As part of The Florida Bar’s (the Bar) ongoing effort to bring solutions to their membership, the Bar identified the requirements of Chapter 5 and the handling of Interest Occurring Trust Accounts (IOTA) as an opportunity in late 2017. The goal of the program is to address the need for a uniform approach to the accounting and reporting requirements of IOTA’s and to enhance the income generated on behalf of these accounts directly benefiting the charitable endeavors of the Florida Bar Foundation. The Bar set out to identify an organization that would collaborate and build a solution with a centralized online custodial platform and qualified investment product for its members.
One critical component of the solution was to engage a proven trust accounting system to serve as the backbone for the program. The Bar selected the FIS AddVantage Trust Accounting platform. Another requirement was to partner with a solution and service-based company that would be able to design a program that delivers a solution to Bar members. The partner that was selected is TMI Trust Company (TMI). TMI has developed the Trust Accounting program that provides access to a solution that allows participating attorneys and their staff to efficiently comply with the IOTA requirements of the State of Florida. The program is designed to enable attorneys and their designated staff to establish IOTA’s online, deposit funds to each account, view reports online and have flexibility on how the funds are disbursed. The deposits placed into the investment program will not only be covered by FDIC insurance, but also earn significantly more interest that will benefit the Florida Bar Foundation.
Participating attorney and firms may login here.
For additional information:
Chris Teevan, Vice Chairman