2012 annual report - Supreme Court - State of Ohio

REVENUEATTORNEY REGISTRATION FEESEvery licensed Ohio attorney is required to register with the Supreme Court ofOhio on or before the first day of September in each odd-numbered year and, unlessregistering for inactive status, must pay a $350 registration fee. All registrationfees are placed in the Attorney Services Fund. The Clients’ Security Fund is fundedentirely with funds allocated from the Attorney Services Fund. Since establishing theCSF in 1985, the Supreme Court of Ohio has allocated more than $17.3 million fromthe Attorney Services Fund to the CSF.During fiscal year 2012, the Court allocated $1.4 million for the payment of claimsand $398,181 for the payment of operating expenses. The CSF expended $371,173, or93 percent of the allocation, for operating expenses, and $931,023.93, or 66 percent ofthe allocation, for the payment of claims and attorney fees. Amounts allocated for thepayment of awards are transferred to the CSF trust account at the Huntington NationalBank. The trust account balance on June 30, 2012, was $1,109,034.96.INTEREST INCOMEThe CSF board chair, with the approval of a board majority, manages and invests thefunds allocated from the Attorney Services Fund for the payment of CSF awards.Gov. Bar R. VIII, however, limits investments to short-term insured obligations of theU.S. government. Interest income is not, therefore, a major source of revenue for theCSF.During fiscal year 2012, the trust fund earned $678.13 in interest income.TRUST FUND ALLOCATIONS$1,400,000$1,200,000$1,000,000$800,000$600,000$400,000$200,000$019881990199219941996199820002002200420062008201020126