ROWAN UNIVERSITY
Title: Unclaimed Property
Subject: Accounting Services
Policy No: FIN: 2015:02
Applies: University-Wide
Issuing Authority: President
Responsible Officer: Senior Vice President for Finance and CFO
Adopted: 01/30/2015
Amended: 12/02/2016
Last Revision: 12/02/2016
I. PURPOSE
Sound financial management practices require the University to implement fiscal policies and procedures for reporting, paying, and/or delivering abandoned property to the State Treasurer.
II. ACCOUNTABILITY
Under the direction of the President, the Senior Vice President for Finance and CFO shall implement this policy and the Director for Accounting Services shall ensure compliance with the policy.
III. APPLICABILITY
This policy applies to all faculty and staff who are involved in any financial activity on behalf of the University.
IV. REFERENCES
- N.J. Statute (Public Laws of 1989, Chapter 58: New Jersey Statutes 46:30B-1 et seq.)
V. POLICY
- Rowan University is responsible for tracking its unclaimed property and escheating such property to the State on a periodic basis. Property becomes unclaimed when the holder has not had contact with the owner of the property for a specified period of time. After the passage of the dormancy period, if there has been no activity generated by the owner, the property is then considered abandoned. The Unclaimed Personal Property Report is filed on an annual basis.
- This policy:
- Provides general principles and guidelines to promote proper accounting and effective financial management and control over revenues, accounts receivable, expenses and other financial transactions. The information contained in this policy shall be used to develop unit specific procedures to ensure compliance with this policy.
- Defines the guiding principles for financial control, essential department level requirements for financial control and provides an outline of the roles and responsibilities that are required by the University at each level of the organization.
- The University adopted the State's procedures with regard to unclaimed property. More information can be found at: State of New Jersey Unclaimed Property Administration