internal controls impacting amounts 2004 – increase monitoring
DESCRIPTION
IOLTA Revenue History. Internal Controls Impacting Amounts 2004 – Increase monitoring 2005 -Change in Rule: reasonable charge, no negative netting, agreement signed 2007 - Comparability. External Factors Impacting Amounts Principal Balances rising Interest rates on some accounts - PowerPoint PPT PresentationTRANSCRIPT
IOLTA Revenue
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
Yr 92 Yr 93 Yr 94 Yr 95 Yr 96 Yr 97 Yr 98 Yr 99 Yr 00 Yr 01 Yr 02 Yr 03 Yr 04 Yr 05 Yr 06 Yr 07
Yr 92 $1,342,009
Yr 93 $1,044,296
Yr 94 $1,159,356
Yr 95 $1,320,033
Yr 96 $1,391,380
Yr 97 $1,508,607
Yr 98 $1,530,045
Yr 99 $1,280,571
Yr 00 $1,617,651
Yr 01 $1,415,661
Yr 02 $1,228,602
Yr 03 $1,113,004
Yr 04 $1,149,473
Yr 05 $1,892,573
Yr 06 $2,507,511
Yr 07 $2,877,392
Internal Controls Impacting Amounts
2004 – Increase monitoring
2005 -Change in Rule: reasonable charge, no negative netting, agreement signed
2007 - Comparability
IOLTA Revenue History External Factors Impacting Amounts
Principal Balances rising
Interest rates on some accounts
Increased # accounts – (~300)
$200,000
$210,000
$220,000
$230,000
$240,000
$250,000
$260,000
2007 2008
IOLTA Revenue 2007 - 2008
Jan
Feb
2007 2008Jan 221,913$ 259,721$ 37,807$ 17.04%Feb 228,425$ 238,692$ 10,267$ 4.49%
Increase over Prior Year
IOLTA Revenue Comparing 2007 – 2008
So what is the bad
news???
2008 Actual vs Budget
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
January February
2008 Actual
Budgeted
January February
2008 Actual $ 259,721 $ 238,692
Budgeted $ 290,000 $ 290,000
2008 Budget $3,570,000- $82K below
budget in first 2 months
What Happened
?
Interest Remitted Principle Bal
JAN DEC $Change % Change JAN DEC $Change % Change
Northern Trust $ 31,388 $ 36,594 $ (5,206) -14.23% $ 13,431,818 $ 15,093,191 $(1,661,373) -11.01%
Chase $ 21,619 $ 25,686 $ (4,066) -15.83% $ 36,170,652 $ 37,299,135 $(1,128,483) -3.03%
National Bank of Az $ 33,660 $ 37,289 $ (3,630) -9.73% $ 31,482,091 $ 34,987,944 $(3,505,853) -10.02%
Bank of America $ 59,074 $ 62,107 $ (3,033) -4.88% $ 37,724,389 $ 39,108,802 $(1,384,412) -3.54%
Sonoran Bank $ 1,838 $ 4,358 $ (2,520) -57.83% $ 4,756,596 $ 4,799,173 $ (42,578) -0.89%
Alliance Bank $ 1,943 $ 3,840 $ (1,898) -49.41% $ 6,832,217
$ 8,288,97
1 $ (1,456,754) -.17.58%
US Bank $ 4,725 $ 6,187 $ (1,462) -23.63% $ 2,117,791 $ 2,370,510 $ (252,719) -10.66%
Mohave State Bnk $ 705 $ 1,539 $ (834) -54.21% $ 667,252 $ 1,360,408 $ (693,157) -50.95%
Wells Fargo $ 39,169 $ 39,781 $ (613) -1.54% $ 55,571,218 $ 55,836,292 $ (265,074) -0.47%
AZ Bus Bnk (CoBiz) $ 4,524 $ 4,010 $ 514 12.83% $ 4,454,236 $ 5,248,456 $ (794,221) -15.13%
Compass $ 6,113 $ 5,352 $ 761 14.21% $ 6,845,640 $ 6,717,724 $ 127,916 1.90%
M&I $ 6,970 $ 5,737 $ 1,233 21.49% $ 10,436,811 $ 9,702,869 $ 733,941 7.56%
1st Nat'l Bank of AZ $ 7,458 $ 5,574 $ 1,884 33.80% $ 4,931,861 $ 3,706,192 $ 1,225,669 33.07%
$219,186 $238,055 $(18,870) -7.93% $215,341,371 $224,519,668 $(9,097,097) -4%
NOTE: Lower Balances this month meant $18K less
One Reason - Economy Downward Trends
Second Reason - Comparability Not Yet 100%
Sum of INTEREST DIFFBANK Total1st Bank Yuma 2$ Arizona Business Bank 2,712$ Bank of the West 242$ Bank of Tucson 1,004$ Biltmore Bank of Arizona -$ BofA 153$ Chase Bank 21,934$ Comerica Bank 73$ Commerce Bank of Arizona 977$ Country BankFirst Fidelity -$ First National Bank of Arizona 1,852$ Gold Canyon Bank 1$ Harris Bank 31,144$ Heritage Bank 25$ Ironstone Bank 867$ Johnson Bank 7,142$ Meridian Bank 13$ Mesa Bank 1,906$ MidFirst Bank (1)$ National Bank of Arizona 191$ Northern Trust Bank 5,904$ Pinnacle BankSouthern Arizona Community Bank 235$ Summit Bank -$ Sunrise Bank of Arizona 220$ US Bank 292$ Valley First Community Bank 212$ Wells Fargo Bank 94,076$ Western National Bank 116$ Grand Total 171,293$
National sent $33,112 as donation and commitment to match business saving product. With lower fed rate – the keeps the interest remitted the same.
Brand new staff – not much movement
Reviewing retro proposal – implementing money market with no fees -$20K to $28K increase
Communication
continues.
January Net Increase if Comparability Rate
$21,934
$31,138
$7,142 $5,876
$94,019
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
$100,000
Chase Bank Harris Bank Johnson Bank Northern Trust Bank Wells Fargo Bank
NO
YES
Drop Page Fields Here
Sum of INTEREST DIFF
BANK
Diff > $1K
January 2008 Comparability Noncompliance – Major Banks
2008 Actual vs Budget
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
January February
2008 Actual
Budgeted
IF comparability 100%Jan Income would have been $431,114
Immediate Concern
Need
CLS
$ 367,500 – June-Dec
DNA
$ 250,000 - building
SALA
$ 257,500 – June-Dec
Capital Loans to-date $150,000 $368,240 --0--
2008 funding- $ 125,000 Consumer Law Project
$367,500 – 6 month funding
$492,500 - total
$145,000 $ 70,000 (dev. Dir)$257,500 – 6 month
funding
$327,500 - total
2007 funding(IOLTA only)
$238,500 $145,000 $255,000