As a Virginia state agency, the University is required to comply with the Uniform Disposition of Unclaimed Property Act (the "Act"). Pursuant to the Act, Virginia agencies are responsible for taking certain steps to return unclaimed funds to their rightful owners.
The Act requires the University to perform due diligence to identify owners of uncashed University checks. As part of its due diligence, each July the Unclaimed Property administrator in Financial Reporting & Operations provides written notice to the payees of any uncashed check or unclaimed account balance over $100 that arose during the preceding fiscal year. The notice includes a letter and affidavit for the payee to indicate whether the funds are still owed by the University. If no response is received from the payee, the unclaimed funds will escheate to the state, as required by law, on November 1st of each year.
For Vendors & Other Payees: To claim unclaimed property, a vendor or other payee must provide a signed response to the University’s letter and affidavit prior to September 30th. Financial Reporting & Operations will determine if the check will be reissued to the payee or if the funds will be remitted back to the issuing department.
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 in Carruthers Hall, as indicated on the front of the check. If a department receives inquiries from vendors or former employees concerning old checks, it should refer them to the Unclaimed Property administrator in Financial Reporting & Operations for assistance.