Treasure Hunting Made Easier

You’ve likely heard of the Great Arkansas Treasure Hunt in which Arkansans are reunited with lost or forgotten assets. But, have you ever wondered where these treasures come from? According to Arkansas law, businesses like yours.

The assets the Treasure Hunt serves to reunite with rightful owners are nearly anything imaginable. Primarily, however, assets are financial in nature, totaling approximately $280 million. These can include uncashed payroll checks, abandoned bank accounts, utility deposits, stocks, bonds and insurance policies. Additionally, Arkansans can find physical treasures that have been left behind in safe-deposit boxes that are escheated (reverted) to the state. Jewelry, coins, family heirlooms, old photos and documents are common items found in safe-deposit boxes.

Many states compile these assets through audits. States and paid, third-party auditors routinely audit businesses, looking for assets that should have been returned to customers but for various reasons were not. When unclaimed property is found, the business holding the unclaimed property can face penalties and fees for not having already complied with the laws that spell out the escheatment process.

In Arkansas, however, that’s not necessarily the case. Arkansas Auditor of State Andrea Lea offers a revolutionary, voluntary compliance program to businesses and entities who believe they may be holding unclaimed property. The auditor’s office staff will assist entities in identifying what types of unclaimed property is required to be reported and when. Voluntarily complying with Arkansas law allows businesses to avoid being charged interest and penalties.

 “I have two primary goals. I aim to run my office in the most business friendly fashion possible and I want to reunite Arkansans with the property that is rightfully theirs,” Lea said. “This voluntary compliance program is truly a win-win for Arkansans and business owners.”

To learn more about Auditor Lea’s voluntary compliance program, visit auditor.ar.gov. You will also be able to search your name or that of your business to see if there is money owed to you. Lea’s office estimates that 1 in 4 Arkansans has something to claim. During her tenure, the office has streamlined the online claiming system and made it more efficient, with a majority of claimants able to file online in a matter of minutes. Checks are received within seven to 10 days.