UAMS ADMINISTRATIVE GUIDE
|SUBJECT:||UNCLAIMED PROPERTY REPORTING|
The purpose of this policy is to establish the procedure for collecting data, preparing the report, and the submission and payment of the amount due to the Auditor of State by the due date of November 1 each year.
Act 256 of 1979 requires that the University submit to the Auditor of the State of Arkansas any items or amounts due to and unclaimed by students, patients, etc. that have remained abandoned. These reports and remittances are due to the Auditor of State of November 1 of each year as of June 30 of that year. Any amounts greater than $50 should also have the address and social security number of the individual included in the report.
Stale Dated Checks: Accounts Payable, Payroll, and Patient Refund checks that have been outstanding for a period of one year are written off annually, usually in June, and held in account 111-202600-1001656, a liability account entitled “Unclaimed Property”. Stale dated checks that are still unclaimed one year after the date of the check should be included in the Unclaimed Property Report for that year.
Credit Balances: Any accounts receivable credit balances in Patient Billing Services, Medical College Physicians Group, AHEC, or Student Accounts that has remained unclaimed for three years should be included in the Unclaimed Property Report.
Abandoned Property: Physical property presumed abandoned by former patients for a period of three years should be reported with last known name, address, and social security number.
These amounts and property presumed abandoned should be reported on the “Unclaimed Property Reporting Form AOS/UP-1” and should be submitted with proper remittance to the Auditor of the State of Arkansas by November 1 of each year.