LITTLE ROCK, Ark. – Arkansas Auditor Dennis Milligan is reporting a significant increase in unclaimed property as the state reached its Nov. 1 reporting deadline.
Milligan said in a Monday news release that his office received $20.4 million more from July 1 to Nov. 1 compared to 2023. Officials said properties reported to the office increased 33%, from 420,650 to 562,429.
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Milligan attributed the increase to a new outreach initiative for 2024, leading to increased compliance from businesses reporting unclaimed property.
“The Unclaimed Property Act requires business entities to review their records each year and report whether they are in possession of any unclaimed funds, securities or other property,” Milligan said. “Earlier this year, my office identified more than 200 businesses that were not in compliance with this Act and notified them. We offered them a roadmap of how they could come into compliance with the law, and that effort is paying off.”