(Dayton)--Ohio Treasurer Richard Cordray today told financial officers from schools, libraries, and local governments that by thinking “somewhere between Sherlock and Scrooge” they might improve their bottom line by thousands of dollars.

Cordray said his office has returned $1,279,003.75 to the state since he took office in January 2007 by doing two things: searching for unclaimed funds owed to the Ohio Treasury, and carefully reviewing the office’s banking contracts.

The Ohio Treasurer’s office has banked $390,907.65 for the state’s General Revenue Fund by searching unclaimed funds, including their most recent find of $194,613.83, delivered March 6.

“While many individuals scour the unclaimed funds list for money owed to them by the state, they may not realize that their church, local community group, school district, library, or even Boy Scout or Girl Scout Troop may be on that list, as well,” said Cordray.

Cordray announced that his office would provide technical assistance to any community group or local government that would like to conduct a thorough search of unclaimed funds. “Community groups are usually dependent on volunteers, and it can be easy to lose the thread of commercial activity like bank accounts, refunds, or any of the dozens of reasons that funds are not claimed and returned to the state to hold. Quite a bit of detective work can be involved.”

The Treasurer’s unclaimed funds came from money which remained after transactions with companies as diverse as AOL, Maytag Corporation, PepsiCo, and Tupperware Worldwide, Cordray noted.

In a separate initiative, the Treasurer’s office recovered a total of $888,096.10 through a painstaking review of state banking contracts. Their review of eight banking contracts, which covered 168 state accounts and took more than six months to complete, found that service fees and earnings credits had not been properly paid to the state over the past several years.

“This is when to put your Scrooge hat on,” Cordray said. “Over the course of years and through personnel transitions, processes may evolve and drift off course from the banking contract. This doesn’t necessarily mean there is wrongdoing or bad intentions. It does mean that it is important to routinely and periodically perform a nitty-gritty review of any accounts serviced outside the office. In that respect, it is not unlike handling your own bank or credit accounts. Fees, charges, or fines seem to pop up or pile on when you aren’t paying attention.”

Cordray said his office would assist any local government interested in duplicating the Treasury’s banking contract review.

Cordray’s remarks were part of a one-day training course required for public finance managers. The Center for Public Investment Management (CPIM) holds 14 training sessions throughout the state between March and September. For more information about the schedule, or to register online, go to www.ohiotreasurer.gov/CPIM.html.