Illinois State Treasurer’s Office returns $250,000 to Spelman College

Frerichs – Michael W. Frerichs is the Illinois State Treasurer. Since he took office in 2015, the Illinois State Treasurer’s Office has paid out hundreds of thousands of unclaimed property claims. Photos provided by Illinois State Treasurer’s Office
Frerichs – Michael W. Frerichs is the Illinois State Treasurer. Since he took office in 2015, the Illinois State Treasurer’s Office has paid out hundreds of thousands of unclaimed property claims. Photos provided by Illinois State Treasurer’s Office

 Illinois State Treasurer’s Office returns $250,000 to Spelman College

By Tia Carol Jones

Grace Scipio wanted to give back to her alma mater, Spelman College, when she died. The Chicago Public School teacher  was a native of Georgia and attended the University of Chicago for her Master’s Degree. She died in 2019, the $250,000 was in a savings account. With the help of Illinois State Treasurer Michael W. Frerichs’ office, the money has been returned to Spelman College.

The Illinois State Treasurer’s Office has returned money in recent years, through a combination of new technology, a change in laws and detective work. Many times, when large assets come and they belong to a family, non-profit organization or business, the Illinois State Treasurer’s Office tries to find the owner.

That is how they found out Scipio left money to Spelman College. Her bank account came into the Illinois State Treasurer’s Office with a $250,000. Savings accounts have to be reported to the State Treasurer’s Office after three years, without contact from the owner. After that, the unclaimed property system kicks in and reunites owners with their money.

Illinois State Treasurer’s Office coordinated with Spelman College’s fiscal officers and a check was mailed to the college.

“Grace Scipio was a gift to Chicago from Spelman College. She was able to give the children of Chicago a chance at a better life for 39 years, because 80 years ago Spelman College gave her a chance. We were honored to help fulfill her last wishes and give that gift back to Spelman College so that others could flourish like she did,” Frerichs said.

Frerichs believes that Spelman College is very proud of their alum and thankful for her contribution and appreciative of the Illinois State Treasurer’s Office for honoring Scipio’s last wishes.

While Scipio’s story is special, Frerichs acknowledges there are stories similar to hers that come into the Illinois State Treasurer’s Office every week, with the office returning life insurance benefits.
“A quarter of a million dollar gift gets a lot of attention but sometimes a $100, or a utility deposit can mean a lot to a family,” Frerichs said.

Last year, the Illinois State Treasurer’s Office approved more than 174,000 claims. Each of those has their own story. It is three times the amount of claims the office has paid out since Frerichs took office in 2015. The Illinois State Treasurer’s Office has worked with the Illinois General Assembly to change laws.

Frerichs himself experienced the tedious process when he tried to claim money. He wanted to make the process easier. Now, there is electronic filing for unclaimed property, Fast Track and Money Match. According to Frerichs, about one in four adults who search find something, and the average claim was around $1,000.

People can visit www.illinoistreasurer.gov/icash to see if the Illinois State Treasurer’s Office has money for them or a loved one.

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