State auditor finds money for nonprofits
Auditor of State Dennis Milligan recently located more than $115,000 for nonprofit organizations across the state.
The auditor’s office administers the state’s unclaimed property program, the Great Arkansas Treasure Hunt, according to a news release.
National Nonprofit Day was Aug. 17.
“In advance of National Nonprofit Day, I asked my team to prioritize finding unclaimed property belonging to nonprofit organizations within the state,” Milligan said. “During this search of our database at ClaimItAR.gov, I found more than $115,000 belonging to nonprofits that serve our communities.
Independent reporting for Pine Bluff & Jefferson County since 1879.
“I mailed letters to several nonprofits throughout the state on Aug. 7 notifying them of their unclaimed property,” Milligan said.
Unclaimed property consists of financial accounts, including abandoned checking or savings accounts; utility deposits that were not returned; overpayments; life insurance proceeds; stock or mutual fund shares, etc. In some cases, it includes tangible items left behind in safe deposit boxes.
Milligan explained that when owners abandon an account – typically through a move or a death – and the original company (e.g., a bank, an electric company, etc.) cannot locate the owner, the money or properties from the abandoned account are deemed “unclaimed” and submitted to his office.
“I am required by state law to try to return these unclaimed funds to their rightful owners,” Milligan said. “Since I took office in January 2023, we’ve returned more than $52 million to citizens through the Great Arkansas Treasure Hunt.”
To see if you or your organization might have unclaimed property in the Great Arkansas Treasure Hunt, visit www.claimitar.gov.
SBA, VA partner on veterans’ project
On Aug. 12, Administrator Isabel Casillas Guzman, director of the U.S. Small Business Administration announced the signing of a memorandum of understanding between the SBA’s Office of Veterans Business Development and the U.S. Department of Veterans Affairs Veterans Benefits Administration.
This partnership between OVBD and VBA will improve access to self-employment assistance and SBA training and counseling for active-duty service members and service-disabled veterans participating in the Veteran Readiness & Employment Program, also known as Chapter 31. The MOU will run through June 17, 2028, according to a news release.
The SBA and VA will collaborate to hold joint training sessions, information sessions, and individual group training to train staff on the VR&E program as well as SBA resources to advance and expand appropriate self-employment opportunities for Chapter 31 participants.
Through SBA’s OVBD, Chapter 31 participants will have increased access to SBA resources nationwide, such as 28 Veterans Business Outreach Centers that will be expanding to 31 VBOCs this year, 68 District Offices, and other local resource partners like SCORE, Small Business Development Centers, and Women’s Business Centers .
These organizations will help participants get entrepreneurship training, learn new skills, and evaluate their business plans to start and grow a small business. Details: www.sba.gov.