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\-

'93 SAAB CONVERTIBLE

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$

1rolomm."-
.
•

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Per Month

7% APR $2000 Cap reduction option to purchase at end of lease for $11,092, 60 month
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lease $29 980
lease . inceptioni.
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THE PO VIER OF INTELLIGENT ENGINEERING.

OLDSMOBILE • SAAB • HYUNDAI

On Telegraph at the
Tel-Twelve Mall. Southfield

locismooJle

[

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OnTelegraph at the
Tel-Twelve Mall. Southfield

Endowment Group Turns
Charity Into Business

"The Store To Watch"

"Sell Where the Dealers Sell"

4301 Orchard Lake Road
539-1181

BNRN- TT
RARITIES

(Corner of Lone Pine) Inside Crosswinds Mall

CORPOR ATION

189 MERRILL SI

BIRMINGHAM 48009

Maw 1313) 644-1124
Since 19 71

Hours: Mon.-Wed. 10-6, Thurs. & Fri. 10-9, Sat. 10-6

he business of en-

dowments has be-
come a venture for
two women experi-
enced in financial man-
agement and volunteer
work.
Josephine Kessler and
Sheila Kasselman have
formed the Endowment
Group Inc., a Troy firm
that markets and admin-
isters endowment pro-
grams for charitable and
nonprofit organizations.
"We understand the
need for endowment as a
steady flow of income,"
said Ms. Kessler, who
remains president of Jo
Kessler Financial Services
in Troy. Ms. Kasselman
continues as president of
Sheila Kasselman Inc., in
Troy, advising clients
about insurance and
employee benefits.
Both women have
served on boards of vari-
ous health, cultural and
community organizations.
"We become the endow-
ment department of non-
profits," explained Ms.
Kasselman about the new
venture. "We actually
organize and help them
raise funds through our
program."
Their program essen-
tially consists of using life
insurance as a way for
large numbers of small
donors to build a strong
endowment base, although

they also can provide
other endowment arrange-
ments using securities
and mutual funds.
As an example, they
recall a working woman
who decided on four poli-
cies to benefit four chari-
ties. With the contribu-
tor's premium cost of
$5,000 paid over six years,
each charity ultimately
will get $25,000.
The Endowment Group
does not charge either the
donors or the charities for
the work that is done in
bringing about these
transactions. Instead,
there are commissions
from selected insurance
companies.
"There is a whole group
of people who are over-
looked - donors who can't
afford thousands and
thousands in large gifts
but who might be able to
afford premiums of life
insurance policies for five
to seven years," Ms.
Kasselman said.
To get that right fit, the
women meet individually
with prospective donors to
learn their tax status,
budget limitations and
types of charities they
want to assist. They also
advise prospective donors
not to take away from nor-
mal giving to set up
endowments because char-
ities need that money for
day-to-day operations. ❑

Z ORIENTAL RUGS

<

c: m

'§

0

T HE DE TRO IT J EW IS H NEWS

14

0

Retirement &
Long Term
Care Planning

ALLMERICA

FINANCIAL'

repair them

and Love them!

Carpet Cleaning

OAK PARK OUTLET • 546 - RUGS
BIRMINGHAM • 646-RUGS
ANN ARBOR • 973 - RUGS

Professional Financial Services

WOOD DECK
WASHING
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Affiliated with The Allmerica Financial Group

Call Now For An Estimate

29100 Northwestern Hwy., Suite 405 Southfield, MI 48034
Fax: (313) 352-3612
Office: (313) 354-1300

Leading Israeli Stocks
Traded On U.S. Exelia.n.ges

Symbol Name

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We buy them, sell them,

appraises them, clean them

STEVE'S POWER WASH
624-1220

SCIXF
ECILF
TEVIY
IEC
ELBTF
ELT
ELRNF
TAD
CMVT
LANTF

Exchange June 25 July 2 Change

Scitex

NASDAQ

'37.25

'38.75

+$1.50

EC I Telecom

NASDAQ

'35.50

'37.25

+1 1.75

Teva Pharm

NASDAQ

'20.75

-'0.75

PEC Israel

NYSE

'21.50
'26.25

'26.75

+$0.50

'44.25

'43.50

-'0.75

'5.25

'5.38

+s0.13

NASDAQ

'20.25

'20.00

-'0.25

NYSE

'30.38

'30.63

+'0.25

NASDAQ

'17.00

'17.00

'0.00

NASDAQ

'12.63

'13.00

+'0.37

Elbit Computers NASDAQ

Elscint LTD
Elron Electronics
Tadiran
Comverse
Lan net Data

NYSE

Source: Allen Olender, Prudential Securities,
West Bloomfield.

