New York (City’s) Funds Held By New York (State)
The New York Post has an article by Candice Giove today detailing the significant number of abandoned property accounts that the State of New York is holding for New York City. According to the article, some of the most cash-strapped agencies have the most apparent outstanding items. For example, the City Department of Education alone appears to have more than 500 dormant items being held by the state.
The article serves as (yet another) reminder that individuals are not the only owners who lose track of their assets. As we’ve mentioned earlier, state and municipal governments have their own share of difficulties in getting back unclaimed funds.