State Treasurer Dale R. Folwell, CPA, weaved around food stands, farm animals and the Ferris wheel at the North Carolina State Fair on Wednesday, Oct. 23, to get to his favorite booth: The Department of State Treasurer’s (DST) Unclaimed Property Division (UPD) kiosk for a sizable check presentation to the Cary-based Triangle Literacy Council.
“There’s nothing like the State Fair. People come from all around North Carolina and neighboring states to enjoy the excitement of the lights, sights, sounds and attractions. This time of year is always special to the DST staff and me because we get to meet people at our booth and return their missing money, which they might not even know is due to them,” Treasurer Folwell said.
UPD safeguards money that has become undeliverable for a variety of reasons until the rightful owners claim it. During a review of data in UPD, commonly called NCCash.com, DST staff identified $10,247.74 belonging to the Triangle Literacy Council and invited representatives to stop by the department’s fair booth to pick up their check.
“The Triangle Literacy Council symbolizes what is best about North Carolina. Its staff and volunteers expend boundless energy and thousands of hours every year helping their non-reading neighbors achieve a level of functional literacy and beyond,” Treasurer Folwell said. “Their work helps individuals to experience the joy of achievement and upward mobility. Being able to read and write opens doors to better jobs and greater success. It boosts self-esteem, and provides the bliss of being able to help a child with homework or to read bedtime stories to a grandchild.”
The Triangle Literacy Council provides literacy programs, classes and one-on-one tutoring to English and non-English speakers, from youth to adults. Financial literacy, work experience, job training and life skills are components of the agency’s programming. Staff and volunteers also serve at-risk youths and those under the supervision of the state Division of Juvenile Justice. Its team of 150 volunteers donated an estimated 7,000 hours of services last year.
“We were ecstatic when the State Treasurer’s Office reached out to us about the unclaimed property. As a nonprofit, we rely on donations and grants to support our operations, and the amount of money from the UPD is significant for us,” said Lisa Rowe, president and CEO of the literacy council.
“These funds will help keep our work providing tutoring, instruction, and academic support to children, youth, and adults of all ages in the Triangle going strong. Nonprofits have a hard time, in particular, raising unrestricted dollars for critical overhead expenses, and competition for limited grant funding is fiercely competitive. We are so thrilled with the boost to our organization that these unclaimed funds will provide,” Rowe said.
Since the fair opened on Oct. 17, UPD staff have operated a booth at the Kerr Scott Building to assist people checking to see if they have money in safekeeping with the state agency. As of Oct. 22, staff handled 240 claims that represented $149,595.63 due to the rightful owners.
“The State Fair is a perfect time to grab a candy apple, cotton candy and possibly some unexpected cash,” Treasurer Folwell said. “Be sure to stop by the NCCash.com booth in the Kerr Scott Building and say hello to our hard-working crew. Let them help you check for missing money that may belong to you, your spouse, children, church, youth sports program, nonprofit organization or civic group.”
Under state law, NCCash.com is currently safeguarding nearly $1.3 billion in funds that are escheated, or turned over, to DST. The money is awaiting return to the rightful owners after being lost, misdirected or overlooked. It represents 22.1 million properties statewide, and more than 25 million owners are associated with those properties.
For the fiscal year 2023-24 that ended on June 30, UPD paid 145,032 claims totaling $115,063,782. The total payout surpassed the previous record of $108,586,650 set during the 2022-23 fiscal year. Another record was set for receipts in the NCCash program — $330,957,377 in 2023-24, compared to $300,095,512 the previous year.
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.
Unclaimed property can result from a person or entity forgetting they are due money, or from a move of location and forgetting to provide a new address. It also could result from a typing error in a house number or zip code in an address, a name change, or data loss from a business converting its computer system. As society becomes more mobile and steadily moves to electronic transactions, the risk of having unclaimed property has increased.