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Thought Leadership Thursday

Annual NAUPA Update: Collectively Returned $2.87 Billion

Annual NAUPA Update: Collectively Returned $2.87 Billion

Thought Leadership Thursday Article

Annual NAUPA Update: Collectively Returned $2.87 Billion
August 5, 2021
Dave Young
NAUPA President & Colorado State Treasurer
Dear Colleagues,

It is my honor to serve this year as the President of the National Association of Unclaimed Property Administrators. It is our mission as agency heads and administrators of these programs to reunite the money and property we hold in custody with its rightful owner. I’m proud to announce our successful strides in that mission with the release of our Fiscal Year 2020 NAUPA Annual Report. Per our data security agreement, the full report is only available to state members behind a login, but this one-pager offers a high-level look at the key statistics.

Covering July 1, 2019 - June 30, 2020, this report highlights the incredible work of unclaimed property programs around the country, returning $2.87 Billion dollars! These funds can be life changing, especially amid the extraordinary economic challenges facing the citizens of our country.

In Colorado, my staff worked hard to return $46,671,484.93. As rewarding as that is, we are constantly working to increase that number. My office joins our colleagues around the country in utilizing new technology to streamline claims and reduce fraud, creating strategic partnerships to share data, and engaging in innovative marketing and outreach to inform the public of our programs and streamline the claim and verification process.

We must also work with our holder communities to succeed in our mission. In the report, we can showcase the higher rate of return for property reported with more complete information such as owner name and tax ID. I think it’s important that we utilize our roles as State Treasurers to educate our holder community on the importance of reporting fully and accurately. NAUPA continues to work in this area, developing partnerships with holder associations and performing a bi-annual Fundamentals of Unclaimed Property Reporting for Holders webinar.

I want to thank the 48 participating states for sharing, our affiliate partners Kelmar and Avenu for compiling, and the NAUPA Executive Committee for their leadership in this effort. This anonymized data is invaluable in NAUPA’s advocacy efforts to promote the incredible work of state programs, to track trends in the industry, and to remain the authority of unclaimed property.

Sincerely,

Dave Young
Colorado Treasurer
NAUPA President
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