Kentucky IOLTA Fund Awards 2015 Grants
Posted: Sep, 10 2015
The Kentucky IOLTA Fund is proud to announce that it awarded a total of $1,063,260.54 in law-related grants during the 2015-16 fiscal year. The Interest on Lawyers’ Trust Accounts (“IOLTA”) Fund was established in 1986 by the Kentucky Supreme Court through SCR 3.830.
The IOLTA program uses the advantage of pooling client trust funds to generate interest in excess of fees and costs. The interest earned is used to assist or help establish legal services and pro bono programs, as well as other law-related programs benefitting the public that the Kentucky Supreme Court approves from time to time. In the 2015-16 fiscal year, the IOLTA Fund awarded a total of $500,000 to Kentucky’s four legal aid organizations: Kentucky Legal Aid, Legal Aid of the Bluegrass, the Appalachian Research & Defense Fund of Kentucky, and the Legal Aid Society. Additionally, grants of $15,000 each were awarded to Kentucky’s three law schools to fund public service fellowships for their students. Also in 2015-16, the IOLTA Fund awarded separate grants totaling $518,260.54 to the four legal aid organizations for the sole purpose of foreclosure prevention and community redevelopment legal assistance. The IOLTA Fund received and awarded these funds through a donation it received from Bank of America, N.A. as part of the Bank’s settlement with the U.S. Department of Justice.
The IOLTA Board of Trustees and staff thank each of the members of the Kentucky Bar Association for their continued support of the IOLTA program and the important role that it plays in providing legal assistance to Kentuckians across the Commonwealth.