(Raleigh, N.C.) —State Treasurer Dale R. Folwell, CPA, literally elevated the profile of the Department of State Treasurer’s (DST) Unclaimed Property Division (UPD) when he went to Biltmore Forest on Tuesday, Aug. 23, to return missing money.
The Buncombe County town, incorporated in 1923, is nestled in the Blue Ridge Mountains 2,267 feet above sea level, a high rise from Raleigh, whose elevation is 315 feet.
“It was a pleasure getting the opportunity to share part of my day with elected officials and staff members in Biltmore Forest,” Treasurer Folwell said. “One of the added benefits to returning money to its rightful owners and raising awareness of NCCash.com while I am conducting business around the state is witnessing firsthand the dedication public and civic servants have in making North Carolina a better place for all.”
“The town is appreciative of Treasurer Folwell and his staff for alerting us to the existence of these funds, and instructing us how to inform our citizens how to check whether they have any missing cash,” said Town Manager Jonathan Kanipe. He said the missing money will be put to use quickly for the taxpayers. “We know that it came from a public works vendor we utilized, so our thought was to put it back to work in our Public Works Department.”
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.
The treasurer presented a check for $806.73 to town officials. UPD staff discovered the money during routine reviews of data in the system. They determined it belonged to Biltmore Forest, but had been diverted to the state’s escheats fund, maintained by DST.
For the just completed fiscal year through June 30, UPD paid a record-breaking 178,857 claims totaling more than $105.1 million from NCCash. Part of that total has been disbursed through the new NCCash Match program, a no-hassle, expedited system that eliminated paperwork processing. For the just completed fiscal year, DST paid 102,157 claims totaling about $35.3 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/
While in Buncombe County Treasurer Folwell also presented at the N.C. Association of Municipal Clerks’ Summer Academy.