For several years, the Colorado IOLTA and other IOLTA programs from other states was able to help a lot of underprivileged. Through the eminence of IOLTA, there are a lot of less fortunate people who were able to obtain civil legal services. Interest on Lawyers Trust Accounts or IOLTA program was initially used in Canada and Australia in 1960’s. In 1981, that’s the time IOLTA was used in United States, and it is the state of Florida that first implemented this scheme. The purpose of IOLTA before is still very much the same.
The main aim of IOLTA is to generate funds that can be used in helping less fortunate ones obtain civil legal services. Aside from this, the funds that will be gathered by the IOLTA accounts will be rendered to different non-profit organizations and for other charitable programs. The IOLTA programs vary from one another. For an instance, the aspects of the Colorado IOLTA are different from the other states. Therefore, the programs are considered as state specific.
To further explain this matter, the IOLTA rules and regulations of a certain state is not applicable to other states. Today, majority of the IOLTA programs are being governed by the State Bar Association. Nevertheless, there are also cases wherein the IOLTA program is being administered by a certain association. Nowadays, majority of the civil legal services that are being imparted to the needy are all in courtesy of IOLTA.
The revenue of IOLTA is the major source of the funding. It is crucial for the public to understand that the revenue of IOLTA is not always stable. Therefore, the sum of the money that can be generated by the IOLTA accounts is unpredictable. There are times that the funds are extremely many, and there are also some instances wherein it is not as good as the previous accumulated funds.