31, 2026 by investing the gain amount in a qualified opportunity zone fund. Such funds can be

XXXX Article by XXXX About Archer

A qualified opportunity zone business must meet active trade or business asset tests and certain businesses such as golf clubs, race tracks and liquor stores are not eligible. Further the use of the business property must be substantially used within the zone. The active business test means that at least 50 percent of the gross income of a qualified opportunity zone business is derived from the active conduct of a trade or business in the opportunity zone. Coordination with Other Tax Law Opportunities for Deferral of Gains In general, taxpayers can use other tax strategies for achieving gain deferral such as installment sale rules under Code Sect ion 453, and Section 1031 like kind exchange rules.

Archer & Greiner is nowArcher. But what matters most is what remains the same. Our new name still represents an unwavering commitment to delivering large-firm expertise with small-firm attention—no matter the size of the client. It’s a philosophy that’s helped us grow into one of the largest and most trusted law firms in the Mid-Atlantic region, serving businesses and individuals throughout the region and in a growing number of other states and jurisdictions. With a network of regional offices from Delaware to New York, Archer has more than 175 lawyers practicing in all major legal disciplines

including corporate, labor, commercial litigation, family, real estate and many more. Our firm never forgets that we are a service business: we put our clients first.

We believe our firmdistinguishes itself bymeeting the needs of our clients at every level of legal complexity, while committing our resources to remain on the cutting edge of developing legal issues and technology, and managing our clients’ interests with an ongoing commitment to value. We understand the legal market is highly competitive. That said, our firm has enjoyed steady growth driven primarily by our strong commitment to responsive and cost-effective client service. Our Offices Archer’s principal office is located in Haddonfield, New Jersey, an historic and dynamic community, less than 10 miles from Center City Philadelphia. Our Haddonfield office is within walking distance of southern New Jersey’s major commuter rail line, making for easy connections not only locally, but also to our clients traveling from locations throughout the northeast corridor. The firm also maintains offices in Hackensack, Princeton, Flemington and Red Bank, New Jersey; Philadelphia, Pennsylvania; New York, New York; and Wilmington, Delaware. The offices in these locations conveniently serve our clients’ needs throughout our growing, regional service base. Our Attorneys Our attorneys have impressive academic credentials, representing some of the very best law schools and undergraduate institutions in the country. We encourage and expect our attorneys to continue their legal training throughout their career to keep current with new developments. Our lawyers have distinguished themselves in speaking and writing engagements for countless trade, business and educational institutions. Archer attorneys serve in leadership positions in local, state and national bar organizations and are active on the boards of many prominent nonprofit and for-profit companies and organizations. The attorneys of Archer practice nearly every type of law:

Banking

Governmental Regulations

Personal Injury Product Liability

Bankruptcy/Creditor’s Rights

Health Care

Computer and High Technology Intellectual Property

Real Estate Tax Appeals Real Estate, Land Use

Construction (public/private) Corporate and Securities

International Law

Labor and Employment

School Law

Environmental

Litigation

Tax

Estates and Trusts

Matrimonial

White Collar Criminal

For more information, please contact us at 732-268-8000 or visit www.archerlaw.com.

www.archerlaw.com

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Events Recap

Young Professionals Committee & Career Day

4/16/19 YP Career Day Pinelands Regional HS

Shore Builders Association EVENTS RECAP

Our Young Professionals Committee participated in a career fair at the Pinelands Regional High School on Tuesday, April 16th. Here are some pictures of our YP's in action! This is part of the committee's initiative to introduce students to career opportunities in the building industry.

4-3-19 ABC Convention The convention floor opens with the ribbon cutting.

Another Successful Builder Event

5/30/19 Builder Event at BAPS Shri Swaminarayan Mandir

From the NewVenue at Harrahs to the Programs & Events, SBACNJ Members CRUSHED ABC! First, we would like to congratulate Corey Wescoe on being installed as the new NJBA President. Way to go Corey! Thank you to all of our members who exhibited, attended, chaired committees, and provided seminars during the event!

On Thursday, May 30th SBACNJ held a Sponsor/Builder Event and to spite the stormy weather, we had a great turnout to the stunning venue, BAPS Shri Swaminarayan Mandir in Robbinsville, NJ. Thank you to all of our sponsors and to Dipal Patel for arranging this incredible location for our event!

There was a full house for PWB's Balancing Boldly program. Part 2 of this program will be held on May 14th from 5:30 to 7:30 at Ferguson's showroom in Lawrenceville

Selling Builders Successfully seminar panel including

Michael Kurpiel Chris Amato Jake Stutzman

Jim Franklin Joe Mutinsky Linda Bernaski

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Events Recap Continued

Professional Women in Building of the Garden State

During the June 11th Meeting, PWBGS invited Colleen Mook to present Balancing Boldly Part 2. This was a follow up to the program originally presented at ABC last April. We would like to thank Colleen for sharing her insights into the work/life balance, as well as everyone who attended and look forward to our next meeting in September!

6/11/19 PWBGS Meeting

6/19/19 SBACNJ Young Professionals Present OCVTS Scholarships

Brick: Construction Trades - Stephen Emmons HVACR - Anthony Krueger (not in attendance)

SBACNJ Young Professionals Present OCVTS Scholarships, Attend Graduation & House Dedication

The Shore Builders Association of Central NJ (SBACNJ) Young Professionals Committee in conjunction with New Jersey Builders Association (NJBA), awarded scholarships to five deserving students of the Ocean County Vocational and Technical School (OCVTS). These scholarships were awarded to students completing the trade programs for Electrical, Building Construction Technology, Custom Woodworking, and HVAC-R and were presented at the school’s graduation ceremonies on June 19, 2019. The scholarship program was created in response to NJBA President Tom Troy’s initiative to increase interest in the building industry by supporting students furthering their education in the construction trades. It is part of a major outreach to educate and make students aware of the vast employment opportunities and lack of skilled workers in building industry. Members of the Young Professionals Committee and other association representatives were faced with choosing the winners from OCVTS instructors’ nominees, which was not an easy decision. Chair of the YPC, Chris Cowan of CohnResznick explains, “As we reviewed the entries for this scholarship program, we quickly realized how difficult it would be to choose. Each and every one of the students entered were deserving of these scholarships. Each graduating student received a gift

from the association, a contractor grade tape measure, that is a small token they can take with them throughout their careers.” SBACNJ Young Professionals would like to congratulate Nicholas Bonaventura, Mason Bell, Stephen Emmons, Steven Bolmer, and Anthony Krueger on being named the scholarship recipients. In addition to the scholarship program, members of SBACNJ attended the House Dedication Ceremony on June 13, 2019 for a Habitat for Humanity home built by OCVTS students. The house is located in Manahawkin, New Jersey and was built under the supervision of the students’ instructors, along with staff and volunteers of Habitat for Humanity. This home is for a local family that was selected for the program, and they will be moving in sometime in July. “Our outreach to the OCVTC students includes supporting the projects they are involved with in any way we can. This includes our association members working with the Job Services Coordinator at the school for employment opportunities for graduating students,” Cowan continues. The Young Professionals Committee plans to continue their outreach to introduce students to the career opportunities in the building industry. For information on the Young Professionals Committee and how you can help.

6/13/19 OCVTS Scholarships & House Dedication

Jackson: Electrical - Mason Bell

Letter from OCVTS Instructor regarding scholarships and support by SBACNJ

Custom Woodworking & Design - Steve Bolman (not in attendance)

Dear Gina:

OCTVS & Habitat for Humanity House Dedication

I wanted to take this opportunity to thank you and the SBACNJ for sending over the tape measures for my graduating students.

The arrangement of the field excursions and the opportunity of scholarships that your group offered are greatly appreciated as well.

On Thursday, June 13th Members of the Young Professionals Committee attended the House Dedication Ceremony to celebrate the partnership between Habitat for Humanity and the Ocean County Vocational Technical School’s New Home Construction Program. We would like to remind our members that students who graduate this program are trained in all aspects of home construction and are available to fill any job opportunities available.

As we are all aware, the building trades are in need of skilled workers. Inspiration such as this can be a solid motivator to the students.

With highest regards, Tom Pernal (Instructor) Electrical Trades/Integrated Cabling, OCVTS – Toms River Center tpernal@mail.ocvts.org 732.473.3100 x3150

Toms River: Electrical - Nicholas Bonaventura

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Events Recap Continued

Thank you to all of our sponsors, players & volunteers who made this day such a success!

We would like to thank the committee for their hard work in planning this event, as well as our golf & gift pack sponsors:

2-10 Home Buyers Warranty

James Hardie Building Products

ABC Supply

Jumping Brook Country Club

All County Enterprises

Lawson, Riscinio & Schibell

Allura USA

MJ Lyons Corporation

Linda & Gary Bernaski are ready for a day of golf.

Alside Building Products

Manasquan Bank

American Properties

Matrix New World Engineering

Archer & Greiner

McCue Captains Insurance

Avalon Flooring

New Jersey Builders Association

AZEK

NJR Home Services

6-17-19 Golf Event

Builders General Supply Co.

NJ Advance Media

SBACNJ Annual Golf Event

Builders FirstSource

Netwave Interactive Marketing

It was another sold out golf event for SBACNJ on Monday, June 17th. Members enjoyed a day of fun while golfing with friends and colleagues at the Jumping Brook Country

Club in Neptune. This sold out event is always a fun time and we would like to congratulate the following players and groups:

Beacon Homes offers their sacrifice to the Golf Gods

C & L Sweeping & Pavement Maintenance

Norandex

CertainTeed

Oatey

Representatives from Esposito Construction Spotting the Hole In One

Crown Homes

Palatial Homes

Putting Contest Kyle Campanile (Giordano Halleran & Ciesla)

Closest to the Pin – 3’ 11” David Baum (Wells Fargo)

2nd Place Foursome – 9 Under Crown Homes / Design Suite

The Curchin Group

Parker Agency

Dakan Homes

Pella Windows & Doors

Longest Drive – 260 yards Jeff Jacobson (Esposito Construction)

First Place Foursomes 14 Under – All County Enterprises

First Place Mixed Foursome – 7 Under Wells Fargo

Deanna’s Interior Designs

RC Flooring

Dupont Tyvek

Storm Master

EAM Associates

Super BuyRite

Eagle Ridge Golf Club

Toll Brothers

Englert

Townsquare Media

Esposito Construction

USI Insurance Services

Will Ryan, Chris Amato, Chris Cowan, Kim Manicone

Ferguson Enterprises

Universal Supply Co.

FWH Associates

Up-Tite Fasteners

Gloria Nilson & Co. Real Estate

Val-Pack

Photo credits: All is Sharp Photography

Homestake Capital

Whitestone Associates

IKO Roofing Products

Georgette Kyriacou, Brian Johnson, Kristin Marzarella

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