Urges higher education community to search for unclaimed property at patreasury.gov
Harrisburg – September 26, 2013 – (RealEstateRama) — Since taking office in January 2009, State Treasurer Rob McCord and his Return Team have reunited Pennsylvania’s 14 State System of Higher Education universities with more than $91,000. Today, the Treasurer highlighted a remaining $262,000 in unclaimed property that is up for claim by colleges and universities throughout the Commonwealth.
“Pennsylvania’s colleges and universities help position students for a more fulfilling and economically secure life – and the Pennsylvania Treasury has more than $262,000 that can help support this important mission,” Treasurer McCord said. “Even if it is not a huge sum, it is money that belongs back in the budgets of these institutions. We have returned more than $91,000 to our state system universities since January 2009, but we want to return more. I urge higher education leaders to visit www.patreasury.gov to find out if we are holding any property for them.”
Each year, Treasury receives millions of dollars in unclaimed property – money from items such as abandoned bank accounts, forgotten stocks, uncashed checks, and contents of safe deposit boxes. Treasurer McCord asked his Return Team to identify unclaimed property belonging to community colleges like Harrisburg Area Community College; colleges like Cedar Crest College in Allentown; and universities like Arcadia University in Glenside.
Treasurer McCord said people and organizations owed unclaimed property often do not realize the property has become dormant because holders are not required under state law to contact the owner before remitting it to Treasury. Checks often get mailed to old or incorrect addresses or the funds never make it to the intended recipient for a variety of reasons, the Treasurer noted. Furthermore, the holder of the property may turn over the property to Treasury with misspelled or incomplete owner information.
The more than $262,000 the Treasurer highlighted today is just a fraction of the $2.2 billion in unclaimed property Treasury currently seeks to reunite with businesses, organizations, and citizens across the state. He encouraged everyone to search Treasury’s free unclaimed property database at www.patreasury.gov or call 1-800-222-2046, Monday through Friday, 7:30 a.m. to 4:30 p.m. A Return Team member will assist them with their search and claim process, which is always free through Treasury.
Since January 2009, the McCord Treasury has collected more than $1 billion in property, returned nearly $473 million to rightful owners, and generated about $623 million for the state’s General Fund through the Unclaimed Property Program.
To learn more about Pennsylvania’s Unclaimed Property Program or to search for property, visit www.patreasury.gov or call 1-800-222-2046.
Editor’s note: Below find a sample of institutions of higher education institutions with unclaimed property. For more information or to find out if others have unclaimed property, please search www.patreasury.gov or call (717) 787-2991.
Swarthmore College, Swarthmore
Allegheny College, Meadville
Delaware Valley College, Doylestown
Gratz College, Melrose Park
Jefferson Medical College, Philadelphia
Messiah College, Grantham
Mount Aloysius College, Cresson
Rosemont College, Rosemont
Community College of Philadelphia
Harrisburg Area Community College
Gwynedd Mercy College, Gwynedd
Westmoreland County Community College, Youngwood
Arcadia University, Glenside
Carnegie Mellon University, Pittsburgh
Drexel University, Philadelphia
St. Joseph’s University, Philadelphia
Temple University, Philadelphia
Villanova University, Villanova
St. Vincent College, Latrobe
York College of Pennsylvania, York
Cabrini College, Radnor
Cedar Crest College, Allentown
Carlow College, Pittsburgh