If your bank is not currently participating in the IOLTA Program, please contact
Payal Vora via email, or call 512.320.0099,
Financial institutions may remit interest to the Texas Access to Justice Foundation
on a monthly or quarterly basis.
Monthly remittances are due 15 days following the end of the time period reported.
Example: Interest earned between March 1 and March 31 should be
remitted to the Foundation by April 15.
Quarterly remittances are calculated by calendar quarters.
Time Period of Interest Earned
Jan. 1 – Mar. 31
Apr. 1 – Jun. 30
Jul. 1 – Sept. 30
Oct. 1 – Dec. 31
Completing the IOLTA Remittance Report
Following are the steps required to complete the IOLTA Remittance Report:
- Complete the top portion of the report (including the Bank Code and Time Period).
- Report the interest earned, service charges [links to Service Charges in How to
Open and Manage IOLTA Accounts sub section] and net paid for each account. Accounts
earning $0.00 interest must also be reported.
- Calculate and report the totals for interest earned, service charges and net paid.
The total interest earned less total service charges should equal the total net
paid. The total net paid should equal the amount of your check to the Foundation.
- Report the interest rate or tiered rates and average balance. For quarterly remittances,
report the interest rate(s) and average balance for the last month of the quarter.
- New and closed accounts should be designated by N (new) or C (closed) in the far
right column. All accounts must be accounted for on each consecutive IOLTA remittance
report, including any open accounts earning $0.00 interest. Unless the account has
been designated as closed on the previous report, it should be listed.
- Report to the Foundation any errors in remittance as soon as possible. Upon receipt
of supporting documentation, refunds will be made for excess payments.
To obtain an IOLTA Remittance Report, contact
Payal Vora, at 512.320.0099, ext. 108.
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