(Part 1 of 2)

The state of California’s unclaimed funds department takes in about three hundred million dollars every year. What’s it to you? Well, if you or someone you know is or was a resident of the Golden State (or ever had any type of business dealings, whether you were aware of it or not), a chunk of that big pile of Cali forgotten funds might easily belong to you!

Under the California unclaimed property law, lost money like forgotten savings and checking accounts, cash and stock dividends, mineral deposits, uncashed checks and money orders, state of California unclaimed tax refunds, salary checks, gift certificates, and other financial assets are handed over to the Treasury Department if their owners don’t locate them within a certain time period. This ‘dormancy period’ varies widely from state to state, but in Cali it’s 3 years. These lost assets then go to the California unclaimed property division, where they sit in the state’s general fund until they are returned to their rightful owners. This is where state officials who handled Cali unclaimed cash were recently criticized. It seems that they were eager to locate and collect the lost funds from the establishments holding them but but were less than enthusiastic about locating the actual owners in the Cali unclaimed property records.

(to be continued)

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Some W.Va. residents owed money from unfiled 2005 income tax returns – Herald-Dispatch
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Cavs’ ‘Big Z’ Ilgauskas supports efforts by law firm to give millions to charities (Cleveland Jewish News)
Dworken & Bernstein, a Northeast Ohio-based law firm, is establishing a national nonprofit to encourage the use of cy- pres, a legal doctrine that turns unclaimed class-action settlement money into creative philanthropy, benefiting charities and people in need.

Track It! – Mysuncoast.com
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SPECIAL REPORT (PART TWO): Claim Your Cash – KEPR
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IRS Holding $1.3 Billion in Unclaimed Tax Refunds; Is Some of It Yours … – Walletpop.com
Three years ago, more than 1.3 million individuals apparently decided they had better things to do than file their 2005 tax returns, even though they were due refunds. In total, almost $1.3 billion worth of refunds from that tax year is still sitting …