| Agency: | Department of Trust Lands | Report Date: | January 5, 2016 |
| Type: | Performance | LAFRC Date: | October 13, 2016 |
| Issued By: | State Auditor | Period: | June 1, 2015 - January 31, 2016 |
[pdf] Download Report
Executive Summary
Purpose Determine whether the Department of Trust Lands is effectively administering unclaimed property.
Audit Conclusion We determined aspects of the unclaimed property program were operating ineffectively.
Audit Recommendations Our audit resulted in 19 formal recommendations related to unclaimed property. The Department agreed with 13 of the 19 recommendations. The recommendations and management agreement/disagreement are identified in the Appendix A of the report. There are 6 Offices of the State Auditor concluding remarks in this report.
Background When property has remained unclaimed by an owner for a specific time period, the property is presumed to be abandoned. Holders of abandoned property are required to submit the property to the Department of Trust Lands. The property is held in trust in perpetuity by the state and funds are deposited in the Common Schools Trust Fund. The Department is responsible for reuniting individuals with the unclaimed property.
Findings
- Unclaimed Property Division - 19 Recommendations
2018 Follow-Up
| Agency: | Department of Trust Lands | Report Date: | May 25, 2018 |
| Type: | Performance Follow-Up | LAFRC Date: | June 27, 2018 |
| Issued By: | State Auditor | Period: | January 30 - May 25, 2018 |
The Office of the State Auditor conducted audit follow-ups from January 30, 2018 through May 25, 2018 on the performance audits of the Department of Trust Lands entitled:
• Unclaimed Property (report #3036(b) dated January 5, 2016)
• Trust Assets and Department Resources (report #3036(c) dated March 18, 2016)
No audit follow-up was conducted on the performance audit of the Department of Trust Lands entitled Energy Infrastructure and Impact Office (report #3036(a) dated November 6, 2015) since the only moneys appropriated to the program for the 2017-2019 biennium were earmarked by the Legislature for specific projects.
[pdf] Download Report