Giannoulias announces state fair events
Bidders can preview items for sale at State Fair

August 2, 2007

Illinois State Treasurer Alexi Giannoulias will hold the state’s first-ever e-Bay auction of unclaimed property in conjunction with this year’s Illinois State Fair.

Visitors to the fair can preview jewelry, coins, baseball cards and other collectibles in the Treasurer’s Office tent and purchase the items through the online auction, expected to begin August 20. The items come from abandoned safe deposit boxes turned over to the Treasurer’s Office by banks and other financial institutions throughout the state.

The Treasurer’s Office publishes the names of the contents’ owners in local newspapers each year. If the owners or their heirs do not come forward, the Treasurer’s Office eventually auctions off the contents and holds the money for the rightful owners.

Historically, the Treasurer’s Office has held one live auction annually at the Illinois State Fair. Giannoulias is moving the auctions online this summer to generate more bids and higher sale prices to earn more money for property owners and the state.

Prospective bidders also can view the items online before the bidding opens, Giannoulias said.

“Not everyone can make it to the fair to bid on the items,” he said. “By conducting the auctions online throughout the year, we can draw a worldwide audience of bidders and increase the purchase prices. That’s good news for the state.”

Fairgoers can visit the Treasurer’s tent to find out if they are among the more than 10 million property owners who are entitled to unclaimed property and money. Treasurer’s Office representatives will conduct Cash Dash database searches and assist visitors in filing claims.

Last year, the Treasurer’s Office reunited Illinoisans with a record $92 million in unclaimed property, which included lost and forgotten savings and checking accounts, paid-up life insurance policies and stocks, bonds and mutual funds.

“Our goal is to reach out to residents of Illinois and reunite them with money that they never knew they had,” Giannoulias said. “I encourage all state fairgoers to visit the Treasurer’s Office tent to find out if we have their money.”

Ag Day Breakfast & Scholarships

The Treasurer’s Office will continue its tradition of holding an Agriculture Day Breakfast for agriculture professionals. During the breakfast, Giannoulias will recognize the five winners of his office’s Excellence in Agriculture Scholarship.

The invitation-only Ag Day breakfast is scheduled for 9:30 to 11 a.m. August 14 at the Lincoln Room in the University Extension Building. Opening remarks are scheduled for 9:45 a.m.

The scholarship winners were chosen from hundreds of college-bound applicants who will study agriculture-related fields in the fall. The applicants had to maintain good grades, show a history of community service and submit an essay explaining why they are pursuing agriculture studies and careers.

Each winner will receive a $2,500 Bright Start College Savings account. Bright Start is Illinois’ tax-free 529 college savings plan. The winners are:

• Jessica Collins, of Flanagan, who will study agricultural education at University of Illinois
• Miranda Morgan, of Salem, who will study agriculture business at Rend Lake College
• Race Higgins, of Morris, who will study Crop Sciences at University of Illinois
• Whitney Phillips, of Rushville, who will study agricultural economics at University of Illinois
• Michael Routh, of Sparland, who will study horticulture at Illinois Central College  

Consumer Services

The Treasurer’s Office also will distribute information on its consumer programs that help residents save for college, purchase homes and expand their businesses.

Visitors can sign up for new and improved Bright Start College Savings accounts at the Treasurer’s tent.

In March, Giannoulias announced that OppenheimerFunds, Inc., would become the new administrator for Bright Start, the state’s tax-exempt college savings program, so Illinois families can earn more money to send their children to college.

“The fair provides a great opportunity for parents and grandparents to learn how to start saving and earning tax-free for a child’s education,” Giannoulias said.

Other featured programs include:

• Our Own Home, which helps families buy homes despite less-than-perfect credit ratings and provides an alternative to predatory loans that can lead to foreclosure.
• Employ Illinois, which gives business owners access to capital to start or enhance their businesses.
• Opportunity Illinois, which backs low-interest loans to community development agencies, individuals with disabilities, military families and storm victims.
• Cultivate Illinois, which gives farmers and agriculture professionals access to capital for annual operating expenses, long-term investments and alternative agriculture endeavors.