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The New Jersey Law Center Annual Report 2 0 0 5 THE IOLTA FUND OF THE BAR OF NEW JERSEY
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Page 1: The New Jersey Law Center Annual Report · 75% of net revenue be awarded to Legal Services of New Jersey, Inc. (“LSNJ”) and, through sub-grants, to its local member Legal Services

The New Jersey Law Center

Annual Report 2 0 0 5

THE IOLTA FUND OF THE BAR OF NEW JERSEY

Page 2: The New Jersey Law Center Annual Report · 75% of net revenue be awarded to Legal Services of New Jersey, Inc. (“LSNJ”) and, through sub-grants, to its local member Legal Services

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…with Justice for All

Since 1988, New Jersey bankers and lawyers have participated in the IOLTA program, generating more than $200million through the end of 2005 to support the delivery of civil legal aid, projects to improve the administration ofjustice and the education of individuals about the law. Pooled IOLTA accounts capture the interest earned by clientfunds that are either so small in amount or held for such a short time that the funds cannot generate enough income,net of expenses, to benefit the individual client. IOLTA participation is voluntary for financial institutions, butlawyers must maintain their attorney trust accounts at Court-approved banks.

This year’s higher revenue is a result of three important factors: increased balances, rising rates, and newlyimplemented return standards. The balances held in these accounts grew from $1.5 billion in 2001 to $2.8 billionin 2005 while the federal funds rate rose from 2.25% to 4.25%. Finally, in 2005, a new "Best Customer" standardfor assessing the reasonableness of individual bank rates was introduced to ensure that the return to IOLTA at anygiven bank was both comparable to that offered to similarly situated non-IOLTA customers and reasonablecompared to the market. The Best Customer Standard, which replaced the old "reasonable return" standard,requires that the highest yielding account available to other customers with similarly-sized accounts (over $100,000on average) be offered for IOLTA accounts, too.

The Best Customer Standard is the result of a unique effort. In July 2005, the Supreme Court of New Jerseyappointed a Working Group, composed of representatives from the Legislative, Executive, and Judicial branchesas well as the banking community, to revise the then existing standard. The Working Group had to consider waysto include banks of every size and geographic location and provide convenience and variety to attorneys.

The Working Group arrived at a menu of account options that banks choose from to meet the standard, and anindexed rate (60% of the fed funds target rate) which can be selected in lieu of choosing a particular account type.The IOLTA Fund trustees are grateful to the Working Group representatives for their steadfast pursuit of a workableconsensus. The New Jersey Bankers Association deserves special recognition for nominating Dennis DiLazzero,now with Susquehanna Patriot Bank, to advise the group. His insights made a difference. The NJBA provided aforum for bankers to exchange comments as the process went forward and this feedback was invaluable to theWorking Group.

New Jersey’s civil legal assistance to the poor relies heavily on IOLTA revenue. Non-profit legal aid programs thatreceive IOLTA funding resolve critical legal problems every day. With legal assistance, low-income New Jerseyanscan overcome the devastating impacts of domestic violence, homelessness, unemployment, consumer fraud, denialof disability benefits and other critical problems. Further in this report you will read about the variety of direct legalservices delivered by our grantees, projects and programs addressing improvements in the administration of justiceand organizations offering information about the law.

As a committee of the Supreme Court of New Jersey, the IOLTA Fund Board of Trustees is charged with theresponsibility of annually registering all attorney trust accounts, collecting interest revenue from authorized,participating banks, and disbursing the funds according to Court Rule 1:28A. I look forward to continuing oursuccessful collaboration with the lawyers and financial institutions of New Jersey, ensuring adequate funding tomeet the legal needs our most vulnerable citizens.

Richard T. FauntleroyChairperson, 2005-2006

Message from the Chairperson

Page 3: The New Jersey Law Center Annual Report · 75% of net revenue be awarded to Legal Services of New Jersey, Inc. (“LSNJ”) and, through sub-grants, to its local member Legal Services

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The statewide Legal Services system consists of Legal Services ofNew Jersey and six regional Legal Services programs, serving all 21counties through 25 offices. The Legal Services system providesrepresentation to more than 50,000 low-income people in NewJersey each year. Most of the cases involve housing issues such aslandlord/tenant disputes; family conflicts such as divorce, support,and custody; consumer matters such as bankruptcy, warranties, andunfair sales practices; and problems with governmental agenciessuch as Social Security. Those in need may be helped by a briefservice, counseling session or telephone call, or may require moreinvolved litigation assistance. IOLTA funds are also designated forstatewide coordination and support, including telephone hotlinesand shared technology, as well as special projects with statewideimpact.

Through its community legal education program, LSNJ publishesthe newsletter “Looking Out for Your Legal Rights” with a monthlycirculation of 10,000, a series of legal rights handbooks, and severalpro se manuals; and maintains a special website,www.LSNJLAW.org, to assist the public with resources, legalinformation, forms, and publications.

IOLTA funding generally represents more than one-third of thestatewide budget for the Legal Services system.

NEW JERSEY STATE BAR FOUNDATION…$3,000,182

The New Jersey State Bar Foundation received $3,000,182,compared to $1,736,808 in 2004.

The New Jersey State Bar Foundation promotes publicunderstanding of the law through a free, comprehensive publiceducation program. Among its activities, the Foundation conductsseminars for the public and specified groups, conflict resolution andteasing and bullying training for teachers, publishes materials forconsumers and classrooms, operates a videotape loan library andspeakers bureau, and coordinates elementary, middle and highschool mock trial competitions. Free public seminars for fiscal year2005-2006 covered legal topics such as wills, landlord-tenantmatters, divorce, special needs trusts, special education law, realestate, taxes, retirement planning and health care. The Foundationalso underwrote the cost of several law clinic positions at NewJersey law schools and public interest law organizations.

Programs for students included The Legal Eagle, a newsletter formiddle school and high school students distributed to more than307,000 students at 1,900 schools, and a tolerance and diversitynewsletter, titled Respect, which is distributed to more than 243,000middle and high school students. Both publications are publishedthree times a year. The Foundation coordinates the statewide mocktrial competition for high school students, which attracted more than250 teams this year. The competition began in 1982 and has taughtmore than 70,000 students about the fundamentals of our courtsystem. The Law Fair and Law Adventure programs for grades 3-6and 7-8 attracted 140 and 117 entries respectively. The Bar

The purpose of New Jersey’s IOLTA program is to make grants toqualifying organizations, which in turn provide law-related services.As specified in Rule 1:28A grants are made only for the followingpurposes:

� 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 than75% of net revenue be awarded to Legal Services of New Jersey,Inc. (“LSNJ”) and, through sub-grants, to its local member LegalServices programs, to support the delivery of civil legal services tothe poor throughout New Jersey. In addition, an award of not lessthan 12.5% of net revenue is made to the New Jersey State BarFoundation to be used for the purposes as stated in the Rule. TheIOLTA Board of Trustees allocates the remaining net revenue toother grants supporting the purposes of the Rule.

Since 1989, the first year IOLTA grants were made, over $200million has been awarded to non-profit organizations in everycounty of New Jersey. The grants have provided free civil legalassistance for the poor, victim assistance and advocacy, alternativedispute resolution, as well as legal help and advocacy for specialpopulations including persons with disabilities, abused andneglected children, homeless youth, victims of domestic violence,and immigrants. These funds have helped agencies develop pro seprograms for family law and guardianship problems, law-relatededucation for the public and school children, and free publicationsabout a variety of legal matters.

The legal aid and education programs supported by IOLTA fundinghelp individuals and families confront problems caused by domesticviolence, consumer fraud, and homelessness. These problems mayhave legal solutions. Resolution of civil legal problems allowspeople to move forward and experience success in our increasinglycomplex society. There remains a large unmet need for legalassistance: a recent study indicated that only 1 in 4 persons needinga legal aid lawyer could get one.

2005 GRANTS

In 2005, total grants paid amounted to $23,034,076. In addition tothe Legal Services of New Jersey and the New Jersey State BarFoundation allocations, sixty-two discretionary grants wereapproved for a total of $2,032,800. Allocations to Legal Services andthe Bar Foundation are paid four times each year from the revenuecollected in the preceding months, while the discretionary grants arepaid from funds accrued for the program in the prior fiscal year.

LEGAL SERVICES AGENCIES…$18,001,094

In calendar 2005, Legal Services of New Jersey (“LSNJ”) received$18,001,094, compared to $10,420,854 in 2004.

Grants

Page 4: The New Jersey Law Center Annual Report · 75% of net revenue be awarded to Legal Services of New Jersey, Inc. (“LSNJ”) and, through sub-grants, to its local member Legal Services

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Foundation’s educational publications and programs reach tens ofthousands of children and adults annually.

DISCRETIONARY GRANTS…$2,032,800

The 2005 grantees by program area were:

LEGAL INFORMATION AND EDUCATION

Elizabeth Coalition to House the Homeless. . . . . . . . . . . . . $21,300New Jersey Center for Civic and Law-Related Education . . 18,100Project Self-Sufficiency of Sussex County, Inc. . . . . . . . . . . 28,500Women’s Center at the County College of Morris. . . . . . . . . . 5,340Women in Transition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860

These agencies provide information to individuals about a variety oflaw-related issues, especially housing and family law matters. Thegroups served include displaced homemakers, families at risk ofhomelessness, and single parent heads of households. Through legalclinics, workshops, newsletters, printed information and referrals,individuals unable to hire attorneys can learn how to make informeddecisions about family law matters and consumer issues like housingand credit. The Elizabeth Coalition to House the Homeless providesinformation about the rights and responsibilities of tenants andlandlords, and offers self-advocacy training to clients receivingpublic assistance. The NJ Center for Law Related Education providesteachers with unique training opportunities, lesson plans, andclassroom materials for teaching about the New Jersey Constitutionand Courts, Law and Literature, and related subjects.

DISABILITIES

Community Health Law Project. . . . . . . . . . . . . . . . . . . . . . $84,600Hyacinth AIDS Foundation . . . . . . . . . . . . . . . . . . . . . . . . . . 55,600Lifetime Support, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,700SCARC Guardianship Services, Inc . . . . . . . . . . . . . . . . . . . 58,900

These agencies provide assistance to the disabled and their families.Disabled individuals often face legal problems involving access tohousing and job discrimination. The families of disabled individualsneed to learn about the complexities of legal guardianship. Theseneeds require the assistance of lawyers and the involvement offamilies or guardians. Pro bono (volunteer) and staff attorneys assistclients with both simple and complex legal issues arising as a resultof their disabilities. Two of these programs help families arrangingguardianship of developmentally disabled family members. They areguided through a pro se (self-help) program that prepares them forguardianship proceedings.

DOMESTIC VIOLENCE

180, Turning Lives Around, Inc. (Monmouth) . . . . . . . . . . $32,900Alternatives to Domestic Violence (Bergen) . . . . . . . . . . . . . 30,000Atlantic County Women’s Center. . . . . . . . . . . . . . . . . . . . . . 14,300Camden Center for Law and Social Justice . . . . . . . . . . . . . . 14,300Coalition Against Rape and Abuse (Cape May) . . . . . . . . . . 32,900Cumberland County Women’s Center . . . . . . . . . . . . . . . . . . 17,200Domestic Abuse and Rape Crisis Center (Warren) . . . . . . . . 15,000Domestic Abuse Services, Inc. (Sussex) . . . . . . . . . . . . . . . . 30,000Jersey Battered Women’s Service (Morris) . . . . . . . . . . . . . . 31,400Manavi, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,800New Jersey Association on Correction (Camden) . . . . . . . . . 23,500New Jersey Association on Correction (Passaic). . . . . . . . . . 23,900

Partners for Women and Justice, Inc. . . . . . . . . . . . . . . . . . . . 11,400Providence House-Ocean . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,400Providence House-Willingboro (Burlington) . . . . . . . . . . . . . 29,500The Rachel Coalition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000Resource Center for Women and their Families (Somerset) . 32,900Salem County Women’s Services. . . . . . . . . . . . . . . . . . . . . . 15,700Salem County Women’s Services (Gloucester) . . . . . . . . . . . 12,000Womanspace, Inc. (Mercer) . . . . . . . . . . . . . . . . . . . . . . . . . . 24,400Women Aware (Middlesex) . . . . . . . . . . . . . . . . . . . . . . . . . . 13,300Women Rising, Inc. (Hudson) . . . . . . . . . . . . . . . . . . . . . . . . 13,300Women’s Crisis Services of Hunterdon County, Inc.. . . . . . . 30,000YWCA of Eastern Union County. . . . . . . . . . . . . . . . . . . . . . 29,600

These grants support a variety of legal advocacy and court liaisonprograms assisting victims of domestic violence throughout thestate. IOLTA funds enable legal advocates to provide education andassistance to victims of domestic violence during times of crisis.According to one program, “Few victims have prior knowledge ofdomestic violence laws, or of their legal rights and relief availableunder the law. Legal advocates provide court accompaniment,information regarding domestic violence laws, assistance in filingfor and amending restraining orders, crisis intervention andsupportive counseling. To effect improvement in the judicial andcriminal justice system’s handling of domestic violence cases, theadvocates work to educate court and law enforcement personnel.”Manavi provides domestic violence services to women of SouthAsian origin who must overcome cultural and language barrierswhen seeking help.

EDUCATION LAW

Association for Children of New Jersey . . . . . . . . . . . . . . . $38,800Education Law Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,300New Jersey Protection & Advocacy. . . . . . . . . . . . . . . . . . . . 54,200Statewide Parent Advocacy Network. . . . . . . . . . . . . . . . . . . 56,500

These grants provide legal assistance and information to incomeeligible families having problems with education providers orchildren receiving special education services. State and federaleducation law is a complex field requiring expertise most low-income families cannot access. IOLTA funds permit these programsto advocate for children and to educate community providers andschool district personnel about education law. IOLTA fundingenables these providers to keep informational materials for parentsupdated and develop new training materials about topics such as thetransition from school to adult life for special education students,student discipline, early childhood education in Abbott districts,Individual Education Plans, and educational evaluations.

FAMILIES AND CHILDREN

CASA of Atlantic and Cape May Counties . . . . . . . . . . . . . $28,600CASA of Camden County, Inc. . . . . . . . . . . . . . . . . . . . . . . . 17,200CASA of Mercer County . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,700CASA of Morris and Sussex Counties. . . . . . . . . . . . . . . . . . 52,300Covenant House Youth Advocacy Center . . . . . . . . . . . . . . . 54,200Essex County CASA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,500Hudson County CASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,100

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IOLTA funds support the ability of CASA programs to providefamily court judges with accurate information about individualchildren in care of the state. With the help of a Court AppointedSpecial Advocate (a trained volunteer), cases can be expedited sochildren reach safe, permanent, nurturing homes as quickly aspossible. Appointed by a judge, CASA’s track children in the fostercare system, investigate their living situations, and report on theircondition and needs directly to the court.

The Youth Advocacy Center assists homeless and at-risk youth. AtCovenant House’s residential facilities and drop-in centers, programattorneys assist young people in crisis resolve civil legal problemsrelated to growing up in the foster care system or life on the streets.Covenant House attorneys advocate for disability benefits, specialeducation transition services, immigration, and housing needs.

IMMIGRATION

American Friends Service Committee . . . . . . . . . . . . . . . . . $59,900American Friends Service Committee-DetentionRepresentation Collaboration . . . . . . . . . . . . . . . . . . . . . . . . . 73,200Catholic Charities of the Archdiocese ofNewark-Statewide Consortium . . . . . . . . . . . . . . . . . . . . . . . 79,800El Centro Hispanoamericano . . . . . . . . . . . . . . . . . . . . . . . . . 32,800International Institute of New Jersey . . . . . . . . . . . . . . . . . . . 39,900La Casa de Don Pedro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 36,100Lutheran Social Ministries of New Jersey . . . . . . . . . . . . . . . 44,700

These agencies provide services to income eligible immigrantsseeking assistance for family reunification, representation inImmigration Court, citizenship applications, and work authorization,as well as Temporary Protective Status and refugee/asyleeapplications. The programs provide linguistically accessible legaladvice, assistance for battered immigrant women and community-based legal education through churches and other groups.

Through the leadership of these grantees, volunteer attorneys inprivate practice receive training enabling them to accept pro bonocases, and paraprofessionals at other agencies are trained so they canobtain their certifications and credentials for handling appropriateimmigration cases. The Detention Representation Project is acollaborative project that provides legal information to detainedasylum seekers and detainees who are eligible for other forms ofrelief from deportation. Following the initial screening andconsultation, meritorious cases are referred to pro bono attorneysand established providers of immigration legal services for low-income people.

The Catholic Charities Consortium project provides immigrationadvocates and paralegals in four geographic areas access toattorneys for program oversight, continuing education, and caserepresentation. The Consortium partners say their most pressingissues are the chronic shortage of resources for individuals seekinglow cost immigration legal services and the continuing need forcommunity education to counteract misinformation and thwartunscrupulous “practitioners.”

HOUSING

Bergen County Housing Coalition . . . . . . . . . . . . . . . . . . . . $16,200Catholic Charities-Emergency Services. . . . . . . . . . . . . . . . . . 6,700

These agencies serve families at risk of homelessness. Often low-income families experience an illness or disability leading to loss ofwork and income, followed by loss of housing. In some cases,families are referred to other agencies that provide emergencyassistance for crisis situations and in others, services include tenanteducation and advocacy.

OTHER LEGAL AID

Asian American Legal Defense and Education Fund . . . . . $32,800Cornelian Community Counselors . . . . . . . . . . . . . . . . . . . . . . 6,700Essex County Legal Aid Association . . . . . . . . . . . . . . . . . . . 54,200Legal Aid of Monmouth County . . . . . . . . . . . . . . . . . . . . . . . 6,700Legal Services Foundation of Essex County . . . . . . . . . . . . . 26,200Legal Services of New Jersey-Health Care Access Project . . 76,000Legal Services of New Jersey-Public InterestSummer Legal Intern Program. . . . . . . . . . . . . . . . . . . . . . . . 95,000Rutgers Law School-Camden Pro Bono Program . . . . . . . . . 14,300Rutgers Law School-Newark Pro Bono Program . . . . . . . . . . 8,600

These grantees provide a variety of legal services to income eligibleindividuals. This includes direct legal aid, referral to volunteerattorneys, information, and education. Legal aid programs offerincome eligible individuals the opportunity to discuss their legalproblems with an experienced attorney. Each client’s legal needs areassessed, and through counsel, advice or brief services, they receivethe necessary information and tools required so they may effectivelyrepresent themselves and protect their interests.

Legal Services Foundation of Essex County started VolunteerLawyers for Justice, a pro bono coordination project which recruits,trains, and matches volunteer attorneys with individuals needinghelp with special education, immigration and family law problems.Law school and summer intern programs provide opportunities forstudents to contribute to the community through pro bono service orto work in the field of public interest law. IOLTA funds the training,coordination, and administration of these projects.

The Health Care Access Project provides direct legal advice andrepresentation for low-income individuals and families who cannotobtain health care or who have access-related problems. The Projectassists clients with eligibility and coverage of critical medicalservices in public benefit programs such as Medicaid and Medicare,NJ FamilyCare, PAAD, and Charity Care. The Project has resolvedlegal issues with managed care, long term care, individual and groupinsurance coverage, mental health, addiction, lead poisoning andother health-related problems. Project staff provide training andsupport for staffs of community-based organizations serving poorand low-income clients.

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Only financial institutions that are Court-approved trust account depositories may offer IOLTA accounts.

Advantage BankAllaire Community BankAllegiance Community BankAmboy National BankAmerican Bank of New JerseyAtlantic Stewardship BankAudubon Savings BankBanco PopularBank of AmericaBank of New YorkThe BankBayonne Community BankBCP BankBergen Commercial BankBoardwalk Community BankBogota Savings BankBoiling Springs Savings BankBroadway National BankBrunswick Bank and TrustCape Savings BankCentral Jersey BankChinatrust BankCitibankCitizens BankCitizens Community BankCity National Bank of New JerseyColonial BankColumbia BankCommerce BankCommunity Bank of Bergen CountyCornerstone BankCrest Savings BankCrown BankEnterprise BankFarmers and Mechanics BankFirst Bank Americano1st Colonial National Bank1st Constitution BankFirst Hope BankFirst Morris Bank and TrustFirst National Bank of AbseconFirst National Bank of ElmerFirst Washington State BankFranklin BankFranklin Savings Bank

Freehold Savings and Loan AssociationGlen Rock Savings BankGloucester County Federal Savings BankGrand BankGreater Community BankGSL Savings BankHarvest Community BankHilltop Community BankHopewell Valley Community BankHudson City Savings BankHudson United BankIndependence Community BankInterchange BankInterstate Net BankInvestors Savings BankJP Morgan Chase BankKearny Federal SavingsLakeland BankLiberty Bell BankLlewellyn-Edison Savings BankMagyar Savings BankManasquan Savings BankMariner’s BankMellon BankMetuchen Savings BankMillington Savings BankMillville Savings and LoanMinotola National BankMonmouth Community BankMonroe Savings BankNew Millennium BankNew York Community BankNewfield National BankNewton Trust CompanyNJM BankNorCrown BankNorth Fork BankNorth Jersey Community BankNorthfield Savings BankNVE Savings BankOcean City Home BankOcean First BankOritani Savings BankPamrapo Savings BankParke Bank

Pascack Community BankPeapack-Gladstone BankPenn Federal Savings BankPennsville National BankPennsylvania Business BankPeoples Savings BankPNC BankPonce De Leon Federal BankProvident BankThe Provident BankRed Oak BankRock Community BankRoyal Bank of AmericaRSI BankRumson-Fair Haven Bank and TrustSelect BankShore Community BankShrewsbury State BankSkylands Community BankSomerset Hills BankSomerset Savings BankSomerset Valley BankSovereign BankSpencer Savings BankSterling BankSturdy Savings BankSummit Federal Savings and LoanSun National BankSusquehanna Patriot BankSussex BankSynergy BankThird Federal Savings BankThe Town BankTwo River Community BankUnion Center National BankUnion County Savings BankUnited Heritage BankUnity BankValley National BankWachovia BankWashington Mutual BankWawel Savings BankWoori America BankYardville National Bank

BanksThe IOLTA Fund received interest totaling $32,917,851 from 134 banks in 2005, compared to $15,462,549 from 136 banks in 2004. Threeimportant factors contributed to this increase: the reasonable return standard adopted by the Court in 2004 and the new Best CustomerStandard adopted in late 2005 together with rising interest rates and increased balances in attorney trust accounts.

The average rate on all IOLTA accounts regardless of size was 1.45% in 2005. This was a significant increase over the average of 0.75% in2004. The improvement is attributable to having a portion of the balances in IOLTA accounts linked to an index such as the federal funds targetrate. In 2005, balances in all IOLTA accounts averaged $2.82 billion compared with $2.29 billion in 2004.

The commitment and cooperation of banks has made additional resources available for the important services and projects funded by IOLTA.Their voluntary participation has touched the lives of tens of thousands of New Jerseyans with no where else to turn for help.

The following list shows the banks that participated in the IOLTA program and remitted interest to the fund in 2005. For current informationabout bank participation, especially our Honor Roll of Banks, please visit us online at www.ioltanj.org.

2005 Bank Participation

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LEGAL SERVICES OF NJ NJ STATE BAR FOUNDATION DISCRETIONARY GRANTS

IOLTA REVENUE 1988 - 2005 ($)

35,000,000

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

088 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

35,000,000

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

089 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

IOLTA GRANTS 1989 - 2005 ($)

Financial Information2005 FINANCIAL INFORMATION*

2005 2004RevenueNet IOLTA Interest Earned $ 32,917,851 $ 15,462,549 Investment Interest Income 290,236 67,954

Total Revenue $ 33,208,087 $ 15,530,503

ExpensesGeneral and Administrative Expenses $ 415,162 $ 403,827Authorized Grant Allocations 28,912,236 14,407,073Emergency Grants Net of Returned Grants (8,000) (5,911)

Total Expenses $ 29,319,398 $ 14,804,989

Net Increase/(Decrease) in Temporarily RestrictedNet Assets for the Year $ 3,888,689 $ 725,514

*Figures are excerpted from the 2005 audited financial statements prepared by Koenig, Russo & Associates, L.L.C. The audit may beexamined by appointment during business hours at the Fund’s offices.

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The IOLTA Fund of theBar of New JerseyNEW JERSEY LAW CENTERONE CONSTITUTION SQUARENEW BRUNSWICK, NJ 08901-1520

PRESORT STANDARD

U.S. POSTAGE

PAIDPERMIT #451

Union, NJ

AdministrationA nine member Board of Trustees governs the IOLTA Fund of the Bar of New Jersey. The Court appoints six members. Ex-officiomembers are: President, Legal Services of New Jersey, Inc.; President, New Jersey State Bar Association; and President, New JerseyState Bar Foundation or designee.

2005-2006 BOARD OF TRUSTEES STAFF

Richard T. Fauntleroy, Chair Edwin J. McCreedy Ellen D. Ferrise, Executive Director

Barry S. Goodman, Treasurer Ellen O’Connell Robert A. Ackerman

Elizabeth Siso Bair Mary Lou Parker Claire Heffington

John E. Keefe, Sr. Lawrence A. Yodice JoAnn Telemdschinow

Melville D. Miller, Jr.


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