The North Carolina State Treasurer is an elected position in the state of North Carolina, the office was established in the year 1715. Since 1784 the treasurer was elected jointly by the North Carolina Senat and the North Carolina House of Representatives. As prescribed by the North Carolina Constitution since 1868, the treasurer began to be elected by popular vote.
The currently serving State Treasurer, since 2017, is Dale Folwell (Republican). Dale Folwell is a Republican from Winston-Salem, he is a certified public accountant (CPA) with BA from UNC Greensboro (1984) and holds an MA in accounting from UNC Greensboro (1986). He served 4 terms in the North Carolina General Assembly and before that worked as a Vice President for Deutsche Bank and Alex Brown.
The previous State Treasurer (2009-2017), Janet Cowell (Democrat), was the first woman elected to the position in the state of North Carolina. Previously Janet served two terms as a member of the North Carolina Senate from Wake County and before that worked as an analyst for HSBC and Lehman Brothers. Janet holds a BA from University of Pennsylvania and an MBA from the Penn’s Wharton School of Business.
As required by law, the State Treasurer has the responsibility to manage the state’s Unclaimed Property Fund under the North Carolina’s NC Cash Program. The fund holds more that 659,000,000$ and conducts three important objectives. The fund returns unclaimed funds to their rightful owners, makes sure that companies, corporations and other legal entities working in North Carolina and complying with applicable Unclaimed Property Laws and transfers the earning the fund to the North Carolina State Education Assistance Authority (SEAA), which gives out grants and low interest loans to eligible North Carolina students studying in colleges and universities supported by the state.
The Unclaimed Property Fund consists of wages, insurance policy proceeds, dividends, stocks, bonds, bank accounts, customer overpayments and capital credit distributions that did not have any activity for one to five years, depending on type of instrument. The companies have the responsibility to take reasonable steps to inform the customer before transferring the funds to the State Treasurer. Usually the companies simply lose track of the customer due to incorrect customer information, change of address or untimely death. According to North Carolina law these funds are transferred to the Department of State Treasurer for safekeeping for the purpose of locating the owner.
In order to find your lost property go to the website www.nctreasurer.com and follow the link to the “NC Cash Program”. If you find your name and your previous or current address you can file a claim for the return of your property.
Some property claims can be made by utilizing the E-Claim Process, it attempts to automatically match the owner information with the information of the claimant. In cases where your claim cannot be handled using the E-Claim Process, you will need to print the claim, sign it and mail it along with the required documentation to the address provided.
Assisting in Education of North Carolina Students
The North Carolina State Education Assistance Authority (NCSEAA), an agency of the State of North Carolina, was established in 1965, it promotes access to higher education, administers saving programs and financial aid, teaches educators about financial aid administration, informs students and their parents about paying for higher education and advocates for resources to support worthy and needy higher education students.
Carolina General Statute 116B-7 ensures that the interest earnings from the Unclaimed Property Fund, after redacting administrative expenses, be transferred to the NCSEAA. The fund are then used to provide grants and low interest loans to eligible North Carolina students enrolled in post-secondary studies.
In the end of 2016, $5 million dollars from the interest earned was transferred to the NCSEAA, a further $32 million from the fund’s principal was also transferred. More than 79,000 students were helped by the NCSEAA with loans and grants from the Unclaimed Property Fund during the period of 2015-2016.
The North Carolina General Assembly also voted that certain funds from the fund’s principal be sent to the Department of Veterans Scholarship Fund and the Community College Programs. The amounts sent were $6.5 million dollars and $16.3 million dollars respectively.