Nassau pockets $93G after unclaimed funds search

Nassau County has recovered almost $100,000 in unclaimed assets that fell through the bureaucratic cracks.

County Treasurer David Chiang said he recouped more than $93,000 by searching various listings in the unclaimed assets pool of the New York State comptroller's office.

Nassau County's recovery is roughly equivalent to the salaries of "two county employees," Chiang said. Though recovery sometimes requires substantial paperwork and time, "it's worth it," he said. "We'll make it an annual thing."

The comptroller's office holds about $17.5 billion in unclaimed accounts of individuals, companies, nonprofits and other entities, including government agencies. The comptroller's office website lists unclaimed accounts, but is constantly adding new ones as assets continue to arrive when a dormancy period expires at banks, wireless companies and other institutions. 

At the end of the fiscal year, almost all of the unclaimed funds held by the comptroller are swept into the state's general fund (though people and organizations can continue to make claims on the accounts). 

The Nassau County agencies that originated the funds will be getting the money back, Chiang said, with the largest recoveries going to the county housing department, $66,762; the police department, $10,932; the health department, $3,131; and the county clerk's office $3,123.

Chiang said that a few more account recoveries are still in process and they are expected to push the total over $100,000.

Chiang said that County Executive Bruce Blakeman instructed him to collect any funds being held by the state.

"That's the genesis of recovering the funds that belong to the county," he said.

From Jan. 13-26, the state comptroller's office reported receiving 7,416 claims overall from individuals and other entities in Nassau and Suffolk counties.

Missingmoney.com, a website affiliated with the National Association of State Treasurers, allows potential claimants to search the unclaimed asset websites of nearly all 50 states.

By Ken Schachter

kenneth.schachter@newsday.comkschach

Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.