Board supports Foundation plan to amend the IOTA rule


first_imgBoard supports Foundation plan to amend the IOTA rule April 15, 2001 Managing Editor Regular News Board supports Foundation plan to amend the IOTA ruleMark D. Killian Managing Editor The Board of Governors has given its unanimous support to a Florida Bar Foundation plan to open the IOTA program to financial institutions other than banks and require those holding the trust accounts to pay interest rates or dividends commensurate with those offered to their non-IOTA depositors. Foundation President Ham Cooke told the Board of Governors March 30 in Melbourne that the proposed amendments to the IOTA rule which must be approved by the Supreme Court have the potential to double the money generated by the IOTA program. Cooke said low interest rates and high service charges over the past 10 years have reduced IOTA income from about $19 million per year to $11 million, forcing the Foundation to cut its legal aid to the poor grants by 32 percent over the past two years. “Our board has taken that very, very seriously,” Cooke said. “We wanted to do something to be as proactive as we could in trying to increase the return that IOTA is receiving.” To do that, Cooke said, the Foundation will soon petition the court to amend the IOTA rule to allow financial services companies such as Morgan Stanley Dean Witter or Merrill Lynch to hold IOTA accounts. The change also would require any institution that wants to handle IOTA accounts to place IOTA account funds in products paying the same market rate of interest or dividends available to non-IOTA depositors when IOTA accounts meet the same balance and other requirements. Authorized investments would include FDIC insured accounts, daily bank repurchase agreements (REPOs) or money market funds. Currently, IOTA funds can only be held in federally insured checking accounts or REPOs. The IOTA rule amendments being proposed by the Foundation make no change in the current requirement that all nominal or short-term client or third-person trust funds be invested for IOTA’s benefit. But, as always has been the case, attorneys and firms have a responsibility to make large or long-term trust deposits productive for clients whenever practical. Cooke said adopting the change could generate as much as $25 million annually for the Foundation and “allow us to then fund legal services at the level we did 10 years ago.” Bar President-elect Terry Russell urged the board to support the Foundation’s plan, which he said would “enable the Foundation to regain its footing” and provide more complete provision of resources to legal service organizations. Russell noted that since IOTA’s inception, the program has generated more than $156 million for legal aid, administration of justice, and law student assistance programs. In putting the plan together, Cooke said the Foundation worked to put the onus of meeting the new standards on the financial institutions and the Foundation, not the lawyers. Even by requiring that IOTA accounts earn the highest interest rate or dividend available to non-IOTA depositors with comparable balances at the same bank or financial services company, IOTA still is voluntary for institutions, Cooke said. But, by meeting the interest or dividend standard, banks would become eligible to hold IOTA accounts, and lawyers and firms would be required to deposit IOTA funds only in eligible institutions. As part of the plan, the Foundation also will independently work with banks and financial service companies to develop appropriate products which comply with the IOTA rule, Cooke said. That will include providing the banks with computer and technical support needed to remit IOTA earnings to the Foundation and conduct the required reporting. The Foundation, not the lawyer, will be responsible for monitoring usage of banks’ and financial services companies’ existing products available to non-IOTA depositors, with respect to rates being paid on individual attorney and law firm IOTA accounts as reported by the Foundation on IOTA remittance reports, in order to determine compliance with the IOTA rule. The proposal calls for no action to be required of law firms by the proposed amendments to monitor their institution’s compliance, and unless an attorney’s or law firm’s bank becomes ineligible to hold IOTA funds because of its unwillingness to place IOTA account funds in products in compliance with the rule. In that instance, the Foundation would advise the attorney or law firm that their financial institution had become ineligible to hold IOTA funds.last_img read more

Haiti to pay mothers school incentives via mobile


first_imgNewsRegional Haiti to pay mothers school incentives via mobile by: – May 29, 2012 Tweet Share Sharing is caring! Sharecenter_img Share 7 Views   no discussions The earthquake of January 2010 devastated much of Port-au-PrinceThe government in Haiti says it will begin transferring cash credits to mothers who send their children to school regularly.Each mother will receive up to $20 (£13) a month and the transfers will be made via mobile phone. The programme, called Ti Manman Cheri, or Dear Little Mother, aims to benefit initially a 100,000 families in the capital, Port-au-Prince. Venezuela is providing $15m (£9.5m) for the first phase of the programme.Other Latin American countries, such as Brazil and Mexico, have adopted schemes that provide benefits to families who keep their children in education.But the Haitian government says this is the first such initiative to use mobile phones for cash transfers. Prime minister Laurent Lamothe said the programme represented “a revolution in the country.”It will initially benefit families in four of the poorest areas of Port-au-Prince and should be extended to the rest of the country by the end of the year.Haiti is one of the poorest countries in the western hemisphere.It suffered huge human and material losses when it was hit by an earthquake in 2010.BBC Newslast_img read more

Man Utd announce plans to form professional women’s team


first_img0Shares0000Manchester United are setting up a senior women’s team © AFP/File / OLI SCARFFLONDON, United Kingdom, Mar 22 – Manchester United have announced plans to form a women’s professional team after long being criticised for lagging behind their rivals.The Premier League giants are the only top-flight club in England without a senior women’s team. United said they had submitted an application to the Football Association to join the second tier of the Women’s Super League.“We are pleased to announce that the club intends to establish its first-ever professional women’s team and has submitted an application to enter WSL2,” said Manchester United executive vice-chairman Ed Woodward.“The FA has provided excellent support through the process and we believe that launching a team in WSL2 would give many more of our graduates from the regional talent club the chance to establish themselves as first-team players.“The Manchester United women’s team must be built in the same image and with the same principles as the men’s first team and offer academy players a clear route to top-level football within the club.”Ex-United player and current England women’s coach Phil Neville recently called on his former club to form a women’s team.Sports minister Tracey Crouch praised Manchester United for “finally dragging themselves into the 21st century” in the House of Commons on Thursday.Commons Speaker John Bercow, an avid Arsenal fan, chimed in, saying: “They are light years behind Arsenal.”0Shares0000(Visited 1 times, 1 visits today)last_img read more

Macke Moves Into Second All-Time In Digs At Drake In A 3-0 Loss


first_img Full Schedule Roster ESPN3 Next Game: at Illinois State 11/9/2019 – 5 p.m. Preview Buy Tickets Live Stats Box Score (PDF) center_img Watch Live Story Links PEORIA, Ill. – Drake University junior Kylee Macke moved into second all-time in career digs in the Drake volleyball team’s 3-0 loss at Bradley Friday evening.Macke had 12 digs and now has 1,607 in less than three full seasons at Drake to move past Michelle Tommi.In addition to Macke making history, junior Emily Plock had 24 kills and 14 digs to continue her strong play with her fifth 20-kill night in the last six outings. Plock hit .360 in the loss as Bradley prevailed by set scores of 25-18, 27-25, 25-23.Bradley (12-11, 8-4 MVC) was led by Hannah Thompson’s 12 kills and eight kills plus seven blocks from Sara Maddox.Drake (9-18, 3-11 MVC) committed 11 errors in the first set but regrouped and committed just 11 total miscues the remainder of the evening to keep pace with Bradley.The Bulldogs looked poised to tie the match in the second set with a seven-point lead late in the set. However, Bradley fought off two set points and closed the set on a 15-6 run to take the set and a 2-0 lead in the match.Drake played very even with Bradley in the third set, but Bradley was able to get enough separation late to preserve the four-set win and end the Bulldogs’ evening early.Drake aims to rebound from the loss Saturday when they make the short trip to Illinois State for a 5 p.m. match. Print Friendly Versionlast_img read more