Television Networks Know We're Doing Something Right Good Morning
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Summer 2011 DRAFT DO NOT SEND THIS ONE TO PRINT!!!!!! Television networks know we’re doing something right If recognition is a sign of a job well done, our Unclaimed Property Division is perfectly allowed to pat itself on the back. ABC’s “Good Morning America” joined me to present an unclaimed property check to the Shaluta family of St. Albans. It appeared on its Tuesday, June 14 show. That completes a major television network trifecta for the Treasurer’s Office. CBS, NBC and ABC have now all three done news reports on our successful efforts to return unclaimed property. Appearing on national media is hardly our chief aim, but it does speak well to the national reputation we have earned with our unclaimed property efforts. We hope you enjoy the unclaimed property items and other information in this newsletter, and take them as evidence that we are indeed returning the public’s money to the best of our ability. After all, any unclaimed property belongs to the owner and we want that person to have it. Hope you’re having a great summer. Good Morning America features WV Unclaimed Property The ABC News program “Good Morning America” kicked off its new series “Show Me the Money” by teaming up with West Virginia State Treasurer John D. Perdue for an unclaimed property check presentation. The consumer news segment, which aired June 14 on GMA, featured Treasurer Perdue presenting an unclaimed property check in the amount of $14,876.55 to St. Albans resident Vickie Shaluta. Good Morning America Consumer Correspondent Elisabeth Leamy accompanied the Treasurer for the presentation at Shaluta’s home. The money presented to Shaluta originated from an inactive certificate of deposit (CD) account owned by her late mother, Lenora Adkins. Adkins passed away last July at the age 83. “It’s like a gift from mom. That’s exactly how I feel about it,” said Shaluta. Presenting a check for nearly $15,000 to Vickie Shaluta and husband Steve is State Treasurer John Perdue. Shaluta’s extended family, including her grandchildren, gathered for the check presentation. During the visit, Shaluta told Treasurer Perdue she might use the money for a vacation. West Virginia traditionally ranks among the nation’s leaders in efforts to return unclaimed property. “I think they are thinking family vacation,” she said, referring to her family members. “It’s about helping West Virginians. We want to return this money to the rightful owners,” said Treasurer Perdue. In this Issue Unclaimed property is any financial asset or property that • Mercer brothers rake in unclaimed property - pg 2 has not been claimed by its owner or has not had any owner- generated activity during a specific time prescribed by state code. • Atkinson honored on national level - pg 2 Examples of unclaimed property are not limited to but include: • Two state students ace financial quiz - pg 3 forgotten utility deposits; stock dividends left unredeemed; inactive bank accounts; and/or safe deposit box contents. • NetWorth once again up for honors - pg 3 Continue Good Morning Ameria on page 4 Brother of unclaimed property record holder claims check Xavier Imperiale, who holds the record for the largest unclaimed property check issued to a state resident, now welcomes his brother into the lost-and-found sweepstakes. State Treasurer John Perdue presented Frank Imperiale the check for $169,491.20 during a ceremony in Perdue’s office June 7. Frank’s check, when added to younger brother Xavier’s $655,837 total in 2003, adds up to $825,584 in unclaimed property. The check presented to Frank, 88, largely represented money left in his own savings account. When no activity occurred in the account for a certain period of time, the financial institution turned the money over to the Treasurer’s Unclaimed Property Division, as prescribed by law. A field representative recognized the Imperiale name and helped Frank start the claims process. Other office staff in the Unclaimed Property Division also worked on the claim. Having a laugh with Treasurer Perdue are brothers Xavier (left) and Frank Imperiale. “It’s actually not unheard of for two members of the same family to have unclaimed property,” Treasurer Perdue said. “But it’s certainly unique when two brothers receive checks totaling Both Imperiales live in Mercer County but have spent large $825,584 between them. We’re happy to reunite Frank with his chunks of their lives elsewhere. Xavier lived most of his life in funds, as we were with Xavier.” Miami, Fla. Frank, meanwhile, enjoyed a 60-year career as a construction accountant, one which took him all over the country Xavier celebrated his 72nd birthday on Dec. 17, 2003 with and world, including Guam and Alaska. a $630,837 check. Treasurer Perdue held a party for him in the Treasurer’s Office, complete with cake and ice cream. Xavier, now Frank said he was looking for investment opportunities for his 79, later claimed another $25,000 or so, making him the largest lost money but was open to spending some. “It can go fast,” he said individual recipient of unclaimed property in state history. of the hazards of spending. Both he and Xavier have led very frugal lives. Unclaimed property is any asset that has not been claimed by its owner or has not had any generated activity during a specific “Re-uniting people with their money and other forms of time period. Common examples include safe deposit box contents; property is what we do here,” Treasurer Perdue said. “We take pride utility deposits; bank accounts and unredeemed stock dividends. in it.” Atkinson wins national award from UP administrators Carolyn Atlanta. Afterward, immediate past germane to state treasurers and at times Atkinson, Deputy president and Tennessee Unclaimed lobbies Congress for law changes. Treasurer for Property Administrator John Gabriel Unclaimed presented Atkinson the distinguished Atkinson took over the reins of the Property under service award. Crane honored Atkinson Treasurer’s Office Unclaimed Property State Treasurer as someone always ready to step up and Division earlier this year, after a lengthy John Perdue, has help with NAUPA. stint as staff counsel. She has been active been presented in NAUPA affairs for years. the Presidential “We’re pleased and delighted that West Virginia is frequently among Distinguished NAUPA has chosen to recognize the leaders in rate of unclaimed Service Award Carolyn,” Treasurer Perdue said. “They property returned. Treasurer Perdue’s Atkinson by the National now know what we’ve known all along administration takes full advantage of all Association of – she is a true professional who sincerely avenues to find people with lost property, Unclaimed Property Administrators. wants to reunite folks with their money.” including newspaper advertising inserts Atkinson spoke at the National NAUPA falls under the umbrella and easy Web site searches. Association of Unclaimed Property of the National Association of State Administrators national conference in Treasurers, which meets to discuss issues Summer 2011 - 2 - Currency Notes Summer 2011 - 3 - Currency Notes West Virginia students ace national f inancial aid quiz Two West Virginia high school students have received perfect them for their achievements on both the state and national scores in the National Financial Capability Challenge hosted by level.” the U.S. Department of Treasury. In all, 120 students from West Virginia scored in the top 20 percent nationally. The National Financial Capability Challenge was designed to increase the financial knowledge and capability of high school West Virginia State Treasurer John D. Perdue recently aged youth across the United States. It’s designed to challenge honored the teenagers and their teachers at the Bridgeport high school teachers and other educators to explore the basics Conference Center. of personal finance in the classroom. In addition Matt Cummings of “These students and teachers to the awards on the North Marion High state level, educators and School in Marion County showcase the great work that is being top-scoring students were and Tyler Grow of recognized nationally. Washington High School done to promote financial education in in Jefferson County both classrooms around the state.” To prepare for the received perfect scores on Challenge educators had the Challenge. Treasurer - State Treasurer John D. Perdue access to a free Educator Perdue presented each Toolkit that included with a $500 scholarship ready-to-use lesson plans. that may be invested into a SMART529 College Savings Plan. The Challenge exam was offered online from March 7 to April Each teacher who encouraged participation received $200 8, 2011. It took the average student less than 30 minutes to cash for classroom supplies. Treasurer Perdue also recognized complete. students who ranked in the top 20 percent nationally with a certificate. Treasurer Perdue is a strong advocate of financial education. He developed the NetWorth program to teach personal “These students and teachers showcase the great work that is financial management at all grade levels in West Virginia being done to promote financial education in classrooms around schools. NetWorth is a model program for other states and has the state,” said Treasurer Perdue. “I am honored to recognize received national distinctions. NetWorth once again one of eight regional f inalists West Virginia State Treasurer John D. Perdue’s NetWorth financial education program is one of eight regional finalists for a Council of State Governments Innovations Award for the second consecutive year. The Southern Regional Innovations Awards selection panel will review budget their monthly bills and shop for partnership with the West Virginia State applications July 16-20 at the 65th essentials. Department of Education. The goal is to Annual Meeting of the Southern teach personal financial management at In 2010, the NetWorth program was all West Virginia schools.