What is Unclaimed Property?
Unclaimed Property is defined as tangible or intangible money or assets held by an organization that has not had contact with the rightful owner for a specified period of time. The majority of unclaimed property held by the University is checks that have not been cashed. Examples of unclaimed property held by the University include, but are not limited to:
- Payroll Checks
- Vendor Payments
- Travel and Expense Reimbursements
- Tuition Refund Checks
- Student Account Credit Balances
- Student Stipend Checks
- Rent Deposits or Overpayments
- Royalty Payments
- University of Chicago Physician's Group Patient Refund Checks
University of Chicago Physician's Group Patient Credit Balances
What are the laws related to Unclaimed Property?
As a Holder of unclaimed property, the University is required by law to report and remit any property that is considered abandoned pursuant to the unclaimed property laws and regulations of the state of the owner's last known address through a process known as escheat. Unclaimed property laws may vary by state. Prior to remittance of unclaimed funds to the respective state agency, the University attempts to contact the rightful owner via a mailed notice.
When is Unclaimed Property remitted to the State?
As unclaimed property laws vary by state, the remittance deadline may also vary. Typically the University remits unclaimed property to the state authorities in the spring of each year. The State of Illinois requires the University to remit unclaimed payroll checks to the state after one year and all other unclaimed property after five years.
I was notified that I have Unclaimed Property. What do I do?
If you received notice of unclaimed property and would like a replacement check, pursuant to University Policy 2703, you must submit either the original check issued to you or submit a completed and notarized affidavit.
For an affidavit form for payroll checks, please click here.
For an affidavit form for all other checks (non-payroll), please click here.
If you are submitting an affidavit, the original signed and notarized affidavit can be returned to:The University of Chicago Attn: Unclaimed Property 6054 S. Drexel Ave, Suite 300 Chicago, IL 60637
Fax or email copies are not accepted. Upon receipt of the affidavit or the original check, the University will verify that the request for check reissuance is valid. If during review it is identified that the request is not valid, the University will mail a letter indicating the reason for denial of check reissuance. A denial of a check reissuance may be due to the funds having already been remitted to the state or the funds are no longer due to the payee.
Foreign Check Reissuances
For reissuances to foreign addresses, notarization is not required on the affidavit. Additionally, reissuances may be sent via paper check or wire transfer. Wire transfers will only be accepted for individuals residing outside the US AND the bank account the funds will be remitted to is a foreign bank account. Individuals requesting wire transfer services will incur any associated wire transfer fees charged by the banks involved in the wire transfer process. Please contact Cash-Management@uchicago.edu if you have a foreign bank account and would prefer the funds returned via wire transfer.
How long will it take to process a check reissuance?
From the date of receipt of the original, completed and notarized affidavit or original stale dated check, check reissuance may take up to three weeks depending on the volume of claims. Higher processing times typically occur between January and March of each year.
What if my property has been remitted to the state?
Once property has been remitted by the University, the owner of the unclaimed property must work directly with the respective state agency. For state of Illinois remittance, please click here for a link to the state's website. For all other state's, please use a search engine to locate the respective websites.
I still have questions. Who do I contact?
Please email the Unclaimed Property department: Cash-Management@uchicago.edu