(Raleigh, N.C.) – John Nash said receiving more than $9,000 from the Department of State Treasurer’s (DST) Unclaimed Property Division (UPD) could not have come at a more opportune time. State Treasurer Dale R. Folwell, CPA, was all too happy to brighten his day.
Treasurer Folwell presented Nash, The Arc’s state executive director, with a check for $9,068 on Thursday, Oct. 21, that UPD staff identified as unclaimed assets belonging to the nonprofit organization. The event took place in the Kerr Scott Building on the State Fairgrounds, where UPD staff has been manning a booth to help fairgoers search for possible claims of their own missing money. Through Wednesday, 174 claims valued at $79,551 were initiated at the UPD booth.
“It certainly comes at a time when there are lots of needs,” Nash said. “We were not aware that this much money was there at NCCash.com and some of it has been there for a while. To be able to find $9,000 that was unaccounted for is a nice little windfall to have.”
Nash said the money will be plowed back into The Arc’s advocacy work, “which is our primary goal, making sure we have the resources to get the word out about the work being done on behalf of the people living with intellectual and developmental disabilities.”
He said he was surprised how smoothly the claims process unfolded.
“It was simple. We were able to quickly go through the steps to obtain the money,” Nash said.
“At the State Treasurer’s Office, we admire and applaud the tremendous work being done by The Arc, which provides an enormous service to North Carolina, but more importantly, to the population living with intellectual and developmental disabilities,” Treasurer Folwell said. “The Arc enthusiastically and professionally provides skills training for people with I/DD, and prepares them to become valued members of the work force. That goes hand in glove with October’s observance of National Disability Employment Awareness Month.”
Treasurer Folwell has been teaming with The Arc at events around the state to raise awareness of the ready and willing labor pool that could provide benefits to businesses during the current employment crisis as many workplaces are hobbled or shut down by job vacancies.
Many individuals served by The Arc have bank accounts through the NC ABLE Program (Achieving a Better Life Experience) managed by DST. NC ABLE has $13 million in assets for nearly 1,500 account holders. The money grows tax-free and does not count against income caps for other essential disability services. It expands the amount of money disabled individuals can use for qualified disability expenses such as housing, cell phones, adaptive equipment, transportation and virtually any other item that will help to provide a better life experience.
Among its guiding principles, The Arc of North Carolina promotes and protects the human rights of people with intellectual and developmental disabilities and actively supports their full inclusion and participation in the community throughout their lifetimes.
The Arc, founded in 1953, provides services that people need to gain or retain independence. It has a presence in 98 of 100 North Carolina counties, with a network of 20 smaller local chapters that provide their own services and/or social opportunities. Raleigh is home to one of its five regional offices.
NCCash.com is the repository for approximately 18 million properties valued at roughly $919 million under DST’s custody. For the fiscal year to date, UPD has paid 44,616 claims totaling $31.2 million from NCCash. Part of that total has been distributed through the new NCCash Match program, a no-hassle, expedited system that eliminated paperwork processing. As of Oct. 4, DST paid 27,964 claims totaling nearly $11.6 million just through the NCCash Match program.
The Unclaimed Property Division receives and safeguards funds that are escheated, or turned over, to the N.C. Department of State Treasurer, according to state law. The unclaimed property consists of bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds and contents of safe deposit boxes that have been abandoned. More information, including how to find out if you are owed money, can be found at https://www.nccash.com/.
Treasurer Dale R. Folwell (l) presents check to John Nash (r), The Arc’s state executive director.