The Rhode Island Bar Foundation, the charitable arm of the Rhode Island Bar Association, recently awarded its 2014 Interest on Lawyers Trust Accounts (IOLTA) grants totaling $395,401 to nine public service programs serving Rhode Islanders.
This year’s recipients are: Rhode Island Legal Services; Dorcas International Institute of Rhode Island; Rhode Island Coalition Against Domestic Violence; Rhode Island Coalition for the Homeless; Day One; Rhode Island Legal Educational Partnership; and the Rhode Island Bar Association’s Legal Information and Referral Service for the Elderly Program, Pro Bono Project, and Law Related Education Program.
IOLTA is a program through which lawyers keep pooled client trust funds in interest-bearing checking accounts. The interest is forwarded by the banks to the Rhode Island Bar Foundation which, in turn, awards the money in the form of grants to non-profit organizations that provide legal services to the poor.
The IOLTA program uses only interest from pooled client funds that are too small in amount or are expected to be held for too short of a period of time to generate net economic benefit on any single client’s deposit.