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ACCOUNTS PAYABLE POLICIES AND PROCEDURES Unclaimed Property Procedure(Claimed Monies)………………………………………………………………………………………………………………I Purpose:To establish operating procedures to maintain and submit unclaimed properties including Payroll and Accounts Payable un-cashed checks to the California State Controller’s Office (CSCO). II Procedures: Correspondence for Unclaimed PropertyOn an annual basis, all unclaimed property will be identified and correspondence will be issued to the payees referencing the value, and the Foundation’s address to claim the unclaimed property. The final notice shall be sent not less than six months nor more than 12 months before the unclaimed funds are reported to CSCO The outside of the envelope should be clearly marked indicating to the payee this is the Final Notice. The notice should:Provide the complete name and address of the Foundation;Provide the amount unclaimed;Provide the name and phone number of a Foundation contact person Inform the payee that the report will be submitted to the State Controller’s Office on the due date (for example: 11/01/20XX); and Refer the payee to the State Controller’s Office after submission of the funds to claim. Reporting RequirementAny unclaimed funds (i.e. Accounts Payable and Payroll checks) issued by the Foundation, for which the payees has been sent correspondence, (Payroll one year and Accounts Payable three years dormancy) it will be reported and escheated to the CSCO. To avoid a late reporting penalty, reports will be submitted to the CSCO before November 1stand the funds will be submitted to CSCO in June of each year (for more detail please refer to sco.). ................
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