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KBF opens IOLTA grant proposal process

Friday, July 14, 2017   (0 Comments)
Posted by: Meg Wickham
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Kansas Bar Foundation opens IOLTA Grant Proposal Process

The Kansas Bar Foundation is now accepting grant proposals under its IOLTA (Interest on Lawyer Trust Accounts) program. The deadline to submit a proposal is September 1. The grant application packet and additional information can be found at http://www.ksbar.org/mpage/iolta_grant_process..

The Kansas IOLTA program generates approximately $70,000 per year that can be distributed to organizations that support law-related charitable public service projects and programs for low-income Kansans. The IOLTA program collects the interest from lawyers’ commingled client trust accounts which, prior to the creation of the Kansas IOLTA program in 1984, were held in non-interest bearing accounts. The client funds deposited in these accounts are either so small or will be held for such a short amount of time that any interest generated would be less than the expenses to set up a separate account or to separate out, keep appropriate tax records, and dispense interest to each client. However, when a number of these small or short-term funds are pooled together, they can produce significant amounts of revenue for lawrelated charitable public service projects. Kansas partners with Kansas bankers to provide IOLTA. A list of KBF bank partners can be found at http://www.ksbar.org/mpage/iolta_banks.


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