Rule 43.2 - Powers and duties(1)General. The commission has general supervisory authority over the administration of these rules.(2)Receipt and investment of funds. The commission receives funds from lawyers' interest-bearing trust accounts and makes appropriate temporary investments of such funds pending disbursement of them. The commission may also accept funds from other sources. All funds received are held by the commission as an agency of the supreme court.(3)Disbursement of funds. The commission must disburse funds received as follows: a. Such sums as are necessary for the employment of staff and administration of activities authorized under these rules.b. The remaining funds for the tax-exempt public purposes, which the supreme court may prescribe from time to time consistent with Internal Revenue Code regulations and rulings.(4)Records and reports. The commission must maintain adequate books and records reflecting all transactions and submit quarterly reports of its financial and other activities to the supreme court. At least once a year, and at such additional times as the supreme court may order, the commission must file with the supreme court a written report reviewing in detail the administration of the fund during the year together with an audit of the fund certified by an Iowa certified public accountant.Lawyer. Trust. Acc. Comm. 43.2
Court Order December 28, 1984; October 23, 1985, effective 11/1/1985; 11/9/2001, effective 2/15/2002; 12/13/2017, effective 1/1/2018.