a stronger Rhode Island. With this in mind, Treasury approaches and solves problems differently. As Treasurer, I have streamlined and improved many of the programs in my office to better serve you. Now we are actively working to raise awareness about how these programs can benefit you. Over the past few months, Treasury has traveled the state as part of the Smart Money Tour, helping people find and save money.
As part of this tour, the Treasury team is available to help people locate their lost or abandoned property. Unclaimed property includes intangible personal assets such as forgotten bank accounts, stocks and dividends, life insurance benefits and the contents of safe deposit boxes.
The stories I have heard from Rhode Islanders are nothing short of amazing. One North Providence woman learned she had nearly $9,000 in unclaimed property left to her by her parents. Another in Pawtucket was able to help her son collect his unclaimed property. In East Greenwich, a woman found money for her daughter.
The unclaimed property process is quick, simple and free. Every claim is unique, and we try to make the process as easy as possible. Also, due to enhancements made during my administration, processing time is down to from eight weeks to one week for most claims. At the same time, we are working to share data with multiple state agencies to proactively locate property owners faster.
During the last fiscal year, Treasury returned more than $8 million to more than 8,000 Rhode Islanders. Currently, Treasury is holding more than 750,000 unclaimed properties worth more than $250 million. Approximately 20,000 to 30,000 additional properties come in each year.
Additionally, my office holds more than 37,500 properties for Rhode Island businesses with an average value of $630 for a total of $23.6 million. Approximately 20,000 to 30,000 additional properties come in each year and 10 percent of these properties are owned by a local business.
Its my goal to return the unclaimed property in our possession back to its rightful owner: hardworking Rhode Islanders and local businesses. Treasury.ri.gov is updated with new properties every week. Visit Treasury's searchable online database to find your property and begin the online claims process. Please reach out to Treasury staff to discuss your specific claim and determine the appropriate requirements by calling 401-462-7676.
Gina M. Raimondo
Rhode Island General Treasurer