Abandoned Property

Abandoned property is defined as any property held by the university that is unclaimed by its rightful owner. In the State of New York, the university is obligated to complete due diligence steps to attempt to contact the rightful owner of unclaimed property. If the owner of the unclaimed property is successfully contacted, the property is returned to them.

The university holds unclaimed abandoned property for up to three years, after which time the university is obligated to turn over the property to the New York State (NYS) Comptroller. If you believe you are entitled to unclaimed property that has been remitted to NYS, see the NYS Comptroller’s website.

The types of abandoned property held by the university includes, but is not limited to:

Vendor Payments

Checks payable to vendors are issued by Disbursements Processing and are valid for six months. Vendor checks are issued through JPMorgan Chase Bank. Outstanding checks are monitored monthly and any that are six months or older are considered stale-dated. Due diligence steps are taken to locate the check recipient and if attempts are unsuccessful, the funds are remitted to NYS after three years.

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Travel and Expense Reimbursement Checks

Travel and expense reimbursement checks for employees or guests of the university are issued by Disbursements Processing and are valid for six months. Travel and expense reimbursement checks are issued through JPMorgan Chase Bank. Outstanding checks are monitored monthly and any checks six months or older are considered stale-dated. Due diligence steps are taken to locate the check recipient and if attempts are unsuccessful, the funds are remitted to NYS after three years.

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Payroll Checks

Employee payroll checks are issued by Payroll and are valid for six months. Payroll checks are issued through JPMorgan Chase Bank. Outstanding checks are reviewed on an annual basis. Payroll performs due diligence steps to locate the check recipient. If steps fail to locate the check recipient after three years, the funds are remitted to NYS. Please see the NYS Comptroller’s website if you believe you have an uncashed check that is three years or older.

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Student Account Credit Balances

A credit balance on a student’s account is the result of an overpayment on the account when a refund has not been issued. The Bursar’s office tracks student account credit balances throughout the year and makes multiple attempts to locate and return the funds due to the student. 

If the Bursar’s office fails to reconnect the student with the credit balance on their account, then it will be remitted to NYS after three years. These funds can be claimed from the NYS Comptroller’s website.

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Bookstore Gift Cards

Gift cards are sold by the Bookstore.  Gift cards with outstanding balances are monitored monthly.  Gift cards with outstanding balances in excess of five years are reported to the Comptroller’s Office for remittance to NYS. 

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