Interest on Lawyer Account
skip breadcrumbsAgency Web Site: http://www.iola.org/
Mission
The Interest on Lawyer Account (IOLA) Fund was established in 1983 to finance civil legal services for the indigent. Revenues are derived from the interest earned on small trust accounts in which attorneys hold certain funds for their clients. Banks transfer the interest earned on these IOLA escrow accounts to the IOLA Fund to finance grants to not-for-profit, tax-exempt entities providing civil legal services to the indigent, elderly, disabled and others. Legislation enacted in 1988 made participation in IOLA mandatory for attorneys in private practice who hold nominal short term escrow accounts for clients, and new regulations initiated in 2007 ensure that banking institutions pay a fair interest rate on IOLA escrow accounts, one that is not less than that paid on similar types of bank accounts.
Budget Highlights
The Executive Budget recommends $46.8 million for this agency and a work force of 8 FTEs, both of which are unchanged from the 2014-2015 budget.
| Category | Available 2014-15 |
Appropriations Recommended 2015-16 |
Change From 2014-15 |
Reappropriations Recommended 2015-16 |
|---|---|---|---|---|
| State Operations | 1,841,000 | 1,841,000 | 0 | 0 |
| Aid To Localities | 45,000,000 | 45,000,000 | 0 | 0 |
| Total | 46,841,000 | 46,841,000 | 0 | 0 |
| Program | 2014-15 Estimated FTEs 03/31/15 |
2015-16 Estimated FTEs 03/31/16 |
FTE Change |
|---|---|---|---|
| New York Interest on Lawyer Account | |||
| Special Revenue Funds - Other | 8 | 8 | 0 |
| Total | 8 | 8 | 0 |
Note: Most recent estimates as of 01/21/2015