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Did you find some unclaimed property?

If you have not been told about you might want to go check it out. As you do that, let me clarify what is going on there...

Every year Deaf Smith Electric Cooperative, Inc (DSEC) retires capital credits and hands out checks at our annual meeting. Many folks can't attend that meeting and shortly after (usually at the end of that same week) we will mail the remaining checks to the address we have on file. Often times those addresses are incorrect for many reasons but the most common is that the member has moved sometime in the past 10 years and we have not been notified of that change of address. Those checks are often returned as undeliverable. We keep track of those and will hang on to them in case we get some new information. Once three years have gone by, we are required by the State of Texas Comptroller of Public Accounts Unclaimed Property Division (the State) to submit those funds to the State. Many years the State will assign a portion of those funds as a donation to our scholarship fund. This number is usually a small percentage of the total amount and that donation amount has dwindled each year for several years in a row. 

If you find your name at with an amount due you from DSEC, you have a couple of options. If there is a "Claim" button on that entry, the money resides with the State. You simply need to follow the instructions on the website to claim your property (in this case money) directly from the State. If there is an "Info" button on the entry, it will advise you to call the office and speak with a person whose name is listed on the entry. We have several who can handle this request and you can ask to speak with someone about unclaimed property, escheated funds, state held money, or however you'd like to phrase it. We'll direct you to the person that can answer your questions about that property. There are a couple of caveats that we would like to make you aware of however...

DSEC puts all funds that the State allows directly into our scholarship fund. That money is used to provide scholarships to qualifying students through an application process (you can find more information out about that on our website as well). Your typical stint in college is four years and accordingly, our scholarship donation policy has a four year lifetime. Money that is put into the scholarship fund that is awarded from the State is only available to claim for four years. That is four years from the time the check was written.

The State information is sent 3 years after the check is written, so if you see a year of 2019 on the State's website in the "Date Reported" column, that check was written in 2016. If the State directs you to call our office to claim your property, as long as the check was written in the last 4 years, you are eligible to claim it. If the check was written more than 4 years ago, the funds have already worked their way through the scholarship program and are not available to claim. Rest assured that the money went to providing some assistance to students that went to college. As we all are well aware, college is a very expensive but very worthwhile endeavor and DSEC is proud to be able provide our members with this valuable program. If you would like a donation receipt for your records we are happy to provide that as well.

DSEC thanks you for your patronage and we hope that this clarifies the escheat process as prescribed by the State of Texas. If you have further questions about this process, please don't hesitate to call us at 806-364-1166.

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