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What are some facts about South Carolina's treasury?

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Quick Answer

Some facts about South Carolina's treasury are that the department handles unclaimed funds for South Carolina residents and that the department offers state-administered 529 savings plans for residents to save for college through a state-managed investment fund. Another fact about the South Carolina treasury is that the department bears responsibility for receiving and distributing revenue-sharing funds to government subdivisions.

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Full Answer

The South Carolina treasury accounts for the State of South Carolina's state-owned bank accounts. The treasury also receives and distributes funds on behalf of the State of South Carolina. The treasury advises other state departments about issues regarding state debt. The department also oversees internal auditing as well as its own administrative issues, including hiring and payroll.

Another fact about the South Carolina treasury is that it oversees management of the state's defined benefit program. The treasury not only oversees accounting of the state pension program, but the department also oversees investment choices and disbursement of funds to local units of government. The South Carolina treasury boasted a AAA bond rating, as of November 2015.

The South Carolina treasury allows individuals and businesses to invest with the State of South Carolina through certificates of deposit. Any person or business interested in purchasing a certificate of deposit must participate in a competitive bidding system offered several times each year. The South Carolina treasury also maintains a searchable database for uncashed checks.

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