The amount of unclaimed property deposited into the state’s general fund more than tripled in the recently concluded fiscal year, Treasurer Denise L. Nappier announced.
Nappier said her office deposited $69 million in unclaimed property into the general fund for the year ended June 30, up from $22.9 million in fiscal year 2014. The deposit helped reduce the state’s deficit for the year, which stands at nearly $116 million, according to the Office of Policy Management.
Unclaimed property includes abandoned securities, uncashed checks, wage refunds, valuables and other assets for which businesses or government can’t locate an owner.
Under the state’s escheat law, it can take possession of the property after a certain period of time — typically three years.
Nappier said her office has stepped up its efforts to locate unclaimed property held by businesses, through audits and other methods, which yielded $27 million in collections, up from $12 million a year prior. The state treasurer also sold $42 million worth of unclaimed securities, which was $22 million higher than expected.
The state returned $61 million in unclaimed property to nearly 18,000 people during the recent year. It is still holding $710 million in unclaimed assets.
