Word: mara
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Dates: during 1990-1999
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While the word "abandonment" may suggest that Harvard has neglected to keep tabs on some of its money, the reality in many cases is just the opposite, according to Joe Mara, director of claims processing and operations in the state treasury's unclaimed property division...
...most cases, the state treasury receives accounts that are abandoned by people who either leave the area or are elderly, Mara says. After a given account has been inactive for three years, that money is turned over to the state. This year, the amount collected by the state treasury in such accounts is $160 million...
...Instead, Mara says Harvard's accounts are really money owed to the University by other companies who cannot pay Harvard what they owe it. Companies that owe Harvard money and have turned checks over to the treasurer's office include IBM, AT&T, Sunoco and McGraw Hill...
...Mara says the University has been very aggressive in retrieving its money. "We've paid Harvard quite a bit back," he says. "in a lot of cases, Harvard had no idea the money even existed...
Walsh described living the subsequent days in astate of shock. He said that he was not able todrive and that he left all the vacation plans andorganization to this hostess, Paula O'Mara, anacquaintance residing in California...