Gov. Kristi Noem presents her annual budget address to lawmakers in the South Dakota State Capitol on Dec. 3, 2024. (Makenzie Huber/South Dakota Searchlight)
Amid the widespread budget cuts that Republican Gov. Kristi Noem proposed during her recent budget address, there was one source of surging revenue that will provide legislators with spending decisions this winter: unclaimed property.
South Dakota received $308 million worth of unclaimed property this year, nearly double the state’s previous record from last year.
Unclaimed property consists of an array of abandoned or forgotten private assets, including money from bank accounts, Paypal accounts, stocks, life insurance payouts, uncashed checks, unused refunds, and even the contents of safe deposit boxes.
“Everything from false teeth to gold bars,” state Treasurer Josh Haeder has said .
Holders of the money or items, such as banks, try to find the owners. The property reverts to the state after three years. Much of the money flows into the state budget, while physical items are held in safes at the state Treasurer’s Office in Pierre. The office tries to return the items, but after a year, most of them go to a state auction to be converted into revenue for state government.