The Illinois treasurer gave back over $200,000 to a Lake County animal shelter. This money was originally donated by a woman, now deceased, who had designated the shelter as the beneficiary of her life insurance policy.
Michael Frerichs, the Illinois State Treasurer, announced that the I-CASH program has reunited almost 312,000 residents, companies, and groups with $303.8 million in unclaimed funds this fiscal year.
Last week, Frerichs celebrated the unprecedented sum by donating a check for $200,829 to Orphans of the Storm, an animal shelter located in Riverwoods.
The shelter received funds from the life insurance policy of a deceased woman from Lake County, who had designated the organization as a beneficiary.
Frerichs stated that they implemented practical modifications to I-CASH to facilitate increased returns to a greater number of individuals, and they are pleased to be establishing new benchmarks.
"However, what truly makes us proud is assisting individuals. One of my most significant battles involved challenging insurance providers to guarantee that life insurance payouts are correctly distributed to the intended recipients and entities," he stated.
This donation is a "meaningful and impactful" boon for Orphans of the Storm, arriving as the organization nears its centennial and prepares for another hundred years of caring for animals.
The animal shelter's objective is to refurbish its building, which presently houses around 60 dogs and 65 cats.
Michelle Shields, the Volunteer President of the Board of Directors at Orphans of the Storm, expressed the shelter's profound gratitude for the generous donation and acknowledged Frerichs' role in facilitating the connection.
"For almost 100 years, our animal shelter has been an integral part of this community. We've united pets and people through affection, attention, and opportunities for a fresh start. This contribution recognizes that history and allows us to work toward a future where all animals have a secure home and a loving family," Shields stated.
The Illinois State Treasurer's Office announced that its responsibility is to protect and return lost or abandoned assets, such as items from neglected safe deposit boxes, uncollected life insurance payouts, dormant bank accounts, and unredeemed gift cards.
Illinois law mandates that the state treasurer must reunite unclaimed assets with their rightful owners or their descendants, regardless of the timeframe involved.
The state treasurer announced that the $303.8 million in unclaimed funds recovered this year set a new record, surpassing the previous year's total of $301 million.
"We give money back not only to individuals, but also to companies and groups," Frerichs stated.
He urged business owners and charities to visit the I-CASH website to determine if they have unclaimed funds available.
The agency attributed its success, in part, to its "Enhanced Money Match" initiative, which eliminates the need to file a claim for unclaimed property by automatically returning funds once certain details are electronically confirmed. This program effectively transforms unclaimed property into proactively returned assets.
This summer, a windfall of $45 million will be distributed to 600,000 individuals who were unaware they were entitled to it.
While the majority of matched claims in the Enhanced Money Match round are valued at $50 or less, some individuals may have several claims, resulting in larger checks.
The Illinois State Treasurer suggests visiting icash.illinoistreasurer.gov at least twice a year to find out if you have any unclaimed funds.
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