Following the lines of Updates from the Executive Branch in New York State - from the latest run on NYS Rules.
DCarsonCPA The Empire Line: at work with the important updates for Financial Decision Makers in NY, select states and on the National, State and Global points where we all connect as Financial Decision Makers with needs for Services in the Economy. Through the pathway of knowledge, experience, teamwork and research for the various needs of clients on Financial Decision Making in Government, Industry, Non Profit and Individal roles. Find the Empire Line at http://www.dcarsoncpa.com/regions/new_york_-_the_empire_state or connect with the overall LOBs on client services at http://www.dcarsoncpa.com/about_us/lobs_on_services.
Sunday, May 5, 2013
Wednesday, February 13, 2013
NYS Methodology for Economics and Statistics
Working Draft:
NYS Methodology for Economics and Statistics : Index of Coincident Economic Indicators.
Following the lines of Financial Decision Making in the Empire State the important role of Economics and Statistics in Quantitative Decision Making is a key tool set for solutions that range from Tax Policy to Economic Growth support and Program Analysis, Consideration and Implementation in the Empire State.
Setting the Grounds:
We have a strong interest in support of Quantitative Analysis in the Empire State for the opportunity to better connect with Macro Economic Decision Making. The Micro Economic Reporting of Businesses, Non Profits and Individuals in the State roll up to a broader framework of Financial Decision Making through Economics and Statistics. This includes an interest in the opportunity to assist on Public Finance challenges today and in the future, a role best supported through a better understanding of the methods of Quantitative Analysis and Quality control that correspond to Economic and Statistical Analysis for Decision Making in the Empire State.
Where Macro and Micro Economics connect (the brige through Accounting):
It's an interesting point to know that in Business, Non Profit and Individual roles the Micro Economic decision making is supported through Accounting, Taxes and Financials, but in the broader context of Public Policy and important decision making on Local, State and National Financials - the Decision Making is driven through Quantitative Analysis through Economics and Statistics that are applied for sampling the population to determine the various needs and expected outcomes on Policy and Decision Making.
The Factors of Interest:
In a time of persistent challenges in Public Finance at the Local, State and National Levels - growth in knowledge is a good place to start in support of the needs on Public Finance. It also helps that we deeply enjoy the Financial, Economic, Statistical and Legal Research elements of identifying how public decision making progresses. Any Local, State or National Government deals with significant problem solving on Financials and the knowledge growth on problem solving bears relevance to the needs of Individuals, Non Profits and Businesses on Financials. Along the points of discovery are many levels of knowledge growth in support of Business Strategy.
Some History on Us:
We are currently in our fourth calendar year of following a consistent line of connecting research on the Accounting, Taxes, Financials, Economics, Statistics, Legal and Regulatory points of Financial Decision Making in the first instance for the support of Entity and Individual needs on Financials and in the residual beneficial role to help support knowledge growth on Public Finance and related support opportunities to help on the challenges over time through knowledge and awareness.
Our interest is to support Quantitative Analysts and Research for Business Development and Growth and to help Tax Payers in the Empire State better connect with an understanding of the conceptual framework of Taxation in connection to Policy. The greater understanding of Economics, Statistics, Policy and Taxation helps to place the obligations of Taxation in the broader context of how we all work together in the Empire State. Taxation is an important civic duty, and also a key way that we all work together in Localities, Cities and States. It's important therefore to understand the mechanical framework of Macro Decision Making that works with Taxation as the funding method for Policy Level Decisions. Your point of awareness as a Tax Payer places this whole Tax Season in a greater context of an impressive framework for Large Scale Decision Making in the Macro Economy of the Great State of New York.
Since the earliest days when I was fortunate enough to volunteer in the NYC Audit Department (in the early days of the Guliani administration), I have held a deep appreciation of the complexity of Financial Management in Governance. During that time I had the privilege of working with some ex-GAO professionals who saw my interest and opened a door of continual learning through sharing insight to understanding of the mechanics of Financial Governance. That learning is most meaningful in context to help us ALL work together better on the important problem solving for the current and future challenges in public finance. If you have taken the time to read this it is a common interest we share to help on improvements in Public Finance through awareness. Being aware can help you better participate in the active decision making that is ultimately reflected in Individual, Family, Community, Government, Non Profit and Business Financials.
Is there a common Standard Setting Framework for Economics and Statistics ? - the Accountant considers that Financials and Accounting have GAAP and IFRS - what common standards guide Economics & Statistics ? :
The simple answer is that while Statistics have common formulas and that it is in the method of structuring surveys and tests where there is more variability. The standards may change depending on where you are working. We are continuing to learn more of this but here is the answer in reference to NYS level Econometrics in more detail:
In the process of considering the framework of Financial Decision Making a relevant question from the Accounting perspective became what is the relevant framework of decision making and controls in the area of Economics and Statistics. As you may or may not be aware Financials and Accounting correspond to Standards defined by FASB and potentially to IFRS for Financials. For Compliance Financials and Accounting correspond to Laws and Rules that include Federal, State and Local Elements of Compliance, Statistical Reporting and Taxation.
By way of frame of reference it became a relevant question to seek to define the obvious point that Economics and Statistics must also correspond to a defined centralized rule set. Through process of Research we have connected with these rule sets as part of Our ongoing analysis in the Year of Statistics 2013 . Depending on the Economics and Statistics area there are various points for defined rules - but not in the same manner as the centralization of Standards for Accounting under GAAP or IFRS.
We are continuing to review and learn more about comparative applied Economics and Statistics adnd Econometrics across the Economy but this is one finding at point.
Lessons Learned and Learning Pending:
Behind the scenes we are analyzing a broad survey of the Standard Setting methods of Statistics - where we have compiled a significant amount of resources and data for knowledge that will take some time to clear through. We are not rushing this because from Our perspective the study of applied Economics and Statistics through Econometrics is important and very interesting.
It's taken for granted that if you've read this far you appreciate our interests in learning more of applied Quantitative Methods and their important role in both Public Finance and Policy Decision Making. It is an impressive point of fact that Economics and Statistics can work together using surveys, samples and tests on data to produce meaningful decision making and of course that decision making is relevant to everything we do as Financial Decision Makers through Financials, Taxation and Compliance.
While our overall work is part of a framework for better understanding Public Finance in general from the Local, City, State, National and International points of Decision Making. The consideration here is focused on an element that is substantial enough in it's own right - Financial Decision Making for the Empire State and the contextual framework of Economics and Statistics controls that are place in the process of producing Analyses for NYS. It's an interesting point and the real application of Economics and Statistics to producing meaningful data insight for Decision Making is helpful to the educational process of knowledge growth for understanding of Public Finance Decision Making and the ways we all connect as Financial Decision Makers in Business, Non Profit, Individual and Governance roles on Financials.
Limiting the scope here to NYS - below please find the NYS Statistical Methods for Public Finance Analysis. It is an important answer to a question we considered about what exactly are the controls of Financial Decision Making for Economics and Statistics when leading into data for Public Policy Decision Making with further impact to the broader scope of Financial Decision Makers across the State.
DCarsonCPA.com is your weblink to the practice of Dean T. Carson II, CPA a knowledge driven practice that connects the lines of knowledge, experience, teamwork and research in support of Financial Decision Makers in Individual, Family, Community, Industry, Non Profit and Government roles on Financial Decision Making. For the lines of Advisory, Business and Non Profit support and the opportunity to help us all better connect to ways to assist on the current and future challenges in Public Finance. Knowledge is a key point of informed decision making.
We welcome the opportunity to support clients needs on services and to help where we can in the places where we can all learn more and help on decision making through awareness. Find us at www.dcarsoncpa.com or e-mail info@dcarsoncpa.com to learn more.
NYS Methodology for Economics and Statistics : Index of Coincident Economic Indicators.
Following the lines of Financial Decision Making in the Empire State the important role of Economics and Statistics in Quantitative Decision Making is a key tool set for solutions that range from Tax Policy to Economic Growth support and Program Analysis, Consideration and Implementation in the Empire State.
Setting the Grounds:
We have a strong interest in support of Quantitative Analysis in the Empire State for the opportunity to better connect with Macro Economic Decision Making. The Micro Economic Reporting of Businesses, Non Profits and Individuals in the State roll up to a broader framework of Financial Decision Making through Economics and Statistics. This includes an interest in the opportunity to assist on Public Finance challenges today and in the future, a role best supported through a better understanding of the methods of Quantitative Analysis and Quality control that correspond to Economic and Statistical Analysis for Decision Making in the Empire State.
Where Macro and Micro Economics connect (the brige through Accounting):
It's an interesting point to know that in Business, Non Profit and Individual roles the Micro Economic decision making is supported through Accounting, Taxes and Financials, but in the broader context of Public Policy and important decision making on Local, State and National Financials - the Decision Making is driven through Quantitative Analysis through Economics and Statistics that are applied for sampling the population to determine the various needs and expected outcomes on Policy and Decision Making.
The Factors of Interest:
In a time of persistent challenges in Public Finance at the Local, State and National Levels - growth in knowledge is a good place to start in support of the needs on Public Finance. It also helps that we deeply enjoy the Financial, Economic, Statistical and Legal Research elements of identifying how public decision making progresses. Any Local, State or National Government deals with significant problem solving on Financials and the knowledge growth on problem solving bears relevance to the needs of Individuals, Non Profits and Businesses on Financials. Along the points of discovery are many levels of knowledge growth in support of Business Strategy.
Some History on Us:
We are currently in our fourth calendar year of following a consistent line of connecting research on the Accounting, Taxes, Financials, Economics, Statistics, Legal and Regulatory points of Financial Decision Making in the first instance for the support of Entity and Individual needs on Financials and in the residual beneficial role to help support knowledge growth on Public Finance and related support opportunities to help on the challenges over time through knowledge and awareness.
Our interest is to support Quantitative Analysts and Research for Business Development and Growth and to help Tax Payers in the Empire State better connect with an understanding of the conceptual framework of Taxation in connection to Policy. The greater understanding of Economics, Statistics, Policy and Taxation helps to place the obligations of Taxation in the broader context of how we all work together in the Empire State. Taxation is an important civic duty, and also a key way that we all work together in Localities, Cities and States. It's important therefore to understand the mechanical framework of Macro Decision Making that works with Taxation as the funding method for Policy Level Decisions. Your point of awareness as a Tax Payer places this whole Tax Season in a greater context of an impressive framework for Large Scale Decision Making in the Macro Economy of the Great State of New York.
Since the earliest days when I was fortunate enough to volunteer in the NYC Audit Department (in the early days of the Guliani administration), I have held a deep appreciation of the complexity of Financial Management in Governance. During that time I had the privilege of working with some ex-GAO professionals who saw my interest and opened a door of continual learning through sharing insight to understanding of the mechanics of Financial Governance. That learning is most meaningful in context to help us ALL work together better on the important problem solving for the current and future challenges in public finance. If you have taken the time to read this it is a common interest we share to help on improvements in Public Finance through awareness. Being aware can help you better participate in the active decision making that is ultimately reflected in Individual, Family, Community, Government, Non Profit and Business Financials.
Is there a common Standard Setting Framework for Economics and Statistics ? - the Accountant considers that Financials and Accounting have GAAP and IFRS - what common standards guide Economics & Statistics ? :
The simple answer is that while Statistics have common formulas and that it is in the method of structuring surveys and tests where there is more variability. The standards may change depending on where you are working. We are continuing to learn more of this but here is the answer in reference to NYS level Econometrics in more detail:
In the process of considering the framework of Financial Decision Making a relevant question from the Accounting perspective became what is the relevant framework of decision making and controls in the area of Economics and Statistics. As you may or may not be aware Financials and Accounting correspond to Standards defined by FASB and potentially to IFRS for Financials. For Compliance Financials and Accounting correspond to Laws and Rules that include Federal, State and Local Elements of Compliance, Statistical Reporting and Taxation.
By way of frame of reference it became a relevant question to seek to define the obvious point that Economics and Statistics must also correspond to a defined centralized rule set. Through process of Research we have connected with these rule sets as part of Our ongoing analysis in the Year of Statistics 2013 . Depending on the Economics and Statistics area there are various points for defined rules - but not in the same manner as the centralization of Standards for Accounting under GAAP or IFRS.
We are continuing to review and learn more about comparative applied Economics and Statistics adnd Econometrics across the Economy but this is one finding at point.
Lessons Learned and Learning Pending:
Behind the scenes we are analyzing a broad survey of the Standard Setting methods of Statistics - where we have compiled a significant amount of resources and data for knowledge that will take some time to clear through. We are not rushing this because from Our perspective the study of applied Economics and Statistics through Econometrics is important and very interesting.
It's taken for granted that if you've read this far you appreciate our interests in learning more of applied Quantitative Methods and their important role in both Public Finance and Policy Decision Making. It is an impressive point of fact that Economics and Statistics can work together using surveys, samples and tests on data to produce meaningful decision making and of course that decision making is relevant to everything we do as Financial Decision Makers through Financials, Taxation and Compliance.
While our overall work is part of a framework for better understanding Public Finance in general from the Local, City, State, National and International points of Decision Making. The consideration here is focused on an element that is substantial enough in it's own right - Financial Decision Making for the Empire State and the contextual framework of Economics and Statistics controls that are place in the process of producing Analyses for NYS. It's an interesting point and the real application of Economics and Statistics to producing meaningful data insight for Decision Making is helpful to the educational process of knowledge growth for understanding of Public Finance Decision Making and the ways we all connect as Financial Decision Makers in Business, Non Profit, Individual and Governance roles on Financials.
Limiting the scope here to NYS - below please find the NYS Statistical Methods for Public Finance Analysis. It is an important answer to a question we considered about what exactly are the controls of Financial Decision Making for Economics and Statistics when leading into data for Public Policy Decision Making with further impact to the broader scope of Financial Decision Makers across the State.
NYS Methodology Book by NYS
DCarsonCPA.com is your weblink to the practice of Dean T. Carson II, CPA a knowledge driven practice that connects the lines of knowledge, experience, teamwork and research in support of Financial Decision Makers in Individual, Family, Community, Industry, Non Profit and Government roles on Financial Decision Making. For the lines of Advisory, Business and Non Profit support and the opportunity to help us all better connect to ways to assist on the current and future challenges in Public Finance. Knowledge is a key point of informed decision making.
We welcome the opportunity to support clients needs on services and to help where we can in the places where we can all learn more and help on decision making through awareness. Find us at www.dcarsoncpa.com or e-mail info@dcarsoncpa.com to learn more.
NYS Rulemaking updates for 2-13-2013
Following the lines of Important Decision Making from Albany:
Executive Branch Rulemaking for the week at 2-13-2013 your guide to important decision making in the Empire State from Departments and Agencies that will ultimately impact the operations and financials of NYS Businesses, Non Profits, Individuals, Families and Communities.
DCarsonCPA.com following the important lines of Decision Making in the Empire State that impact Financials for Businesses, Non Profits, Individuals, Families and Communities. We support Clients on services for Financials, Accounting, Taxes, Research and Advisory as relevant to Financial Decision Making in the Empire State (and other States as available - pls inquire) . To Learn more visit us at www.dcarsoncpa.com our interests also include support to Quantitative Analysis, Compliance needs and project management / business analysis needs where Financial Decision Making and Software connect. We welcome your inquiries on corresponding needs.
Executive Branch Rulemaking for the week at 2-13-2013 your guide to important decision making in the Empire State from Departments and Agencies that will ultimately impact the operations and financials of NYS Businesses, Non Profits, Individuals, Families and Communities.
DCarsonCPA.com following the important lines of Decision Making in the Empire State that impact Financials for Businesses, Non Profits, Individuals, Families and Communities. We support Clients on services for Financials, Accounting, Taxes, Research and Advisory as relevant to Financial Decision Making in the Empire State (and other States as available - pls inquire) . To Learn more visit us at www.dcarsoncpa.com our interests also include support to Quantitative Analysis, Compliance needs and project management / business analysis needs where Financial Decision Making and Software connect. We welcome your inquiries on corresponding needs.
Tuesday, December 25, 2012
NYS Executive Branch Updates at 12/19/12
NYS Executive Branch updates on Department and Agency Rules that also generally correspond to Financials, Tax and Compliance in the Empire State:
Rule Making
DCarsonCPA.com for Financial Decision Makers with needs on Accounting, Taxes, Financials and Compliance. We follow the important lines of Updates for Financial Decision Makers in the Empire State on Business, Non Profit, Individual and Governance roles with Financials to connect on support services. Driven by knowledge and research. Skilled with hands on experience on Financials for Strategic and Operational support needs. Learn more at www.dcarsoncpa.com .
Rule Making
DCarsonCPA.com for Financial Decision Makers with needs on Accounting, Taxes, Financials and Compliance. We follow the important lines of Updates for Financial Decision Makers in the Empire State on Business, Non Profit, Individual and Governance roles with Financials to connect on support services. Driven by knowledge and research. Skilled with hands on experience on Financials for Strategic and Operational support needs. Learn more at www.dcarsoncpa.com .
Sunday, October 14, 2012
NYS Agriculture and Markets - Compliance for Retail Food Stores, Food Services and Warehouses
NYS Agriculture and Markets
§ 500. Special powers and duties of the department with respect to retail food stores, food service establishments and food warehouses. 1. Definitions. For the purposes of this section, the following terms shall have the following meanings: (a) "Food service establishment" means any place where food is prepared and intended for individual portion service, and includes the site at which individual portions are provided, whether consumption occurs on or off the premises, or whether or not there is a charge for the food. (b) "Retail food store" means any establishment or section of an establishment where food and food products are offered to the consumer and intended for off-premises consumption. The term does not include establishments which handle only pre-packaged, non-potentially hazardous foods, roadside markets that offer only fresh fruits and fresh vegetables for sale, food service establishments, or food and beverage vending machines. (c) "Zone" means an administratively determined geographic portion of the state to which inspectors are assigned by the department. (d) "Food warehouse" shall mean any food establishment in which food is held for commercial distribution. 2. Each retail food store shall post a copy of the date and results of its most recent sanitary inspection by the department in a conspicuous location near each public entrance, as prescribed by the commissioner. Such copies shall also be made available to the public upon request. 3. (a) The department shall assign at least one retail food specialist to each inspection zone. Such specialists shall assist retail food stores in remedying chronic deficiencies and shall ensure that effective pest control and other sanitary measures are properly implemented. (b) Such specialists shall be given additional training to that normally provided to sanitary inspectors to qualify them for their duties under this section, with particular emphasis on the problems unique to retail food stores and pest control measures. 4. The department shall inspect each retail food store at least once in every twelve month period. Any store that fails two consecutive inspections shall be inspected at least once in every six month period until it has passed two consecutive inspections. In the event that a retail food store fails three consecutive inspections, the department may, in its discretion, order such establishment to cease all retail operation until it passes inspection or suspend or revoke any license issued to such establishment pursuant to article twenty-C of this chapter. 5. Licensure. No person shall maintain or operate a retail food store, food service establishment or food warehouse unless such establishment is licensed pursuant to the provisions of this article, provided, however, that establishments registered, permitted or licensed by the department pursuant to other provisions of this chapter, under permit and inspection by the state department of health or by a local health agency which maintains a program certified and approved by the state commissioner of health, or subject to inspection by the United States department of agriculture pursuant to the federal meat, poultry or egg inspection programs, shall be exempt from licensure under this article. Application for licensure of a retail food store, food service establishment or food warehouse shall be made, upon a form prescribed by the commissioner, on or before December first of every other year for the registration period beginning January first following. Upon submission of a completed application, together with the applicable licensing fee, the commissioner shall license the retail food store, food service establishment or food warehouse described in the
application for two years from the applicable registration commencement period set forth in this section. The licensing fee shall be two hundred fifty dollars provided, however, that food warehouses shall pay a licensing fee of four hundred dollars.
Note: Citation as of 10/14/2012 ALL NYS Laws and Rules subject to change and update
and you must independently confirm as filing or relying.
DCarsonCPA here for Businesses in the Food Services (Restaurant) and Retail Sectors we help on Accounting, Taxes, Compliance, Financial Reporting and more. Please visit us to learn more at www.dcarsoncpa.com .
Friday, August 17, 2012
NYS Tax Statistics 2011
Checking in with New York State Tax Statistics a look back at 2011 - still relevant as 2012 is underway for overall awareness of NYS Taxes. For any State Government Taxation is the Funding arm of the Government to meet the many varied needs of providing services as required by the Consituency through support of Legislation and through the issuance of subsequent executive branch rules from the Departments and Agencies to meet the intent of Legislation through active process of Governance.
Below please find the 2011 NYS Tax Statistics Report:
2010 11 Annual Statistical Report of Ny State Tax Collections
DCarsonCPA.com is your weblink to the practice of Dean T. Carson II, CPA here to support NYS Financial Decision Makers in Government, Industry, Non Profit and Individual roles for immediate needs on services for Financial Decision Makers. We are here to help on immediate needs on Client Services. We also work where we can with information that connects Decision Makers to assist on Services and to help on the Economy (where we can) with knowledge and active research.
Our services include Accounting, Taxes, Financials and related services. Learn more at www.dcarsoncpa.com or e-mail info@dcarsoncpa.com ,
Below please find the 2011 NYS Tax Statistics Report:
2010 11 Annual Statistical Report of Ny State Tax Collections
DCarsonCPA.com is your weblink to the practice of Dean T. Carson II, CPA here to support NYS Financial Decision Makers in Government, Industry, Non Profit and Individual roles for immediate needs on services for Financial Decision Makers. We are here to help on immediate needs on Client Services. We also work where we can with information that connects Decision Makers to assist on Services and to help on the Economy (where we can) with knowledge and active research.
Our services include Accounting, Taxes, Financials and related services. Learn more at www.dcarsoncpa.com or e-mail info@dcarsoncpa.com ,
Sunday, July 29, 2012
NYS Corporations - § 717 Duties of Directors
NYS Corporations Rules:
§ 717. Duty of directors.
(a) A director shall perform his duties as a director, including his duties as a member of any committee of the board upon which he may serve, in good faith and with that degree of care which an ordinarily prudent person in a like position would use under similar circumstances. In performing his duties, a director shall be entitled to rely on information, opinions, reports or statements including financial statements and other financial data, in each case prepared or presented by: (1) one or more officers or employees of the corporation or of any other corporation of which at least fifty percentum of the outstanding shares of stock entitling the holders thereof to vote for the election of directors is owned directly or indirectly by the corporation, whom the director believes to be reliable and competent in the matters presented, (2) counsel, public accountants or other persons as to matters which the director believes to be within such person's professional or expert competence, or (3) a committee of the board upon which he does not serve, duly designated in accordance with a provision of the certificate of incorporation or the by-laws, as to matters within its designated authority, which committee the director believes to merit confidence, so long as in so relying he shall be acting in good faith and with such degree of care, but he shall not be considered to be acting in good faith if he has knowledge concerning the matter in question that would cause such reliance to be unwarranted. A person who so performs his duties shall have no liability by reason of being or having been a director of the corporation.
(b) In taking action, including, without limitation, action which may involve or relate to a change or potential change in the control of the corporation, a director shall be entitled to consider, without limitation, (1) both the long-term and the short-term interests of the corporation and its shareholders and (2) the effects that the corporation's actions may have in the short-term or in the long-term upon any of the following: (i) the prospects for potential growth, development, productivity and profitability of the corporation; (ii) the corporation's current employees; (iii) the corporation's retired employees and other beneficiaries receiving or entitled to receive retirement, welfare or similar benefits from or pursuant to any plan sponsored, or agreement entered into, by the corporation; (iv) the corporation's customers and creditors; and (v) the ability of the corporation to provide, as a going concern, goods, services, employment opportunities and employment benefits and otherwise to contribute to the communities in which it does business. Nothing in this paragraph shall create any duties owed by any director to any person or entity to consider or afford any particular weight to any of the foregoing or abrogate any duty of the directors, either statutory or recognized by common law or court decisions. For purposes of this paragraph, "control" shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of the corporation, whether through the ownership of voting stock, by contract, or otherwise.
§ 717. Duty of directors.
(a) A director shall perform his duties as a director, including his duties as a member of any committee of the board upon which he may serve, in good faith and with that degree of care which an ordinarily prudent person in a like position would use under similar circumstances. In performing his duties, a director shall be entitled to rely on information, opinions, reports or statements including financial statements and other financial data, in each case prepared or presented by: (1) one or more officers or employees of the corporation or of any other corporation of which at least fifty percentum of the outstanding shares of stock entitling the holders thereof to vote for the election of directors is owned directly or indirectly by the corporation, whom the director believes to be reliable and competent in the matters presented, (2) counsel, public accountants or other persons as to matters which the director believes to be within such person's professional or expert competence, or (3) a committee of the board upon which he does not serve, duly designated in accordance with a provision of the certificate of incorporation or the by-laws, as to matters within its designated authority, which committee the director believes to merit confidence, so long as in so relying he shall be acting in good faith and with such degree of care, but he shall not be considered to be acting in good faith if he has knowledge concerning the matter in question that would cause such reliance to be unwarranted. A person who so performs his duties shall have no liability by reason of being or having been a director of the corporation.
(b) In taking action, including, without limitation, action which may involve or relate to a change or potential change in the control of the corporation, a director shall be entitled to consider, without limitation, (1) both the long-term and the short-term interests of the corporation and its shareholders and (2) the effects that the corporation's actions may have in the short-term or in the long-term upon any of the following: (i) the prospects for potential growth, development, productivity and profitability of the corporation; (ii) the corporation's current employees; (iii) the corporation's retired employees and other beneficiaries receiving or entitled to receive retirement, welfare or similar benefits from or pursuant to any plan sponsored, or agreement entered into, by the corporation; (iv) the corporation's customers and creditors; and (v) the ability of the corporation to provide, as a going concern, goods, services, employment opportunities and employment benefits and otherwise to contribute to the communities in which it does business. Nothing in this paragraph shall create any duties owed by any director to any person or entity to consider or afford any particular weight to any of the foregoing or abrogate any duty of the directors, either statutory or recognized by common law or court decisions. For purposes of this paragraph, "control" shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of the corporation, whether through the ownership of voting stock, by contract, or otherwise.
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