Foundation announces first IOTA collections under amended rule

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The Florida Bar Foundation has collected $9,498,804.89 in Interest on Trust Accounts (IOTA) collections during its first fiscal year under the amended Rule 5.1-1(g)(8) Rules Regulating The Florida Bar.

In accordance with the rule, the Foundation will, on or before Dec. 31, 2022, distribute to one or more qualified grantee organizations all IOTA funds collected during fiscal year 2021-22 except for direct expenses required to administer the IOTA funds, funds required to fund the Loan Repayment Assistance Program, and an additional reserve amount if requested by the Foundation and approved by the Florida Supreme Court.

Hon. Suzanne Van Wyk

Hon. Suzanne Van Wyk

“The Foundation’s board members and staff continue to work diligently to implement the amended rule as efficiently, effectively and fairly as possible,” Hon. Suzanne Van Wyk, the Foundation’s president, said.

The Foundation has created a workplan to implement the amended rule. The workplan includes a matrix that calculates how IOTA funds will be distributed to qualified grantee organizations. The Foundation is currently conducting a grant distribution trial run using the matrix to determine its effectiveness.

View the Foundation’s Grant Database to see how the trial run grants are being distributed.