Just in time for the holiday, the Town of Hopkinton received an unexpected gift courtesy of the team at HopNews.
The Massachusetts State Treasurer Unclaimed Property Division hosts a website where individuals and businesses can search their name for unclaimed property that is owed to them. State Treasurer Deborah Goldberg claims that her department has refunded more than $787 million in the past 5 years, and that the treasury is holding more than $3 billion in unclaimed property.
Unclaimed property refers to financial assets that have been inactive for a specified period of time. These assets include, but are not limited to, dormant savings and checking accounts, outstanding wages, stocks and bonds, unclaimed dividends, life insurance policies, and the contents of safe deposit boxes. Additionally, items like uncashed checks also fall under this category.
It’s important to note that unclaimed property does not encompass real estate or vehicles. Generally, assets are classified as unclaimed if there has been no contact with the asset’s owner for a period of three years, except in the case of traveler’s checks, which have a longer period of fifteen years.
Under the Massachusetts Unclaimed Property Law, it is mandatory for businesses and other organizations to annually examine their records. In the process, they must identify any unclaimed funds, securities, or other types of property they might be holding. Following this review, they are obliged to compile and submit a report each year detailing their findings, which is how the treasury is notified.
HopNews spoke with the Treasurer’s office, and worked with them to compile a summary report. In Hopkinton’s case, the total value of the unclaimed property is $23,394.48. This amount is derived from 74 unclaimed assets, ranging from as little as 45 cents to more than $4,400.
There are several recognizable businesses who report assets unclaimed by the town, including Verizon, Middlesex Savings Bank, and Bank of America. One law firm, Barsh & Cohen, appears to have not returned a $4,469 escrow check, presumably from a real estate transaction. Bank of America is sitting on three cashiers checks made out in town’s name, and Verizon owes the town $3,717 for invoices that were overpaid.
On Thursday, December 21, HopNews contacted Town Manager Norman Khumalo to discuss the findings. HopNews then sent the report to Khumalo and Town Treasurer Diane Hendrickson, along with instructions for processing the claim.
“Thank you for digging this up. All monies due to the town, regardless of amount, belong to the residents of Hopkinton,” said Mr. Khumalo via email. “The town will take the necessary steps to follow up on this crucial lead. Happy holidays to you and yours.“
Thank you, HopNews! What a wonderful gift to the town!
In the spirit of the holidays I’ll defer stating the obvious and simply say thank you to HopNews. The town owes the entire staff and the amazing work you do a debt of gratitude. And I wish all my fellow residents a wonderful holiday season. Merry Christmas.
Great job HopNews! The town should pay you a $200 reward 🙂 In all seriousness though, its great that you thought of this and got the information needed to return this money to the town. Merry Christmas and happy holidays to those in whatever they choose to celebrate this time of year. May 2024 be a great year for all.