State Treasurer Curtis Loftis returned nearly $47,000 to Richland County School District 2 Wednesday, an increase of $10,000 more than the district thought it was to receive.
On March 1, Treasurer Loftis announced that his office had identified a total of $193,697.38 of unclaimed property for state school districts during a meeting of the S.C. Association of School Administrators. Money was available to 77 of the Palmetto State’s 81 districts, with Richland 2 identified as having $36,354 in unclaimed property.
However, further research by the State Treasurer’s Office over the ensuing week showed an additional $10,372 due the district, bringing the total to $46,726.47.
“It’s always a good day when we can return unclaimed property, but to be able to return a good bit more than was expected is particularly nice,” Treasurer Loftis said. “This money can make a meaningful impact for the students of Richland 2, and we’re excited to be able to reunite the district with funds that rightfully belong to it.”
Treasurer Loftis presented the check during an Unclaimed Property Program phone bank, during which more than 1,000 claims were initiated, generating more than $237,107 in unclaimed property claims.
“With the increased focus on student safety and school enhancements, this money is very welcome,” Richland 2 School Board Chairman Craig Plank said. “There’s always a need for funding, and this money will undoubtedly be put to good use.”
Currently the State Treasurer’s Office has more than $550 million in unclaimed property across the state. Millions of dollars are transferred to the program annually by companies unable to locate owners. Examples of the types of property covered by the program include dormant bank accounts, uncashed checks, unclaimed insurance proceeds and forgotten utility deposits. The State Treasurer’s Office serves as custodian of unclaimed funds and holds them until they are claimed.
Treasurer Loftis and the Unclaimed Property Program returned nearly $33 million in 2017, bringing the total amount of money returned during his administration to $137 million, more than all previous state treasurers combined.