Cherokee County may have 13 schools, but that was not an unlucky number for State Treasurer Dale R. Folwell, CPA. He visited North Carolina’s westernmost county seat on Thursday, Sept. 14, to return money from the Unclaimed Property Division (UPD) to Cherokee County Schools.
“Cherokee County is renowned for its magnificent mountains, breathtaking gorges, lush forests and rolling rivers. It was my honor today to add one more blessing by handing over money to the school district that belongs to the taxpayers, but was diverted to the Department of State Treasurer (DST),” Treasurer Folwell said. “It has been my priority, and an imperative of the staff in UPD, to make sure we make every attempt to place money entrusted to our custody back into the hands of the rightful owners.”
Money that has become undeliverable for a variety of reasons is safeguarded at UPD until the rightful owners claim it. During a review of data in UPD, commonly called NCCash.com, DST staff identified $2,249 belonging to the Cherokee County Schools, in which 244 teachers serve nearly 3,000 students. Treasurer Folwell held a check presentation with Schools Superintendent Keevin Woody at the Central Office on Thursday.
NCCash.com is currently safeguarding nearly $1.09 billion in escheated funds, representing 17.7 million properties. The money is awaiting return to the rightful owners after being lost, misdirected or overlooked. More than 19 million owners are associated with those properties being safeguarded by DST. Many residents in western North Carolina have money awaiting them in NCCash.com:
Cherokee — $3,406,041.61; 44,993 owners
Clay — $1,856,346.32; 17,001 owners
Graham — $762,484.98; 10,787 owners
Macon — $5,655,676.43; 64,531 owners
Swain — $2,319,304.60; 31,157 owners
For the fiscal year that ended June 30, UPD paid 193,319 claims totaling $108,586,512, both historical records for a one-year period.
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.