It's not like hitting the lottery, but it beats hunting for spare change in the couch cushions.

When it comes to locating long-lost cash, one of the most overlooked places is the state controller's office.

Like a financial lost-and-found department, California's unclaimed property program is sitting on billions in forgotten money owed to thousands of businesses and individuals. It's from dozens of sources: overlooked bank accounts; stocks, bonds and dividends; uncashed paychecks; abandoned safe deposit boxes; misplaced insurance policies; utility bill refunds; or even that security deposit from your first college apartment.

In the last five fiscal years, California's unclaimed property office has returned $1.37 billion from more than 1.4 million accounts held by individuals and businesses, according to state controller's spokesman Jacob Roper.

How could so many lose track of so much?

"A lot of larger assets we're holding are inheritances that people don't know about," said Ruth Holton-Hodson, who oversees the state's unclaimed property program. "Older generations were very private about their incomes and often didn't share that with their children. They search our site and find, 'Oh, my goodness, Grandma had a bank account or Aunt Sally had 15 shares of GM.' "

In other cases, people rent an apartment, pay utility deposits, open a savings account. They move. They forget.

By state law, if those accounts sit untouched for three years, financial institutions and others must return the money to the state controller's office for safekeeping.

The state's unclaimed property office has been around since 1959 but in recent years it's become more aggressive about getting the word out, partly prodded by a lawsuit that accused the controller's office of dragging its feet on getting unclaimed accounts to their rightful owners.

Since 2007, thousands of letters have gone out to owners of unclaimed money.

"In this economy, everyone can use every penny," said Holton-Hodson, whose official title is property owner advocate. She urges people to call the unclaimed property call center, (800) 992-4647, or use the Web site, www.Claimit.CA.gov, to search for unclaimed funds. "It's not complicated and if they don't understand the process, we'll walk them through it," she said.

Some, like Ab Copeland of Davis, have turned finding those pennies into a hobby. Last year, after we wrote about the state's unclaimed property office and how to access it, the retired computer systems designer got busy.

At 89 and living with his wife in a Davis retirement community, Copeland started methodically typing in names of fellow residents. In about a month, he discovered more than $30,000 in unclaimed property among the retirement village's residents, he said.

"It's the intrigue. It always leads to something new," said Copeland, sitting at the computer desk in his neatly arranged apartment. He figured he spends about 20 hours a week, hunting for funds on the controller's Web site. His wife, Jean, ruefully called it his "obsession." Copeland said jokingly that it's "better than doing dishes."

Copeland contacted every person on his list. Some had $4,000 to $5,000 awaiting them in unclaimed accounts.

Others had far more modest amounts, he said, like the woman in his retirement building whose unclaimed account totaled $0.14. Nevertheless, on a lark, she decided to file a claim for her 14 pennies. Lo and behold, it led to an unknown account in Arizona. She ended up with more than $5,000, according to Copeland.

In the last year, Copeland has tallied up the unclaimed accounts city by city in his regional backyard. It's anywhere from 23 accounts in Esparto to 2,500 in Woodland. Some of those are multiple accounts belonging to the same individual or business.

Once a claim is filed, the state has 180 days to process and return your money. Most claims are processed in a matter of weeks. Those that are more complicated, such as an inheritance involving multiple heirs, can take months to sort out.

Among the state's most unusual: a complicated estate involving 21 heirs in line for Louisiana oil royalties, said Holton-Hodson. It took months of research to disentangle the finances, she said, much less the tangled family disputes. "Eventually, everyone got more than several thousand apiece," she said. "They were very, very happy. At least the ones who were still speaking."

Another time, Holton-Hodson recalled, a couple of sisters sent in a claim for an inheritance from their mother. It was valid, except that the mother's death certificate showed a surviving son. "We called and said, 'You have a brother who's not listed on the claim.' " The sisters' response: " 'We didn't include him. He doesn't deserve it.' "

Copeland, meanwhile, having exhausted his trove of fellow retirees, has since turned his attention to local businesses, such as In-N-Out Burger and McDonald's.

Copeland types up his findings of how much the corporations haven't claimed, then sends a letter suggesting – politely – that the company consider donating the amount to a favorite charity. In McDonald's case, he recommended the Ronald McDonald House.

Every state has an unclaimed property site and they're sitting on big bucks. Across the country in fiscal 2006, more than $1.7 billion was returned to owners from 1.9 million accounts, according to the National Association of Unclaimed Property Administrators.

With all that money sitting there waiting to be claimed, it would seem a good time to call or go online to check for yourself, friends or family.

But before you rush to hunt for lost treasure, know this: If California owes you, it'll likely be a while before you see any cash, the controller's office says. Due to the budget impasse, there's only one way your payout can arrive: an IOU.

Call The Bee's Claudia Buck, (916) 321-1968