The Massachusetts Treasury has been helping cities and towns shake out their figurative couch cushions, returning $425,000 to municipal coffers in 2011.

The funds represent money owed to the towns but which had somehow gone astray and been turned over to the state treasury, usually in the form of cash leftover in an unused bank account. Accounts left dormant for more than three years are considered abandoned and turned over the state.

The vast majority of the 124 communities receiving funds got less than $2,000. Ayer rounded out the bottom of the list with a mere $5.17 returned to town coffers.

But there were a few which got a real boost: The town of Medway uncovered an abandoned performance bond which was returned to the tune of $78,186.35, while Lawrence and Chelmsford came away with $64,639.54 and $76,640.21 respectively.

Massachusetts Treasurer Steven GrossmanTreasurer Steven Grossman has been making a sustained push to publicize the efforts of his office’s Unclaimed Property Division, which also maintains records of unclaimed property owed to private individuals.

According to the department, the effort has led to a 28 percent increase in property returned last year, with a record total of 33,400 claims paid worth $76 million, up from 28,700 claims worth $59 million in the prior year.

"Our proactive approach toward identifying this property is welcomed by cash-strapped cities and towns, particularly at a time when they are looking for new sources of revenue," said Grossman in a statement. "Our fundamental belief is that we are the steward of these funds – not the owner. Our goal is to reunite more people, institutions, and governments with their rightfully owned property."

Grossman’s Office Helps Mass. Towns Recover Their Own Money – Big And Small

by Banker & Tradesman time to read: 1 min
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