Line to claim lost assets growing longer

BATON ROUGE -- Benny Spann and his staff are from the government, and they are here to help taxpayers find money.

Spann is in charge of the Unclaimed Property Division in state Treasurer John Kennedy's office, the agency charged with helping track down lost or forgotten assets that might be owed to individuals.

Spann said his crew is bracing for a record year of cash receipts and, because of a recession-wracked economy, a possible record number of folks trying to find dollars wherever they can.

"We are off to a roaring start," said Spann, who has been director of the 37-year-old program since 1985. He said that in the first three months of this fiscal year -- July 1 through Sept. 30 -- the state had received about $10 million in assets, compared with $2 million to $3 million in the same period in past years.

Under state law, entities that cannot find people for whom they hold unclaimed or forgotten payroll checks, court-ordered refunds or judgments, inheritances, utility deposits, mineral royalties, stock and bond dividends, money orders, bank accounts, life insurance proceeds or travelers checks must turn them over to the state.

Depending on the kind of assets, the holders keep possession for one to 15 years, and then must turn the money over to the state by Oct. 31 each year or face fines by Kennedy's office.

"For the most part, Louisiana businesses do a good job of reporting unclaimed property," Kennedy said. "But we've still got some work to do. . . . I encourage companies to work with us to give this money back to the Louisiana residents it belongs to."

From start-up in 1972 through Oct. 16, the program has collected $605,689,899 in assets and recorded $205,221,320 in payouts to 271,062 claimants. But that has left more than $400 million on hand, money Kennedy said the Legislature uses to finance projects until claims are made by owners or heirs. He said there is always enough cash on hand to pay claims.

Spann said that last year's 23,300 refunds set a record. Spann said another record number of refunds could be made this year, in part triggered by dollar-conscience citizens trying to get what is due them. Since July 1, a total of 5,577 individuals have received payments.

In past years, he said, people who discovered they were owed smaller amounts -- $25 to $50 -- would pass on filing claims for the cash.

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