State Treasurer John Perdue presented an unclaimed property check of nearly $4,000 to the Bancroft Volunteer Fire Department July 27, an unexpected boost one firefighter called “winning the lottery.”
Treasurer Perdue explains how a recent unclaimed property check will benefit the Bancroft VFD.
Bancroft firefighters were overjoyed at having their funds found. The check represents eight percent of the department’s yearly budget.
""It's like winning the lottery for a volunteer fire department,"" said Bancroft Lt. Tim McCoy. “""There's always projects you need done, there's always equipment that needs to be bought, there's always equipment that needs to be maintained. So any time you can find money, it's a wonderful thing.”
The source of the Auditor’s Office funds could be the West Virginia Volunteer Fire Department Workers’ Compensation Premium Subsidy Program. It is designed to assist volunteer fire departments by reimbursing a premium increase in workers’ compensation fees. Departments must apply for the funds, which are disbursed by the auditor.
Recent year’s auditor’s distributions to Bancroft from the fund showed amounts in that ballpark, which made up the bulk of the $3,798 check amount. It is unclear how the money became misplaced. A small share of the check came from the state Division of Forestry, which reimburses some fire departments for fighting forest fires.
Unclaimed property is any financial asset which has been lost, misplaced or forgotten, such as a left-behind utility deposit or an abandoned safe deposit box. Real estate plays no part in unclaimed property.