South Carolina Office of the State Treasurer

What South Carolina Office of the State Treasurer does

The South Carolina Office of the State Treasurer is a constitutionally defined state office headquartered at 1200 Senate Street in Columbia, SC, that operates as the state's central banker and chief investment manager. It manages, invests and retains custody of more than $76 billion in public funds on behalf of South Carolina state agencies, local governments and political subdivisions, including oversight of an Investment Management Division with approximately $38–$43 billion in assets and a Local Government Investment Pool (LGIP) with over $17.1 billion across 1,349+ accounts as of March 2026. The office also administers banking relationships, ACH/merchant-card processing, debt management (>$530 million in taxpayer savings cited from strategic GO/refunding bond activity), court fines and fees collection, and award-winning transparency initiatives that support South Carolina's AAA/Aaa/AA+ tier credit ratings.

Its product portfolio for citizens includes the Future Scholar 529 College Savings Plan (240,000+ accounts, $7B+ AUM), the Palmetto ABLE Savings Program (3,700+ accounts, $47.8M AUM), and the Unclaimed Property Program (over $1B safeguarded, $420M+ returned since 2011). The Palmetto Payback initiative is the public-facing rebrand of unclaimed-property returns. Distribution is heavily self-serve: dedicated portals at FutureScholar.com, PalmettoABLE.com, the unclaimed property search, the LGIP iPAS portal, the Electronic Vendor Payment Database, the Outstanding State Issued Checks database, the Unclaimed Property reporting portal for businesses, and BidSC.com CD auctions.

Because the office is a state constitutional entity, revenue mechanics are not commercial; programs are delivered without direct charge to citizens, and 529/ABLE fees are set by program managers rather than retained by the office. Strategic technology partners include First Data Merchant Services (card processing, with Tyler Technologies/NIC-SC as an optional alternative), BNY Mellon (investment performance reporting), and program managers for Future Scholar and Palmetto ABLE. The office is led by elected State Treasurer Curtis Loftis (fourth term) and operates with 51–100 staff across Banking, Investment Management, Debt Management, Treasury Management, Programs, Administration, Communications and Public Affairs divisions.

Name

South Carolina Office of the State Treasurer

Legal name

South Carolina Office of the State Treasurer

Website

https://treasurer.sc.gov

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

The South Carolina Office of the State Treasurer is a constitutional state office that acts as the state's central banker and investment manager, managing more than $76 billion in public funds, administering 529 and ABLE savings plans, safeguarding unclaimed property, and providing banking, debt-management and LGIP services to state agencies, local governments and citizens across South Carolina.

Ownership category

akta.pro rank

Product category

State Government Treasury and Financial Management

NAICS

Public Finance Activities (921130), Executive, Legislative, and Other General Government Support (921)

akta.pro primary industry

State/Provincial Treasury, Budget & Fiscal Management (BPAIABAC)

akta.pro secondary industries

Treasury & Cash Management (BPAIAEAB), Government Investment Pools & Treasury Funds (FSAAAGAE)

Keywords

• Public funds management
• State treasury services
• Unclaimed property program
• College savings plans
• Government banking

Headquarters

HQ city

Columbia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Unclaimed Property Administration: The office receives and holds unclaimed property (financial assets assumed abandoned) until rightful owners or heirs claim them. Funds are escheated to the state after dormancy periods.
2. Investment Management Fees: The office manages state and local government funds, earning investment returns that benefit state operations and maintaining LGIP for local government participants.
3. Court Fines and Fees Collection: Collection and distribution of court fines, fees and assessments from municipal and county courts on behalf of the state.

Distribution channels7 records

Marketing channels9 records

Core offering

The South Carolina Office of the State Treasurer serves as the state's banker and chief investment officer, managing more than $76 billion in public funds for South Carolina state government. It provides centralized banking, investment management, and debt administration services for state agencies, local governments, and political subdivisions, and administers citizen-facing programs including the Future Scholar 529 College Savings Plan, Palmetto ABLE Savings Program, and the Unclaimed Property Program (Palmetto Payback initiative) that safeguards over $1 billion awaiting return to rightful owners.

Product overview

The South Carolina Office of the State Treasurer operates as the state's banker and financial services hub, offering a portfolio of programs for citizens, businesses, and governments. The core offerings include: Future Scholar 529 College Savings Plan (a tax-advantaged education savings program with over 240,000 accounts and $7+ billion in assets), Palmetto ABLE Savings Program (disability savings accounts with over 3,700 account holders), and the Unclaimed Property Program (safeguarding over $1 billion in unclaimed funds). For governments, the office provides the Local Government Investment Pool (LGIP) with over $17 billion in 1,349+ accounts, Investment Management Division overseeing approximately $38.2 billion, Debt Management services, and Banking services for state agencies. Additional offerings include Court Fines and Fees processing, Outstanding State Issued Checks database, and the Digital Assets Literacy Project. The SC Tuition Prepayment Program is a legacy closed program.

Differentiator

Problem solved

Functional benefit

Brands

• Future Scholar: South Carolina's 529 College Savings Plan helping families save for future college education with tax advantages
• Palmetto ABLE Savings Program
• Palmetto Payback
• SC Tuition Prepayment Program

Products and services

• Future Scholar 529 College Savings Plan A tax-advantaged 529 college savings plan administered by the State Treasurer's Office that helps South Carolina families save for future college education expenses, with over 240,000 accounts and more than $7 billion in assets.
• Palmetto ABLE Savings Program A tax-advantaged savings account program for qualified individuals with disabilities that allows saving and investing while maintaining eligibility for needs-based benefits, with over 3,700 account holders and $47.8 million in assets under management.
• Unclaimed Property Program (Palmetto Payback) A program that safeguards unclaimed property such as old utility deposits, uncashed payroll checks, life insurance proceeds, and unredeemed shares of stock and returns them to individuals, estates, businesses, and organizations. More than $1 billion in unclaimed funds are currently safeguarded.
• Local Government Investment Pool (LGIP) An investment mechanism providing local governments (municipalities, counties, school districts, special purpose districts) an opportunity to pool funds with other political subdivisions to acquire maximum returns on investments in a safe, liquid environment.
• Banking Services for State Agencies Specialized banking services for South Carolina state agencies and universities, including managing state depository bank accounts, daily cash-management functions, and relationships with bank partners, state entities, and public depositories.
• Investment Management Division Investment management services for state agencies, local governments, and political subdivisions prioritizing safety, liquidity, and yield, overseeing approximately $38.2 billion in assets under management.
• Debt Management Division Services for managing state, agency, and authority debt including financing construction projects, refinancing, ensuring lowest borrowing rates and fees, and protecting investments. Has generated more than $530 million in taxpayer savings through strategic bond management.
• Court Fines and Fees Processing Processing and distribution of court fines, fees, and assessments remitted to the State Treasurer's Office by municipal and county treasurers monthly for distribution to various state programs and funds.
• Unclaimed Property Reporting for Businesses A reporting and remittance portal enabling businesses to submit unclaimed property reports and payments to the State Treasurer's Office to comply with state escheatment requirements.
• Electronic Vendor Payment Database A searchable electronic database for vendors to look up state payment information and enroll in direct deposit for vendor payments.
• Outstanding State Issued Checks Database A database of outstanding state-issued checks older than two years, providing payees with information to request replacement checks from the issuing agencies.
• BidSC Certificate of Deposit Online Auctions An online auction platform where the State Treasurer makes certificates of deposit available to eligible South Carolina financial institutions, with $50 million per quarter in six-month CD auctions enabling institutions to compete for state investment dollars.
• SC Tuition Prepayment Program A legacy closed program created by the 1997 General Assembly that allowed families to prepay tuition at South Carolina public colleges and universities; closed to new enrollment.

Quantifiable outcome

• Returned more than $420 million in unclaimed funds to South Carolinians since 2011
• +4 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• First Data Merchant Services LLC (FDMS)coreTechnology or IntegrationPrimary merchant card processing contract required for state agencies and universities accepting credit/debit card payments. Contract available optionally to local government entities.
• BNY MelloncoreTechnology or IntegrationProvides investment performance reporting and portfolio management services. Annual and quarterly investment performance reports issued through BNY.
• BidSC.comcoreTechnology or IntegrationOnline certificate of deposit auction platform operated by the office. Provides eligible SC financial institutions opportunity to compete for state investment dollars quarterly.
• Future Scholar (529 Plan Manager)coreStrategic or Co-development PartnerAdministers the Future Scholar 529 College Savings Plan with over 240,000 accounts and $7+ billion in assets. Available at FutureScholar.com.
• Palmetto ABLE Savings ProgramcoreStrategic or Co-development PartnerAdministers Palmetto ABLE accounts for individuals with disabilities. Available at PalmettoABLE.com. Contact: 800.439.1653, [email protected]

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Texas Comptroller of Public Accounts: Texas's state-level financial management office responsible for statewide treasury, accounting, and investment of public funds. Directly comparable as a large constitutional/appointed state treasury office serving state agencies and local governments.
• Pennsylvania Treasury (Rob McCord / current Treasurer): Pennsylvania's state Treasury operates 529 college savings (PA 529), unclaimed property, and investment programs for state agencies. Direct peer in program mix (529 + unclaimed property + investment management) with a state-government constituency.
• North Carolina Department of State Treasurer: North Carolina's Treasurer administers the state's pension and 529 (NC 529) plans as well as unclaimed property and local government investment offerings. Closest regional peer to South Carolina in mandate and scale.
• Ohio Treasurer of State: Ohio's elected Treasurer operates the state's 529 plan (CollegeAdvantage), unclaimed property, and public funds investment programs. Direct functional peer to South Carolina's portfolio of programs.
• California State Treasurer's Office: California's elected State Treasurer handles bond issuance, investment of state funds and administration of state savings programs. Closely analogous in mandate (banker + investment officer + debt manager) to South Carolina's Treasurer.
• Florida Department of Financial Services: Florida's DFS combines treasury operations, unclaimed property, and state financial oversight under a single state officer. Analogous to the South Carolina Treasurer in combining investment, banking, and citizen-facing programs.
• New York State Comptroller: New York's independently elected state comptroller manages the state's Common Retirement Fund and oversees state and local government accounting, investment and debt. Directly comparable in mandate and scale of AUM.

Others

• National Association of State Treasurers (NAST): The trade association that supports state treasurers (linked from treasurer.sc.gov). Comparable as an industry-body peer rather than a direct competitor; useful for benchmarking policy and program design.

Broad incumbents

• State Street Global Advisors (Public Funds): Large incumbent asset manager with public-funds/insurance investment capabilities. Comparable as a broad incumbent competing for institutional public-sector mandates adjacent to what the SC Treasurer operates in-house.
• BNY Mellon (public funds / custody services): Provides investment performance reporting and portfolio management services to the SC Treasurer. A broad incumbent vendor/peer in the public-funds custody, investment and reporting space that competes for similar mandates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/TreasurerLoftis
• YouTubeyoutube.com/user/treasurerloftis
• Facebookfacebook.com/SCStateTreasurer
• LinkedInlinkedin.com/company/south-carolina-state-treasurers-office
• Instagraminstagram.com/scstatetreasurer

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about South Carolina Office of the State Treasurer