What would you do with an unexpected $500,000 windfall? Someone with ties to Goodyear may soon find out.

Privacy laws prevent the Arizona Department of Revenue from releasing the name, address or other specifics associated with unclaimed property, ADOR Communications Director Ed Greenberg said via telephone March 18, but the department wants the public to know it’s been holding the money since it was transferred from a financial institution in the late 1980s or early 1990s and they can search an online data base to determine whether they have forgotten assets held by the state.

Unclaimed property is money due an individual from sources including old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates, returned deposits or dormant safe deposit boxes.

Under current legislation, individuals have 35 years to file a claim for their forgotten assets before the money is transferred to the state’s general fund and distributed to programs for Arizonans, so time is running out for someone whose last known address was in Goodyear to claim the money.

“They may have moved, but we’re hoping they have family in Goodyear” who will go online to ADOR’s website and search their name or a loved one’s name to determine whether they have a claim to the money.

Finding the person may be a longshot, but it won’t be the first time the state has returned a large sum to its rightful owner, Mr. Greenberg said.

“The Arizona Department of Revenue takes its responsibility to safeguard unclaimed assets and return them to the rightful owners very seriously,” he said. “Each year, millions of dollars in unclaimed assets are returned. In 2018-2019, it was $48.4 million, ranging from a dollar to $586,000.”

The largest sum returned to an individual in recent years was $2 million in fiscal 2017, he said.

Arizona’s unclaimed property program has been in place since 1956, but until recently, there was no deadline for filing a claim. In 2019, state lawmakers passed legislation setting the 35-year claim requirement, Mr. Greenberg said. ADOR transferred $2 million to the state general fund last year.

Right now, the department has more than $1.5 billion in unclaimed property waiting to be returned to its rightful owners. That includes $900 million belonging to 1.1 million people whose last known addresses were in Maricopa County, and the mystery person from Goodyear.

There are numerous reasons why a person’s assets go unclaimed, Mr. Greenberg said.

“Someone may have worked here when they were young and moved from the state” then forgotten about old accounts or paychecks, he said. They also may have died without family, or their family members were unaware their loved one had money tucked away in an account or safe deposit box.

Banks and other financial institutions typically try for one to three years to find an account owner before transferring the money to the state for safekeeping, Mr. Greenberg said.

The department’s Unclaimed Property Unit sends notices to each individual’s last known address, places ads with local media around the state and works with other states to locate the owners of unclaimed assets, Mr. Greenberg said. Tens of thousands of notices are mailed each year, he said.

Anyone who thinks they or a family member may have unclaimed assets can visit azdor.gov and click on the Unclaimed Property tab to input their information.

To file a claim, a person must submit a valid form of ID such as a driver’s license or other applicable identification, and documentation that links them to the asset owner’s last known address. They also must provide documentation demonstrating a legal right to claim any property listed in another name.

There is no fee to file a claim or to receive the money, Mr. Greenberg said, but those who receive a large sum should check with a financial professional to determine how it will affect their taxes.

Once ADOR confirms a claim is valid, assets are sent to the individual within 60 to 90 days, Mr. Greenberg said.

Kelly O’Sullivan can be reached at kosullivan@newszap.com or 760-963-1697.