NC Treasurer Folwell returns missing funds to WSSU where he got his college start
For Winston-Salem State University, Friday, Dec. 13, was Commencement Day. For State Treasurer Dale R. Folwell, CPA, it was a homecoming of sorts. For University Chancellor Bonita Brown, it was Christmas come early.
Treasurer Folwell, who attended the Historically Black College during his early pursuit of a higher education degree as a nontraditional student, returned to university officials nearly $200,000 in missing money the Department of State Treasurer (DST) had been safeguarding.
“It gives me great pleasure as a former student to return this missing money to its rightful owners. I wish to thank Winston-Salem City Council member James Taylor Jr. for helping to facilitate this event, and Chancellor Brown for graciously agreeing to host the presentation on such an important day for the university,” Treasurer Folwell said.
"Winston-Salem State is not just a collection of buildings and books vital to learning. It embodies a culture, a state of mind and a sense of pride that define staff, students and faculty. Although I started my college career there in 1981, the same values, inspiration and confidence I gained as I worked simultaneously as a garbage collector and motorcycle mechanic remain a constant pillar of the education experience of today’s students,” Treasurer Folwell said.
Money that has become undeliverable for a variety of reasons is safeguarded at the Unclaimed Property Division (UPD) of DST until the rightful owners claim it. During a review of data in UPD, commonly called NCCash.com, DST staff identified $181,741.74 in credit balances and uncashed vendor payments belonging to Winston-Salem State.
“We were pleased to learn that Winston-Salem State University has been included in another record year of unclaimed cash disbursements from the Department of State Treasurer. Their administration has demonstrated exceptional diligence in identifying the rightful recipients of these funds. Unexpected resources such as these bring an added touch of holiday cheer to our university,” Chancellor Brown said.
Winston-Salem State sits at #1 or near the top of numerous rankings of Historically Black Colleges and Universities in North Carolina for value and other factors. It also is listed among the Top 10 HBCUs in the nation. With a motto of “Enter to Learn, Depart to Serve,” the university offers 39 baccalaureate, seven master’s and two doctoral degrees to nearly 4,800 students. Founded as the Slater Industrial Academy 132 years ago, Winston-Salem State is now part of the UNC System.
Under state law, NCCash.com is currently safeguarding nearly $1.3 billion in funds that are escheated, or turned over, to DST. The money is awaiting return to the rightful owners after being lost, misdirected or overlooked. It represents 22.1 million properties statewide, and more than 25 million owners are associated with those properties.
During his eight years in office, Treasurer Folwell has put more than $610 million of misdirected money back into the pockets of those who were entitled to it.
“I would like to thank Deputy Treasurer Allen Martin, who supervises UPD, and his staff for the incredible work they do every day to reunite rightful owners to their missing money,” Treasurer Folwell said.
For the fiscal year 2023-24 that ended on June 30, UPD paid 145,032 claims totaling $115,063,782. The total payout surpassed the previous record of $108,586,650 set during the 2022-23 fiscal year. Another record was set for receipts in the NCCash program — $330,957,377 in 2023-24, compared to $300,095,512 the previous year.
The unclaimed property consists of bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds and contents of safe deposit boxes that have been abandoned.
Unclaimed property can result from a person or entity forgetting that they are due money, or from a move of location and forgetting to provide a new address. It also could result from a typing error in a house number or zip code in an address, a name change, or data loss from a business converting its computer system. As society becomes more mobile and steadily moves to electronic transactions, the risk of having unclaimed property has increased.
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NC Treasurer Dale Folwell's WSSU ID from summer 1981.
