The Oklahoma Supreme Court created the Oklahoma IOLTA program in 1983 as a mechanism to provide greater access to the civil justice system, law-related education for school children, and other important law-related programs and projects that benefit Oklahomans. The Oklahoma Bar Foundation administers the Oklahoma Interest On Lawyers’ Trust Account (IOLTA) Program.
The Oklahoma Bar Foundation IOLTA program is mandatory for lawyers and law firms and became so in 2004 when the Oklahoma Supreme Court approved the order to make the IOLTA program mandatory.
The IOLTA program is an innovative way to supply a public good throughout the State. When an attorney or law firm receives client funds that are too small in amount or funds expected to be held for too a short a time to earn net income, these funds are placed in a pooled interest-bearing IOLTA bank account. The interest earned on these accounts is remitted by financial institutions to the Oklahoma Bar Foundation IOLTA program, which provides grants to eligible law-related charitable organizations throughout Oklahoma. The IOLTA trust account is an interest bearing corporate/business checking account (such as a NOW account) for pooled client funds which pays all interest earned to the Oklahoma Bar Foundation IOLTA program, an IRS code 501(c)(3) charitable organization.
Financial institutions throughout Oklahoma and the Nation partner with attorneys to promote public good though IOLTA programs. The Oklahoma Bar Foundation thanks financial institutions for participation and cooperation with this important charitable program.
- Summarized instructions to both the attorney and the bank are contained within the IOLTA Compliance Statement Form, which is the official enrollment form. The original is to remain on file with the bank and a complete copy is to be forwarded to the Oklahoma Bar Foundation IOLTA Office.
- Detailed information and instructions are contained within the IOLTA for Financial Institutions Guidelines.
- Please do not hesitate to contact the OBF IOLTA Office at (405) 416-7070 should you additional questions or need other information.