OFFICE OF STATE TREASURER 93 Nancy Farmer State Treasurer Elected November 7, 2000 Term expires January 2005 NANCY FARMER (Democrat), became Mis- ting goals and saving for the future. In addition, souri’s 43rd State Treasurer when she took the she serves on the management boards of the oath of office on the steps of the state Capitol Missouri Housing Development Commission, January 8, 2001. She is the first woman to serve the Missouri State Employees’ Retirement Sys- as Missouri’s chief financial officer in the state’s tem and the Board of Fund Commissioners, 180-year history. which oversees state debt issuance. As Missouri State Treasurer, Farmer is respon- Treasurer Farmer has a long history of public sible for managing the state’s $19 billion in service with an emphasis on public finance annual revenues; overseeing the state’s banking issues. Her involvement in St. Louis civic issues services; managing Missouri’s $3.1 billion led her to become executive director of a non- investment portfolio; serving as trustee for more profit neighborhood housing and development than $220 million in unclaimed property; and cooperative. She later served as director of inter- administering the state’s $350 million MIS- governmental affairs for the City of St. Louis. SOURI FIRST Linked Deposit Program. She was elected state representative in 1992 Treasurer Farmer brought prior experience to from the 64th District in the City of St. Louis, and the office, having served as assistant state treas- was re-elected twice. During her tenure in the urer before becoming a candidate for State Trea- legislature, Farmer chaired the powerful Ways surer. She is committed to making the Missouri and Means Committee and served on both the State Treasurer’s Office one of the most innova- Budget and the Operations and Finance commit- tive and dynamic treasury offices in the nation. tees. She is pledged to sound investment policies that As chair of Ways and Means, Rep. Farmer maximize the state’s return on investments with- led the effort to eliminate the state sales tax on out compromising the safety of the public’s groceries, one of the largest and most equitable funds. permanent tax cuts in Missouri’s history. She also State Treasurer Farmer serves as chair of the worked to enact the Historic Preservation Tax Missouri Saving for Tuition or MO$T program, Credit Program, which has spurred billions of which she helped develop while serving as assis- dollars in investment and redevelopment across tant state treasurer. MO$T encourages Missouri the state. families to save for higher education while tak- Born in 1956, Nancy Farmer was raised in ing advantage of significant federal and state tax Jacksonville, Illinois, and graduated from Illinois benefits. College in 1979. She also studied at Harvard Treasurer Farmer also oversees the Dollar$ & University’s Kennedy School of Government in $ense bank-at-school program, a program that 1998. She is married to Darrell Hartke, an indus- partners local banks and elementary schools to trial-organizational psychologist. They make help teach students about the importance of set- their home in the City of St. Louis. 94 OFFICIAL MANUAL Office of State Treasurer Room 229, State Capitol Rooms 157, 780, Truman Bldg. PO Box 210, Jefferson City, MO 65102 B.K. PERKINS SCOTT HARPER Telephone: (573) 751-2411 Assistant State Treasurer Assistant Deputy State Treasurer www.treasurer.missouri.gov Duties The State Treasurer is Missouri state govern- ment’s chief financial officer. The treasurer’s office manages Missouri’s $19 billion in annual state revenues; directs the state’s banking servic- es; and manages Missouri’s $3.1 billion invest- ment portfolio. The office safeguards more than $220 million in unclaimed assets that have been turned over to the state by banks, businesses, insurance companies and government agencies, and tries to locate the rightful owners. The state treasurer also serves on the management boards CHUCK MILLER of a number of public entities. Chief of Staff The state treasurer is one of six statewide elected officials, and serves a term of four years. mercial paper. Safety is the treasurer’s number A person may only serve as state treasurer for one priority in the investment of the public’s two terms. funds. Staff investment specialists monitor major investment markets and work to maximize the state’s return on investments without compromis- Banking Services ing safety. The office has an average of $3.1 bil- The state treasurer serves as Missouri govern- lion invested daily, earning the state millions of ment’s banking director. While not a bank itself, dollars in interest income each year. the treasurer’s office must authorize payments and balance accounts. To protect taxpayers’ Missouri First Linked Deposit money, the State Treasurer maintains a separate accounting system to provide a check and bal- Program ance on the state accounting system, and distrib- A portion of the state’s investable funds can utes investment earnings to the proper funds. be used by the Treasurer to help Missouri indus- The office contracts with Missouri banks to tries create jobs, to help small businesses grow, process the state’s receipts and disbursements; to help farmers prosper, and to bring affordable handle money and security transfers; report on housing within reach of more Missouri families. the state’s accounts, balances and payment Under the MISSOURI FIRST program, the activities; and provide related banking services treasurer’s office is authorized to place up to such as data processing. Bidding for state bank- $350 million in state funds in Missouri financial ing services contracts is open to all Missouri institutions and accept a below-market rate of banks. return. The institutions pass on the savings in the form of low-interest loans for agriculture, job Investments creation, small business, drought relief, and affordable multi-family housing. The state treasurer determines the amount of state funds not needed for current operating expenses and invests those funds in interest-bear- Unclaimed Property ing time deposits in Missouri banks, U.S. treasury The treasurer’s office is responsible for Mis- and federal agency securities, repurchase agree- souri’s largest “lost and found,” the state’s ments, banker’s acceptances and top-rated com- Unclaimed Property program. State law requires OFFICE OF STATE TREASURER 95 NICOLE HACKMANN LARRY KRUMMEN SCOTT PETERS ROBERT BOONE Director of Banking Director of Investments Director of Information Director of Policy and Legislation Technology and Operations financial institutions, insurance companies, pub- lic agencies and other business entities to turn over assets that belong to a customer, client, employee or other rightful owner if there have been no documented transactions or contact with the owner for five or more years. The trea- surer’s office operates an aggressive program to return unclaimed assets to the original owners or their legal heirs. Most unclaimed property consists of cash from bank accounts, stocks, bonds, and contents of safe deposit boxes that have been abandoned. It also can include uncollected insurance policy JILL JACKSON BARB FLORETH proceeds, government refunds, utility deposits General Counsel St. Louis Branch Director and wages from past jobs. The Unclaimed Prop- erty section does not handle real property such as land, houses, cars and boats. The office currently is holding more than $220 million in unclaimed property and funds in more than 1.5 million owner accounts. All unclaimed property is held in trust by the state forever and can be claimed at any time. To recover unclaimed property, claimants must be either the original owner of the property or a legal heir. All services of the Unclaimed Proper- ty program are free of charge. People can check to see if the Treasurer’s WENDY BROADWATER Office is holding unclaimed property that may Kansas City Branch Director belong to them using its searchable database at www.showmemoney.com. gram curricula and partnered with a local bank. The bankers arrange in-school banking hours to Dollar$ & $ense accept deposits into student accounts. They work with teachers to provide opportunities for Dollar$ & $ense, created in 1995, is a students to learn and practice money manage- statewide bank-at-school program available to ment skills. Missouri elementary schools to teach children to make informed decisions as savers, spenders, bor- rowers and money managers. It is a partnership Missouri Saving for Tuition (MO$T) program of the State Treasurer’s Office, local Mis- The state treasurer chairs the Missouri Saving souri financial institutions, the Missouri Council for Tuition or MO$T board. Developed by the on Economic Education, the Missouri Bankers State Treasurer’s Office in 1999, the MO$T pro- Association and the Consumer Credit Counseling gram encourages Missouri families to save for Service of the Mississippi River Valley. higher education while taking advantage of sig- Participating schools are provided with pro- nificant federal and state tax benefits. Accounts 96 OFFICIAL MANUAL can be opened with as little as $25 or $15 Boards and Commissions through payroll deduction. Contributions of up The state treasurer serves on the governing to $8,000 annually can be deducted from Mis- boards of three large public entities: the Mis- souri income taxes and all earnings are free of souri Housing Development Commission, state and federal income taxes. Funds from which assists in the creation of affordable hous- MO$T accounts can be used to pay for all eligi- ing for low- and moderate-income Missourians; ble educational expenses at virtually any two- or Missouri State Employees’ Retirement System, four-year college or university, vocational, tech- which manages retirement funds for more than nical or professional school anywhere in the 56,000 state employees and retirees; and Board country. of Fund Commissioners, which issues, redeems and cancels state general obligation bonds and MO$T accounts are managed by TIAA-CREF, other debt.