If the U.S. Government wants a cheap way to improve the economy, why not return $400 Billion in Unclaimed Funds to the rightful owners?
Experts estimate that the government currently holds some $400 Billion in unclaimed funds. The federal government has no central database of these funds - each department separately holds and accounts for their respective unclaimed funds. Of course the government claims it's too costly and they just don't have the manpower to locate these people and return the money. The way I see it, everyone is looking for an effective way to boost the economy and the U.S is sitting on $400 Billion which would go a long way in enhancing the lives of the people who actually own those funds.
My project will be to investigate this head on, locate these people, return their funds, issue my report, and deliver the report to my Wisconsin US Senators. My report will chronicle my experiences and will also contain my ideas on how we can change the current system to get these funds back where they belong, and back where they will help our country. I will be locating these people using only free Social Media sites like Facebook and Linkedin. I will track my time and track the dollar amount of funds returned to their rightful owners. My goal is to return at least 10 x the amount of funds pledged on this project. So if I raise $5,000 I will return $50,000 to our citizens; if I raise $10,000 I will return $100,000, and so on.
I printed a portion of one of these publicly available lists showing funds owed by HUD to persons with the last name of Johnson (same last name as my US Senator). The excerpt contained 30 names (9 shown below) of the 4,776 Johnsons who are owed money by HUD. These 30 people were owed a total of $13,298.52 which averages out to $443.28 each. If we assume this average would hold for all 4,776 persons than the total owed to Johnsons are $2,117,124.38! I will using lists of HUD unclaimed funds as they contain the names, last known addresses, and the amounts of the unclaimed funds which show many who are owed in excess of $1,000. I will also focus on accounts with balances over $500 which I believe would still account for roughly 75% of the total funds.
I'm asking for your support to help fund this project which will return at least $50,000 to the owners, improve the economy and hopefully change the status quo on how these funds are handled.
Your funds will be used mainly for acquiring the necessary Proof of Ownership Documents required by the government. Most of the individuals will not have these documents and I will need to get them from the County Recorder's office, Title Company, etc. Other costs will include postage, etc.
I do not have any cool gifts or T-shirts to give away, but you are able to choose the location where I will concentrate my efforts and consequently influence the lives of people in that area.
Thanks for your support!
Scott Craine, CPA
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