The Kentucky Supreme Court approved the appointment of Rebecca Adams Simpson of Bowling Green to the Interest On Lawyers’ Trust Accounts board of trustees.
The court in 1986 established the Kentucky IOLTA Fund, which requires every lawyer maintaining a pooled client trust account to offer such account for participation in the IOLTA Fund unless otherwise exempt. 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.
The interest received by the IOLTA Fund is then 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 more than $17 million in grants since 1988.
The IOLTA Fund is administered by the Kentucky Bar Foundation, the charitable arm of Kentucky’s legal community. Subject to the continuing jurisdiction of the Kentucky Supreme Court, the Kentucky IOLTA Fund is governed by an 11-member board of trustees. The 10 trustees who are members of the bar are appointed for a maximum of two successive three-year terms by the Board of Governors of the Kentucky Bar Association and approved by the court. An additional member of the Board of Trustees participates as a representative of the Kentucky Bankers Association.
Attorney Charles E. English, co-founding partner of ELPO Law, said in a news release, “Rebecca has once again made us proud of her demonstrated professional competence and commitment to public service. Serving on the IOLTA Board affords the opportunity to provide significant public service, establish meaningful relationships and gain valuable knowledge of the law, bench and Bar. This is a significant appointment for Rebecca, recognizing her legal accomplishments and leadership in the profession.”