PITTSBURGH, March 23, 2012 (GLOBE NEWSWIRE) -- As school districts across Pennsylvania face state funding cuts and budget deficits, Pennsylvania Treasurer Rob McCord reminded public school officials to see if their districts may be owed unclaimed property, and he returned more than $12,000 to the Pittsburgh Public Schools today.
Treasurer McCord said 33 other school districts in Allegheny County are due $89,000, and his office is working to return that property.
"Every dollar counts as public schools look for resources to bridge budget gaps so they can educate their children," said Treasurer McCord during a visit to Pittsburgh CAPA 6-12, the district's creative and performing arts school. "That's why I want to bring Treasury's unclaimed property program to the attention of school districts. It may not solve a funding crisis, but it can help. This property belongs to schools, and we want to help them claim it."
The Treasurer returned $12,392 to the school district today. The property was from a utility deposit refund, a credit balance, and several accounts payable and claims payment checks. For perspective, Treasurer McCord said the amount returned will cover the district's cost to provide one day's worth of breakfasts to nearly 12,000 pre-K through 12 students.
Each year, Treasury receives millions of dollars in unclaimed property – money from items such as abandoned bank accounts, forgotten stocks, uncashed checks, and contents of safe deposit boxes.
Treasurer McCord said people and organizations owed unclaimed property often do not realize the property has become dormant because holders are not required under state law to contact the owner before remitting it to Treasury. He went on to say that checks often get mailed to old or incorrect addresses or the funds never make it to the intended recipient for a variety of reasons.
"Under Pennsylvania's unclaimed property law, businesses, financial institutions, and other organizations regularly turn over unclaimed property to Treasury," Treasurer McCord said. "It's a common misconception that only individuals have unclaimed property. We actually have a great deal that is owed to schools, businesses, child care centers, fire departments and other nonprofit organizations. So regardless of who you are, it's important to check our free online database to see if there's property owed to you – or to an organization or friend you care about!"
In total, Treasury now holds approximately $133 million of unclaimed property that is available for claim by residents, businesses, and organizations in southwestern Pennsylvania.
To search and claim property, Treasurer McCord encouraged citizens to search for free under their name or the names of their family members, friends, businesses, or employers at www.patreasury.gov. Citizens may also call 1-800-222-2046, Monday through Friday, 7:30 a.m. to 4:30 p.m. Members of Treasury's Return Team are available to assist with searches, as property may be listed under an incomplete or misspelled name.
Since January 2009, the McCord Treasury has returned more than $321 million to rightful owners and generated about $300 million for the state's General Fund through the Unclaimed Property Program.
Media contact: Elizabeth Foose, 717-787-2991ornews@patreasury.gov
EDITOR'S NOTE: Below find a list of the Allegheny County school districts that the McCord Treasury has contacted to return their unclaimed property. For more information, please call 717-787-2991.
Allegheny Valley School District
Avonworth School District
Bethel Park School District
Brentwood Borough School District
Chartiers Valley School District
Clairton City School District
Cornell School District
Deer Lakes School District
Duquesne City School District
Fox Chapel Area School District
Gateway School District
Hampton Twp School District
Highlands School District
Keystone Oaks School District
McKeesport Area School District
Montour School District
Moon Area School District
Mt Lebanon School District
North Allegheny School District
North Hills School District
Northgate School District
Penn Hills School District
Pine-Richland School District
Plum Borough School District
Quaker Valley School District
Shaler Area School District
South Fayette Township School District
South Park School District
Steel Valley School District
Sto-Rox School District
Upper St. Clair School District
West Mifflin Area School District
Wilkinsburg School District