Interest on Lawyer Account

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Agency Web Site: http://www.iola.org/Link to External Website

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 SFY 2014 budget.

ALL FUNDS
APPROPRIATIONS
(dollars)
Category Available
2013-14
Appropriations
Recommended
2014-15
Change From
2013-14
Reappropriations
Recommended
2014-15
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

ALL FUND TYPES
PROJECTED LEVELS OF EMPLOYMENT BY PROGRAM
FILLED ANNUAL SALARIED POSITIONS
Program 2013-14
Estimated FTEs
03/31/14
2014-15
Estimated FTEs
03/31/15
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 01/20/2014

Click for additional detailed appropriation tables

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