03.E.03 – Disposition of Abandoned and Unclaimed Financial and Personal Property
Section: Fiscal Affairs
Area: Physical Property
1. PURPOSE
To ensure compliance with the laws of the state of Texas concerning the identification and disposition of abandoned and unclaimed financial and physical personal property while under the control of the System.
2. POLICY
2.1. Abandoned financial personal property is recognized as a general liability of the System. Sufficient detailed accounting records shall be maintained by the universities in order to execute the identification, recognition, notification, reporting, and remittance functions for all financial personal property presumed abandoned as required by the Texas Comptroller of Public Accounts.
2.2. Unclaimed physical personal property coming into the possession of campus security personnel, where the physical property is not being held as evidence to be used in any pending criminal case, will be disposed of according to university procedures. Abandoned and unclaimed physical property is governed by Section 51.213 of the Texas Education Code.
3. DEFINITIONS
3.1. Financial personal property: Includes unclaimed wages, utility deposits, and stored value cards, which meet the criteria set out in Texas Property Code, Section 72.101 .
3.2. Physical personal property: Generally designated as items of "lost and found." This includes, but is not limited to, currency, abandoned motor vehicles, bicycles, books, clothing, and electronic devices.
4. TERMS OF ABANDONMENT
4.1. Unclaimed wages are presumed abandoned, if for longer than three years the existence and location of the person to whom the wages are owed is unknown to the System, and a claim for the wages has not been filed with the System.
4.2. Vendor payments and student refunds are presumed abandoned, if for longer than three years the existence and location of the person to whom the payment/refund is owed is unknown to the System, and a claim to the payment has not been filed with the System.
4.3. Unclaimed physical personal property is presumed abandoned, if for longer than 60 days the existence and location of the person to whom the property belongs is unknown to the System, and a claim to the property has not been filed with the System. Each university police or security department is responsible for and shall develop procedures for the disposition of unclaimed physical property.
5. REPORTING AND DELIVERY
5.1. Each university shall file a report in accordance with the requirements of the state of escheatment on or before the state required due date that contains all financial personal property presumed abandoned according to that state's abandonment schedule. This report shall contain detail sufficient to make a proper accounting and remittance to the State Treasurer. If the amount due is required to be individually (rather than aggregately) reported, the following must be included in the report if known by the System:
a. The name, social security number, birth date if social security number is unknown, and last known address of:
• each person who, from System records, appears to be the owner of the property, or
• any person who is entitled to the property.
b. A description of the property, the identification number, if any, and if appropriate, a balance of each account
c. The date that the property became payable, demandable, or returnable, and
d. The date of the last transaction with the owner concerning the property.
5.2. Known owners of financial personal property that meets the abandonment period of the State of Texas must be given written notification by the System on or before the due date proscribed by the State if the System has a last known address on file and the property meets the State's minimum threshold.
5.3. Each university shall remit all property that meets the abandonment period criteria to the State Treasurer or other responsible division of the state of escheatment on or before the state proscribed due date.
Issued: 10/26/1993
Last Reviewed/Revised: 09/22/2021
Responsible Office(s): Finance