Treasurer presents $500K check to state board of education

Raleigh - State Treasurer Dale R. Folwell, CPA - a staunch advocate of public education, who strongly supports the work of classroom teachers - showed up at the Jan. 5 N.C. State Board of Education meeting with a check for the N.C. Department of Public Instruction, exceeding a half-million dollars in misdirected funds that were placed with the Department of the State Treasurer for safekeeping.

Folwell presented a check for $519, 029.16 to N.C. State Superintendent of Public Instruction Catherine Truitt.

The money resulted from shares of stock issued in the name of "Department of Education State of North Carolina" based on a Prudential Financial group life insurance plan that the state board of education held at some point. Upon the shares and accrued dividends being deemed unclaimed and held by Prudential for the required holding period, the property was placed with the Department of State Treasurer's Unclaimed Property Division - commonly called NCCash.com.

"At a time when so many schools are in need of money and resources, especially in rural and inner-city districts, every penny found to further North Carolina's educational mission is a blessing," said Folwell. "I see that need not only as a member of SBE, but as chairman of the Local Government Commission, which reviews and approves financing for school projects throughout North Carolina.

"As keeper of the public purse, a North Carolina taxpayer and a believer in the power of education to change a person's trajectory in life to achieve upward mobility and the joy of achievement, I am honored to return this money to its rightful owners so that it can be put to use where it's most needed."

The money originated from a process called demutualization. That occurs when a private business owned by its members - such as a mutual-life insurance company - changes its structure to a publictraded company owned by stockholders. Prudential went through that transition in 2001 and policy holders at the time became shareholders, with or without the policy holder's knowledge. Prudential Financial shares were issued in the name and address on file for the policy. Any correspondences related to the shares were being sent to a previous address of the state board of education. In 2012, the shares and any accrued unclaimed dividends were deemed unclaimed and subsequently reported to the Department of the State Treasurer in October 2015 after the required three-year dormancy holding period. To find out if you are owed money, visit nccash.com/.