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About the Kentucky IOLTA Fund

The Kentucky IOLTA Fund was established in 1986 by the Kentucky Supreme Court through SCR 3.830. The program uses the advantage of pooling client trust funds to generate interest in excess of service fees and administrative costs. Attorneys in the program deposit small or short-term trust funds into interest-bearing accounts with the interest being paid directly to the IOLTA Fund. Client funds remain under the control of the attorney who continues to maintain his or her trust account. Interest paid is not included in either the attorney's or the client's gross income.

 

The interest received by the IOLTA Fund is disbursed in the form of grants for legal aid to the poor, local pro bono programs, and other projects that improve the administration of justice in Kentucky as may be specifically approved by the Kentucky Supreme Court from time to time.  The Kentucky IOLTA Fund has awarded over $15 million in grants since 1988. 

 

Frequently Asked Questions about IOLTA

For additional information about the Kentucky IOLTA Fund, including answers to frequently asked questions, click here.  The Client Trust Account Handbook also provides helpful resources.

 

IOLTA Forms

Account Authorization Form

Unless they qualify for an exemption under SCR 3.830(14), all attorneys are required to enroll any new client escrow or trust accounts in IOLTA.  The process only takes a short time, and it only has to be completed once for each account.  To establish an IOLTA account, an attorney first opens a non-interest-bearing escrow account at a participating financial institution of his or her choice.  The attorney then submits this Account Authorization Form to the IOLTA office requesting that the account be enrolled in IOLTA and authorizing IOLTA to receive interest earned on the account.  IOLTA then enrolls the account in the program and notifies the bank to convert the account into an interest-bearing IOLTA account.  The bank then pays all interest earned on the account to the IOLTA Fund on either a monthly or quarterly basis, and no further action by the attorney is required unless and until something changes with the account. 

 

Annual Compliance Certification Form

SCR 3.830(13) governs IOLTA and requires every lawyer admitted in Kentucky to certify their compliance with or exemption from the rule on or before September 1st of each year.  Attorneys are reminded of this annual requirement on their KBA dues statement, and certification is submitted by completing this short online Annual Compliance Certification Form through the KBA’s secure website.  The form first requires all attorneys to provide their bar number and contact information.  Attorneys then finish the form by either providing their IOLTA account information or certifying their exemption from participating in the IOLTA program.  Exemptions are allowed only for those attorneys who fall within the specific categories enumerated in SCR 3.830(14).  Firms with multiple attorneys are encouraged to submit a single form on behalf of all of their attorneys.


IOLTA Board of Trustees

 

2016-2017

Officers

 Chair Secretary/Treasurer   
 David F. Latherow Melinda T. Sunderland

 

Trustees

District 1 District 2 District 3 
Jack N. Lackey, Jr.
Hopkinsville

Stephen D. Gray

Henderson

J. Warren Keller
London  
District 4
District 5
District 6
Melinda T. Sunderland
Louisville
Robert W. Kellerman 
Frankfort
John G. Wright
Warsaw
District 7
Kentucky Supreme Court
Kentucky Bankers Association 
David F. Latherow
Ashland
Justice Lisabeth T. Hughes
Louisville 
Luther Deaton, Jr.
Lexington
Kentucky Bar Association
Kentucky Bar Foundation
 

Douglas C. Ballantine

Louisville

J. David Porter
Lexington
 




 

Contact the IOLTA staff with any questions.

 

Kentucky IOLTA Fund
Kentucky Bar Center
514 W. Main Street
Frankfort, KY 40601-1812
(800) 874-6582 or (502) 564-3795




Executive Director

Amelia Martin Adams

aadams@kybar.org

 

Program Manager

Gwen Smallenburg

gsmallenburg@kybar.org

 

 

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