Tuesday, November 2, 2010

Unclaimed Property Makes An Appearance on the Campaign Trail

First of all, congratulations to all on finishing another fall reporting period.  We take a break from the detail-oriented process of annual reporting to look at the big picture.  In particular, the role of unclaimed property in state politics and its affect on various races throughout the country.  As one might imagine, those responsible for administering state unclaimed property programs are quick to tout the successes of the program.
In California, Nevada, and Wisconsin, for example, the incumbents are campaigning on how successful they have been at reuniting citizens with unclaimed property. 

In Massachusetts, the candidates for the position of State Auditor sparred over the hiring of "inexperienced" unclaimed property auditing firms, which allegedly cost the state $16 million dollars, and whether a CPA license should be a requirement of that office. 

In Nebraska, however, voters will decide whether to get rid of the State Treasurer completely.  Specifically, legislation passed by the state senate in Nebraska proposes eliminating the position state treasurer -- who, among other things, administers the state unclaimed property department -- as of January, 2015.  The legislation does not specify what state entity would administer the unclaimed property office upon abolishing the office of State Treasurer.  Notwithstanding the office's potential demise, there are at least 2 Nebraskans still interested in the job.

Don't forget to vote today!

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