Grants update

The Florida Bar Foundation has provided its legal aid grantees with updated projections for anticipated grant cuts through the 2015-16 fiscal year.

By then, the Foundation anticipates that it will have made cuts of 76 percent since 2009-10 in the general support grants it provides 30 legal aid grantees throughout Florida through the Legal Assistance for the Poor Grant Program. Children’s Legal Services grants are expected to be cut by a similar percentage.

These estimates are based on projected Foundation income, including donations from Florida Bar sections, Fellows and other charitable gifts, as well as on the balances in the Foundation’s several reserve funds and income from The Florida Bar Foundation Endowment Trust. IOTA revenue is not expected to increase anytime soon in light of the Federal Reserve’s December 2012 announcement that it would keep short-term interest rates near zero at least until the unemployment rate falls below 6.5 percent or projected inflation gets above 2.5 percent.