Learn about Unclaimed Property

Learn what unclaimed property is, and how you can claim property like checks or payments in your name being held by Columbia. Claims may also include requests for reissuing or stopping payment on a stale dated check from Accounts Payable or Payroll, as well as requests to recover funds previously deemed unclaimed property.

Details

Unclaimed property, also commonly referred to as abandoned property, is defined as tangible or intangible property held by an organization that has not had contact with the rightful owner for a specific period of time. The contents of an abandoned safety deposit box are an example of tangible unclaimed property.

Intangible unclaimed property represents monies due to an owner, typically in the form of cash or securities. Please note that the Columbia University Unclaimed Property Office holds and reports only intangible property, not securities.

Types of Unclaimed Property
  • Checks
    • Payroll
    • Supplier payments
    • Travel and expense reimbursement
    • Patient refunds, Columbia University Irving Medical Center
    • Student stipends
    • Pension
  • Credit balances
    • Student accounts
    • Patients, Columbia University Irving Medical Center
  • Individual insurance policy benefits
  • Insurance claim payments
  • Rent deposits or overpayments
  • Royalty payments
  • Workers compensation payments
The Law

Through a process known as "escheat," Columbia 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.

Finding the Rightful Owner

The Unclaimed Property Office is committed to reuniting rightful owners with their unclaimed property. Pursuant to jurisdictional regulations the Unclaimed Property Office mails letters to property owners informing them of property in their name held by the University. The University is successful in reuniting a significant amount of owners with their unclaimed property.

Property that remains unclaimed is escheated to the state of the owner’s last known address in accordance with the laws of that jurisdiction. The rightful owner retains their rights to the property in perpetuity and may contact the appropriate jurisdictional agency to file a claim for escheated property at any time.

Claiming Property

If you have received a notice indicating that the University is holding unclaimed property in your name, you must respond affirmatively to claim your property. Please select the appropriate option under "Verification of Ownership" and complete the claimant information section of the notice.

The name should be provided as you would like it to appear on your refund check. A signature is required so please sign the "Certification" area located at the bottom of the notice.

You can submit your completed form one of two ways:

Columbia University
Office of the Controller, Unclaimed Property
615 W 131st Street, Mail Code 8799
New York, NY 10027

Deadline

Items not claimed prior to the deadline listed in the first paragraph of the notice will be escheated to the state of the owner’s last known address. Claims for escheated funds should be directed to the state listed on the notice you received.  

A free, nationwide search for unclaimed property held by the states is available online at Missing Money. A list of links to all state Unclaimed Property websites is available via the National Association of Unclaimed Property Administrators (NAUPA)

Property that remains unclaimed is escheated to the state of the owner’s last known address in accordance with the laws of that jurisdiction. The rightful owner retains his rights to the property in perpetuity and may contact the appropriate jurisdictional agency to file a claim for escheated property at any time.

The University reports the majority of its unclaimed property to the State of New York. Visit the New York State Office of Unclaimed Funds.

Timeframe for Processing

We ask that claimants allow six to eight weeks for us to process all refund requests. Please do not contact our office for a status update of your claim during this timeframe. We cannot respond to individual inquiries of this nature.

Deceased Owners

If the owner of the unclaimed property is deceased:

  1. Check the second option in the "Verification of Ownership" section of the notice.
  2. In the "Name" field located in the "Claimant Information" section, list the name of the individual or the entity that the refund check should be made payable to.
  3. Submit with the completed form appropriate documentation that demonstrates you are legally entitled to claim the funds (e.g., estate documents or a death certificate). 

If You Receive a Notice by Mistake

Property That Does Not Belong to You

If you receive correspondence regarding property that is not in your name, there is no need to reply. The funds will be escheated to the state of the owner’s last known address.

Property No Longer Due

If you receive correspondence regarding property that is no longer owed to you (e.g., payment of an invoice that was settled by another means), we ask that you reply accordingly by selecting the option, "The listed funds are no longer due. Do not reissue the funds to me." listed in the "Verification of Ownership" section of the notice.   

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