Nearly $40 Million Turned Over to State Treasury
Starting Sunday April 1st and lasting until June 23rd, Wisconsin residents in every county can look for their names in their paper of record to see if the State Treasurer’s office is holding unclaimed property.
What the Listings will look like in the papers
Milwaukee County will be first this year and has the most new names of people with unclaimed property than any other county in the state. Residents there can look in the Milwaukee Journal Sentinel for their names, their relatives’ names or their neighbors this Sunday.
These are the new names we received at the end of last year from companies across the state and country. We print the new names every year, as required by state law, to make it easier for people to find cash they didn’t even know was lost.
Companies turned over $39,160,521 to the State Treasury in 2011. This money belongs to all the people who will have their names printed in the papers over the next 3 months. However, the Office of State Treasurer has been holding unclaimed property since the early 1970’s. We have $412,226,584 that we want to give back to the rightful owners.
Last year, my office returned more than $33 million. But even though we broke the record, we then took in another $39 million. There is a lot of unclaimed money out there!
Anyone can search for missing money on our website www.wismissingmoney.com24 hours a day, seven days a week. Online, you will find the new names that will be printed in the papers this year as well as all the old names dating back to the start of the unclaimed property statutes.
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FAQ: Is there a plan to set up an EdVest account?
Professor helping students at Smith College
Yes, EdVest offers a very useful and handy checklist to get you on track and on your way to saving money for your children’s, or other beneficiaries future.
You can start by using the online application to establish an individual or custodial (UGMA/UTMA) account.
Checklist:
– Both you and your beneficiary must be a U.S. citizen or resident alien with a U.S. taxpayer identification number to establish the account.
– Both you and your beneficiary must be a U.S. citizen with a U.S. mailing address to establish the account.
– Prior to opening an account Federal law requires you to list your name, street address, date of birth, and taxpayer identification number.
– Also, EdVest does not accept credit card checks and does not accept third-party checks when opening a new account.
Please have the following available before you begin to set up your EdVest account:
– Social Security number (SSN) or Taxpayer Identification number (TIN)
– Address and SSN/TIN of your Successor Account Owner (if you choose to name one)
– Address, SSN, date of birth, and anticipated year of college enrollment of your Beneficiary
– A blank check for your reference (if funding online).
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The Economy & You 26: Economic Methods
In the study of economics, there are two approaches that are used to ask and answer questions posed to economists. The first approach tries to understand the behavior and operation of economic systems without making judgments or expressing opinions about whether the outcomes are good or bad. This is considered positive economics. The second approach analyzes the outcomes of economic behavior, provides an opinion whether they are good or bad, and provides possible courses of action. This is considered normative economics.
Normative economics or policy economics deal with questions like: should the government subsidize certain types of manufacturing over others; should Medicare and Medicaid be means tested; and should the U.S. place tariffs on Chinese imports to address the reluctance of China allowing their currency to float?
To be certain, many normative economic questions involve positive economic questions. To know whether a specific economic decision or policy is a good one, we first must determine if such a policy can be implemented and what the likely consequences will be before an evaluation can take place.
Some will argue that positive economic analysis is nearly impossible. Economists and analysts all enter into the process with biases that will influence their work. It can even be said that the questions they choose to analyze and answer themselves are shaped by ideological views (whether political or moral). Regardless, it is important to note that economists who attempt to answer positive economic questions are attempting to provide research and analysis that is devoid of bias to the best of their ability.
Positive economics can be divided into two main areas: descriptive economics and economic theory. Descriptive economics is the compilation of data that describe facts ad events. One example of such data is the Statistical Abstract of the United States which is published by the Department of Commerce every year and helps to describe many features of the national economy. These data and much more can be found on the internet and more specifically at the Bureau of Labor Statistics (www.bls.gov).
Economic theory attempts to analyze the data, interpret it, and provide generalizations about the data. Economic theory is a set of statements regarding the cause, effect, action or reaction of an economic system. One of the most basic economic theories is the law of demand. When the price of a good or service rises, people tend to buy less of it. When the price of a good or service falls, people tend to buy more of it. Economic theory arises from both statistical data and observation of human behavior. As with any science, whether social or physical, scholars construct a model to state a theory. The theory is then tested to determine its strength or validity.
It is these basic methods that economists and economics students employ to describe, understand, analyze, and evaluate our economy and those around the world. Economic methods are important to understand because when statements are made by economists and government leaders, we as citizens must be able to distinguish whether a statement being made is a positive economic statement or a normative economic statement. Saying that Wisconsin’s unemployment rate has fallen is a positive statement. Saying that the Governor’s economic policies have led to the decline of the unemployment rate is a normative statement. It is important for people to know what a statement of fact is (positive) and what a statement of opinion is (normative). In addition, you will need to understand common assumptions and pitfalls that are made when describing economic theories and models. This will be a topic for a future article.
Treasurer’s Top 5: Burnett County
We find ourselves in Burnett County this week to present the top 5 people who have money/assets that belong to them but they don’t know it! Have you searched for your missing cash?
Visit Downtown Grantsburg Sign (Photo credit: J. Stephen Conn)
Burnett County
John Chamberlain – Webster
Edwin Beck – Danbury
Peter Castronovo – Grantsburg
Angeline Ryba – Webb Lake
Gustave Brynilson – Webb Lake
If you or someone you know is on this list, please let them know they need to make a claim with the office. They can also call us at 855-375-CASH
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- Treasurer’s Top 5: Langlade County (wistatetreasury.wordpress.com)
- Treasurer’s Top 5: Green County (wistatetreasury.wordpress.com)
- Treasurer’s Top 5: Chippewa County (wistatetreasury.wordpress.com)
- Treasurer’s Top 5: Calumet County (wistatetreasury.wordpress.com)
- Treasurer’s Top 5: Lafayette County (wistatetreasury.wordpress.com)
- Treasurer’s Top 5: Clark County (wistatetreasury.wordpress.com)
- Treasurer’s Top 5: Dodge County (wistatetreasury.wordpress.com)
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- Treasurer’s Top 5: Fond du Lac County (wistatetreasury.wordpress.com)
State Workers Giving Back
For nearly 40 years, State, University and University Hospital and Clinics employees in Dane County have taken part in a charity campaign that has raised nearly $59 million since 1973.
Photo © taken by and copyright by Jeff Dean (Photo credit: Wikipedia)
This year, the Partners in Giving Campaign raised $2,463,523 for more than 500 charities. Employees at the State Treasurer’s Office have taken part in the campaign for many years and we have won several awards for the amount of money we have given as well as for level of participation for such a small office…remember, we only have 10 employees and compete against agencies that are well beyond 500!
To learn more about the campaign, click here! And GREAT JOB to everyone who took part, now helping many organizations in the community who offer services to friends and neighbors.
FAQ: How can money from an EdVest account be used?
The money in any EdVest account can be used at thousands of eligible schools in the U.S. (and even some abroad) – including graduate school.
More specifically your college student whose EdVest account you’ve helped to grow can use their money for a variety of educational expenses as listed below:
– Tuition
– Fees
– Books
– Room and Board expenses
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The Economy & You #25: Site Selection & Technology
As the topic of job creation and economic development continues to dominate the political landscape, I want to provide some basic information relating to technology and its impact on how a company decides where to locate a facility, regardless whether it is a manufacturing plant, a distribution center, or a corporate headquarters.
Larry Gigerich authored an article that appeared in Area Development Online that touched on the impact that technology has had in the economic development industry. In the article Gigerich explains how the computer and the internet have assisted economic developers in collecting the necessary information needed for companies to make informed decision on where to locate a facility. The internet allows site selectors to collect a vast amount of information about regions, communities and companies from a variety of sources. In the past, this information was filed away on paper and became outdated unless the site selection company continuously updated the information. And while the quality and quantity of information from the worldwide web still needs to be analyzed and cultivated, no economic developer would ever want to go back to the days of paper. The amount of time saved talking on the phone and waiting for the mail has been crucial in economic developers providing up to the minute data to their clients. This ability to collect the most current information is important because having high quality information is crucial in preventing unexpected surprises. Unexpected surprises are something that economic developers constantly try to avoid for they can derail a project they have spent months on trying to close.
Another thing that technology has done is that it has accelerated the project timeline. In the past, typical project took 12 months to complete and larger more complicated projects could take 18-24 months. In the current market atmosphere, time is money. Now, normal projects take 6 months and larger projects take 12 months. The need to get to market is important whether it means getting a new product to market, entering a new geographic region, or serving existing customers. Businesses understand that to take advantage of an opportunity means that they must act quickly. Because the internet has provided economic developers with the ability to collect and analyze data more quickly, the expectation of businesses is that they will receive the information they need more quickly and can in turn act upon that information more quickly.
While technology has provided economic developers with tools to make their jobs easier, the basic steps of site selection remain the same: meeting with the client to gain background information; identifying site requirements; conducting a formal site search that includes collecting and analyzing site information; assessment and evaluation of proposed sites against requirements; developing a list of sites and recommendations for client; continue the site elimination process if necessary; assist in negotiations with potential sites if requested; and finally selecting the site.
Technology has accelerated the ability to collect, analyze, and communicate the necessary information to complete this process. The challenge communities in Wisconsin have as potential sites is that they must continue to keep their information updated and work to build strong relationships with site selectors to increase their chances of being considered as a potential site.
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Nearly 1,500 acres of Land purchased, More than $2 Million Loaned to WI Communities
The Board of Commissioners of Public Lands purchased 1,4080 acres of land in Forest County that will improve land management efficiency and provide public access. The Board of Commissioners also approved State Trust Fund Loans totaling $2,127,287 to fund public purpose projects in eight Wisconsin communities.
Treasurer’s Top 5: Calumet County
This weeks top 5 people who have money/assets that belong to them are from Calumet County. Search for your missing cash today.
Calumet County
James Stanton – Brillion
Marianna Pinge – Chilton
Anthony Schneider – Chilton
Louis Moser – Hilbert
Robert Trude – Hilbert
If you or someone you know is on this list, please let them know they need to make a claim with the office. They can also call us at 855-375-CASH
Related articles
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- Treasurer’s Top 5: Fond du Lac County (wistatetreasury.wordpress.com)
- Treasurer’s Top 5: Langlade County (wistatetreasury.wordpress.com)
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March 2012 Treasury Notes
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Click here to see it and all of our newsletters in the past year!
FAQ: What are the WI State benefits with EdVest?
What are the Wisconsin state benefits with EdVest?
If the beneficiary is your child, grandchild, great-grandchild, niece, nephew or yourself then contributions of up to $3,000 per beneficiary are deductible from Wisconsin taxable income each year.
Note: Contributions must be postmarked by December 31 to be eligible for that year’s deduction.
Below are some other significant things to consider:
– Indicate your eligible contribution amount on Form 1, line 11 under “Other Subtractions,” Code 14 to claim a deduction. Note: The deduction you take can’t be more than your total income for the year.
– If you are filing as “married” or “jointly filing” the total deduction per child cannot exceed $3,000.
– If you are filing as “divorced parents” then the total deduction that may be claimed for each child is $3,000. The maximum for each former spouse is $1,500 unless the divorce judgment specifies a different division.
– Grandparents of a beneficiary can claim deductions on contributions made on behalf of their grandchildren, provided the grandchild is related to the grandparent either biologically or through adoption.
– Married grandparents, filing jointly, may claim a total deduction on contributions up to $3,000 per grandchild.
– Aunts, uncles, and great-grandparents can also claim deductions on their Wisconsin state income tax return on contributions made on behalf of nieces, nephews, and great-grandchildren.
– Even though the individual who is claiming the tax deduction must be a Wisconsin taxpayer, the beneficiary on the account does not need to live in Wisconsin.
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The Economy & You #21 – What is Marginalism?
In a previous article (Why Study Economics), I wrote that one of the main reasons to study economics is to develop a new way of thinking. Economics is about the choices we all make regarding scarce resources. In another article, I touched on opportunity cost (CFE 20 – Prince Fielder & Opportunity Cost) and how options that we give up are part of the decision making process.
Another important concept used in decision making is marginalism. Marginalism is the process of analyzing the additional cost or benefit resulting from a specific decision. Why this is important is that when weighing the benefits or costs of a decision, a person should only factor in the benefits and costs that result from that specific decision.
Consider the music business. In this simplistic example, XYZ Records is considering signing Billy Bank & the T-Notes to a record deal. To produce a typical CD, XYZ will spend roughly $250,000 on recording the music, making the video, marketing the album, and producing and distributing the 50,000 CDs to record stores. So the first number XYZ Records must consider is $250,000. XYZ must determine if Billy Bank can sell enough albums for XYZ to recoup their initial investment.
Now that XYZ Records has made its initial investment, the company will need to decide whether it should produce any more CDs than the 50,000 the originally produced. The initial investment of $250,000 should no longer be a factor in deciding whether more money should be spent on behalf of Billy Bank and the band. The money spent is a sunk cost. Sunk costs are costs that have already been spent or incurred and should be irrelevant to further financial decisions. XYZ must turn their attention to the next set of costs. XYZ must decide whether to produce more CDs. Since the additional cost (or marginal cost) of producing one additional CD is approximately $3, the $3 is now the important cost number. If XYZ believes the additional revenue (or marginal revenue) will be greater than the $3 it takes to produce the CD, then the record company will move forward with producing more CDs.
This example demonstrates one of the most important concepts in economics. When marginal revenue (MR) is greater than marginal cost (MC), a company will continue to produce a product until marginal revenue is equal to marginal cost. This is because as long as MR>MC, the company continues to make a profit on each additional good produced.
There are many examples that show how marginal cost and marginal revenue is useful. For a concert promoter that has empty seats at a concert. The empty seats would mean a loss of potential revenue. The marginal cost of the extra concert goers is basically zero. The cost for the band and the venue are sunk costs. Selling the empty seats at a discount will increase the total revenue with essentially no additional cost. Filling those seats at greatly reduced price is still better than the seats being empty. This concept is also used for airlines and cruises.
Marginalism help individuals and companies in the decision making process by determining whether the incremental benefit of an action outweighs the incremental cost. This concept helps provide the optimal choice from a cost-benefit perspective.
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Treasurer’s Top 5: Chippewa County
Let’s stay up north this week for the Top 5 and pay a visit to Chippewa County. The names below are those who have money/assets that belong to them but they don’t know it! But they’re not the only ones.Have you searched for your missing cash?
Chippewa County
Martha Vanek – Boyd
Alon Coppens – Chippewa Falls
C A Irwin – Holcombe
Monica Paquette – Chippewa Falls
Mary Helgaas- Chippewa Falls
If you or someone you know is on this list, please let them know they need to make a claim with the office. They can also call us at 855-375-CASH
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- Treasurer’s Top 5: Langlade County (wistatetreasury.wordpress.com)
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Money Matters: Take Charge of your Finances and Get Out of Debt
A lot of people have problems admitting they are in debt and there’s an even higher number of people who don’t even realize it. It’s overwhelming and can make you feel like you have failed and might never be able to dig yourself out.
But that’s not true.
Consumer debt in America is extraordinarily high. But you want to act now, not procrastinate and take charge of your finances. There are several questions you can ask yourself. The following questions and tips come to us from “Practical Money Skills for Life”.
First, ask yourself whether debt has become a problem for you. Here are some circumstances that might indicate it has:
- Next month’s bills arrive before last month’s have been paid
- Your bills often include late fees
- You avoid opening bills when they arrive in the mail
- You procrastinate balancing checkbooks
- You bounce checks
Most people have no clue just how far into debt they are. Start by making a list of everything you owe, whether it’s a mortgage, a credit card balance, student loans or even money you borrowed from family or friends. Write down:
- The lender’s name
- The amount you owe
- The term of the loan
- The interest rate and fees
Then total them up. Looking at the numbers can be worrisome, but this is a positive – and necessary – first step to tackling your debt.
The next step is taking a good hard look at your credit cards and how much you pay on the charges you make. If you jsut pay the monthly minimum, you are just creating more debt for yourself and giving more money to the credit card companies. There’s a reason they give you a monthly minimum…they make more money off of you!
If you have a credit card with a $3,000 balance at an annual interest rate of 18%, and you pay only the 2% minimum monthly payment of $60 per month, it would take you 8 years to pay off your bill. Not only that, you will have paid $5,780 by the end of the 8 years – almost double the $3,000 you thought you were spending when you made the charges.
Paying just $50 above the minimum amount due each month will make an incredible difference in how quickly you can pay down what you owe. If you pay an additional $50 per month toward your $3,000 balance for a total payment of $110 a month, you could pay off the debt in 3 years instead of 8, and save yourself over $1,800 in interest. Imagine what you could do with $100 more per month.
But if you can pay an additional $50 per month on that debt, for a total payment of $110 a month, you will pay down more of the $3,000 you originally owed. And that means less money for the creditor to charge interest on. As a result, you would pay off the debt in 3 years and save over $1,800 in interest payments.
Now that you have analyzed your debt situation, it’s time to look at your monthly budget and set realistic goals. That trip you had planned for next summer, or the new car you were hoping to buy may not be in the cards right now given your new outlook on reducing your debt. Use this free Rework Your Budget calculator to help you get your budget back on track.
Reducing debt is like losing weight. You’re not going to lose 50 pounds in a month – you need realistic goals in reasonable timeframes, and debt works the same way. For most people, it takes years to become debt-free. This doesn’t mean you have to stop enjoying your life. It’s just a reminder to live within your means and be diligent about adjusting any spending habits that have contributed to the situation you are in today. Dedicating yourself to paying off what you owe and becoming debt-free will be worth the wait, with the payoff being a brighter financial future.
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FAQ: What is “Unclaimed Property”
When we use the term “Unclaimed Property” were talking about the following:
Tangible (safe deposit box contents) or intangible property (cash and securities) which is unclaimed by its rightful owner after a specified period of time. This does not include real estate.
One of the most basic examples of “unclaimed property” is actually an example most people can’t believe goes unclaimed – paychecks. If you leave a job and do not provide a forwarding address, your employer may send you your final paycheck but it will never get to you. That final paycheck MUST be turned over to the state’s unclaimed property fund.
We have more than $415 million waiting to be claimed. Have you searched today?
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FAQ: What are the benefits of EdVest?
Image via Wikipedia
These are some of the numerous tax benefits you can take advantage of through EdVest
– Earnings on an EdVest account mature federal and sometimes state tax-free
– Qualified withdrawls from a 529 plan are federal and sometimes state tax-free
– Wisconsin residents DO NOT have to pay state income tax on qualified withdrawls
– Individuals can deduct contributions of up to $3,000 per beneficiary from Wisconsin taxable income each year if the beneficiary is your child, grandchild, great-grandchild, niece, nephew, or yourself.
– After a 5 year period contributions up to $65,000 may be excluded from federal gift tax pro rata
– For tax purposes completed gifts are considered removed from your estate.
Get more information on Wisconsin’s College Savings Plan by visiting www.edvest.com
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The Economy & You #24: The Scope of Economics
When people first begin to study economics, they are surprised by the diverse fields of study that encompass economics. Many people think economics teaches them about how to run a business, or how to invest in the stock market. Some others believe that economics deals with inflation, unemployment, or even how the government manages (or mismanages) its money. While economics does deal with all of these subjects these are just small parts of the field of economics.
Economics is divided into two main categories; microeconomics and macroeconomics. These two categories are what students predominantly study in college. Microeconomics is the division of economics which examines the behavior of individual firms and households and how they function. Microeconomics helps to explain why individual businesses decide to produce a certain amount of goods and why households purchase certain goods and services. Examining and understanding individual economic decisions is what makes up the study of microeconomics.
Macroeconomics examines economic behavior on an aggregate or national scale. Macroeconomics looks at an entire industry or country as opposed to an individual company or household. Unemployment, gross domestic product, and inflation are topics covered in macroeconomics. Macroeconomics would research how many people are employed while microeconomics would examine whether an individual company should hire one more worker.
Still, these are just the two main divisions of economics. Individual economists can focus their efforts and research in a variety of areas. Economic Thought studies the development of economic theories over time including the writings of Adam Smith, Karl Marx, John Maynard Keynes, and Milton Friedman to name a few. International economics studies trade flows between nations and international financial institutions. Public Economics studies the role of government in the economy. Econometrics uses statistical data and techniques to test theories and hypotheses.
These are just a few economic fields of study. Economics studies history, finance, labor, law, the environment, race and gender . . . . the possibilities are almost limitless. It is my intention to focus primarily on macroeconomic topics as they have the most relevance to our state and its economy. As I have said before my posts should not be considered a comprehensive examination of economic issue, but a general summary of economic concepts to help encourage thought and discussion.
More Money for 5 Wisconsin Municipalities
The Board of Commissioners of Public Lands approved more than $600,000 today for projects around the state.
Treasurer’s Top 5: Eau Claire County
We are in Eau Claire County today looking for the Top 5 owners of Unclaimed Property! Have you searched for your missing money yet?
Eau Claire County
Joseph Bader – Eau Claire
David Duax – Eau Claire
Judilyn McGown – Eau Claire
Jean Holmen – Eau Claire
Thomas Baker – Eau Claire
If you or someone you know is on this list, please let them know they need to make a claim with the office. They can also call us at 855-375-CASH.
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Worried about Paying Taxes?
If you aren’t getting money back from the IRS this year, chances are you owe and are in the process of getting everything together to send on or just before April 15th. If you are worried about being able to pay that tax bill, here’s some advice from Jason Silverman of “Practical Money Matters for Life” – Don’t panic!
You can avoid penalties by acting quickly and asking for an extension before April 17th. By not filing your 2011 federal tax return the penalty on any taxes you owe increases dramatically – usually an additional 5 percent of taxes owed for each full or partial month you’re late, plus interest, up to a maximum penalty of 25 percent. But file your return/extension on time and the penalty drops tenfold to 0.5 percent.
Eventually, the IRS could even place a tax lien on your assets and future earnings.
Here are ways to help avoid penalties:
Pay by credit card. You will be charged a small convenience fee that is tax-deductible if you itemize expenses. Just be sure you can pay off your credit card balance within a few months, or the interest accrued might exceed the penalty.
Short-term extension. If you can pay the full amount within 120 days, call the IRS at 800-829-1040 and ask whether you qualify.
Installment agreement. If you need longer, an installment agreement will let you pay your bill in monthly installments for up to five years. If you owe $10,000 or less, you’re guaranteed an installment agreement provided you have filed and paid all taxes for the previous five years and haven’t had an installment agreement within that time.
If you owe $25,000 or less and are in good standing, you’ll still likely qualify for a streamlined installment agreement; over $25,000 you still may qualify, but may be required to file a detailed Collection Information Statement.
There’s a $105 fee to enter an installment agreement. It’s reduced to $52 if you set up a direct debit installment plan (or $43 for low-income filers). For rules and to apply, see the “Online Payment Agreement Application” at www.irs.gov or submit IRS Form 9465.
Offer in Compromise. Under certain dire financial-hardship circumstances, the IRS may allow taxpayers with annual incomes of up to $100,000 to negotiate a reduction in the amount they owe through an Offer in Compromise.
To qualify, you must be current with all filing and payment requirements and not in bankruptcy. There is a $150 non-refundable application fee, which may be waived for low-income applicants. You’ll also be required to submit an initial payment with your application.
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State Treasury Returning $1 Million per Week
I am pleased to announce that my office is continuing its strong efforts to return unclaimed assets to current and former Wisconsin residents. February ended with more than $4 million returned. The Unclaimed Property Unit of the Office of the State Treasury is averaging $1 million returned per week.
We have certainly seen an increase in claims as well as in the amounts that are being returned. Our outreach efforts are successful and we will continue to make sure people know we are holding their money and that we want to give it back.
February saw Claims Examiners return $4,386,840 on 2,872 claims. Combined with January’s numbers, $4,003,873 on 2,668 claims and the State Treasury has returned $8,390,713 on 5,540 claims in just 2 months. Last year, after 2 months, the office had returned $6,796,085 on 3,457 claims.
Since the first week of January, residents statewide have heard a radio commercial and are seeing a television commercial about unclaimed property urging them to search for their cash at www.wismissingmoney.com. On April 1st, the new names in the database will start appearing in newspapers across the state. The newspaper listings for each county will last April 1st through the end of June.
We have also teamed up with the Wisconsin Department of Veterans Affairs to locate veterans with unclaimed property, the Wisconsin Employee Trust Fund to locate beneficiaries and will move forward with plans to reunite state workers with their missing money.
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FAQ: I sent my claim form in quite a while ago. Why haven’t I received anything yet?
The short answer is that we have so much unclaimed property that we are trying to give back to their owners that it sometimes takes a little while to process all of the claims that we receive. Also at certain times of the year we receive a higher than usual amount of claims, and it may take us up to 90 days after you submit your claim to receive payment.
We appreciate your patience as we continue to strive to process all of our requests as soon as possible. We also suggest that you continue to check the status of your claim at our website with the unclaimed property search feature.
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Wisconsin State Treasury 
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