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Annually, the university must report all property presumed abandoned that is held or is owed in the ordinary course of its business and has remained unclaimed by the owner (students, employees, vendors, etc.) after a statutory time period (dormancy period) that the property was originally payable or distributable to the owner. The dormancy period is typically one year or longer and varies by state (the owner´s last known residence) and type of property ( e.g., vendor check, payroll check, accounts receivable credit, etc.)
As part of its due diligence process, the University attempts to notify the owner of the unclaimed property via e-mail or letter which is sent to the last known address of record. If there is no response to the University's attempts to contact the owner by the designated deadline, the unclaimed property is required by law to be remitted to the appropriate state´s Unclaimed Property Unit.
The University Finance office is responsible for identifying, reporting and remitting the unclaimed property to the appropriate state in accordance with their reporting requirements.