AP Badge #10: Unclaimed Property-AP Badge #10 Recording

Video Transcription

Video Summary

This training explains unclaimed property for Washington school districts and how to comply with the Department of Revenue Unclaimed Property Division (UCP). Unclaimed property is money or intangible property owed to someone that has had no owner contact for a set time after a good-faith attempt to locate them. For districts, common sources include uncashed payroll/AP warrants, revolving/imprest checks, abandoned meal accounts, and certain self-insurance payments. Districts report annually by October 31, and AP items are generally presumed abandoned after one year (as of the prior June 30).<br /><br />Due diligence notices are required only for amounts over $75 when a valid address exists, sent 60–180 days before the Oct. 31 deadline, and should include check details and a lost-warrant affidavit. Districts must report all amounts (no minimum), even if filing a zero report. They may either remit funds to UCP (recommended) or retain funds (except meal balances), with different accounting entries and long-term recordkeeping. Voluntary disclosure is available for first-time reporters.

Keywords

Washington school districts

unclaimed property compliance

Department of Revenue Unclaimed Property Division (UCP)

uncashed warrants and checks

due diligence notices over $75

annual reporting deadline October 31