Write-Off of Outstanding University Checks
FIN-ACC-530
About This Policy
- Effective Date:
- 10-01-1990
- Date of Last Review/Update:
- 08-05-2021
- Responsible University Office:
- Office of the University Controller
- Responsible University Administrator:
- Vice President and Chief Financial Officer
- Policy Contact:
Anna Jensen
Associate Vice President and University Controller
Office of the University Controller
anjensen@iu.edu
- Policy Feedback:
- If you have comments or questions about this policy, let us know with the policy feedback form.
Policy Statement
All payroll and disbursement checks that remain outstanding for six (6) months after the check date will be written off and the funds deposited in a special university account. After a check is outstanding for one year, it is escheated to the state of the payee's last known address.
Reason for Policy
To ensure that university financial records are updated in an accurate and timely manner for all transactions relating to the write-off of outstanding university payroll and disbursement checks and to comply with state unclaimed property laws.
Procedures
Specific details with regard to this process can be found in the Office of the University Controller Reference Material Library.
History
This policy was adopted on October 1, 1990.
This policy was updated on December 1, 2005 and August 5, 2021.