| Approved by: | The President | |
| History: | Issued -- March 14, 2002 | |
| Revised -- November 25, 2019 | ||
| Last Reviewed -- November 25, 2019 | ||
| Related Policies: | ||
| Additional References: | ||
| Responsible Official: | Controller and Assistant Treasurer tel. 202-319-5130 | |
I. Policy Statement
The University makes a good faith effort to contact the owners of Unclaimed Checks and Financial Assets (defined below), and to return such property to its owner. University departments, schools, and other units are responsible for assisting with this effort by notifying the Office of the Controller and Assistant Treasurer as soon as such checks or assets are identified.
In the event the rightful owner does not claim the check or asset as set forth in this policy, the University will report and return to the District of Columbia as required by law.
II. Definitions
A. Unclaimed Checks and Financial Assets refers to property that is presumed abandoned because it has remained unclaimed by its rightful owner for a specified period of time. Generally, Unclaimed Checks and Financial Assets held by the University consist of checks that have not been cashed by the recipient or rightful owner and remain outstanding at the financial institution. Common forms of unclaimed property covered by this policy include but are not limited to payroll checks, vendor payments, travel and expense reimbursements, tuition refund checks, student account credit balances, student stipend checks, deposits, overpayments, royalty payments, debit cards, and other credits on accounts.
B. Escheatment means the process of turning unclaimed property over to the respective state agency as required by law.
III.Policy Requirements
A. Departmental Requirements
Departments, offices, and other University units are required to notify the Office of the Controller and Assistant Treasurer as soon as property is identified by the unit as potentially-Unclaimed Checks or Financial Assets.
B.Escheatment Requirements
The Office of the Controller and Assistant Treasurer makes a good faith effort to contact the rightful owner of Unclaimed Checks or Financial Assets at the owner’s current mailing address or e-mail as indicated in the University’s records. Copies of all such communications will be maintained on file by the Office of the Controller and Assistant Treasurer.
The University is required to return and report Unclaimed Checks and Assets to the District of Columbia if the payroll checks have not been claimed for one (1) year and non-payroll related checks or assets have not been claimed for three (3) years. Accordingly, if the rightful owner does not claim the check or asset within the designated years of the issuance date, the University will report and return (“escheat”) the check or asset to the District of Columbia as required by law. The Office of the Controller and Assistant Treasurer is responsible for this process. This process typically occurs during the fall of each year when Escheatment forms must be filed with the District of Columbia.
Once Unclaimed Checks or Financial Assets have been remitted to the District of Columbia by the University, the money is no longer under the control of the University at this point. The owner of check or asset must contact and work directly with the District of Columbia to obtain that property (see the District's unclaimed property website for details).