State Treasurer Roby Smith says it’s not just individuals who may find money in the “Great Iowa Treasure Hunt” managed by his office. By law, unclaimed assets in Iowa are to be turned over to the State Treasurer’s office.
“We have almost $500 million out there that we want to get back to the rightful owners,” Smith said Monday during a news conference. “This could be checking accounts, savings accounts, life insurance policies they don’t know about.”
Smith, who said businesses and non-profits as well as individuals have unclaimed funds on the “Great Iowa Treasure Hunt” website, went to the Des Moines Community Playhouse Monday afternoon to present some unclaimed property to the non-profit.
“No, this is not a play. This is not fake. This is real,” Smith said. “The money is coming back to you.”
David Kilpatrick, executive director of the Des Moines Community Playhouse, accepted the $316.
“It’s really an easy process. I mean I got an alert and I filled out a piece of paper and submitted it correctly and then I get this check,” Kilpatrick said. “It was really nice and I’m grateful for it.”
The unclaimed funds came from a school district that set aside money for students to attend a performance at the Playhouse, but somehow never paid for the tickets. “It was our money,” Kilpatrick said. “It had probably been sitting there for several years.”
The state treasurer’s office returned $34 million in unclaimed property last year. “An all-time record amount in the last 40 years, so we’re going to look to break that record this year,” Smith told reporters. “And we’re $300 closer as of today.”
According to Smith, about one in 10 Iowans has some unclaimed property in the state treasurer’s office.
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