California is holding approximately $15 billion in unclaimed property, with thousands of dollars owed to charitable organizations including food banks and children's hospitals, according to a CBS News California investigation.

The state's unclaimed property system contains funds that belong to various organizations and individuals, but California does not automatically return the money to its rightful owners. This contrasts with policies in other states that have implemented automatic check-sending systems to return unclaimed funds.

The investigation found that nonprofit organizations, including food banks and children's hospitals, are among those with money sitting in California's unclaimed property database. These charitable organizations could benefit from receiving their unclaimed funds, particularly given their service to vulnerable populations.

Other states have adopted more proactive approaches to returning unclaimed property, automatically issuing checks to owners rather than requiring them to actively search for and claim their funds. This difference in policy means California residents and organizations may be less likely to recover money that belongs to them.

Unclaimed property typically consists of forgotten bank accounts, uncashed checks, insurance payouts, and other financial assets that have been turned over to the state after a period of inactivity. The California State Controller's office manages the state's unclaimed property program.