The Foundation is forging a new path in 2022, focused on implementing changes that are a result of the updated IOTA rule.
This year, our board and staff are testing new procedures, writing new policies and, as always, streamlining our work so that we can provide legal aid funding and leadership in the most effective and efficient ways.
In December, we made official our grant allocations for the year. The board allocated $1,250,000 for a trial run of how IOTA monies will be disbursed. This allows us to test our new procedures before July 1, when we will be required by the new rule to disburse within six months of receipt.
The Foundation’s staff has been hard at work segregating IOTA receipts from other Foundation funds in bank accounts, implementing detailed time sheets for staff to record their IOTA time allocations, updating accounting processes and procedures relating to recording allowable IOTA expenses and collaborating with grantees on methods to distribute IOTA receipts.
We also created a new ad hoc committee that will review the Foundation’s name, mission, brand and messaging to determine if changes are necessary for the Foundation’s continued success. Because interest rates remain low, thereby creating low IOTA funding, we must commit to finding new sources of funding for legal aid in Florida. To do this, our mission and messaging must match the need so that we can effectively fundraise. The committee will bring its recommendations to the June board meeting.