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HomeMy WebLinkAbout2012-0626A Unclaimed Funds Policy.pdfTrophy Club Municipal Utility District No. 1 Unclaimed Property Procedure June 2012 By March 31st each year, the Finance Manager will prepare a list of all property abandoned by the owner for the period of time designated in the Texas Property Code (through December 31st of the previous calendar year). The most common types of unclaimed property handled by the District are follows: • Utility deposits (one year abandonment period) • Payroll (one year abandonment period) • Payments for goods and services (three year abandonment period) The Finance Manager will present the list to the District Manager for approval. Once approved (and signed) by the District Manager, due diligence letters will be mailed to each person on the list at the last known address and allowing for a 30 day response. If a response is received, a refund check will be provided and a note will be placed on the list of abandoned property. A copy of the check will be placed with the list as well. If no response is received, funds will be remitted to the State Comptroller’s office. Remittances must be made by July 1st of each year and shall be made in a form acceptable to the State Comptroller. The Finance Manager will prepare the remittance and obtain the District Manager’s signature for final remittance. A copy of the report (signed by District Manager) and the list of property remitted (signed by District Manager) will be maintained in a notebook in the Finance Manager’s office. Once the remittance has been completed, the District will reconcile records from accounting to void checks that were unclaimed. The remittance record will be attached to the list of voided checks and maintained by the District for a period of ten (10) years. As required by the Texas Property Code, the remittance information shall remain confidential for two (2) years following its remittance date. Personal information (such as social security numbers) shall remain confidential infinitely as required by law.