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Virginia Gas and Oil Board accepts quarterly escrow report, approves transfer of unclaimed funds to U.S. Treasury
Summary
The board received First Bank & Trust’s third‑quarter escrow report (July–Sept) showing an ending balance of $5,006,667.59 and voted to transfer $42,207.36 of unclaimed W‑9 funds to the U.S. Department of the Treasury, excluding two recent entries that remain active on the W‑9 list.
The Virginia Gas and Oil Board on Tuesday reviewed its July–September escrow report from First Bank & Trust and approved a staff recommendation to move a portion of older, unclaimed payments to the U.S. Department of the Treasury.
A bank representative told the board that the account began July 1 with $4,952,851.92, recorded $11,477.33 in deposits and $56,488.83 in money‑market and CD interest for the quarter, and closed September with a balance of $5,006,667.59. “We issued over 300 checks,” the representative said, noting many were small items and some remain uncashed. The representative reported $42,207.36 remaining on the board’s W‑9 list composed largely of small items that have not been claimed.
Board chair Bill Harris said the board had requested legal guidance on how to handle funds where payees have not submitted W‑9s. Counsel recommended routing older, unclaimed amounts to the state treasury after the statutory waiting period; counsel said the approach is permitted under Virginia law. The board moved, seconded and voted to transfer the eligible funds to the U.S. Department of the Treasury, excluding two newer items (including a Ralph Boyd estate entry) that staff said remain active on the W‑9 list and will be handled separately.
In addition to the transfer vote, the bank representative walked through the account’s holdings, including roughly $3 million in a money‑market account and about $2 million in one‑year CDs that mature next August. The representative also noted a long list of outstanding small checks and a separate list of checks uncashed for several years; staff said they had no audit adjustments for the quarter.
The board directed the escrow agent to submit the paperwork needed to effect the transfer and to continue outreach for the two remaining items on the W‑9 list. The board thanked counsel and the bank for preparing the reconciliations and moved on to other docket items.
