CENTREVILLE, Va., April 5, 2019 /PRNewswire/ -- Avenu Insights & Analytics has launched a holder reporting web portal for the Kentucky State Treasurer's Office that enables online filing of unclaimed property reports. The deployment of the holder-reporting website assists the State Treasury in improving its methods of managing holder reports.
"I am continually working to improve efficiency at the Kentucky State Treasury," Treasurer Allison Ball said. "The launch of the online web portal is an important step toward simplifying the reporting process for unclaimed property holders."
Upon taking office in 2016, Treasurer Ball eliminated a 30-day backlog in the Treasury's Unclaimed Property Division. To date, she has returned over $73 million in unclaimed property—more than any state treasurer in a three-year period in Kentucky history. The holder reporting tool is Treasurer Ball's most recent move to improve efficiency of the Kentucky Treasury's Unclaimed Property Division.
The holder reporting portal ensures that all holder reports are accepted free of errors. Files uploaded by holders are validated online in real time to confirm the required format. In addition, the holder reporting portal has the added expediency of secure online payments.
For the 2018 holder reporting season, more than 4,652 holder reports have been filed online at the Kentucky State Treasury, representing 447,429 properties and owners, and totaling more than $38,462,989.
"Kentucky is a great example of a state treasurer's office making the right use of technology to process unclaimed property reports," says Avenu CEO Paul Colangelo.
Beginning with the 2019 reporting season, Kentucky will require all holders of unclaimed property to register and file reports using the Avenu tool.
About Avenu Insights & Analytics
Avenu Insights & Analytics has a long history of helping state and local governments boost revenue, optimize operations, and deepen community trust. Avenu's revenue enhancement and administration solutions enable jurisdictions to provide truly digital government that meets expectations of citizens, employees and elected officials. Avenu is a portfolio company of Mill Point Capital.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with executive partners to leverage its investment professionals' experience, while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY.
SOURCE Avenu Insights & Analytics