For Immediate Release:
January 13, 2014
COLUMBIA – Boone County Treasurer Nicole Galloway announced today she returned a record $14,876 worth of unclaimed property in 2013. The record amount was returned from 20 accounts through her online unclaimed property system, the only one of its kind for a Missouri county.
The returns represent a $3,000 increase over 2012, with individual return amounts ranging from $35 to $5,400.
“Unclaimed property returns were strong in 2013 because we have the only county-based online return portal in Missouri, and that makes the process much easier,” Treasurer Galloway said. “Since taking office and launching this online system, nearly $28,000 has been returned directly to citizens.”
About $68,000 worth of unclaimed property remains in more than 3,000 accounts. The 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.
“I make every effort to return unclaimed property in the three years I hold it,” Treasure Galloway said. “It is simpler to return the money to the original owner while I hold it than after it is turned over the state. It is less likely that the citizen has moved or passed away, making it easier to verify the claimant is the original owner of the money.”
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.