Tcl - Coltaf 2004-2005 Annual Report - November 2005
| Publication year | 2005 |
| Pages | 13 |
| Citation | Vol. 34 No. 11 Pg. 13 |
2005, November, Pg. 13. TCL - COLTAF 2004-2005 Annual Report - November 2005
November 2005
Vol. 34, No. 11 [Page 13]
To our Members and Friends:
This has been a good and eventful year for COLTAF.
In response to an upward national trend in short-term interest rates, we asked our partner banks to consider increasing the rate they pay on COLTAF accounts. Many of them responded with increases and others increased their rates on their own initiative or through the application of their internal formulas. The result was that our interest income from COLTAF accounts increased by nearly 33% over our 2003 - 2004 fiscal year. By the end of the year our monthly receipts were running more than 50% ahead of their level a year earlier. This augurs well for the upcoming year.
When the year began we were without an Executive Director and were just commencing a search to fill the position. This search was conducted jointly with the Legal Aid Foundation of Colorado with which we share staff. We were very fortunate in this search to find Elizabeth Steele and Diana Poole, both of whom were very well qualified for the position. Elizabeth joined us as Director during the Fall of 2004 and has done an extraordinary job for us and for the Legal Aid Foundation. Diana came on board earlier this year as Associate Director, so we were doubly blessed.
We owe thanks not only to Elizabeth and Diana but also to Vicki Capek and Debra Gallegos, who kept us on an even keel during our search and continue to show their dedication to COLTAF's mission. We also thank Maryan Sneed, who served as Interim Director during the transition.
The calendar year 2005 is my last with COLTAF. I will leave with confidence in our dedicated and conscientious Board of Directors, in our staff and in our partner banks. Thank you all.
David Butler
WHAT IS COLTAF?
The Colorado Lawyer Trust Account Foundation ("COLTAF") was established in 1982 to help fund organizations that meet one or more of these purposes:
* assist in providing legal services to the disadvantaged;
* improve the delivery of legal services;
* promote knowledge and awareness of the law in the community; and
* improve the administration of justice.
COLTAF receives the interest earned on pooled client trust accounts where the funds are so nominal in amount or are expected to be held for such a short period of time that it is not practical to earn or account for interest on the individual deposits. All client funds in a lawyer's possession must be held in interest-bearing accounts for the benefit of the client or COLTAF.
...To continue reading
Request your trial