New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LXIX - Interest On Lawyer Account Fund › Part 7000 - Trustees' Regulations And Procedures › Section 7000.5 - Powers and duties of trustees

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				In the exercise of the authority granted the trustees, the trustees have the
				power to:
(1) receive, hold and distribute
				the moneys remitted to the IOLA fund pursuant to the provisions of section
				497 of the
				Judiciary Law and to receive such other moneys and property received from any
				source, including voluntary contributions, together with any interest accrued
				thereon. All such revenue not distributed shall be secured and invested as
				required by the provisions of sections
				97-v and
				98 of the
				State Finance Law;
(2) require
				eligible banking institutions that apply to be considered eligible to accept
				the deposit of IOLA funds to verify their current compliance with New York
				Judiciary Law 497, New York State Finance Law 97-v and these regulations and
				determine eligibility for the deposit of IOLA funds;
(3) make available to the public the names of
				eligible banking institutions;
(4)
				allocate no less than 75 percent of the net funds distributed after covering
				administrative expenses in any fiscal year as grants and contracts to
				not-for-profit tax-exempt "qualified legal services providers," as defined by
				section 7000.12(a)(1) of
				this Part, for the provision of civil legal services to the poor allocated
				according to the geographic distribution of poor persons throughout the State
				based on the latest available figures from the United States Department of
				Commerce, Bureau of Census;
(5)
				allocate the remaining funds to "administration of justice providers," as
				defined by section
				7000.12(a)(2) of
				this Part, for purposes related to the improvement of the administration of
				justice, including but not limited to the provision of civil legal services to
				groups currently undeserved by legal services, such as the elderly and the
				disabled, and the enhancement of civil legal services to the poor through
				innovative and cost-effective means, such as volunteer lawyer programs and
				support and training services;
(6)
				adopt and amend regulations for the administration of the fund and procedures
				for the distribution of grants and contracts;
(7) review applications for grants and
				contracts using staff and other available resources;
(8) determine, pursuant to the provisions of
				section
				97-v of the
				State Finance Law, the award of grants and contracts, including the amount to
				be awarded and the terms under which the awards of grants and contracts shall
				be made;
(9) employ and remove, at
				their pleasure, employees, agents and consultants and fix their compensation
				within the amounts available therefor, but in no event shall more than 10
				percent of the funds available in any fiscal year be spent on personnel and
				related services, including necessary nonpersonnel administrative costs of the
				program; provided, however, that pursuant to section
				97-v of the
				State Finance Law as amended by the Laws of 1984, such limitation may be waived
				by the board of trustees by the adoption of a resolution, and such waiver shall
				remain in effect until the board determines by a subsequent resolution that the
				program is fully operational;
(10)
				furnish the Governor, the Court of Appeals, the Legislature and the State
				Comptroller with an annual report of the activities and operations of the fund;
				and
(11) perform all other acts
				necessary or proper for the fulfillment of the purpose of the fund and its
				effective administration, including but not limited to the creation of
				subcommittees of the board and the appointment of officers other than
				chair.