William Penn Life, 1989 (24. évfolyam, 1-12. szám)
1989-08-01 / 8. szám
WILLIAM OFFICIAL PUBLICATION Volume 24 August 1989 Number 8 ■■■■■■ Young members of the William Penn Association Magyar Folk Dancers of McKeesport, Pa., entertain guests at the first-ever William Penn Family Day held July 7 at Kennywood Park. See story on Page 4. (Photo by Louis A. Fodor) Home starts drive for new van 'ETA* plan offers tax-free way to save for college WELLSBURG, WV — When members and friends of the Association come here this month for the William Penn Home Family Festival, they will be helping the Home’s residents in a very special way. All proceeds from the Aug. 6 Festival will go towards the purchase of a new van for the residents. What will make a new van special is the way it will affect the residents’ lives. "It will make it much easier for them to go on outings and trips,” said Home Administrator Paul T. Kovács. "The residents will be By Stephen G. Danko National President PITTSBURGH — On July 9, 1989, the President of the United States embarked upon a historic journey that would take him to two countries, Poland and Hungary, spearheading the democratization of political and economic systems existing in the Eastern Bloc countries. Three days prior to his departure, the President met with leadable to enjoy the area surrounding our Home much more.” According to Mr. Kovács, the Home’s current van is getting old, needs costly repairs and has accumulated many miles. "It is also too small to accommodate the number of residents we have,” he said. "Consequently, many times the residents have to sign up on a first come-first served basis and have to take turns going on outings and trips.” In an effort to raise money for the new van, the Home established a Van Fund this spring. For the past three months, the Home ers of the American Hungarian community and business leaders who had gathered in Washington for a special Eastern European Symposium. In remarks delivered in the Indian Treaty Room of the White House, President Bush stressed the value of sharing our business and managerial expertise with Hungary and other Eastern Bloc nations. He also encouraged increased American investment in those nations. has been selling 50/50 raffle tickets in order to raise funds for the van. The first van fund drawing, held July 6, raised $400, half of which went to the van fund. The other $200 went to the winner, Mrs. Ella Porter of Wheeling, W.Va. Tickets for a second 50/50 raffle are now being sold. Another drawing will be held during the Festival. In addition to the proceeds from the Festival itself, all money raised from ticket sales for the See 'Van Fund’ Page 12 Such assistance is vital, the President said, if there is to be a peaceful transition toward the democratization of Hungary’s political and economic system. He also encouraged participation in other types of exchange programs, including the exchange of students and professors between the two countries. Earlier, the President had conferred privately with four leaders of the American Hungarian community to outline the major areas PITTSBURGH — The William Penn is now offering its life benefit members a tax-free way to save for their children’s future education. The new plan is called the Educational Trust Account, or ETA for short. It allows members to give gifts to their children who are under age 18 and places those gifts in an interest earning savings account. "The William Penn has always been committed to helping its young members attain a higher education,” said National President Stephen G. Danko. "With the ETA, parents and their children can ensure that their savings will keep pace with rising education expenses.” The plan has built-in tax advantages for both parents and children. For example, since deposits into an ETA are considered as gifts to minor children, each child can earn up to $1,000 interest each year tax free. Parents also enjoy a tax advantage in that they can give each of their children up to $10,000 per year without being subject to gift taxes. Parents opening an ETA receive a pamphlet containing applicable tax laws. "We also strongly recommend parents consult with their tax advisor to determine how the tax laws will affect them individually,” President Danko said. of concern to be addressed during his trip to Hungary. Joining me at this private meeting were the Rev. Imre Bertalan, president of the Hungarian Reformed Federation of America; Gabor Bodnar, executive president of the Hungarian Scouts Association; and László Hamos of the Hungarian Human Rights Foundation. The meeting offered us the chance to reaffirm our support See 'Hungary’ Page 3 Interest earned on ETA’s is determined quarterly. Currently, William Penn ETA’s are yielding 9lA percent annually, with interest compounded daily. The plan guarantees that the declared yield will never fall below 5 percent compounded on a daily basis. Parents wishing to open an ETA for their child may either make a one-time single deposit or make a smaller initial deposit and subsequent annual deposits. Deposits plus interest are paid to the child when he or she reaches age 18 or when the child enrolls in an accredited educational institution. Parents or their designee can determine the amount of withdrawals and the manner in which they are made. Amounts withdrawn prior to the child’s reaching age 18 are subject to a penalty equal to two months interest at the current declared rate. However, if the current rate of interest yields less than 7 percent, then early withdrawals can be made without a penalty. Additional deposits can be made after the child reaches age 18, and any funds remaining in the ETA after withdrawals begin will be credited with the current declared rate of interest. For more information on a William Penn ETA, contact your local William Penn sales representative or the Home Office. Inside ■ WPA to plan trips based on members’ interest ... Page 2. ■ Ambassador Hazi set to attend Pittsburgh dinner ... Page 2. ■ Sixth golf tournament another success..................... Page 5. ■ The latest new and notes from our branches .... Pages 8-9. ■ Nation celebrates Constitution Week......................Page 12. Next Deadline August 18 The great experiment Bush, experts stress patience, private investment as keys in democratization of Hungary
