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3.1.4.p.3. Procedure: Southeastern Technical College Unclaimed Property

Return of Unclaimed Property to Georgia Department of Revenue

The State Disposition of Unclaimed Property Act (Title 44, Chapter 12, Official Code of Georgia Annotated) protects the rights of owners of abandoned property and relieves those holding the property of the continuing responsibility to account for the property. This Act is managed by the Unclaimed Property Section of the Georgia Department of Revenue.

Under this Act, when Southeastern Technical College (holder) holds property that belongs to someone else (owner), but has lost contact with the owner for a specified period (holding period), then Southeastern Technical College must remit the property to the State. The State serves as the custodian for any property remitted under the Act allowing the owners or their heirs an opportunity to claim their property in the future.

As the holder, Southeastern Technical College must report abandoned property to the State of the last known address of the owner. The usual type of unclaimed property that Southeastern Technical College handles may include unpaid wages, unclaimed vendor payments, and unclaimed tuition, fee, or book refunds. Unclaimed property is reported and remitted annually after the appropriate holding period has expired. The reporting year for Southeastern Technical College is the fiscal year beginning July 1 and ending June 30. The report is due the following November 1.

The holding period is the time that must elapse before the property is considered abandoned and reportable to the State. The duration depends on the type of funds being held, as per state guidelines:

Wages

1 year from payday

Other Property

5 years from last contact



Return of Unclaimed Property to Georgia Student Finance Commission

All unclaimed HOPE funds must be returned directly to Georgia Student Finance Commission. Southeastern Technical College (Institution) must conduct a complete student-by-student reconciliation with the Georgia Student Finance Commission (Commission), using the approved reconciliation report, and submit the Reconciliation Form Certificate to the Commission by July 15 immediately following the completion of the award year. The College must then return to the Commission any HOPE funds not utilized according to the final reconciliation within thirty (30) days of completing the reconciliation process.

Return of Unclaimed Property to U.S. Department of Education

Procedures for returning funds vary, depending on the circumstances under which a school is returning funds. If U. S. Education Department (ED) notifies a school that it must return funds, the notification usually contains specific instructions the school must follow.

Excess Cash for the Federal Pell Grant and Campus-Based Program

Methods for returning funds: Excess cash exists when any grant award in GAPS has a positive cash balance. This occurs when the school, as a payee, has net draws that exceed expenditures for one or more of the payee’s grant awards three business days after the funds have been deposited into its bank account.  Payees should reconcile their grant awards on a regular basis and are required to resolve any excess cash balances throughout the year. A payee can resolve an excess cash balance by:

¨ returning excess cash to ED or
¨ reallocating drawn funds among grant awards in GAPS to comply with immediate cash needs.

Responsibility:
The Vice President for Administrative Services has the overall responsibility for ensuring this policy is implemented.

References
Return of Property to Georgia Student Finance Commission:http://www.gsfc.org/main/publishing/pdf/2005/2005_hope.pdf
Return of Property to U.S. Education Department:http://www.ifap.ed.gov/bbooks/attachments/0601Chapter4.doc

Adopted: June 25, 2009
Reviewed: March 19, 2018; March 25, 2019;
Revised: