FundSvcs Community

Hi Tracy, I have never received a check like that, but a Google search provided this info - maybe you could call or email them for more information. Hope this helps! What is IOLTA/IOTA? <https://www.olaf.org/lawyers/iolta-iota-for-lawyers/ioltaiota-faqs/#128086a3b9e3e379e> IOLTA and IOTA are acronyms for “Interest on Lawyers’ Trust Accounts” and “Interest on Trust Accounts” respectively. The IOLTA program was established by the Ohio General Assembly in 1985, followed by IOTA in 1995. The interest earned on these accounts generates revenue for the state’s legal aid fund. IOTA and IOLTA provisions are fully set out in Ohio Revised Code Sections *3953.231* <http://codes.ohio.gov/orc/3953.231>, *4705.09* <http://codes.ohio.gov/orc/4705.09> and *4705.10 <http://codes.ohio.gov/orc/4705.10>* How does it work? <https://www.olaf.org/lawyers/iolta-iota-for-lawyers/ioltaiota-faqs/#789c8f1468784dafe> Under the IOLTA/IOTA program, lawyers and title agents must place pooled escrow funds in interest-bearing accounts with interest remitted by financial institutions to the state treasurer for deposit into the legal aid fund. *Ohio Legal Assistance Foundation* 88 E. Broad Street, Suite 720 Columbus, Ohio 43215-3506 (614) 715-8560 Fax: (614) 715-8559 mail@olaf.org [image: Denison University Logo] <https://denison.edu> *Lisa M. Oliver* *Senior Gift Accounting Specialist* Advancement Operations 100 West College St, Granville, OH 43023 <https://deniso.nu/2qF6h7M> | Beth Eden 306 <https://denison.edu/map> oliverl@denison.edu [image: Unlocking Potential: Invest in Denison] <https://unlock.denison.edu> NOTICE: This email message and all attachments transmitted with it may contain legally privileged and confidential information intended solely for the use of the addressee. If the reader of this message is not the intended recipient, you are hereby notified that any reading, dissemination, distribution, copying, or other use of this message or its attachments is strictly prohibited. If you have received this message in error, please notify the sender immediately by phone or by email, and delete this message and all copies and backups thereof. *Please consider the environment before printing this email.* *To make a gift to Denison, visit support.denison.edu <http://support.denison.edu>* On Tue, May 7, 2019 at 2:46 PM Rush, Tracy <trush@otterbein.edu> wrote: > Has anyone received a checked from an IOLTA before? If so, who would you > identify as the donor? > > > > The law firm? > > The IOLTA? > > The client? > > > > > > The check reads: > > <law firm name> trustee > > Ohio IOLTA > > > > The accompanying note provides a name of the client—no address or other > specifics and, oddly, it is not on letterhead. > > It reads: this is to create an endowment for xxxxx (name of a former, now > deceased student) > > His mother’s name is xxxx. > > > > Thanks all—I appreciate your help with this one… > > > > > > Tracy Rush > > Executive Director Annual Giving and Advancement Services > > Otterbein University > > 1 South Grove Street > > Westerville, OH 43081 > > (614) 823-1290 > > > > To make a gift, please visit: www.otterbein.edu/makeagift > > > > [image: cid:d6628357-31ac-45c2-ba92-17e669bae199] > > > > > > > > >

It's been a while since I received one of these at Duke. Counsel advised me that the payments did not meet the IRS definition of a charitable donation. If memory serves, the funds are not voluntarily being given to you from a private source but, instate, are mandated State payments representing interest earned on client-attorney accounts (where those law firms are not allowed by law to gain from these pooled funds). The interest is remitted to the State who then distributes those monies to various charitable programs. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Tue, May 7, 2019 at 2:46 PM Rush, Tracy <trush@otterbein.edu> wrote: > Has anyone received a checked from an IOLTA before? If so, who would you > identify as the donor? > > > > The law firm? > > The IOLTA? > > The client? > > > > > > The check reads: > > <law firm name> trustee > > Ohio IOLTA > > > > The accompanying note provides a name of the client—no address or other > specifics and, oddly, it is not on letterhead. > > It reads: this is to create an endowment for xxxxx (name of a former, now > deceased student) > > His mother’s name is xxxx. > > > > Thanks all—I appreciate your help with this one… > > > > > > Tracy Rush > > Executive Director Annual Giving and Advancement Services > > Otterbein University > > 1 South Grove Street > > Westerville, OH 43081 > > (614) 823-1290 > > > > To make a gift, please visit: www.otterbein.edu/makeagift > > > > [image: cid:d6628357-31ac-45c2-ba92-17e669bae199] > > > > > > > > >

Has anyone received a checked from an IOLTA before? If so, who would you identify as the donor? The law firm? The IOLTA? The client? The check reads: <law firm name> trustee Ohio IOLTA The accompanying note provides a name of the client-no address or other specifics and, oddly, it is not on letterhead. It reads: this is to create an endowment for xxxxx (name of a former, now deceased student) His mother's name is xxxx. Thanks all-I appreciate your help with this one... Tracy Rush Executive Director Annual Giving and Advancement Services Otterbein University 1 South Grove Street Westerville, OH 43081 (614) 823-1290 To make a gift, please visit: www.otterbein.edu/makeagift<http://www.otterbein.edu/makeagift> [cid:d6628357-31ac-45c2-ba92-17e669bae199]

From my perspective.... I would contact the firm and see if you can get an idea of the facts and circumstances that gave rise to this check issuance first. The fact that the payment is from an attorneys IOLTA only means that it is a disbursement of client funds that the attorney was holding. The IOLTA itself cannot be a donor. The law firm cannot use client funds to make a donation in which the firm is the donor. That being said, you don't really have enough information yet to finalize this transaction. Bob Swanson, CPA Controller Bowling Green State University 1851 N. Research Drive Bowling Green, Ohio 43403 rswanso@bgsu.edu<mailto:rswanso@bgsu.edu> w 419.372.8597 From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Rush, Tracy Sent: Tuesday, May 7, 2019 2:47 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: [EXTERNAL] [FUNDSVCS] IOLTA Has anyone received a checked from an IOLTA before? If so, who would you identify as the donor? The law firm? The IOLTA? The client? The check reads: <law firm name> trustee Ohio IOLTA The accompanying note provides a name of the client-no address or other specifics and, oddly, it is not on letterhead. It reads: this is to create an endowment for xxxxx (name of a former, now deceased student) His mother's name is xxxx. Thanks all-I appreciate your help with this one... Tracy Rush Executive Director Annual Giving and Advancement Services Otterbein University 1 South Grove Street Westerville, OH 43081 (614) 823-1290 To make a gift, please visit: www.otterbein.edu/makeagift<http://secure-web.cisco.com/1NrMh3UA-nlSc6SIPEmiG2ichNJbetpuo_z1W1bMAXy4LscH7iWnzJ1eD2TpqBE7p8BGv5bkNsTxO9rtegA_yNnQIb86_6hHCRrW0AGdCUVT2MchZE0gJmNh20hI02DzIQ15ANF6Bz2yXDVcVnH8O8TxVXth4h_R3SD9rdX1nXnkV3_zDVqELoiWGgJpIpdOdVf8W_xDAbKm97zHRb0yCz2HvAG5xfBLnF1Z51jSgP-7Djdxwz84PjLLxJB__Xe51CE5WGnyn8_gtZ6_U80G01lxsFB15khrbjbeQm2rWDq7IcWYofjZsOIE0sNHfAu9imrYtZ82pzlh7SgurregelgIyq4zG-pSayIMwJZbGidjeGQerHAyY_1VDtFNeRrnpb6cILSnlBrHUjvRj3xJGsyxTxE7_xhDXIZ77LSpJrF5erXqo-8EDM7WN5wQwFUHMcHzCHBxUiar70YhXtH0-924XFGlrn29ZXqXZYqeX94YuR-fCdVVAOhO2n9ev1T2fG8qZxtnu_UMXEkNxWoQYEQ/http%3A%2F%2Fwww.otterbein.edu%2Fmakeagift> [cid:d6628357-31ac-45c2-ba92-17e669bae199]