What is Unclaimed Property?

As it applies to state laws property, tangible or intangible, which is abandoned or unclaimed by the owner for a specified period of time is called unclaimed property.  At Columbia University (the “University”) unclaimed property is a term used to refer to unused credits and deposits, but especially to outstanding checks that have not been cashed by the payee, e.g., payroll checks, checks issued to vendors, payments to patients, reimbursement checks, etc.

What is the Law Regarding Unclaimed Property?

Columbia University is required to comply with New York State’s Abandoned Property Law as well as similar laws of all other states in the US and Puerto Rico.  Generally if an uncashed check, unused credit balance, money or other tangible or intangible property on deposit with the University or Medical Center is left uncashed or unused for three to five years (depending on the property type) it is considered abandoned or unclaimed property. 

What is New York State Law Regarding Unclaimed Property?

Below is a sampling of the different types of Unclaimed Property being held by the University:

Payroll Checks                                                           Retirement Checks

Benefits Checks                                                         Travel and Expense Checks

Student Account Credit Balances                               Student Stipend Checks

Rent Deposits or Overpayments                                Royalty Payments

Vendor Payments                                                       Patient Refunds

Patient Credit Balances

What attempts are made  by the University to find the rightful owners?

Columbia University’s Unclaimed Property Office is dedicated to reuniting unclaimed property with its rightful owner.  Annually, this office mails letters to property owners informing them of property in their name held by the University.  The University is successful in reuniting a large amount of the unclaimed property to the rightful owners.  Mail that is returned as undeliverable is processed by our investigatory team which follows-up with a second attempt to locate the rightful owner using a second mailing. 

What Happens when Property Owners Cannot be Located?

All property that remains unclaimed is then forwarded to the owner’s last known state of residence in accordance with the laws of that state.  Since each state maintains a database of unclaimed property, owners can search for their respective property via their state government’s website or by going to http://www.missingmoney.com, a national unclaimed property website.  New York State’s unclaimed property website is: http://www.osc.state.ny.us/ouf/index.htm.  

How do I claim property as the rightful owner?

If you have received a letter from the University indicating that we have your unclaimed property, you must respond to affirmatively claim your property.   If you received a letter in error we ask that you reply accordingly, informing us that the property does not belong to you.  When claiming your property please reply with the signed, completed form within 30 days of receiving your letter.  It is important that you include your Federal Tax ID or Social Security number as that is the only way we are able to confirm the identify of the rightful owner of the unclaimed property.

Our mailing address and phone number:

Columbia University

Office of the Controller

Unclaimed Property

2960 Broadway Mail Code 8799

New York, NY 10027

212-851-0427 (Select: Option 1)

Although we can be contacted by phone, you will be best served by using our email address at unclaimedproperty@columbia.edu.  You will receive a response within 2 business days.

To view New York’s Abandoned Property Law via the internet, go to: http://public.leginfo.state.ny.us/menugetf.cgi. 

(Select 'Laws of New York', then 'ABP-Abandoned Property')