The Illinois Treasurer’s Office in Springfield is celebrating a landmark year for their successful initiative in returning unclaimed funds to individuals and organizations across the state.
Treasurer Michael Frerichs announced in a press release that the office managed to give back nearly $309 million to 312,000 claimants via the I-CASH program. This program redistributes money from sources like neglected safe deposit boxes, unclaimed life insurance payouts, forgotten bank accounts, and unused rebate cards.
The $309 million retuned during Fiscal Year 2025 beat out the previous record of $301 million that was set the previous fiscal year.
“We implemented practical improvements to I-CASH to return more funds to more people, and we are proud to achieve record-breaking results,” Frerichs stated. “What makes us prouder is assisting people. A major effort was making sure insurance companies properly distribute life insurance benefits to the individuals or entities they were intended for.”
Part of the record-breaking total came from the life insurance policy of a late woman from Lake County, who named Orphans of the Storm Animal Shelter in Riverwoods as the beneficiary of her policy. Frerichs recently presented the shelter with a check of more than $200,000.
“We are deeply grateful for this generous gift and for Treasurer Frerichs’ leadership in making sure it reached us,” said Michelle Shields, Volunteer President of the Board of Directors at Orphans of the Storm. “For nearly a century, our shelter has been part of the fabric of this community. We have connected people and animals through love, care, and second chances. This support honors that legacy and helps us build toward a future where every animal has a safe place to land and a family to call their own.”
The Illinois Treasurer’s Office is legally required to return unclaimed property to its owners or their heirs, no matter how long it takes. Frerichs recommended that people check the I-CASH website at least twice a year to see if they have money waiting for them.
Since taking office, Frerichs has returned more than $2.3 billion in missing money, and the number of claims per year has risen from 60,000 to 300,000.
