{"id":1606287,"date":"2022-08-15T08:18:16","date_gmt":"2022-08-15T12:18:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1606287"},"modified":"2022-08-15T08:18:21","modified_gmt":"2022-08-15T12:18:21","slug":"some-states-using-unclaimed-property-as-source-of-revenue","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/some-states-using-unclaimed-property-as-source-of-revenue\/","title":{"rendered":"Some States Using Unclaimed Property as Source of Revenue"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsome-states-using-unclaimed-property-as-source-of-revenue%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1606287&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/justthenews.com\/sites\/default\/files\/styles\/social_media_share\/public\/2020-03\/GettyImages-51558359.jpg?h=69f2b9d0&#038;itok=Rw1ewidK\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>Some states are making money from unclaimed property that people may not know the states have.<\/p>\n<p>South Dakota is one of the few states that send profits from abandoned property to their general budget. About 3% of the state&#8217;s general fund revenues come from unclaimed property, according to state budget officials. Some states, including Wyoming and Wisconsin, hold on to the property indefinitely.<\/p>\n<p>&#8220;Other than Delaware, in no state is unclaimed property a major source of funding,&#8221; said Jeremy Dawson, director of the National Association of Unclaimed Property Administrators. &#8220;In Illinois in 2018, there was a record amount of unclaimed property remitted to the state treasurer; however, transfers from the unclaimed property trust fund were approximately 0.3% of state revenues. In Louisiana the unclaimed property trust fund is constitutionally protected from use for anything other than paying unclaimed property claims.&#8221;<\/p>\n<p>A variety of things classify as unclaimed property, from uncollected utility deposits to a trust.<\/p>\n<p>&#8220;All business associations, government entities, public corporations, public authorities, estates, trusts, or two or more persons having a joint or common interest must report abandoned funds to the state of South Dakota after a certain dormancy period, which is typically one to three years depending on property type,&#8221; said Jason Williams, South Dakota&#8217;s deputy treasurer in an email interview with The Center Square.<\/p>\n<p>When the property isn&#8217;t claimed, the money reverts to the state.<\/p>\n<p>&#8220;Keep in mind that, by the time the property has come to UCP, a substantial amount of time has passed and the originating holder has already tried unsuccessfully to contact the individual,&#8221; Williams said.<\/p>\n<p>Every state advertises a free, online searchable database that can be searched by residents who think they may have a rich relative that left them an inheritance. The NAUPA also has a national <a class=\"editor-rtfLink\" href=\"https:\/\/missingmoney.com\/en\/\" target=\"_blank\" rel=\"noopener\">database<\/a>.<\/p>\n<p>&#8220;The vast majority of states &#8216;fast track&#8217; simple claims for small amounts,&#8221; Dawson said. &#8220;A growing number of states now utilize state databases to find owners and mail them a check \u2013 without even requiring a claim to be filed.&#8221;<\/p>\n<p>Almost $2.9 billion was returned to residents of 48 states, according to NAUPA&#8217;s <a class=\"editor-rtfLink\" href=\"https:\/\/unclaimed.org\/wp-content\/uploads\/One-Pager-1.pdf\" target=\"_blank\" rel=\"noopener\">annual report<\/a> for fiscal year 2020.<\/p>\n<p>Some states have dedicated funds for unclaimed property. In Arizona, the funds support mentally ill housing, according to NAUPA. In Alabama, the money goes to the public school fund.<\/p>\n<p>In South Dakota, Treasurer Josh Haeder supports legislation that would create a trust for unclaimed property, but those bills have not made it through the Legislature, Williams said.<\/p>\n<p>Haeder initiated a campaign that included social media to let South Dakotans know they could have unclaimed property.<\/p>\n<p>&#8220;Prior to initiating the current advertising strategy, UCP processed 12,755 claims in 2019,&#8221; Williams said. &#8220;After implementing the current advertising campaign, claims climbed to 31,162. It is also extremely important for individuals to know this is official and not a scam and for UCP to build trust. That is why public advertising\/events and public awareness\/engagement is so critical.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some states are making money from unclaimed property that people may not know the states have.South Dakota is one of the few states that send profits from abandoned property to<\/p>\n","protected":false},"author":1,"featured_media":1547370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1606287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1606287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1606287"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1606287\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1547370"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1606287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1606287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1606287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}