Unclaimed Property Procedure and Timeline for Internal Accounts
First week of October:
For all property valued at $50 or more, the Bookkeeper will send out an Unclaimed Property Letter to establish positive contact with the check owner. Please use the last known address on file. It is suggested to send out letter for any property valued at $20 or more.
- If you receive the signed letter returned, void check and reissue right away. If the check is attached to a prior year PO, email Beth or Kristy with the Check number, PO#, Check Date and Check Amount to roll the PO to the current year, so you are able to void. You will not be able to void without the PO rolled.
- If you receive the letter returned, keep in Unclaimed Property File for documentation and auditing purposes. You will need to report this check as unclaimed property.
- If the vendor is a Student number, please check with your Data Secretary to see if the student is still active in our system. If so, you can email the letter to the Site Bookkeeper and ask them to reach out to the student to sign the letter and return to you, in order to reissue the check.
First week of November:
If you do not receive a response, send out a second letter the first week in November to try and establish a last attempt positive contact. If no response received, this will be reported as unclaimed property. Please begin to track Unclaimed Property using the spreadsheet provided.
January 1-January 31:
Prepare to submit your report to Finance by February 15th using the following steps:
- Email a list of any POs attached to Unclaimed Checks that will need to be rolled to current year in order to void. Please keep in mind that there may be approximately a week turnaround time to get this accomplished.
- Once PO has been rolled, or if no PO is attached to the check, Print Screen F201 for documentation of check number assigned to invoice and continue with the void check process, entering each check on the F216, then moving to F217 to Edit/Post. Once the voids are posted, make sure to Unpost and Delete each invoice that was voided which still shows on the F204.
- Take the total dollar amount of Unclaimed Property Voids and issue ONE check for total amount to Hernando County School Board (v6477) to be remitted as Unclaimed Property from the Hernando County School Board to The Department of Financial Services with the April 30th Reporting. Use the accounts on the invoice that were voided to issue the new check using Object code 730.
- Finalize a completed spreadsheet to submit to Finance by February 15th, along with the check. If any blank spaces, enter Unknown. Please complete your due diligence to ensure that every possible identifier is given to the Bureau. Please make the spreadsheet legible, as there is no fill in form available. Also, please include your signature and date at the bottom.
- If you have Zero Unclaimed Property to report for the current year, please complete Annual Report of Unclaimed Property by entering anywhere in the middle of the report, “Zero Unclaimed Property for ______School “ sign, date and submit by February 15th.
Unclaimed Property Positive Contact Tracker Template
Unclaimed Property Letter Template
Annual Report of Unclaimed Property (DFS-UP-121) Sample & Instructions
Annual Report of Unclaimed Property (DFS-UP-121) Template
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