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June 29, 2010
One year ago, the Foundation faced a time of uncertainty -
in particular when considering IOLTA revenues. Many months
have passed and the outlook is a bit brighter. As
fiduciaries of your Bar's charitable arm, we want you to
know that even in the midst of the economic collapse, your
Foundation used the decline to help our organization and
those we support to become leaner and more efficient.
Grantee Assistance
In keeping with our mission, the Foundation administered the
2010 grant cycle, awarding 19 organizations more than $2.6
million in IOLTA and SC Bar Opt-Out funds. Non-violent
fathers who cannot pay child support were placed into
livable wage jobs and reconnected with their children -
victims of domestic abuse were given second chances for safe
lives - youth were taught the value of being good and
productive citizens. Though grant awards were lower due to
the decline in IOLTA, the Foundation committed additional
funds from a reserve account to help diminish the negative
impact on grantees as much as possible.
When times are tough, people must pull together. With fewer
resources available to give, the Foundation looked for ways
in which the grantee community could work together - from
sharing resources to participating in collaborative training
opportunities. The Foundation reviewed technology systems in
place at civil legal aid organizations to identify how
technology might best be utilized on an individual program
level as well as in the overall civil legal aid landscape.
The Board recently approved just under $1.1 million in IOLTA
and SC Bar Opt-Out funds to 18 organizations for work to be
done over the course of the next six months. The temporary
transition to a six month grant cycle will permit the
Foundation Board to make awards that are more reflective of
current revenues during the initial year of IOLTA
comparability. Subsequent awards will be made for the first
six months of 2011.
IOLTA
For many years, the Foundation worked to improve interest
rates on IOLTA accounts in a seemingly never ending cycle.
Though some success was achieved, IOLTA rates never reached
the higher levels paid on other high balance accounts. As
such, the Foundation petitioned the Supreme Court to revise
Rule 412 so that institutions eligible to hold IOLTA are
those that agree to pay IOLTA account customers the highest
interest rate or dividend generally available to similarly
situated non-IOLTA customers at their own institution.
Higher rates are required only if those rates are
already available to the bank's other customers. The new
rule went into effect earlier this month. Please take a
minute to view the list of eligible banks - paying special
attention to those banks that are going "above and beyond"
by choosing to become
Prime Partners.
Donor Development
With a generous gift from the late Rusty Weinberg of Sumter,
we established a planned giving society to honor Mr.
Weinberg's legacy, but also to move the Foundation forward
as a nonprofit that is ready and capable of serving the
needs of Bar members who wish to leave financial legacies
through the profession. If you are in a position to consider
a planned gift to the Foundation, please get more
information
here.
We spent time continuing to make connections - at local Bar
meetings in Greenville,
Conway, Columbia and Charleston and with Foundation grantee
Boards of Directors. We believe in sharing the good works
that are done through your Bar's charitable arm. We aim to illustrate
the link between the Foundation and people reached in your
communities through IOLTA and donor support. If you have not
already done so, please check out our
overview video.
March 11, 2010 was a great day for the Bar Foundation and
its grantees. The 4th annual gala, held at the
Columbia Metropolitan Convention Center, was attended by
close to 300 guests. The evening celebrated the SC Bar's
Nifty Fifty, the class of 1959, with 23 members present. In
addition, the gala honored the Ellen Hines Smith Legal
Services Lawyer of the Year, Maureen Z. White, and the SC
Bar's Pro Bono Lawyers of the Year, Kristen E. Horne and
Keri A. Olivetti. Proceeds of the event were more than
$26,000 - almost three times the amount of proceeds
generated in 2009. Be sure to mark your calendars
for March 3, 2011 - next year's gala!
The activities of the Bar's Foundation are broad and I have
just shared a few of the highlights of the year. If you
agree that any of the above seems like progress made during
a time of uncertainly, I ask that you use this time to
recommit to the Foundation by making a subsequent gift - or
a new one (if it has been a while) - to help the us jump
start the new fiscal year.
Any amount is appreciated. You can make your gift
from the comfort of your computer by
clicking here. If you'd prefer, you may send your gift
to us at the address below.
Thank you for making the Foundation's year possible -
despite all signs that pointed to a setback. We look forward
to our continued journey
together.
Sincerely
yours,
George M. Hearn Jr.
President FY 2010
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