Unclaimed Property Policy

Effective Date: July 1, 2013

Last Reviewed: July 1, 2015

Interim Date: July 21, 2015

Purpose

The Unclaimed Property Policy provides direction for reporting and disposingof unclaimed property.  It is toensure compliance with the laws of the State of Tennessee concerning the identification and disposition of unclaimed property while under the control of Meharry Medical College, improve internal controls, and establish unclaimed property procedures.

Policy Statement

Meharry Medical College is subject to the State of Tennessee’s Uniform Disposition of Unclaimed Property Act in accordance with the Unclaimed Property Law, Tennessee Code Annotated 66-29-101 through 66-29-134 and Regulations 1700-2-1-.01 through 1700-2-1-.36.  This act requires the College to exercise due diligence in attempting to locate owners of unclaimed property in its custody and to annually report certain unclaimed property to the State.  Tennessee law requires filing of an annual report of unclaimed property in accordance with the provisions of Tennessee Code Annotated Sections 66-29-101 et.  Seq.  Any unclaimed property will be written off the College’s books and the funds will be deposited with the State Treasurer as unclaimed property.  These funds then become the property of the State.  A claim from the original owner of the property must be made with the State Treasurer’s office in order to receive the funds. 

The Office of the Controller is responsible for the proper disposition of unclaimed property.  The college will recognize unclaimed property as a general liability.

This policy is currently awaiting approval. You can view the interim policy to the right or by clicking here.