Uncashed Checks & Unclaimed Property Process
What Does Unclaimed Property Mean for Accounts Payable?
As a Virginia state agency, the University is required to comply with the Uniform Disposition of Unclaimed Property Act (the "Act") in the Code of Virginia and take necessary steps to return unclaimed funds to their rightful owners.
Funds become unclaimed when the University has not had contact with the property owner (in this case, payment) for a specified period, called the dormancy period. After the dormancy period is over and the owner takes no action, the property is considered abandoned.
Unclaimed Property Process
Each month, the Disbursements team member provides written notice to the payees of any uncashed check or unclaimed account balance over $100 that is older than 180 days. If the payee does not respond, Disbursements sends one last communication around July. If there is still no response, the unclaimed funds are transferred to the state, as required by law, on November 1st of each year.
University Departments
If a department discovers that it has uncashed vendor or payroll checks in its possession, please return them to the issuing office – either Accounts Payable or the Payroll department. If a department receives inquiries from vendors or former employees concerning old checks, please provide them with the Disbursements contact information.
Student Checks
If a student discovers that they have uncashed checks in their possession, they should return them to the Student Accounts office.
