Overview: Unclaimed Property (Outstanding Checks)
On this page:
- Unclaimed Property Defined
- State Law Regarding Unclaimed Property
- Stanford's Responsibility
- Stanford Employee's Responsibility
Unclaimed Property Defined
Unclaimed property is a term used for outstanding checks, including checks issued by the University that have not been cashed by the payee, e.g. payroll checks, checks issued to vendors, payments to human subjects, reimbursement checks, etc.
State Law Regarding Unclaimed Property
The State of California, and all other states, requires that unclaimed property be turned over to the state if property remains unclaimed for three years. For payroll checks, the requirement is to turn over the property after one year.
Annually, Stanford assesses whether any checks issued remain unclaimed, i.e. they have not been cashed. This information, along the funds, is submitted to the state per state law.
Stanford Employee's Responsibility
If you are aware of any unclaimed property (outstanding checks), please contact the Financial Support Center (3-2772).