Raleigh – State Treasurer Dale R.FolwellCPA – a strong advocate for public education, who strongly supports the work of classroom teachers – ran for the January 5 North Carolina State Board of Education meeting with a check for the North Carolina Department of Public Instructionexceeding half a million dollars in misdirected funds that were placed with the State Treasurer’s Department To keep safe.
Folwell presented a check for $519029.16 to the North Carolina State Superintendent of Public Instruction Catherine Truitt.
The money came from shares issued in the name of “North Carolina State Department of Education“based on a Prudential Financial group life insurance plan that the State Board of Education held at one time. When the shares and accrued dividends were deemed unclaimed and held by Prudential for the required holding period, ownership was placed with the State Treasurer’s Department Unclaimed Property Division – commonly referred to as NCCash.com.
“At a time when so many schools need money and resources, especially in rural and inner-city districts, every penny found to advance North Carolina educational mission is a blessing,” said Folwell. “I see this need not only as a member of SBE, but as president of the local government commissionwhich reviews and approves funding for school projects throughout the North Carolina.
“As a custodian of the public purse, a North Carolina taxpayer and believer in the power of education to change a person’s trajectory in life to achieve upward mobility and the joy of achievement, I’m honored to return this money to its rightful owners so it can be used where it is most needed. “
The money came from a process called demutualization. This occurs when a private, member-owned company – such as a mutual life insurance company – changes its structure to a publicly traded, shareholder-owned company. Prudential went through this transition in 2001 and the policyholders at the time became shareholders, with or without the knowledge of the policyholder. Prudential Financial the shares were issued to the name and address on file for the police. All stock-related correspondence was sent to a previous State Board of Education address. In 2012, the shares and all unclaimed accrued dividends were deemed unclaimed and were subsequently declared to the State Treasurer’s Department in October 2015 after the required dormancy period of three years. To find out if you are owed money, visit nccash.com/.
