POLICY OBJECTIVE

It is the policy of the CSU to provide the opportunity for unclaimed, lost, or abandoned property to be claimed by its rightful owner. When such property remains unclaimed, this policy provides direction for the treatment of such property. Each campus must prepare written procedures to implement this policy.

POLICY STATEMENT

Title 5 Sections 42375 and 42376 of the California Code of Regulations, designates and authorizes each CSU President to provide for the care, restitution, sale, or destruction of unclaimed, lost, or abandoned property in the possession of the university.

Unclaimed, lost, or abandoned property valued at or above three hundred dollars ($300) shall be held by the campus for a period of at least three months. After such time, the property, except unclaimed cash, shall be offered at public auction to the highest bidder. Notice of such sale must be published once at least five days prior to the sale in a newspaper of general circulation in the county in which the property is held. Auction proceeds received and any related interest earnings shall be used for scholarships and loans to students enrolled at the campus where the sale is held. The campus may dispose of any property, except cash, upon which no bid is made at any sale.

Items valued under $300 may be donated to another public institution or not-for-profit organization or otherwise disposed.

Unclaimed cash may be returned to the finder after the expiration of the three month period unless the property has been found by a University employee in the course of his/her employment.

Unclaimed cash found by persons who are not University employees will upon demand, be returned to the finder after the three month holding period. If the finder cannot be located, the cash becomes the property of the campus to be used for scholarships or student loans.
Unclaimed cash found by a University employee must be turned into the lost and found department. If the cash is not claimed within the three month period, it becomes the property of the campus to be used for scholarships or student loans.

Benjamin F. Quillian
Executive Vice-Chancellor/Chief Financial Officer

Approved: September 19, 2012

APPLICABILITY AND AREAS OF RESPONSIBILITY

Policy is applicable system-wide and administrated at the campus level.

REVISION HISTORY

Supersedes Executive Order No. 60 dated January 14, 1969.

March 31, 2011 (Initial Issuance Date)

RESOURCES AND REFERENCE MATERIALS

Useful Guidelines:

GASB Statements 21, 37

Related Principles:

Sound Business Practices:

Laws, State Codes, Regulations and Mandates:

California Civil Code - Section 2080.8
California Education Code 89720-89725.1
Title 5 - Sections 42375 California Code of Regulations
Title 5 - Section 42376 California Code of Regulations
California Unclaimed Property Law and Regulations
Executive Order 1000

COGNIZANT OFFICE(S)

CO Manager:

Ms. Thoa Le
CO Budget Director, CO Budget Department
CSU Office of the Chancellor
tle@calstate.edu

Ms. Jean Gill
Assistant Controller, Financial Services Accounting
CSU Office of the Chancellor
Jgill@calstate.edu

Subject Expert:

Ms. Lauri Reilly
Accounts Payable Manager
CSU Office of the Chancellor
lreilly@calstate.edu

Affinity Group:

Financial Officers' Association http://foa.calstate.edu

CSU POLICY