(9.08.10) State Sues Company Helping Residents Recover Unclaimed Property
RALEIGH — According to the lawsuit, Equity Solutions charged clients fees of more than 30 percent to recover their property, even though the General Assembly last year capped fees from recovery firms at 20 percent of the proceeds or $1,000, whichever is less.
(9.01.10) Yadkin Commission May Have Violated Open Meetings Law
YADKINVILLE — The commission’s initial moves were not posted on a public agenda beforehand, a potential violation of the state’s Open Meetings Act. Moreover, the board’s attorney was not present at the meeting.
(8.30.10) Outside Fund Managers Collected $263 Million From State
RALEIGH — North Carolina paid more than $263 million in management fees to outside fund managers during the most recent fiscal year for its various pensions, an increase of almost 14 percent over the previous year.
(8.11.10) Cap on Recovery Fees Slowing Return of Unclaimed Property
RALEIGH — Companies that seek out hard-to-find owners of abandoned property — and charge for their services — are seeing red. Officials at the Jupiter, Fla.-based Equity Solutions of the Carolinas, say the new law could put them out of business.
(7.28.10) Build America Bonds: Debt on the Cheap?
RALEIGH — State tax-supported debt nationwide increased by 10.3 percent in 2009 to $460 billion, more than double the rate in 2008, according to Moody’s Investors Service. Moody’s attributed part of this increase to the Build America Bonds program.
(7.21.10) Chowan County Digging Out of Fiscal Hole
EDENTON — The debacle has led to a preliminary investigation by the state auditor, a probe by the U.S. Attorney’s office for the Eastern District of North Carolina, and Chowan County employees revealing notes they took about their contact with former County Manager Cliff Copeland.
(7.12.10) SEC Rules Limit Campaign Contributions From Pension Investment Managers
RALEIGH — Former state Treasurer Richard Moore had been criticized for soliciting donations from investment firms doing business with the state, and current state Treasurer Janet Cowell received more than $211,000 in campaign contributions in 2008 and 2009 from people and political action committees connected to funds the state invests in.
(7.06.10) Six Figure Government Pension Payouts On the Rise
RALEIGH — More than 250 people covered by the North Carolina pension system make more than $100,000 annually in pension payments, and a handful are paid more than the limits for pension payments allowed by the Internal Revenue Service, which top out at $195,000.
(6.29.10) Yadkin County Jail Groundbreaking Delayed Until Dispute Resolved
YADKINVILLE — Superior Court Judge John Craig III has been prodding the county to build a new jail. For years, the state Department of Health and Human Services has been citing the jail for deficiencies ranging from inoperable toilets to fire safety problems.
(6.24.10) N.C. Supreme Court Broadens Protections of Public Records Law
RALEIGH — A unanimous court reaffirmed that government records are owned by the people and that the mechanism for enforcing the public’s right to know shouldn’t be left in the hands of the state agency that has the records. The case will return to a Wake County court for trial.