309.1 - Procedure for Reconciling, Reporting, and Escheating Abandoned Property

Title

University of North Carolina at Chapel Hill Finance Procedure 309.1 - Procedure for Reconciling, Reporting, and Escheating Abandoned Property

Introduction

Purpose

To maintain appropriate fiscal reporting and ensure internal controls are met to prevent fraud, all imprest checking account, payroll account, accounts payable account, and petty cash account custodians must reconcile their accounts and report outstanding liabilities during the previous fiscal year at the conclusion of the current fiscal year to Cash Management. All unclaimed property escheats to the state of residence of the property holder. States have different time frames to escheat unclaimed property and the minimum threshold amount that requires a due diligence letter. North Carolina Escheat Statute (Chapter 116B) requires a one (1) year holding period before unclaimed property can escheat to the State.

Scope of Applicability

All imprest checking account, payroll account, accounts payable accounts and petty cash account custodians of the University of North Carolina at Chapel Hill.

Procedure

Accounting Services, Payroll Services, the Office of Sponsored Research, and Departmental petty cash and imprest checking account custodians will review outstanding checks periodically and report those that are outstanding for more than 360 days to the Cash Management Unit of Accounting Services. Please see the Sample of Time Table to Escheat Unclaimed Property for guidance on reportable dates.

Sample of Time Table to Escheat Unclaimed Property
Beginning of Fiscal Year End of Fiscal Year Holding Period Due Diligence Period Escheat Date
July 1, 2017 June 30, 2018 June 30, 2019 July 1, 2019 - September 30, 2019 November 1, 2019
July 1, 2018 June 30, 2019 June 30, 2020 July 1, 2020 - September 30, 2020 November 1, 2020
July 1, 2019 June 30, 2020 June 30, 2021 July 1, 2021 - September 30, 2021 November 1, 2021
July 1, 2020 June 30, 2021 June 30, 2022 July 1, 2022 - September 30, 2022 November 1, 2022

Between 60 and 120 days prior to the check being outstanding for one-year, petty cash and imprest checking account custodians will make a final attempt to contact the payee of the outstanding check. If attempts to contact the payee are successful, the custodian shall void and reissue the check. If attempts to contact the payee are unsuccessful, then the check shall be escheated. All efforts in this process will be documented.

Exceptions

None.

Forms

  • Finance Related Data 309.1.1rd - Uniform Escheatable Property Report

Related Requirements

External Regulations and Consequences

University Policies, Standards, and Procedures

Contacts

Policy Contact

Cash Management Unit of Accounting Services
Email: Cash_Management@unc.edu
Telephone: (919) 962-0036

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Details

Article ID: 131507
Created
Thu 4/8/21 9:10 PM
Modified
Thu 5/12/22 1:06 PM
Effective Date
If the date on which this document became/becomes enforceable differs from the Origination or Last Revision, this attribute reflects the date on which it is/was enforcable.
06/28/2019 12:00 AM
Issuing Officer
Name of the document Issuing Officer. This is the individual whose organizational authority covers the policy scope and who is primarily responsible for the policy.
Issuing Officer Title
Title of the person who is primarily responsible for issuing this policy.
Cash Manager
Last Review
Date on which the most recent document review was completed.
06/28/2019 12:00 AM
Last Revised
Date on which the most recent changes to this document were approved.
06/28/2019 12:00 AM
Next Review
Date on which the next document review is due.
06/27/2020 12:00 AM
Origination
Date on which the original version of this document was first made official.
06/28/2019 12:00 AM
Responsible Unit
School, Department, or other organizational unit issuing this document.
Finance and Budget