IOLTA? What Do I Need To Know? What is the basic concept of IOLTA?
Funds that are placed in IOLTA accounts are small or expected to be held for a short period of time, and cannot earn interest for the client in excess of the costs incurred to collect that interest. The IOLTA program enables the attorneys who handle such nominal or short-term funds to place them in a single, pooled, interest-bearing trust account. The financial institution will send the interest earned on these accounts directly to the Mississippi Bar Foundation, Inc. which distributes the funds as grants to a variety of initiatives that support the justice system.