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FOCUS The Knoxville4 August 26, 2024www.knoxfocus.comwww.knoxfocus.comPAGE A1 ONLINE AUCTIONFriday, August 30See photos at fountaincityauction.comFountain City Auction (865)4749931FREE Take One!August
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Identify the source of the found money.
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Document the amount and any relevant details about how the money was found.
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Found money usually refers to unclaimed property or funds that have been reported to the state. It often goes to state treasuries or unclaimed property offices, where it is held until the rightful owner claims it.
Businesses, banks, and other financial institutions are typically required to report unclaimed property, also known as found money, after a specified period of inactivity by the owner.
To fill out found money forms, entities must provide detailed information about the unclaimed property, including the owner's last known address, the type of property, and the amount of money or value of the property.
The purpose of found money reporting is to ensure that unclaimed property is returned to its rightful owners and to maintain the integrity of financial systems. It also helps states manage and account for unclaimed funds.
The information that must be reported includes the owner's name and last known address, the type of property, the amount of money or value of the property, and any relevant account numbers or identifying details.
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