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Financial Stewardship

An Organization You Can Trust

In 2021-22, FFLA (as The Florida Bar Foundation) spent 86.4% of its total expenses on charitable activities. Administration expenses represented 11.2% of total expenses, and fundraising expenses were 2.4%. We awarded more than $8.1M in grants.

2021-22 Fiscal Snapshot

Financial Documents

* The consolidated financial statements are presented for convenience and information purposes only and should not be relied upon. A copy of the printed consolidated financial statements will be provided upon request.

Revenue from Florida’s Interest on Trust Accounts (IOTA) Program

iota revenue history

With the advent of the global recession, the U.S. Federal Reserve instituted a monetary policy that has held the Federal funds rate near zero for several years. This has had a devastating impact on revenue from Florida’s Interest on Trust Accounts Program, FFLA’s primary source of revenue. This chart shows IOTA revenue in millions since the 2007-08 fiscal year.

Investments

FFLA funds are invested by professional investment managers under policies approved by the board of directors. The investment policies are developed with assistance from outside consultants who also work with FFLA’s investment committee and board to evaluate investment managers’ performance.

Thank Your Banker

September 1981 marked implementation by the Florida Supreme Court of the country’s first IOTA Program and the beginning of an important source of support for civil legal assistance to the poor– projects to improve Florida’s justice system and programs to promote public service by law students. While we often mark that milestone and thank those responsible, we don’t publicly recognize often enough Florida’s banking community. IOTA works because of the support and cooperation of Florida banks, from the superb bank staff who make sure monthly remittance information and interest gets to FFLA, to the teams who worked so closely with FFLA to implement the interest rate comparability rule, to the leaders of the Florida Bankers Association who step up to the plate and help IOTA achieve its full potential. FFLA, its grantees and those they serve are very grateful for the successful partnership between the legal and banking communities that is Florida’s IOTA Program.