An important source of funding for the organizations supported by the Nevada Bar Foundation is the earned interest from the Interest on Lawyers Trust Account (IOLTA) program. The IOLTA program is the result of the Nevada Supreme Court Rule 217 that requires Nevada attorneys and law firms in Nevada to create and maintain an interest-bearing trust account for the deposit of clients’ funds which are nominal in amount or to be held for a short period of time in an Interest on Lawyers Trust Account (IOLTA), held at a participating financial institution.
As the tax-exempt entity responsible for receiving and distributing the interest earned on IOLTAs, the Nevada Bar Foundation distributes millions in direct grants to qualified organizations across the state. The majority of Nevada’s IOLTA funds are awarded to organizations with programs that provide direct, legally-related services to the poor, victims of domestic violence, senior citizens, children protected by or in need of protection by the juvenile court, and other persons who may be denied access to justice. More than 37,000 Nevada households are served annual with IOLTA dollars.
Banking Relationships Matter
The Nevada Bar Foundation extends its thanks and appreciation for those financial institutions that elect to participate in IOLTA and agree to pay favorable rates on all IOLTA accounts under deposit. Leadership Institutions have committed to supporting access to justice by paying a higher rate of 1.2 percent on IOLTA accounts held within their institutions.
We encourage all Nevada attorneys to support those financial institutions that support Access to Justice in this State.
To learn more about how Nevada’s IOLTA program benefits those in need, see a recent article published in the Las Vegas Business Press.