Education provided to companies regarding their duty to report property to state

October 1, 2024 (Little Rock) – Auditor of State Dennis Milligan hosted a seminar on Monday to educate businesses on how to report unclaimed property to his office. Companies and government agencies across Arkansas have a duty to remit unclaimed property to the auditor’s office, and Milligan is in charge of ensuring these financial assets are returned to their rightful owners. 

“I’m required by law to make people aware of this program and help return unclaimed property back to Arkansans. The flip side of this program is getting those financial assets remitted to my office, which is why you all are here today,” Milligan told attendees.

Unclaimed property can consist of any financial asset or account deemed abandoned or that has remained dormant for a period of several years. It includes, but is not limited to, checking or savings accounts; utility deposits that were not returned; overpayments; life insurance proceeds; stock or mutual fund shares, etc. In some cases, it includes tangible items left behind in safe deposit boxes.

“Unclaimed property comes from money that has been deemed ‘abandoned’ and often occurs as a result of someone moving or dying,” Milligan explained. “In most cases, it is some type of financial property.” 

Unclaimed property experts from around the country attended Monday’s seminar and spoke about the responsibilities companies have to report property to the state, the legal ramifications of being out of compliance, and legislative activities surrounding unclaimed property nationwide. About 40 people attended in person and more than 600 people viewed it online.

Unclaimed property ‘holders,’ (businesses or government agencies that have unclaimed property) are required to report and remit property annually by Nov. 1 to the state auditor’s office. The auditor’s office sends out thousands of letters each year to try and reconnect citizens with their unclaimed property. 

“I want to be known as the state auditor who has given back the most money in unclaimed property of any state auditor in history,” Milligan said. “Since I took office in January 2023, we have processed more than 63,000 claims and returned more than $55.9 million in unclaimed property to citizens.”

State statute requires the auditor’s office to hold unclaimed property “in perpetuity,” meaning until it is claimed by the rightful owner or heir. 

The auditor’s office operates a website people can visit to check whether they are owed any unclaimed property: www.claimitar.gov. 

Holders interested in viewing the seminar in its entirety may watch it live on the state auditor’s website: www.youtube.com/@ArkansasAuditorofState. Questions can be emailed to  holders@auditor.ar.gov. 

Auditor of State Dennis Milligan speaks to attendees at the office’s Unclaimed Property education seminar for businesses. Companies are required to report and remit properties to the auditor’s office annually by Nov. 1.

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Dennis Milligan was elected Auditor of State in 2022. The Auditor’s office is responsible for ensuring payroll for more than 700 state government elected officials, prosecuting attorneys, and deputy prosecutors. The office also administers the state’s Unclaimed Property Program, The Great Arkansas Treasure Hunt. Learn more at https://auditor.ar.gov/.