October 2, 2007 Bulletin

Posted by Greg Kenyon

Last Week

Michael Fitzgerald, Treasurer of the State of Iowa presented an informative program concerning the College Saving Iowa plan available through the Treasurer's office.

The program has been in effect for about ten years. Although many states have similar programs, all of which are authorized under Internal Revenue Code Section 529 (these are sometimes referred to as "529 Plans") the Iowa program is regarded by financial experts as one of the best in the nation.

Some key features of the plan:

Anyone can make a contribution, either for a family member, friend, or even themselves. The contribution is income tax deductible for Iowa income tax purposes. The funds in the account grow tax free. On distribution from the account, as long as funds are spent for education related expenses, the distributions are tax free.

The maximum amount of an annual contribution which is deductible is $2,595 in 2007. The amount is indexed each year for cost of living. An account can be started with as little as $25.

You can sign up and make contributions and withdrawals online. To learn more visit the web site at www.iowa529save.com .

Thanks to Mike for a great program and to Mark Critelli, program czar, for arranging it.

Membership

A new member lunch is scheduled in the near future at Todd Millang's office. All new members are encouraged to attend.

A little humor

"Letters to Landlords"

Below are a few excerpts from purportedly real-life letters to landlords:

- The toilet is blocked, and we cannot bath the children until it is cleared.

- This is to let you know that is a smell coming from the man next door.

- The toilet seat is cracked: Where do I stand?

- I am writing on behalf of my sink, which is running away from the
wall.

- I request your permission to remove my drawers in the kitchen.

- Will you please send someone to mend our cracked sidewalk?

Yesterday my wife tripped on it and is now pregnant.