Responsibility for Maintenance: Financial Services
Date of most recent changes: March 28, 2016
I. Policy Statement
The College shall annually review its records to determine whether it has possession of Abandoned Property and shall report and remit such property to the New York Office of the State Comptroller in accordance with the applicable requirements of the New York State Abandoned Property Law.
II. Reason for Policy
This policy is intended to ensure that the College complies with applicable provisions of the Abandoned Property Law.
III. Applicability of the Policy
This policy is to be administered by Financial Services. All departments are expected to assist Financial Services in identifying Abandoned Property and, as such, all College employees should be familiar with this policy.
IV. Related Documents
- New York State Abandoned Property Law
- “Handbook for Reporters of Unclaimed Funds,” Office of Unclaimed Funds, New York State Office of the State Comptroller (September 2004)
- “General Information Regarding the Calendar of Events and the Property Type Tables,” Office of Unclaimed Funds, New York State Office of the State Comptroller
- “Unclaimed Property Relating to General Corporations (Including Non-Profit), Mutual Funds, and State, Municipal or other Public Stock/Bond Issuers,” Office of Unclaimed Funds, New York State Office of the State Comptroller
V. Contacts
|
Subject |
Office Name |
Title or Position |
Telephone Number |
Email/URL |
|---|---|---|---|---|
|
Questions regarding |
Financial Services |
Senior Vice President and Chief Financial Officer |
(315) 498-2268 |
VI. Definitions
|
Term |
Definition |
|---|---|
|
Abandoned Property |
Property subject to the New York State Abandoned Property Law, including without limitation: (a) vendor checks, accounts payable credits, accounts receivable credits, un-refunded overcharges, rights under gift certificates, escrow payments, and payments for services not rendered or goods not delivered, in each case if unclaimed for a period of three years; and (b) obligations for wages, commissions or pension plan payments, in each case if unclaimed for a period of three years. The law applies even in those instances in which the underlying instrument (if any) indicates an expiration date. |
VII. Procedures
The Senior Vice President and Chief Financial Officer shall review the College’s records annually, with assistance of various departments as he or she may deem necessary, to determine whether the College has possession of any Abandoned Property. The College shall report its possession of Abandoned Property in accordance with applicable provisions of the Abandoned Property Law, as provided in the State Comptroller’s Handbook for Reporters of Unclaimed Funds.
No later than the expiration of the applicable dormancy period as specified in Section VI above, and on or before the applicable due date as required by law, the College shall remit Abandoned Property in its possession, together with a final report, to the Office of the State Comptroller. No less than 90 days before doing so, the College shall notify the payee or other person entitled to possession, of each item of Abandoned Property. In addition, a second notice shall be provided by certified mail not less than 60 days prior to the transfer in the case of any Abandoned Property exceeding $1,000 in value. Once Abandoned Property is transferred to the Office of the State Comptroller, the College is no longer liable for payment, and subsequent claims must be directed to the Office of the State Comptroller. Any Title IV (federal) funds that cannot be used as intended must be returned to the federal department issuing those funds.
Approved by OCC Board of Trustees April 3, 2006
Updated and approved by the President March 28, 2016