Unclaimed Property Fund For Scholarships
A bill heading to Gov. Mike Easley's desk for signature would give State Treasurer Richard Moore additional flexibility to invest in the $600 million unclaimed property fund. The House gave final legislative approval to a measure giving the treasurer the authority to invest up to 20 percent of the fund in stocks, real estate trusts and venture capital. Moore currently can only invest in government securities and more liquid investments. The fund is important because proceeds from the fund's investments go toward scholarships for needy college students. The fund retains cash from long-forgotten insurance policies, checking accounts and utility deposits. Some owners ultimately recoup their money. The bill was approved by a vote of 116-1. The Senate approved the changes earlier this year. Many of you may remember that I published a list of folks in Guilford County who were owed money by this escheats fund. I still have that publication available, but it is probably faster to check the website. If you need a copy, please let me know.
To find out if you have unclaimed property, go to www.nccash.com