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Comptroller's Office
University of Pennsylvania
Suite 329 Franklin Building
3451 Walnut Street
Philadelphia, PA 19104
215.898.6291 (Phone)
215.746.7630 (Fax)

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[ Accounting ]

What is unclaimed property?

“Unclaimed property (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.” (NAUPA- National Association of Unclaimed Property Administrators)

The University of Pennsylvania holds unclaimed property, until the dormancy period of the payee’s state has run out. Once the dormancy period has expired, we the university must report it to the payee’s state. Due diligence must be done to try and contact the payee to see if the property is still outstanding or if it is no longer outstanding.

Unclaimed property is regulated on a state level. Because of this, there is no uniform standard to follow as to when unclaimed property is due and the dormancy periods of each property type. There are 5 property types that the University reports to each state. They are:

  1. Accounts Payable Checks
  2. Imprest Account Checks
  3. Payroll Checks
  4. Account Receivable Credits
  5. Gift Cards

Each School and Center is to complete due diligence on any of the property types listed above that they hold. They are also expected to report to the Tax Office the results of their due diligence either monthly(accounts payable checks) or quarterly(imprest account checks & accounts receivable credits), depending on the property type they are reporting to the Tax Office.

A spreadsheet document and process has been developed to facilitate and document the review process. It will also meet the SAS 112 formalized control requirements including certification which evidences completion and review of the procedures and results. The Comptroller's Office will collect these documents to facilitate audits by external parties and provide additional guidance as necessary.


Accounts Payable Checks

Imprest Account Checks

Account Receivable Credits

Need Help?

Please contact:

Tax and International Operations 215-898-6291

Or e-mail


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Accounts Payable
Tax and International Operations
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