Unclaimed deposits are transferred to and held in the Unidentified ACH/Wires project PRJ38CM until they are claimed by a department on campus and the appropriate documentation is provided. The Cash Management team makes every reasonable effort to determine the appropriate recipient of unclaimed funds.
Steps taken to identify the appropriate recipient include:
The process to research these unclaimed deposits is time-consuming and often unfruitful. Additionally, the maintenance of this holding account for unclaimed deposits requires monthly reconciliation at a minimum, manual tracking of deposits that have been claimed, and manual preparation of the transfer to distribute the deposits to the appropriate departments. Lastly, unclaimed funds collected in the previously mentioned holding account have no designated use such as consideration for budgeting, investing, and financial planning purposes.
Campus departments are responsible for notifying Cash Management of expected deposits and providing the appropriate documentation. Cash Management will make every reasonable effort, as discussed above, to determine the appropriate recipient of daily deposits received via domestic and international wire transfers, ACH credits, check deposits, and cash deposits. Deposits that remain unclaimed at the end of each day will be transferred to the PRJ38CM holding account.
Campus departments can claim deposits from the PRJ38CM holding account by providing Cash Management with the appropriate deposit claim form (i.e. Incoming Department Wire/ACH Form, Check Deposit Form) along with documentation to support ownership of the deposit such as an invoice.
All unclaimed deposits that have been claimed will be transferred from the PRJ38CM holding account to the appropriate funding string on a monthly basis at a minimum. At this time, an updated list of all unclaimed deposits will be published and Financial Managers notified.
The list of unclaimed deposits can be accessed here.
Beginning July 1, 2020, on a prospective basis, any unclaimed funds held in project PRJ38CM that are older than 12 months at the end of each fiscal year, June 30, will be transferred to a General Fund miscellaneous revenue account for redistribution to priority program areas as established by the executive leadership. Once this transfer occurs, these funds can no longer be claimed even after providing supporting documentation and substantiating the claim except for claims made by external entities.
In rare circumstances, departments may request to claim funds that have already been transferred from PRJ38CM to the General Fund; however, such exceptions will be assessed on a case-by-case basis and the decision to approve such requests is at the sole discretion of the assistant vice chancellor/controller.