October 22, 2012
COLUMBIA – One year after launching Missouri’s only county-based online unclaimed property system, Boone County Treasurer Nicole Galloway announced today she returned $10,000 worth of unclaimed property in the past 12 months to 32 people.
The returns from October 2011 to October 2012 represent a 5,456 percent increase over the prior 12-month period when only $180 was returned to two people.
“Boone County’s online Unclaimed Property Database has seen such great results in its first year because it makes more than 3,000 records worth more than $50,000 available to people in Boone County anytime,” County Treasurer Galloway said. “Money is continuously added to the online database. I have seen the longer property sits unclaimed the more outdated contact information becomes so it’s essential we help people claim their money as soon as possible.”
The largest return made in the timeframe was $2,400.
“This year’s focus will be to increase the number of claims returned,” County Treasurer Galloway said. “Whether a small or large dollar amount, this money belongs to the citizens of Boone County, and its money that goes directly into their pockets.”
Unclaimed property includes checks issued by the county that remain uncashed. Examples include outstanding refund checks written to citizens or checks to vendors for services. Checks become unclaimed property if they are outstanding for 180 or more days. After being held for three years by County Treasurer Galloway, unclaimed property is required by state statute to be turned over to the state where it is held forever until claimed.
About Boone County Treasurer Nicole Galloway
County Treasurer Galloway is a CPA and Certified Fraud Examiner. She manages a $45 million investment portfolio, and is responsible for making sure it is invested safely and securely, that investments meet the liquidity necessary for the county’s cash flow needs and that investments achieve the best return possible. She issues all general obligation and revenue bonds, administers banking services and manages unclaimed property for the county. She provides oversight for several financial and non-financial projects as a member of county boards and committees, including the Local Emergency Planning Committee.