System and method for inventory and return of lost items

A system for monitoring lost items, the system comprising:

• a lost item database including:
• a first memory operable to store lost item information, the lost item information pertaining to lost items recovered at one or more establishments;
• a second memory operable to store recovery item information, the recovery item information pertaining to a forgotten item at the one or more establishments;
• a processor operable to:
• receive the lost item information and the recovery item information;
• associate a status indicator with the lost item associated with the lost item information and the forgotten item with the recovery item information;
• browse or search the lost item database to compare the lost item information and the recovery item information;
• determine whether there is a match between the lost item information and the recovery item information;
• facilitating transmission of an electronic recovery notification to a patron device of one or more establishments if there is a match;
• and
• automatically update the status indicator to indicate the lost item and the forgotten item have been recovered.