South Carolina Treasurer

The state treasurer of South Carolina is a constitutional officer in the executive branch of the U.S. state of South Carolina. Twenty one individuals have held the office of state treasurer since it became an elective position in 1865. The incumbent is Curtis Loftis, a Republican.

Treasurer of South Carolina
Incumbent Curtis Loftis since January 12, 2011
Member of	State Fiscal Accountability Authority
Seat	Columbia, South Carolina Wade Hampton Building 1200 Senate Street, 5th Floor
Appointer	General election
Term length	Four years, no limit
Constituting instrument	Article VI, Section 7, South Carolina Constitution
Salary	US$164,000 annually[1]
Website	Official website

History

As a British colony, the Province of South Carolina had a receiver of the colony appointed by its lords proprietors as well a treasurer appointed by the General Assembly. The receiver was responsible for collecting fines and quit-rents, paying government expenses, and sending surplus funds to the lords proprietors. The treasurer collected and paid money on behalf of the colonial government.^[2] In 1707, the General Assembly unilaterally merged both offices.^[3] In 1721, the name of the office was changed to treasurer, and the officer was made responsible for maintaining tax receipts and paying out expenditures as instructed by the assembly. A separate office of receiver-general was created to collect quit-rents on behalf of the British Crown.^[2] In 1771, the assembly appointed two treasurers, and five years later the treasury was made the responsibility of three commissioners.^[3] South Carolina's 1778 constitution affirmed the legislature's power to appoint treasury commissioners.^[4]

Powers and duties

The state treasurer is the chief banker and investment officer of the state of South Carolina.^[5][6] As such, the state treasurer manages the cash flows and investments of all state funds and, in so doing, safeguards their assets. In 2022, the state treasury's custodial fund balances were approximately $2.8 billion.^[7][a] Moreover, the state treasurer administers unclaimed property and manages the state's debt.^[9][10] The Office of the State Treasurer also provides certain services to South Carolina residents, including its college and ABLE savings programs.^[11][12]

Aside from their functional responsibilities, the state treasurer is a member of the State Fiscal Accountability Authority (SFAA), an independent agency which also includes the governor, the comptroller general, and the chairs of the budget committees in the General Assembly.^[13] The SFAA is generally charged with oversight of state spending and management of state property.^[14][15] In particular, the SFAA acquires insurance for state agencies and local governments, procures goods and services for the operations of state government, and oversees the construction and maintenance of state buildings.^[16][17] In addition, the SFAA appoints South Carolina's state auditor to serve at pleasure.^[18][b]

List of treasurers

Since 1865, the state treasurer has been elected at-large and serves a term of four years.

List of treasurers of South Carolina

Image	Treasurer[22]	Party		Term of office
	William Hood		Republican	1865–1866
	S. L. Leaphart		Republican	1866–1876
	Niles G. Parker		Republican	1868–1872
	Francis Lewis Cardozo		Republican	1872–1877
	S. L. Leaphart		Democratic	1877–1881
	J. P. Richardson		Democratic	1881–1887
	I. S. Bamberg		Democratic	1887–1889
	E. R. McIver		Democratic	1889–1891
	W. T. C. Bates		Democratic	1891–1897
	W. H. Timmerman		Democratic	1897–1901
	R. H. Jennings		Democratic	1901–1913
	S. T. Carter		Democratic	1913–1925
	Julian Haskell Scarborough		Democratic	1926–1934
	E.P. Miller		Democratic	1934–1940
	Jefferson Bates		Democratic	January 10, 1940 – August 17, 1966[23] (Died)
	Grady Patterson		Democratic	January 17, 1966 – January 11, 1995 (Lost reelection)
	Richard Eckstrom		Republican	January 11, 1995 – January 11, 1999 (Lost reelection)
	Grady Patterson		Democratic	January 11, 1999 – January 3, 2007 (Lost reelection)
	Thomas Ravenel		Republican	January 3, 2007 – July 24, 2007 (Resigned)
	Converse Chellis		Republican	August 3, 2007 – January 12, 2011[24] (Lost nomination)[25]
	Curtis Loftis		Republican	January 11, 2011 – incumbent

Notes

1. For comparison, the state of South Carolina spent over $34 billion in the same fiscal year.^[8]
2. The state auditor is a statutory official that functions as the external auditor of state government.^[19][20][21]