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.
To support the Nevada Bar Foundation mission and enroll in the Interest on Lawyers Trust Account (IOLTA) Program established by the Supreme Court of Nevada, Nevada State Bar members must complete the IOLTA Enrollment Form and mail/fax it to the participating IOLTA financial institution. Annually, the Nevada State Bar members must report the financial institutions in which they hold their IOLTAs with the Nevada State Bar membership fee statements.
NEW! To learn more about how Nevada’s IOLTA program benefits those in need, see a recent article published in the Las Vegas Business Press.