Throughout 2012, the Department’s NC Cash Program has improved its processes in order to put more money back into the pockets of North Carolinians. The Program has taken steps to bring more money in and increase the number of outreach events.
As a result, the Program expects to return $50 million to its rightful owners by the end of the year, compared to $46.9 million in 2011. The Department has stepped it up a notch, from 17 events in 2011 to 32 events so far in 2012. The amount of money found at the NC Cash booth alone has almost doubled since 2011, with almost $1 million found at outreach events in 2012.
So where does all of this money come from? Companies doing business in North Carolina are obligated to review their financial accounts annually and determine if they are holding qualified unclaimed property. If they are, the companies are required to file a Holder Report with the Unclaimed Property Division and remit the unclaimed property to the Department of State Treasurer. The Department’s Holder Education Program provides holders with the information and resources they need to understand their statutory requirements, file reports, and remain compliant with Unclaimed Property laws. So far in 2012, $102.4 million in unclaimed property has been turned over to the Department from holders, an increase of almost $20 million from the same time period in 2011.
To help us reach our goal of returning $50 million to North Carolina citizens this year, visit our website at www.nccash.com to see if you, or someone you know, has any unclaimed cash waiting.