Unclaimed Property/Escheatment

What is Unclaimed Property?

Unclaimed property, also commonly referred to as abandoned property, is defined as tangible or intangible property held by an organization that has not had contact with the rightful owner for a specific period.

Basically, any property that has remained unclaimed by the owner for more than three years is presumed abandoned. After a property becomes “abandoned”, it must be reported and remitted to the individual states according to reporting guidelines.

What are types of Unclaimed Property?

There are three primary sources of unclaimed property that include:

• Payroll checks
• Accounts Payable checks
• Student accounts

How does Property become “Unclaimed?”

There are several reasons why property could become unclaimed. In some cases, the owner simply forgot about the property (i.e., didn't cash the check), passed away, or left it behind. Unclaimed property can result from an employee termination or an owner changing their address without notification.

Unclaimed Property Process

Dartmouth College is committed to reuniting rightful owners with their unclaimed property and has successfully reunited many owners with their unclaimed property.

There are three main steps:

1. Research
   
   Institutional Accounting consistently reviews the outstanding check lists that have the potential to become unclaimed property. When the owner is found, the stale-dated check is voided and a new one is sent in its place.
   
   
2. Due Diligence
   
   Pursuant to jurisdictional regulations, Institutional Accounting mails or emails letters to property owners informing them of property in their name held by the Dartmouth College. These letters are mailed between 60-120 days before the unclaimed property report is filed with the appropriate state. The owners should respond to Dartmouth regarding payment and provide any updated address information.
   
   If you receive correspondence regarding property that is no longer owed to you (e.g., payment of an invoice that was settled by another means), we ask that you reply accordingly by selecting the option, "I am no longer owed these funds.”
   
   
3. Escheatment
   
   Property that remains unclaimed is escheated to the state of the owner's last known address in accordance with the laws of that jurisdiction. The rightful owner retains their rights to the property in perpetuity and may contact the appropriate jurisdictional agency to file a claim for escheated property at any time.