The South Carolina Treasurer's Office serves as the bank for South Carolina state government and is responsible for the safety and security of the Palmetto State’s money, now and into the future.
Its primary duties include:
- Managing the cash flow of all major state accounts with deposits, withdrawals and transfers;
- Allotting the state’s operating cash to investments that bear interest but remain available for withdrawal as needed; and the office invests the short-term operating surplus funds for counties, municipalities, school districts and other political subdivisions through the Local Government Investment Pool;
- Issuing and managing the state’s debt.
- Managing relationships with the Qualified Public Depositories that provide various banking services to state agencies and universities; monitoring bank balances to ensure state funds on deposit are protected with FDIC insurance coverage or are properly collateralized as required by state law; and
- Administering the office’s three consumer-facing programs: Unclaimed Property Program which oversees the disbursements of millions of dollars transferred to the office by companies that cannot locate the rightful owners; Future Scholar, South Carolina’s 529 College Savings Plan; and the Palmetto ABLE Savings Program for individuals with disabilities.