Each year, goods such as money, financial investments and physical property are either auctioned off or appraised before being re-allocated to a state school fund for educational use. The state of Florida recognizes abandoned property as a long-term liability. In 2014, these belongings contributed to a school fund balance of $809 billion. According to the Florida Department of Financial Services, the value of unclaimed property now exceeds $1 billion.
Even though there is no statute of limitations for the public to make asset recovery claims, Florida will record the assessed value of that property on state financial statements for accounting and treasury management purposes. The amount by which unclaimed property rises each year varies and is impacted by a combination of how much property is remitted to the public, the type of property and the amount of new unclaimed goods that are realized on the state's Comprehensive Annual Financial Report (CAFR). In 2013, the State School Trust Fund balance was near $744 million and in 2012, the fund's balance was around $676 million.
The process used for converting public assets to Florida liability follows laws that seek to identify ownership and owner domicile. Section 717.123 of the Florida Statutes requires a due diligence procedure that is used to inform owners of their unclaimed property prior to allocating it for state use. Once unclaimed assets are determined to be owned by Floridians, they must remain unused for a dormancy period ranging from six months to 15 years; this time period is determined by asset type.