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Internal Controls Impacting Amounts 2004 – Increase monitoring

IOLTA Revenue History. Internal Controls Impacting Amounts 2004 – Increase monitoring 2005 -Change in Rule: reasonable charge, no negative netting, agreement signed 2007 - Comparability. External Factors Impacting Amounts Principal Balances rising Interest rates on some accounts

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Internal Controls Impacting Amounts 2004 – Increase monitoring

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  1. IOLTA Revenue History Internal Controls Impacting Amounts 2004 – Increase monitoring 2005 -Change in Rule: reasonable charge, no negative netting, agreement signed 2007 - Comparability External Factors Impacting Amounts Principal Balances rising Interest rates on some accounts Increased # accounts – (~300)

  2. IOLTA Revenue Comparing 2007 – 2008 So what is the bad news???

  3. What Happened? 2008 Budget $3,570,000- $82K below budget in first 2 months

  4. One Reason - Economy Downward Trends NOTE: Lower Balances this month meant $18K less

  5. Second Reason - Comparability Not Yet 100%

  6. January Net Increase if Comparability Rate Brand new staff – not much movement Reviewing retro proposal – implementing money market with no fees -$20K to $28K increase National sent $33,112 as donation and commitment to match business saving product. With lower fed rate – the keeps the interest remitted the same. Communication continues.

  7. January 2008 Comparability Noncompliance – Major Banks

  8. IF comparability 100% Jan Income would have been $431,114

  9. Immediate Concern

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