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Organizations may be unaware that the state is holding money on their behalf
OLYMPIA, Wash. – Dec. 12, 2019 – The Department of Revenue’s Unclaimed Property program (UCP) is connecting Washington charities and businesses with additional funds this holiday season. Specialists from UCP have identified thousands of dollars belonging to charitable organizations and have already returned more than $6,000.
“We know that every dollar counts, especially during the holidays,” Revenue’s Director Vikki Smith said. “Getting this money back to organizations making a difference in their communities could have a positive impact on families across the state.”
Identified unclaimed property belonging to charities range in value, from as little as $50 to more than $200,000.
UCP works year-round to return money and assets held by the state to its rightful owners including individuals, businesses and other organizations. Last fiscal year they reunited 153,106 claimants with property totaling more than $85 million. Washington currently holds in excess of $1.3 billion waiting to be claimed and has returned over one billion since the program’s inception in 1955.
Unclaimed property includes monetary assets or tangible property (safe deposit box contents) held by an organization that has lost contact with the owner for an extended period of time. Once property is considered abandoned, it is turned over to the Unclaimed Property program. Revenue holds monetary assets in perpetuity until claimed by the rightful owner or heir, and tangible property for at least two years before it’s auctioned off. Proceeds from each sale, minus auction costs and bank fees, are available for the owner or heir to claim indefinitely.
Visit ClaimYourCash.org to find out if Washington is holding money for you.
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