As a Virginia state agency, the University is required to comply with the Uniform Disposition of Unclaimed Property Act (the "Act"). In accordance, the University is responsible for taking the steps necessary to return unclaimed funds to their rightful owners. Funds become unclaimed when the University has not had contact with the owner of the property for a specified period of time, called dormancy period. After the passage of the dormancy period, if there has been no activity generated by the owner, the property is then considered abandoned.
Unclaimed Property Process
As part of its due diligence, each month the Disbursement Accountant in Accounting Operations provides written notice to the payees of any uncashed check or unclaimed account balance over $100 that are older than 180 days. If no response is received from the payee, Disbursements will send one last communication around July, if no response, then the unclaimed funds will escheate to the state, as required by law, on November 1 of each year.
For University Departments
If a department discovers that it has uncashed vendor or payroll checks in its possession, it should 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, it should refer them to the Disbursement Accountant in Accounting Operations for assistance.
For Students Checks
If a student discovers that it has uncashed checks in its possession, they should return them to the Student Accounts office. Students may also reach out to the Disbursement Accountant in Accounting Operations for assistance.