• Departments & Offices
• Financial Operations
• Tax Compliance
• Tax Guidelines & Procedures
• Unclaimed Property

Unclaimed Property

William & Mary has a well-defined and structured process for managing unclaimed property, ensuring compliance with state regulations. This process involves the coordinated efforts of several key departments, including Accounts Payable, Payroll, Student Accounts, and the Tax Department. Each department is critical in identifying, reporting, and handling unclaimed property, such as outstanding checks, uncashed payroll payments, unclaimed student refunds, or other financial assets owed to individuals or entities.

Our approach ensures that unclaimed property is appropriately tracked and reported promptly, minimizing the risk of non-compliance with state-mandated deadlines. The Tax Department oversees the overall process, providing guidance and ensuring that reporting meets all legal requirements. This collaborative effort ensures transparency and accountability in managing unclaimed property at the university.

Key Points

• Dormancy Period: If we cannot return the property to its owner within the dormancy period (which varies by state and property type), the property is considered unclaimed.
• Due Diligence: Before declaring the property unclaimed, we make a final effort to contact the owner; this usually involves sending a notification letter offering the owner one last chance to claim their property.
• Unclaimed Property Reporting: If we have not heard from the owner after the dormancy period, we must report the property and transfer it to the state. This annual report ensures compliance with state laws.

Procedures

• Uncashed Checks: Checks that remain outstanding for more than 180 days are considered stale-dated and will not be honored by the bank. They are voided and removed from our records.
• Due Diligence Letters: William & Mary sends letters to payees for amounts of $100 or more at least 60 days before filing our unclaimed property report. These letters ask the payee to confirm if the check was ever received or lost and to request a replacement if needed.
• Replacement Checks: If a payee confirms a check was not received or was lost, we will issue a replacement. If there's no response, the funds will be held until they are returned to the state.

This process helps us maintain compliance with state requirements and ensures that unclaimed property is handled appropriately — the unclaimed Property Annual Deadline is November 1 of that year.