There is a single repository for unclaimed property in Connecticut, where citizens can search for lost funds. Yet so many people are unaware of the existence of the Connecticut State Treasury Unclaimed Property Owners List, that as of December 7, the property of 1.4 million owners, totaling $766 million, had not been claimed.

According to the Office of the Connecticut State Treasurer, unclaimed property is usually money, never land, homes, or equipment. It is money that a business, having not heard from a rightful owner for anywhere from three to five years, has turned over to the Connecticut State Treasury, where it is kept in perpetuity, or until it is rightfully claimed.

That money may be in the form of a payroll check not cashed for over a year; savings accounts; uncashed checks; forgotten utility deposits; life insurance proceeds; or inactive stocks. Interest, mandated by state law, is paid on savings accounts, checking accounts, or matured certificates of deposit that become property of the state when no heirs of the deceased are apparent.

Spokespersons for the Office of the Connecticut State Treasurer said that in addition to people simply not being aware that money exists and is being held, there are businesses who are unsure how to claim the money and bring it into the business. Professional financial or legal advice may be needed. Life insurance property is sometimes left, unknowingly, to a recipient.

About 20,000 claims are made every year, according to the Treasurer’s office, with claims generally being processed within two months.

Once a year, businesses look through records to see if there are any accounts that have been dormant for the past three years. Businesses must send out due diligence letters to those rightful owners of outstanding uncashed checks or policies, giving a date (usually 90 days) by which a property must be claimed. If the declared property remains unclaimed by the end of that period, a business can transfer that money to the Connecticut State Treasury, along with the name and address of the owner.

Unclaimed property is updated weekly and posted at www.ctbiglist.com. A recent viewing of the website shows numerous Newtown properties listed, including Newtown High School, Newtown Middle School, Newtown Montessori School, and the Newtown Orchestra Parents. As noted, however, it does not mean that the school property itself is “unclaimed.”

Schools listed most likely have uncashed checks sent to the state in the school’s name, such as refunds from an equipment company, or it may be money belonging to certain classes, in the case of the high school. The treasurer of a Board of Education may be able to make the claim, according to the Office of the Treasurer, although every town is a bit different. Class officers who can provide documentation that he/she represents the class can make a claim for class money.

In the case of individuals, the person with interest in a particular property must make the claim, or if that person is deceased, the executor of the estate can do so.

The online listing is updated weekly, and it is recommended that residents and businesses make a point of regularly checking for unclaimed property. To locate unclaimed property, go to www.ctbiglist.com, and type the name of the business or individual into the search. Forms and instructions for claiming property will be provided.

It could be time well spent. The Office of the Connecticut State Treasurer noted a case in which a divorcée put stocks from the divorce settlement into a drawer, and many moves and many years later, found out that stock had been transferred to the state when she went to deposit the stocks.

The claim was for $33 million dollars.