The university is required by the State of Michigan to remit certain unclaimed property annually by November 1 st. A complete manual can be found at
www.michigan.gov/treasury under unclaimed property.
Uncashed checks are the typical unclaimed property of the university. The period of abandonment for checks varies. Payroll checks are escheated after one year. Payables and Receivables checks (not including Title IV funds) are escheated after five years. Any unclaimed checks due to be escheated that include Title IV funds must instead be returned to the appropriate aid program.
Recommended timelines for the review of unclaimed property is listed below:
Generate a listing with parameters that reflect all checks that are inactive and could be reportable as unclaimed property
Prepare and mail due diligence letters to those customers listed as inactive
Provide a list of customers with whom contact has been lost to the person preparing the report due in November
Begin preparing the report for submission to the State of Michigan
Submit report and remittance to the Unclaimed Property Department (UPD)
Michigan law requires holders to send written notice to owners at their last known address to informing them that they hold property subject to being turned over to the state. This requirement only applies if all of the following conditions exist:
- The address for the owner does not appear to be inaccurate
- The property has a value of $50 or more
- The statute of limitation does not bar the claim of the owner
- The notice must be sent not less than 60 days nor more than 365 days before filing the report.
Once the property has been remitted to the UPD, the individual can file an Unclaimed Property Inquiry (Form 3433) to recover the property. The forms to complete can be found at the website listed above.