668  Unclaimed Property Uniform Disposition

Approved by President
Effective Date: April 15, 2019
Responsible Division: Business and Finance
Responsible Office:  Business and Finance
Responsible Officer:  Associate Vice President, Business and Finance

I. Purpose

This policy outlines procedures for complying with Tennessee’s Uniform Disposition of Property Act, T.C.A. § 66-29-101 et seq. and Regulations 1700-02-01-.01 through 1700-02-01-.39, at Middle Tennessee State University (MTSU or University). The policy serves as a reference document for staff responsible for processing and disposing of unclaimed property, abandoned property, and lost and found property.

II. General Requirement

A.  MTSU is subject to the State of Tennessee's Uniform Disposition of Unclaimed Property Act, when the last known address of the owner is in Tennessee, in a foreign country, or is unknown, in accordance with the Unclaimed Property Law, T.C.A. § 66-29-101 et seq. and Regulations 1700-02-01-.01 through 1700-02-01-.39.

B.  This act requires the University to exercise due diligence in attempting to locate owners of unclaimed property in its custody and to annually report certain unclaimed property to the State.

C.  The State of Tennessee accepts unclaimed property for which the owner's last known address is in another state or commonwealth of the U.S. The State reciprocally reports this property, on behalf of the University, to the appropriate state or commonwealth.

III. Applicability

A.  Tennessee's Unclaimed Property Law applies to unclaimed property items:

1.  That the University owes to, or is holding for, other organizations or individuals; and

2.  For which the University has had no contact with the owner for a minimum of one (1) year, up to the maximum statutory period.

B.  Unclaimed property includes, but is not limited to:

1.  Payroll checks that have not been cashed,

2.  Disbursement checks that have not been cashed,

3.  Refund checks that have not been cashed,

4.  Miscellaneous checks that have not been cashed,

5.  Unidentified remittances,

6.  Credit balances in accounts receivable, or

7.  Stored value cards.

C.  Non-cash (i.e., personal and/or household) items are considered lost and found items. Lost and found items are not considered to be unclaimed property, should not be processed under this policy, and should not be reported to the State. See Policy 685 Disposal of Surplus Property for the disposal process of non-cash items (lost and found).

IV. Due Diligence

A.  Before reporting unclaimed property, as defined above, the University is required to exercise due diligence in attempting to notify the property owner of amounts of fifty dollars ($50.00) or greater, with information on ho