DEPARTMENT OF THE TREASURY DIVISION OF UNCLAIMED PROPERTY

DEPARTMENT OF THE TREASURY

DIVISION OF UNCLAIMED

PROPERTY

JULY 2019

PERFORMANCE AUDIT

THE MISSION OF THE OFFICE OF THE STATE AUDITOR

IS TO IMPROVE GOVERNMENT

FOR THE PEOPLE OF COLORADO

LEGISLATIVE AUDIT COMMITTEE

Senator Nancy Todd ¨C Chair

Representative Lori Saine ¨C Vice-Chair

Representative Rod Bockenfeld

Senator Rhonda Fields

Representative Tracy Kraft-Tharp

Senator Paul Lundeen

Representative Dafna Michaelson Jenet

Senator Jim Smallwood

OFFICE OF THE STATE AUDITOR

Dianne E. Ray

State Auditor

Kerri Hunter

Deputy State Auditor

Brad Walcher

Audit Manager

Ferminia Hebert

Team Leader

Madeline Beasley

Joy Helm

Brayan Velazquez-Maldonado

Erica Walton

Auditors

AN ELECTRONIC VERSION OF THIS REPORT IS AVAILABLE AT

WWW.AUDITOR

A BOUND REPORT MAY BE OBTAINED BY CALLING THE

OFFICE OF THE STATE AUDITOR

303.869.2800

PLEASE REFER TO REPORT NUMBER 1811P WHEN REQUESTING THIS REPORT

OFFICE

OF THE STATE AUDITOR

July 15, 2019

DIANNE E. RAY, CPA

¡ª¡ª

STATE AUDITOR

Members of the Legislative Audit Committee:

This report contains the results of a performance audit of the Department of

the Treasury¡¯s Division of Unclaimed Property (Division). The audit was

conducted pursuant to Section 2-3-103, C.R.S., which authorizes the State

Auditor to conduct audits of all departments, institutions, and agencies of state

government. The report presents our findings, conclusions, and

recommendations, and the responses of the Division.

OFFICE OF THE STATE AUDITOR

1525 SHERMAN STREET

7TH FLOOR

DENVER, COLORADO

80203

303.869.2800

CONTENTS

Report Highlights

1

CHAPTER 1

OVERVIEW

3

Unclaimed Property Claims Process

Unclaimed Property Division

Offsets to an Unclaimed Property Claim

Financial Information

New Legislation

Audit Purpose, Scope, and Methodology

5

6

7

7

11

12

CHAPTER 2

UNCLAIMED PROPERTY

15

Claims Processing

RECOMMENDATION 1

15

23

Notification to Property Owners

RECOMMENDATION 2

25

32

Accepting, Safeguarding, and Selling Unclaimed Property

RECOMMENDATION 3

36

44

Accounting for Unclaimed Property Claims

RECOMMENDATION 4

48

52

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