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| Backgrounder(s) & FactSheet(s): | Backgrounder |
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| Backgrounder(s) & FactSheet(s): | Backgrounder |
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VICTORIA –An innovative agreement between the provincial government and a charitable foundation will see management of unclaimed property transferred out of government, in a move that stands to benefit charities throughout the province.
Minister of Finance Gary Collins introduced amendments to the Unclaimed Property Act today to enable the transfer.
“Transfer of this program allows government to focus on core services while continuing to provide this public service in a way that benefits communities across the province,” said Collins.
Vancouver Foundation will provide all services related to unclaimed property through a newly created society – the British Columbia Unclaimed Property Society – which it established specifically for this purpose. The foundation is a registered public charity and the largest community foundation in Canada. Every year, the foundation distributes approximately $30 million to non-profit organizations; more than half goes to organizations outside the Lower Mainland.
“Nothing changes about the approach to how unclaimed property is regulated,” said Collins. “People’s rights to unclaimed property remain the same. We’ve just changed who manages the process. Now, after all reasonable efforts to find owners of unclaimed property have been exhausted, Vancouver Foundation will distribute such funds to B.C. charities.”
Collins added government selected Vancouver Foundation for its demonstrated ability to meet the required service needs as well as for its record of philanthropic leadership.
“Vancouver Foundation has 60 years of experience managing permanent endowment funds in a prudent and responsible manner,” said Vancouver Foundation president and CEO Richard Mulcaster. “As the new steward of the unclaimed property program, we will combine our trusted fiscal management with our expertise in charitable grant making to help strengthen communities across British Columbia.”
Unclaimed property is money or other financial property that has gone unclaimed by an owner. It is sometimes transferred to the government to hold on an individual’s behalf. The purpose of unclaimed property legislation is to unite owners with unclaimed property.
Under the amended legislation, property that becomes unclaimed after April 1, 2003, will be transferred to the British Columbia Unclaimed Property Society. The society will continue efforts to locate owners, and will evaluate and process claims.
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