Accountants are surprised: South Carolina finds mysterious account with $1.8 billion

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What is currently happening to the US state of South Carolina is what every household in the world wishes for: somewhere, in a dusty corner, lies $1.8 billion. And no one knows who they belong to and what they should have paid for.

In this specific case: South Carolina discovered a bank account that had accumulated about $1.8 billion over the past decade, AP reports. Government and private accountants are now trying to figure out what all the fuss is about.

Chaos in the books

Republican Senator Larry Grooms, 60, who heads a Senate committee investigating the matter, told the body: “It’s like going into your bank and the bank president says, ‘We have a lot of money in our safe, but we I don’t know whose it is.”

The state is dealing with chaos on its books anyway. Last year, the accountant resigned after his office double-booked university accounts — apparently since a computer system change in the 1910s. That resulted in a $3.5 billion error.

But what about the mysterious bank account? Apparently this was an attempt to balance the state’s books when they were out of balance. The committee says money was transferred to the account from somewhere.

“No money was lost”

“That doesn’t exactly inspire confidence. “But the good news is that no money has been lost,” said Republican Governor Henry McMaster (76). On the contrary, the Republican treasurer earned nearly $200 million in interest on the account.

An initial insight has apparently already been obtained: there is apparently a lack of communication between the Ministry of Finance and the State Audit Office. Now the state wants to take its time to decide what to do with the money.

Governor McMaster tells the AP, “That’s a lot of money and there’s no reason to rush to spend it.” (neo)

Source: Blick