This article appears courtesy of KY Forward and is written by editor & publisher Judy Clabes.
Kentucky Treasurer Todd Hollenbach is on a treasure hunt of his own making – looking for owners of millions of dollars in unclaimed property held by the state.
In Fayette County alone, more than $30 million is waiting to be found by its owners.
Holding these assets is part of his job, but Hollenbach, Kentucky’s 37th treasurer, has created “Treasure Finders” to proactively find rightful owners of more than 20,000 unclaimed items stored in the bulging Treasury vault (including a Joe DiMaggio autographed baseball, silver buillion, jewelry and gold coins) and a big pot of cash.
This is property that is presumed abandoned and surrendered to the state – by law – primarily by banks and other financial institutions from dormant accounts and unclaimed safety deposit boxes. Entities holding these assets have already made efforts to find owners through their last known mailing address. After a period of time – usually around three years – the assets go to the state treasurer for safe keeping. Cash is documented on the treasurer’s account books as a liability (it will be paid if rightful owners are found) but becomes part of the state’s General Fund, used as a kind of interest-free loan to the state.
Each year, the Treasury returns millions of dollars in unclaimed property to Kentucky residents and other rightful owners. Since 2008, under Hollenbach’s proactive leadership and his Treasure Finder’s Program, the Treasury has returned a record $76 million in unclaimed property. Hollenbach’s goal – in his remaining three-plus years in office – is to return $100 million.
The Treasury is holding an estimated $300-350 million in unclaimed assets – and the pool grows by about $30 million a year. Hollenbach says the average 20 percent “find” rate is just too low so he created Treasure Finders to increase it.
Mark Pfeiffer, director of unclaimed property and communications, explained how Treasure Finders works: Treasury staff goes into the county, working with local county officials who help bring together local volunteers to form a phone bank, review the property listings and make calls in search of potential owners.
So far the Treasure Finders team has been to nearly half of Kentucky’s 120 counties and expect to schedule eight to 10 more in the next few months.
“On the average,” Pfeiffer said, “we locate about 100 people in an afternoon and expedite the claim process for them.” And, often, on-site staff will instruct the claimants on the proper documentation they’ll need to prove the claim. “We want to connect the right people with the property.”
Assets ranging from utility deposits, child support payments, overpayments to creditors, settlements, wages, dividends, uncashed checks from old bank accounts, insurance premium and credit card refunds are all part of the pool, waiting to find owners.
Hollenbach is also creating an extensive county-by-county database found here, to make it easier for owners to do their own “Treasure Hunt.” You can also do a national search from the site – enter your name and see what comes up.
At the Treasure Finders site, there are links to lists for counties the staff has visited – but they’re a work in progress and are updated and added to as quickly as limited staff allows. The “churn” – $20 million out and another $30 million in (usually in November) every year – creates a terrific bookkeeping challenge. So, updating the database just takes time, Pfeiffer said.
Searching for unclaimed property is as simple as the click of a mouse. All you need to do is visit www.kytreasury.com and click on the “Unclaimed Property Search” and then enter your name in the search box.
And now you can search nationwide by clicking on the “Missing Money” icon on the “Unclaimed Property Search” page. That will provide you with access to a national unclaimed property database.’
Click on “Treasure Finders” and access the county by county database. If you find your name – or a familiar name you can connect to a claim – email treasury.web@ky.gov or call 800-465-4722. Eligible claimants will be coached through the identification process by Unclaimed Property Staff.
You do have to prove ownership but legitimate claims are processed within about eight weeks.
HERE ARE SOME UPCOMING “TREASURE HUNTER” EVENTS IN THE OUTER NORTHERN KENTUCKY COUNTIES:
Pendleton County:
Friday, April 12, 2013
Pendleton County Court House
233 Main Street
Falmouth, KY 41010
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Harrison County:
Tuesday, April 16, 2013
Harrison County Cooperative Extension Office
668 Newlair Road
Cynthiana, KY 41031
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Nicholas County:
Thursday, April 18, 2013
Location – TBA
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Grant County:
Friday, April 19, 2013
Grant County Court House
101 North Main Street
Willaimstown, KY 41097
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Trimble County:
Tuesday, April 23, 2013
Location – TBA
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Owen County:
Friday, April 25, 2013
Owen County Court House
100 North Thomas Street
Owenton, KY 40359