University Policy
Title
University of North Carolina at Chapel Hill Finance Policy 309 - Policy on Escheats
Introduction
Purpose
The purpose of the Policy on Escheats is for the University of North Carolina at Chapel Hill ("UNC-Chapel Hill" or "University") to comply with North Carolina General Statute 116B, Escheats and Abandoned Property.
Scope
Accounting Services’ Cash Management Unit holds primary responsibility to escheat University property in cooperation with Payroll Services, Accounts Payable, the Cashier's Office, as well as departmental imprest checking account custodians. Departments with imprest checking accounts are responsible for the proper reconciliation and reporting to Accounting Services of all property disbursed from their accounts that are unclaimed or uncashed. Accounting Services facilitates the bank account reconciliation and review of unclaimed property.
Policy
Policy Statement
The University of North Carolina at Chapel Hill escheats abandoned property in accordance with the provisions of the North Carolina General Assembly General Statute Chapter 116B Escheats and Abandoned Property (N.C.G.S. § 116B-1 through § 116B-80). This policy applies to all property held or issued by the University, especially payments made through disbursing accounts. Procedures to reconcile and report unclaimed property can be found in Finance Procedure 309.1 - Reconciling, Reporting and Escheating Unclaimed Property.
Exceptions
None.
Definitions
Escheat - the succession of abandoned property to the State. It results from the failure of a person legally entitled to the property to make a valid claim against the holder of the property within a prescribed period.
Owner - a person who has a legal or equitable interest in property subject to this Chapter or the person's legal representative. The term includes a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, and a creditor, claimant, or payee in the case of other property.
Person - means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
Property - means
- Money or tangible personal property held by a holder that is physically located in a safe deposit box or other safekeeping depository held by a financial institution within this State or
- A fixed and certain interest in intangible property or money that is held, issued, or owed in the course of a holder's business, or by a government, governmental subdivision, agency, or instrumentality, and all income or increments therefrom.
The term includes property that is referred to as or evidenced by:
- Money, a check, draft, deposit, interest, or dividend;
- Credit balance, customer's overpayment, gift certificate, security deposit, refund, credit memorandum, unpaid wage, unused ticket, mineral proceeds, or unidentified remittance;
- Security or other evidence of ownership of an interest in a business association;
- A bond, debenture, note, or other evidence of indebtedness;
- Money deposited to redeem stocks, bonds, coupons, or other securities, or to make distributions;
- An amount due and payable under the terms of an annuity or insurance policy, including policies providing life insurance, property and casualty insurance, workers' compensation insurance, or health and disability insurance; and
- An amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits.
Related Requirements
External Regulations and Consequences
University Policies, Standards, and Procedures
Contact Information
Policy Contact
Cash Management Unit of Accounting Services
Email: Cash_Management@unc.edu
Telephone: (919) 962-0036