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University Dally Kansan, September 2, 1981
All-Savers certificate status tied to savings programs
By STEVE ROBRAHN Staff Reporter
Lawrence financial institutions are responding cautiously after a weekend warning by the Internal Revenue Service about the tax-exempt status of the All-Savers certificates that will be issued Oct. 1.
The IRS statement said that high-yielding savings programs tied to charterism can be certified by the SEC may jeopardize the tax-exempt status.
"The real estate and mortgage markets are really in a turmoil," said Jack Gaumnitz, KU professor of business.
1 think the IRS is totally wrong.
The IRS is irresponsible to make such a statement without research in the thing further."
THE ALL-SAVERS certificates will be sold beginning Oct. 1 and were created by the tax-cut bill into law by President Reagan.
The All-Savers program is designed to put money back into the mortgage and real estate markets through loan advances and the interest paid on the certificates.
Trying to get a jump on the program, the nation's financial
institutions have offered schemes for investors to place money into short-term, high-interest accounts. All Savrava certificates on Oct. 1.
Interest rates as high as 40 percent had been offered by New York financial institutions for the one month tie-in program their investment bank closed over" money in their accounts and purchase Ali-Savers certificates.
IN LAWRENCE, interest rates for the short-term program are between 17 and 25 percent.
However, by taking advantage of the high interest rates offered in advance of Oct. 1, the IRS statement said investors may be jeopardizing their savings by holding Congress on the All-Savers certificates.
"The problem is that when it gets rolled over, it could be construed as a certificate issued before the proper date and the possible result is that your interest (earned after Oct. 1) is going to be taxable." IRS spokesman Levin Levine said Sunday.
LAWRENCE SAVINGS and loan associations have either put their tie-in programs on hold or said they are proceeding cautiously.
customers and saying that we're not sure what the IRS will decide," said Kent Earl, treasurer of Lawrence Savings Association.
"The IRS should shed some more light on it by this Thursday," Earl said. "We've had a lot of phone calls, we have taken a 'walk and see' attitude."
"We're discussing it with
Dan Heptig, loan officer for Capitol Federal Savings and Loan Association, said his firm began offering a 17 percent interest tie-in program on Aug. 24, but discontinued Monday following the IRS warning.
Anchor Savings Association had planned to begin offering its tie-in program today, but won't go ahead until the accounts until it receives legal opinions.
ONE THING THAT bothers Marshall Biggert, branch manager of Anchor Savings, is that the tie-in accounts are not insured by the Federal Savings and Loan Insurance Corporation.
"It should be insured or we shouldn't be in it." he said.
The All-Savers certificates will produce interest at 70 percent of the rate offered for one-year treasury bills, Gaummitz said.
KU Med Center officials establish Johnson County extension service
By JOLYNNE WALZ Staff Reporter
Along a stretch of 96th Street in Overland Park, known as "real-estate row," the blue and white sign of the University Associates Medical Group stands out among the rows of realtors' sigms.
"They thought it would be a good way to extend themselves into a market that they otherwise would not have." Charles Hartman, the Med Center's vice chancellor for clinical affairs, said yesterday.
University of Kansas Medical Center officials established the group last spring to provide non-emergency care in front of patients to attract more Med Center patients.
THE MED CENTER, which is in Wyandotte County, is attracting Johnson County patients with its convenient located Medical Group, he said.
Quida D. Draine, an internist with the group, said that, besides being more convenient, the atmosphere at the center is much better than the atmosphere at the Med Center.
"This is a lot more relaxed and free than the hubbuk at KU Med Center," she said. "It really works like a private doctor's office."
Wednesdays, Thursdays and Fridays.
Tuesdays, a doctor is on duty until 9 p.m.
and Saturdays the office closes at noon.
Patients arrive at the Medical Group's waiting room to have minor surgery, to receive respiratory or toust that have a cold treated, Draple said.
INTERISTS, SURGEONS,
neurologists, endocrinologists, obstetricians, gynecologists and ear, nose and throat specialists from the Med Center see patients at the Medical Group's offices whenever it is more convenient for the patent to travel there. Hartman said.
THE MEDICAL GROUP'S office is open from 9 a.m. to 5 p.m. Mondays,
we also have a commitment to practice," he said. "We'll see patients by ourselves at times in kind of a day when we can't be without residents or students involved."
Although Med Center officials approved the Medical Group, Hartman said, it was funded solely by patients' fees.
He also said that the group was not yet a financial success, although he did not have exact financial figures available.
"The number of patients is increased," said it. "It's on the open call we're ready to go."
"You anticipate, when you open up something new, not making money in the first few days," he said.
The group has not earned enough money to justify buying expensive permanent equipment, such as an X-ray machine, Draine said.
HOWEVER, THE GROUP'S offices have examination rooms, a respiratory therapy room, two rooms set up for resuscitation and to resuscitate heart-attack patients.
"I think we are more prepared to deal with emergencies than most regular doctor's offices," Draine said. "We are equipped to do deliveries down here too, but, fortunately, we haven't had to do that yet."
The Medical Group owns the building it occupies, Hartman said, although it does not occupy the third floor, which is rented by businessmen and lawyers.
Expanding the group's services to the upstairs would be difficult, he said, because there is no elevator in the building and the stairs would not be able to climb the stairs.
The lab, located downstairs, is equipped to run basic tests, such as blood-counts, Draine said, but more laboratory tests must be run at the Med Center.
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M AMERICAN CHAPTER
N. AMERICAN CHAPTER
On September 1, 1969, twelve years ago, Qaddafi took over power in Libya in a military coup. Since that day unexpected dictatorship was and still is governing the country; banding all political activities, freedom of speech, and freedom of the press. Torturing thousands of political prisoners who experienced extreme inhumane, physical, and mental abuse inside his prisons and detention camps. Qaddafi is not content to execute his critics inside Libya, also, he extended his death squad to assassinate 18 of his opponents abroad. Qaddafi used Libyan oil revenues to finance his terror campaigns against neighboring countries such as the invasion of Chad, in the south.
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