The IOLTA Fund of the Bar of New Jersey

OF THE BAR OF NEW JERSEY
A N N U A L R E P O RT 2 0 0 7
THE IOLTA FUND
MESSAGE FROM THE CHAIRPERSON
…with Justice for All
This is the Fund’s twentieth year and a bit of history is in order to mark the occasion. IOLTA programs first started in Australia and in 1979,
Florida became the first state to have one. The initiative to start an IOLTA program in New Jersey came from leadership within the New Jersey
State Bar Association and the Fund started up in 1988, the 47th such program in the United States. Today, all 50 states, the District of
Columbia, and the U.S. Virgin Islands operate IOLTA programs. In 1993, the New Jersey Supreme Court required all attorneys in private
practice to participate in IOLTA.
In New Jersey alone, the IOLTA Fund has collected $318 million in interest since 1988. Our program has made it possible to offer legal
assistance to hundreds of thousands of low-income people over the last twenty years. Often low-income and vulnerable people have legal
problems affecting their most basic needs, such as food, shelter, jobs or access to health care. Legal aid provides access to justice through legal
representation and assistance for the most vulnerable and financially fragile New Jerseyans. For those who need help and have nowhere else
to turn, the results are real: economic stability, peace at home, and the ability to move forward as productive members of society.
In 2007, IOLTA revenue was $51.4 million, slightly lower than in 2006 because interest rates and balances held in attorney trust accounts began
dropping in mid-year. It was our second full year of working under the "Best Customer Standard." The Best Customer Standard requires
financial institutions participating in the IOLTA program to offer the same rates on high-balance trust accounts ($100,000 or more) that would
be offered on similar non-IOLTA accounts. In effect since February 1, 2006, the Standard helped us realize our revenue potential in 2006 and
2007 as interest rates rose. The outlook for 2008, however, is not good: falling rates will cause a dramatic drop in revenues, severely impacting
the state’s capacity to offer legal aid to the poor.
By Court Rule, Legal Services of New Jersey, Inc. (LSNJ) is IOLTA’s largest grant recipient. In 2007, LSNJ and its member programs reported
assisting 63,000 individuals, many of whom had multiple legal problems. Increased funding from IOLTA in recent years as a result of the
interest rate comparability standard did a great deal to ensure that fewer income-eligible people were turned away from local legal services
offices for lack of capacity. Greater resources allowed LSNJ to offer new ways for thousands more people to get help or information by calling
a hotline, visiting a website, reading a publication, attending a community education event or proceeding without a lawyer to resolve a legal
problem such as a name change or amended support order.
The New Jersey State Bar Foundation receives the next largest portion of IOLTA revenue and its education mission reaches all segments of the
population--from children to senior citizens--to promote awareness of the law. The Foundation's school-based learning initiatives help teachers
familiarize students with the fundamentals of the justice system. Mock trials, conflict resolution training, workshops, publications, videos, and
curriculum development materials are among the many services available to schools. The Foundation offers a wide range of free seminars and
publications to answer common questions about the law in such areas as bankruptcy, estate planning and consumer rights. As financial sponsor
of clinical fellowships at each of the state’s three law schools in special areas of the law including Special Education, Child and Youth
Advocacy, Civil Practice, Children’s Justice, and Human Rights, the Foundation enables law students to gain practical experience and
knowledge while assisting income-eligible individuals with special legal problems. In 2007, each of the law schools received funding for Street
Law Projects that bring law-related education to young people in Newark, Jersey City, East Orange and Camden high schools. Law students
served as instructors and mentors.
In 2007, 80 community-based, regional and statewide non-profit agencies received discretionary grants ranging from $2,000 to $150,000.
These grants support programs to provide legal assistance, advocacy, and practical information about the law to individuals and groups. These
groups of vulnerable New Jerseyans include displaced homemakers, families with problems about welfare or other benefit programs or
education providers, abused and neglected children and youth, children in foster care, disabled persons, victims of domestic violence, senior
citizens, immigrants, and the homeless.
To make the IOLTA program work, the Board of Trustees ensures that all attorneys in private practice annually register their attorney trust
accounts. The Fund must also collect IOLTA interest from authorized participating financial institutions and disburse the funds, fairly and
wisely, according to Court Rule 1:28A. These responsibilities have been undertaken by twenty IOLTA Boards since 1988 and a small
administrative staff.
The cooperation of participating financial institutions over twenty years has been a large factor in our success. The entire IOLTA Board joins
me in thanking banks that have embraced the Best Customer Standard and particularly notes the Honor Roll banks which pay at least 60% of
the Federal Funds target rate on all IOLTA balances. We encourage all attorneys to select a trust account depository from the Honor Roll list
to maximize their participation in IOLTA.
Many challenges lie ahead, especially as the uncertainties in the economy reduce IOLTA revenue just as the demand for legal services grows.
I wish much success to Mary Lou Parker, 2008-2009 Chairperson, and the twenty-first Board of Trustees in meeting those challenges.
Barry S. Goodman
Board Chair
2007-2008
1
GRANTS
support statewide coordination and centralized services including
telephone hotlines and shared technology, as well as special projects
with statewide impact. LSNJ also referred cases to pro bono
attorneys throughout the state and they provided 18,743 hours of
volunteer service.
GRANTS
The purpose of New Jersey’s IOLTA program is to make grants to
qualifying organizations, which in turn provide law-related services.
As specified in Rule 1:28A grants are made only for the following
purposes:
Through its community legal education program, LSNJ publishes the
newsletter “Looking Out for Your Legal Rights” with a monthly
circulation of 10,000, a series of legal rights handbooks, and several
pro se manuals; and maintains a special website,
www.LSNJLAW.org, to assist the public with resources, legal
information, forms, and publications.
Legal Aid to the Poor
Improvement in the Administration of Justice
Education of Lay Persons in Legal and Justice-related Areas
New Jersey Supreme Court Rule 1:28A specifies that not less than
75% of net revenue be awarded to Legal Services of New Jersey, Inc.
(“LSNJ”) and, through sub-grants, to its local member Legal
Services programs to support the delivery of civil legal services to
the poor throughout New Jersey. In addition, an award of not less
than 12.5% of net revenue is made to the New Jersey State Bar
Foundation to be used for the purposes as stated in the Rule. The
IOLTA Board of Trustees allocates the remaining net revenue to
other grants supporting the purposes of the Rule, through the IOLTA
Discretionary Grant Program.
IOLTA funding represented more than one-half of the entire
statewide budget for the Legal Services system.
NEW JERSEY STATE BAR FOUNDATION…$6,704,359
The New Jersey State Bar Foundation received $6,704,359,
compared to $5,618,137in 2006.
The New Jersey State Bar Foundation promotes public
understanding of the law through free education programs,
publications and other media. Among its activities, the Foundation
conducts law-related seminars for the public and specified groups,
trains teachers in conflict resolution and how to confront teasing and
bullying, publishes informational materials for consumers and
classrooms, operates a videotape loan library and speakers bureau,
and coordinates elementary, middle and high school mock trial
competitions. Free public seminars in 2006-2007 covered legal
topics such as wills, landlord-tenant matters, divorce, child custody,
special needs trusts, special education law, starting a new business,
grandparents’ rights and health care. Since 1991 the Foundation has
provided funding for annual Court Night programs, opening
courthouses throughout New Jersey so that the public can learn from
judges, attorneys and administrators about the court system.
Since 1989, the first year IOLTA grants were made, over $300
million has been awarded to non-profit organizations in every county
of New Jersey. The grants have provided free civil legal assistance
for the poor, victim assistance and advocacy, alternative dispute
resolution, as well as legal help and advocacy for special populations
including persons with disabilities, abused and neglected children,
homeless youth, victims of domestic violence, and immigrants. The
following pages describe these grant programs in more detail.
2007 GRANTS
In 2007, total grants paid amounted to $51,047,295. In addition to the
Legal Services of New Jersey and the New Jersey State Bar
Foundation allocations, eighty discretionary grants were approved
for a total of $4,116,780. Allocations to Legal Services and the Bar
Foundation are paid four times each year from the revenue collected
in the preceding months, while the discretionary grants are paid from
funds accrued for the program in the prior fiscal year.
Programs for students included The Legal Eagle, a legal newspaper
for students in grades 5 to 12 with a circulation of 341,600 and
Respect, a newsletter distributed to more than 286,000 middle and
high school students. Both are published three times a year and
address current legal topics, items of historical interest, tolerance and
diversity. Constitutionally New Jersey, The Bill of Rights Bulletin,
and Historical Documents of New Jersey and the United States
provided thousands of teachers with free classroom materials related
to civics instruction. The Foundation coordinates the statewide mock
trial competition for high school students, attracting 242 teams in
2007. The Law Fair and Law Adventure programs for grades 3-6 and
7-8 attracted 183 and 122 entries respectively. The Bar Foundation’s
educational publications and programs reach tens of thousands of
children and adults annually.
LEGAL SERVICES AGENCIES…$40,226,156
In calendar 2007, Legal Services of New Jersey (“LSNJ”) received
$40,226,156, compared to $33,708,822 in 2006.
The statewide Legal Services system consists of Legal Services of
New Jersey (LSNJ) and six regional Legal Services programs,
serving all 21 counties through 25 offices. The Legal Services system
provided representation to more than 63,000 low-income people.
LSNJ reports that of over 60,000 cases closed in 2007, 30% were
housing cases, primarily tenant matters. Family law (divorce,
separation, support and custody) accounted for 23% of the caseload,
while consumer law (bankruptcy, collection, warranties, unfair sales
practices and disputes with public utilities) and Income Maintenance
matters (Social Security, SSI, food stamps) accounted for 17% and
14% respectively. Other legal problems including education,
healthcare, employment, and individual rights accounted for 9% of
the annual volume. Typically, some cases are resolved by obtaining
a brief service, counseling session or telephone call, while others
may require more involved litigation assistance. IOLTA funds also
DISCRETIONARY GRANTS…$4,116,780
The 2007 grantees by program area were:
LEGAL INFORMATION AND EDUCATION
Elizabeth Coalition to House the Homeless ..........................$25,000
Jersey City Connections...........................................................10,200
Project Self-Sufficiency of Sussex County..............................40,000
Women’s Center at the County College of Morris ....................5,620
Women in Transition..................................................................2,000
2
Womanspace, Inc. (Mercer) .....................................................30,420
Women Aware (Middlesex)......................................................25,000
WomenRising, Inc. (Hudson)...................................................47,600
YWCA of Eastern Union County ............................................50,000
These agencies provided information to individuals about a variety
of law-related issues, especially housing and family law matters. The
groups served include displaced homemakers, families at risk of
homelessness, consumers with credit problems, tenants in subsidized
housing complexes and single parent heads of households. Through
legal clinics, workshops, newsletters, printed information and
referrals, individuals unable to hire attorneys learned how to make
informed decisions about common legal problems such as divorce,
name changes, employment discrimination or consumer credit.
Volunteer lawyers offered individualized counseling to help resolve
those problems. The Elizabeth Coalition to House the Homeless
provided information about the rights and responsibilities of tenants
and landlords, and offered self-advocacy training to clients receiving
public assistance.
These grants support a variety of legal advocacy and court liaison
programs assisting victims of domestic violence throughout the
state—women, men, senior citizens and young people are all
represented in their caseloads. IOLTA funds enable both staff
lawyers and highly-trained legal advocates to provide education and
assistance to victims of domestic violence during times of crisis. Few
victims arrive in court with prior knowledge of domestic violence
laws or of the relief available to them under the law. Legal advocates
provide information regarding domestic violence laws, court
accompaniment and assistance in obtaining restraining orders. Many
advocates also work to educate court and law enforcement personnel
to promote better handling of domestic violence cases. Manavi
provides culturally appropriate domestic violence advocacy to
women of South Asian origin who must overcome language and
other barriers to get help. Partners for Women and Justice provides
clinic services to women who need to go to court pro se (without a
lawyer) for various family law motions as a follow-up to domestic
violence issues.
DISABILITIES
AIDS Coalition of Southern New Jersey...............................$98,240
Cerebral Palsy Association of Middlesex County ...................11,320
Community Health Law Project ............................................150,000
Hyacinth AIDS Foundation....................................................105,000
Lifetime Support, Inc. ..............................................................12,000
Plan/NJ .....................................................................................41,760
SCARC Guardianship Services, Inc. .....................................106,540
EDUCATION LAW
Association for Children of New Jersey................................$96,140
Education Law Center............................................................150,000
New Jersey Protection and Advocacy......................................90,000
Statewide Parent Advocacy Network ......................................90,000
These agencies provided assistance to disabled persons and their
families. Pro bono (volunteer) and staff attorneys assisted clients
with legal issues that result from living with a disability. Individuals
who have AIDS or who are HIV-positive often face legal problems
involving access to housing and job discrimination, and two of these
organizations specialize in that area of law. Legal guardianship, a
complex area of law requiring the assistance of lawyers, is often an
impossible expense for the families of disabled individuals. Three of
these programs help families arranging guardianship of
developmentally disabled or chronically mentally ill family
members. They are guided through a court-approved pro se (selfhelp) program that prepares them for guardianship proceedings. The
Cerebral Palsy Association offered self-advocacy training to disabled
consumers seeking access to shops and services in their
communities.
These grants provide legal assistance and information to incomeeligible families having problems with education providers and to
children receiving special education services. Low-income families
would have difficulty accessing the specialists who work in the field
of state and federal education law, but IOLTA grants permit these
programs to represent children and to inform community providers
and school district personnel about education law and children’s
rights at the same time. Staff attorneys often accompany parents and
children to Individual Education Plan (IEP) meetings with school
personnel to ensure that the student’s special educational needs are
met. IOLTA funding enabled Statewide Parent Advocacy Network
(SPAN) to create and update self-help materials for special education
students about the transition from school to adult life and to offer
assistance with that transition to students and parents in every region
of New Jersey.
DOMESTIC VIOLENCE
180, Turning Lives Around (Monmouth) ..............................$57,000
Alternatives to Domestic Violence (Bergen) ...........................48,505
Atlantic County Women’s Center ............................................26,000
Camden Center for Law and Social Justice.............................61,680
Center for Family Services (Gloucester) .................................50,500
Coalition Against Rape and Abuse (Cape May)......................53,400
Cumberland County Women’s Center .....................................18,000
Domestic Abuse and Rape Crisis Center (Warren)..................46,200
Domestic Abuse and Sexual Assault
Intervention Services, Inc. (Sussex) ......................................35,000
Jersey Battered Women’s Services (Morris)............................40,940
Manavi, Inc. .............................................................................43,500
New Jersey Association on Correction (Camden) ...................30,000
New Jersey Association on Correction (Passaic).....................29,660
Partners for Women and Justice, Inc. ......................................63,200
Providence House-Ocean .........................................................56,526
Providence House-Willingboro (Burlington)...........................56,139
The Rachel Coalition/JFS of MetroWest .................................48,100
Resource Center for Women and Their Families (Somerset) ..47,340
SAFE in Hunterdon..................................................................45,000
Salem County Women’s Services ............................................25,000
FAMILIES AND CHILDREN
Bergen County CASA............................................................$40,000
CASA of Atlantic and Cape May Counties .............................50,000
CASA of Camden County, Inc.................................................35,000
CASA of Cumberland, Gloucester and Salem Counties .........40,000
CASA of Mercer County .........................................................35,000
CASA of Middlesex County ....................................................25,000
CASA of Monmouth County ...................................................35,000
CASA of Morris and Sussex Counties, Inc. ............................73,660
CASA of Ocean County...........................................................25,000
CASA of Somerset, Hudson and Warren Counties .................40,000
CASA of Union County ...........................................................40,000
Covenant House New Jersey ...................................................78,900
Essex County CASA................................................................84,500
Hudson County CASA.............................................................69,700
3
IOLTA grants to CASA programs support their investigational and
reporting objectives, providing family court judges with accurate
information about individual children in care of the state. With the
help of a Court Appointed Special Advocate (a trained volunteer),
adoption cases can be expedited so that children who have suffered
abuse or neglect can reach safe, permanent, nurturing homes as
quickly as possible. Appointed by a judge, and charged with looking
after the best interests of one child or a sibling group, the CASA
volunteer reports directly to the court on the medical, psychological,
educational and daily care needs of the child (ren).
Through the leadership of these grantees, volunteer attorneys in
private practice receive training enabling them to accept pro bono
cases, and paraprofessionals at other agencies are trained so they can
obtain their certifications and credentials for handling appropriate
immigration cases. The Detention Representation Project is a
collaborative project that provides legal information to detained
asylum seekers and other detainees who are eligible for relief from
detention or deportation. Following the initial screening and
consultation, meritorious cases are referred to pro bono attorneys and
established providers of immigration legal services for low-income
people.
The Youth Advocacy Center assists homeless and at-risk youth who
come to Covenant House’s residential facilities and drop-in centers.
Covenant House attorneys advocate for these young people, helping
them resolve civil legal problems related to growing up in the foster
care system or life on the streets: disability benefits appeals, special
education transition services, employment, immigration, consumer
law and housing needs.
The Catholic Charities Consortium project deploys immigration
advocates and paralegals in four geographic areas, while attorneys
located regionally offer program oversight, continuing professional
education and case representation when needed. Their reports
consistently tell of the shortage of free or low cost immigration legal
services and the need for authoritative, accurate community
education to counteract misinformation and thwart unscrupulous
practitioners known as “notarios.”
HOUSING
Bergen County Housing Coalition.........................................$30,000
Catholic Charities Emergency and Community Services........11,000
New Jersey HUD Tenants Coalition ........................................12,000
OTHER LEGAL AID
Asian American Legal Defense and Education Fund............$75,300
Cornelian Community Counselors...........................................12,000
Cumberland County College....................................................26,000
Essex County Legal Aid Association.......................................99,000
Legal Aid Society of Monmouth County, Inc..........................12,000
Legal Services Foundation of Essex County ...........................58,500
Legal Services of New Jersey-Health Care Access Project...112,000
Legal Services of New Jersey-Public Interest
Summer Legal Intern Program ............................................150,000
New Jersey Volunteer Lawyers for the Arts ............................12,000
Rutgers Law School-Camden Pro Bono Program...................30,000
Rutgers Law School-Newark Pro Bono Program....................10,500
These agencies serve families at risk of homelessness. Most often, a
low-income family faces loss of housing following an illness or
disability interrupting their employment. By intervening with
landlords, some crises and court appearances can be avoided. All
three agencies offer information about the legal rights and
responsibilities of tenants and landlords. The NJ HUD Tenants
Coalition offers help for tenant associations in resolving problems in
their buildings.
IMMIGRATION
These grantees provide a variety of legal services to income eligible
individuals. This includes direct legal aid, referral to volunteer
attorneys, mediation, information, and education about the law to
individuals. Legal aid programs offer income eligible individuals the
opportunity to discuss their legal problems with an experienced
attorney. Each client’s legal needs are assessed, and usually receive
assistance through counsel, advice or brief services provided by an
attorney.
American Friends Service Committee-Detention
Representation Collaboration ..............................................$80,450
American Friends Service Committee-Immigrant
Rights Program ......................................................................72,500
Boaz Community Corporation .................................................63,000
Catholic Charities of the Archdiocese of
Newark-Immigrant Juveniles Initiative .................................25,000
Catholic Charities of the Archdiocese of
Newark-NJ Catholic Consortium ........................................150,000
Hispanic Development Corporation ........................................20,000
International Institute of New Jersey .......................................75,000
Jewish Family and Vocational Services of
Middlesex County..................................................................46,740
La Casa de Don Pedro, Inc. .....................................................71,500
Lutheran Social Ministries of New Jersey...............................80,000
Primera Iglesia Bautista Hispana de Trenton...........................12,000
Servicios Latinos de Burlington County..................................30,000
Legal Services Foundation of Essex County started Volunteer
Lawyers for Justice with funding from IOLTA. Now a broad pro
bono coordination project, VLJ recruits, trains, and matches
volunteer attorneys with individuals needing help with special
education, immigration or family law problems. Grants to the law
schools and LSNJ’s summer intern program provide opportunities
for students to contribute to the community through pro bono service
or to work in the field of public interest law.
The Health Care Access Project provides direct legal advice and
representation for low-income individuals and families who cannot
obtain health care or who have access-related problems. Through
hotlines and consultations, this statewide project assists clients with
eligibility and coverage for critical medical services in public benefit
programs such as Medicaid and Medicare, NJ FamilyCare, PAAD,
and Charity Care. Project staff provides training and support for
staffs of community-based organizations serving poor and lowincome clients.
These agencies provide services to income-eligible legal immigrants
seeking assistance for family reunification, representation in
Immigration Court, citizenship applications, and work authorization,
as well as Temporary Protective Status and refugee/asylee
applications. The programs provide linguistically accessible legal
advice, assistance for battered immigrant women and special relief
for immigrant youth.
4
BANKS
The IOLTA Fund received interest totaling $50,374,954 from 126 banks compared to $51,290,305 from 132 banks in 2006.
The average rate on all IOLTA accounts regardless of size was 2.25% in 2007 compared to 2.16% in 2006. Despite the increase in the annual average,
interest rates began to fall at the end of 2007 and together with dropping balances in the last quarter, caused a small decrease in revenue. Having a
portion of the balances in IOLTA accounts linked to an index such as the federal funds target rate produced high revenue in 2006 and 2007, but will
also cause us to suffer a large decrease in 2008. About 69% of participating banks opted to pay 60% of the federal funds target rate on IOLTA accounts
with average balances of $100,000 or more, one of the Best Customer Standard options. In 2007, balances in all IOLTA accounts averaged $2.87
billion compared with $2.86 billion in 2006, but by the last quarter, balances were $335 million lower than in the third quarter.
As noted earlier, the commitment and cooperation of banks has been instrumental in increasing the resources available for the projects and services
funded by IOLTA. Their voluntary participation touches the lives of tens of thousands of New Jerseyans with nowhere else to turn for help. We
especially thank the bank personnel who do such a good job of reporting and remitting to IOLTA.
In determining how to meet the new Best Customer Standard at their own financial institutions, the following Honor Roll banks paid at least 60% of
the Federal Funds Target Rate on all accounts designated as IOLTA, regardless of whether the account carries an average balance of more than
$100,000. These banks are listed below. Some institutions also decided not to charge the IOLTA Fund of the Bar of New Jersey any type of service
charge or bank fee. These special friends of IOLTA are our Amicus Banks, denoted by an asterisk.
Honor Roll of Banks
Allegiance Bank*
American Bank of NJ*
Bank of New Jersey
The Bank of Princeton
The Bank*
Beneficial Bank*
BNB Bank
Boiling Springs Savings Bank
Cathay Bank*
Citizens Bank of Pennsylvania*
Citizens Community Bank*
Colonial Bank*
Crest Savings Bank*
First Choice Bank*
First Hope Bank
First State Bank*
Franklin Savings Bank*
Freehold Savings and Loan Association*
Grand Bank*
Greater Community Bancorp*
Hopewell Valley Community Bank*
Hudson City Savings Bank
Investors Savings Bank*
Kearny Federal Savings Bank*
Mariner's Bank*
Metuchen Savings Bank*
Millington Savings Bank*
New York Community Bank
Newfield National Bank*
NJM Bank*
Northfield Savings Bank
Ocean City Home Bank*
Pascack Community Bank*
Pennsylvania Business Bank
Provident Bank (Towncenter Bank)*
Republic First Bank*
Rumson-Fair Haven Bank and Trust*
Saddle River Valley Bank
Somerset Hills Bank*
Sovereign Bank*
Spencer Savings Bank*
Sterling Bank*
Sturdy Savings Bank*
Susquehanna Bank
Synergy Bank*
The Town Bank*
Union Center National Bank*
Union County Savings Bank*
Woori America Bank*
2007 Other Bank Participation
The following banks also remitted interest
to IOLTA during 2007:
Amboy National Bank
Atlantic Stewardship Bank
Audubon Savings Bank
Banco Popular North America
Bank of America
The Bank of New York
Bayonne Community Bank
Bogota Savings Bank
Brunswick Bank & Trust
Cape Savings Bank
Central Jersey Bank
Chinatrust Bank
Citibank
Citizens Bank of Pennsylvania
Citizens Community Bank
City National Bank of New Jersey
Columbia Bank
Commerce Bank
Community Bank of Bergen County
Crown Bank
Enterprise National Bank N.J.
First Bank Americano
1st Colonial National Bank
1st Constitution Bank
First Hope Bank
First Morris Bank & Trust
First National Bank of Absecon
First National Bank of Elmer
First State Bank
First Washington State Bank
Glen Rock Savings Bank
GSL Savings Bank
Harvest Community Bank
Hilltop Community Bank
HSBC Bank USA
Hudson City Savings Bank
Hudson United Bank
Independence Community Bank
Interchange Bank
Investors Savings Bank
ISN Bank
JP Morgan Chase Bank
Lakeland Bank
Liberty Bell Bank
Llewellyn-Edison Savings Bank
Magyar Savings Bank
Manasquan Savings Bank
Mariner’s Bank
Mellon Bank
Millennium bcpbank
Millville Savings & Loan Association
Minotola National Bank
Monroe Savings Bank
New Millennium Bank
New York Community Bank
North Fork Bank
North Jersey Community Bank
Northern State Bank
NVE Savings Bank
Ocean First Bank
Oritani Savings Bank
Pamrapo Savings Bank
Parke Bank
Peapack-Gladstone Bank
PNC Bank
Ponce De Leon Federal Bank
The Provident Bank
Republic First Bank
Royal Bank of America
RSI Bank
Select Bank
Shore Community Bank
Skylands Community Bank
Somerset Savings Bank
Summit Federal Savings & Loan Association
Sun National Bank
Sussex Bank
TD Banknorth
Team Capital Bank
Third Federal Savings Bank
Two River Community Bank
United Heritage Bank
Unity Bank
Valley National Bank
Wachovia Bank
Washington Mutual Bank
Wawel Savings Bank
Yardville National Bank
Only financial institutions that are Court-approved trust account depositories may offer IOLTA accounts.
5
FINANCIAL INFORMATION
2007 FINANCIAL INFORMATION*
Revenue
Net IOLTA Interest Earned
Investment Interest Income
Total Revenue
Expenses
General and Administrative Expenses
Authorized Grant Allocations
Emergency Grants Net of Returned Grants
Total Expenses
Net Increase/(Decrease) in Temporarily Restricted
Net Assets for the Year
2007
2006
$ 50,374,954
985,544
$ 51,360,498
$ 51,290,305
766,468
$ 52,056,773
$
455,112
50,852,350
(21,567)
$ 51,285,895
$
$
$ 4,691,226
431,848
46,977,692
(43,993)
$ 47,365,547
74,603
*Figures are excerpted from the 2007 audited financial statements prepared by Barre & Company, Certified Public Accountants and
Consultants. The audit may be examined by appointment during business hours at the Fund’s offices.
IOLTA GRANTS 1989 - 2007 ($)
LEGAL SERVICES OF NJ
NJ STATE BAR FOUNDATION
DISCRETIONARY GRANTS
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
89
90
91
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
IOLTA REVENUE 1988 - 2007 ($)
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
88
89
90
91
92
93
94
95
96
97
6
98
99
00
01
02
03
04
05
06
07
The IOLTA Fund of the
Bar of New Jersey
NEW JERSEY LAW CENTER
ONE CONSTITUTION SQUARE
NEW BRUNSWICK, NJ 08901-1520
ADMINISTRATION
A nine member Board of Trustees governs the IOLTA Fund of the Bar of New Jersey. The Court appoints six members. Ex-officio
members are: President, Legal Services of New Jersey, Inc.; President, New Jersey State Bar Association; and President, New Jersey
State Bar Foundation or designee.
2006-2007 BOARD OF TRUSTEES
STAFF
Barry S. Goodman, Chair
Edwin J. McCreedy
Ellen D. Ferrise, Executive Director
Elizabeth Siso Bair, Treasurer
Lynn Fontaine Newsome
Robert A. Ackerman
Richard J. Badolato
Mary Lou Parker
JoAnn Telemdschinow
John E. Keefe, Sr.
Lawrence A. Yodice
Ammara Basheer
Melville D. Miller, Jr.
7