Notice To Financial Institutions (IOLTA Account)

NOTICE TO FINANCIAL INSTITUTIONS TO ESTABLISH OR CONVERT TO AN INTEREST ON LAWYER TRUST ACCOUNT (“IOLTA”). This form is used by lawyers or law firms in Indiana to set up or convert an existing account into an IOLTA account in accordance with Rule 1.15 of the Indiana Rules of Professional Conduct. The purpose of an IOLTA account is to hold client funds that are nominal in amount or held for a short period of time, so that the interest generated can be used to support legal aid and access to justice initiatives through the Indiana Bar Foundation. By completing this form, the lawyer or law firm authorizes the financial institution to open a qualifying interest-bearing checking account and to report all necessary account information and accrued interest to the Foundation, which is designated as the interest recipient. The form also specifies that the Foundation’s tax identification number—not the law firm’s—must be used for the account and clarifies that IOLTA accounts are not subject to IRS reporting such as 1099 forms or backup withholding. Lawyers are instructed to submit this form directly to the Indiana Bar Foundation and to include a list of all attorneys in the firm. www.FormsWorkflow.com