(Raleigh, N.C.) – With more than a quarter-million residents, Winston-Salem is North Carolina’s fifth most populous municipality. For more than 135 years Greater Winston-Salem, Inc. has been helping this city on the grow to enhance the economic prosperity of the county seat and Forsyth County at large. State Treasurer Dale R. Folwell, CPA, recently returned missing money to the business organization that will help in its economic development pursuits.
Treasurer Folwell presented Calvin McRae, Greater Winston-Salem, Inc. vice president of public policy, with a check for $778.86 that had ended up in the Department of State Treasurer’s (DST) Unclaimed Property Division (UPD).
“At a time of rising inflation, employment disruption and economic uncertainty coming on the heels of a global pandemic that negatively affected business as usual, organizations like Greater Winston-Salem, Inc., are more greatly needed than ever to help the business community navigate through the volatility,” Treasurer Folwell said at Truliant Federal Credit Union following a tour of the corporate headquarters on Monday, May 6.
“I appreciate their hard work to create a business environment that helps to bring jobs, the joy of achievement and upward mobility to so many in my hometown, as well as the county and state,” Treasurer Folwell said. “It gives me great pleasure to return money that rightfully belongs to this industrious organization as it continues its push to make the community better for all.”
“Greater Winston Salem, Inc. works to develop a vibrant, thriving community that’s good for business growth and sustainability. A major component of business growth and sustainability is good stewardship of funds,” said Calvin McRae, vice president, public policy, at Greater Winston-Salem, Inc., an economic development enterprise that resulted from the consolidation of the Winston-Salem Chamber of Commerce and Winston-Salem Business, Inc.
“The NCCash.com program is a great resource for businesses and individuals. It makes it easy for organizations and individuals to track down unclaimed funds and put those dollars to use. We thank Treasurer Folwell for bringing a check to our shop and making our members aware of this tremendous program,” McRae said.
During a routine review of records, UPD staff identified unclaimed assets belonging to Greater Winston-Salem, Inc. The Unclaimed Property Division, commonly referred to as NCCash.com, is the repository for 17.6 million properties valued at $1.02 billion under DST’s custody awaiting return to the rightful owners after being lost, misdirected or overlooked.
For the fiscal year through March 31, UPD has paid 140,500 claims totaling $79.7 million from NCCash.com. Part of that total has been disbursed through the NCCash Match program, a no-hassle, expedited system that eliminated paperwork processing. As of March 31, DST paid 79,120 Cash Match claims totaling nearly $25.8 million.
Under state law, UPD receives and safeguards funds that are escheated, or turned over, to DST. 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 Folwell (l) and Calvin McRae (VP, Public Policy at GWSI) (r)
(l to r) Calvin McRae (VP, Public Policy at Greater Winston Salem, Inc.), Laura Dezarn (Chief Information Officer at Truliant), Cosby Davis (CFO at Truliant), and Sherri Thomas (Chief Administrative Officer at Truliant)