1/20/2004

January Halftime

Hello:

Halfway through the trading days of January, it appears that the market is taking a small time-out after putting some good numbers on the scoreboard. As of the market close on Friday (yesterday being a market holiday) the S&P 500 was up approximately 2.5%, the Nasdaq composite approximately up 7% and the Russell Small Cap index up approximately 6% (Indices are unmanaged and cannot be invested into directly. Past performance is not an indication of future results).

Consider talking to your donors about a gift of a collectible that your organization could use as part of their ongoing mission (e.g. a painting your museum would display). According to the Wall Street Journal (12/16/2003), the maximum capital gains rate on the sale of collectibles remains a hefty 28%! (Be sure to advise your donor to consult their tax advisor prior to making a decision.)

Terri G. Millson, CIMC President

Ray Dicius, GEPC LPL Branch Manager