For Immediate Release:
January 5, 2015
New record achieved via Missouri’s only county-based online unclaimed property system
COLUMBIA – Boone County Treasurer Nicole Galloway announced today unclaimed property returns from her office grew 33 percent to a record $19,856 in 2014. The number of returned accounts reached 101, up from 20 the previous year. Boone County citizens are able to claim their money via Missouri’s only county-based online unclaimed property system.
“Achieving this level of unclaimed property returns in Boone County means we are getting citizen’s money back to them faster,” Galloway said. “In the past four years, we have been able to return $48,000 to 169 account owners, and I hope we continue to see more businesses and individuals claim their money.”
Businesses received $7,317 from 15 accounts and individuals received $12,539 from 86 accounts in 2014. The largest account returned was $2,740 and the smallest was 15 cents.
“My staff and I want citizens and businesses to get their money back as quickly and easily as possible no matter the amount because the law requires it and it’s their money,” Galloway said. “Unclaimed property is easier to claim before it is turned over to the state because many times the owner’s contact information has not changed in the three years I hold the unclaimed checks.”
About $55,000 worth of unclaimed property remains in about 2,900 accounts. Boone County’s Unclaimed Property Database is updated in real time, as checks continuously become unclaimed property.
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 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 $55 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.