“I’d be curious to know where it came from so we can determine how to use it — if we should use it for our 10-year class reunion or give it as a gift to the high school,” said Lloyd, who now lives in Washington, D.C.
At the end of the 2002 school year, the class had $100.94 in its bank account, and Lloyd said he still receives statements. Ohio unclaimed fund records show the $3,453 dormant funds is from “prom committee” and lists Lloyd’s parents’ Hamilton address with the account.
“I really loved to know where it came from,” he said. “I’d be happy to investigate further.”
But then the unclaimed funds list has easy-to-solve mysteries.
ABC Pediatric Therapy owner Diane Crecelius was unaware she had $789 sitting in a state fund, but wasn’t surprised.
“We do deal with insurance companies and there are probably checks out there. They send us a check and they don’t send it or we don’t receive it,” she said.
“It’s great to know another avenue to locate revenue that’s owed to us.”
Though $789 may not seem like a lot for a business with three locations, two in Butler County, no matter how it’s spent it will help Crecelius’ clients.
“It allows us to be able to update the equipment we have or train the therapists to treat the kids,” she said.
Unclaimed funds is money that’s been dormant or forgotten, said Ohio Department of Commerce spokesman Dennis Ginty. That could be old checking and savings accounts, forgotten rent or utility deposits, uncashed checks or uncashed insurance policies. Thousands of people and businesses have unclaimed funds, as do some governmental entities.
If a clerical error has occurred in reporting the funds — such as a wrong address or misspelling — the division will evaluate the claim, Ginty said.
But there are cases where collection can be a bit complex.
If a person has died — which this is the case for quite a few on the list — Ginty said heirs can collect as long they provide evidence they are the rightful heir. Probate court documents generally help in such situations.
In the case of Hamilton Diecast, which went out of business in 2009 and has more than $41,000 in unclaimed funds, Ginty said they are “handled on a case-by-case basis.” Legal documents are needed.
Dormant money is reported to the Ohio Division of Unclaimed Funds, which is under the Ohio Department of Commerce, anywhere from one to 15 years before it is reported, but Ginty said it’s typically three to five years.
Beginning in 1968, Ohio has been collecting unclaimed funds owed to Ohioans.
The Butler County auditor and clerk of courts both maintain a list of unclaimed funds specific for county business. They are maintained on their respective websites.
By the end of fiscal year 2011, which ends this month, it’s projected the Ohio will issue $58.8 million to current or past Ohioans, an increase of 13.3 percent over the last fiscal year, Ginty said.
While the dormant money is not benefiting the people it’s owed, Ginty said the money is working.
“While funds are held with the division, one of the ways those funds are used is to be loaned to support low and moderate income housing programs,” Ginty said.
Contact this reporter at (513) 820-2175 or mpitman@coxohio.com. Follow at
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