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The National Association of Unclaimed Property Administrators website contains direct links to unclaimed asset websites for all participating states. Many states use the same general approach and allow searches of their databases at no cost. Internal Procedures for Federal Agency Management of Unclaimed Assets Locating Unclaimed Assetsįederal agencies must review the records of relevant holders to locate possible unclaimed assets belonging to the agency.Įach state has a process for researching unclaimed assets. Maintains records related to unclaimed asset location and recovery activities.Įxcept as otherwise agreed upon by Fiscal Service and an agency, Fiscal Service, as it deems feasible and appropriate, locates and recovers unclaimed assets on behalf of all federal agencies per the guidelines provided here. The agency’s procedures must indicate which of the following methods it will use to locate and recover its unclaimed assets:ĭeposits recovered assets into the appropriate Treasury account, and Establishing Agency ProceduresĪ federal agency must establish and implement procedures to locate and recover its unclaimed assets. The unclaimed asset recovery official must ensure that the agency establishes and follows procedures per these guidelines.Įach agency must send the name, mailing and email addresses, telephone number, and fax number of its unclaimed asset recovery official to Fiscal Service (see Contacts). Designating an Unclaimed Asset Recovery Officialįederal agencies must designate at least one unclaimed asset recovery official. Initiating Agency Unclaimed Assets Processes Location and Recovery of Unclaimed AssetsĪgencies must designate an unclaimed asset recovery official and must establish internal procedures for the recovery of unclaimed assets. § 3718 (authorizing agencies, among other things, “to enter into a contract with a person.to locate or recover assets of, the United States Government”). § 3301 (describing that the role of the Secretary of the Treasury is, among other things, “to receive and keep public money”), andģ1 U.S.C. § 321 (describing that the role of the Secretary of the Treasury includes “improving and managing receipts of the United States Government”),ģ1 U.S.C. AuthorityĪuthorities for the procedures set forth in this chapter are found in:ģ1 U.S.C. These laws generally require persons to surrender unclaimed assets to the custody of the state when the rightful owner of the property cannot be located. Unclaimed assets may be recovered by federal agencies from various sources, including states that have enacted unclaimed property laws for the protection of these assets until they are claimed. Unclaimed assets, also known as “abandoned property,” refer to many types of federally-owned monetary assets held by state or local governments, financial institutions, corporations, and other entities that have had no recorded activity or contact from the owner for one year or longer. Fiscal Service also administers a program to recover unclaimed assets on behalf of federal agencies. In carrying out this responsibility, Fiscal Service establishes government-wide policies and guidelines regarding the efforts of federal agencies to locate, recover, and account for unclaimed federal financial assets (“unclaimed assets”). Backgroundįiscal Service is responsible for the efficient collection of government receipts. Guidelines on the use of private-sector professionals known as “finders” to locate and recover unclaimed assets. The role of the Department of the Treasury’s (Treasury) Bureau of the Fiscal Service (Fiscal Service) in locating and recovering unclaimed assets on behalf of federal agencies, and Guidance on developing procedures for locating, recovering, and accounting for unclaimed assets,