Integrated CSU Administrative Manual

CSU POLICY

--INACTIVE HISTORICAL POLICY--

Section:  GENERAL ACCOUNTING

Section 3000 Policies

Policy Number:  3250.01

Policy Title: Disposition of Lost, Unclaimed or Abandoned Property

Policy Effective Date: March 31, 2011

Last Revision Date: March 31, 2011
(see revision history)

POLICY OBJECTIVE

Each CSU President is designated and authorized to provide for the care, restitution, sale or destruction of lost property in the possession of his/her university, in accordance with Title 5 Sections 42375 and 42376 of the California Code of Regulations.


POLICY STATEMENT

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 shall be sold 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. The campus may dispose of any property upon which no bid is made at any sale.

Money received and interest earnings shall be used for scholarships and loans to students enrolled at the campus at which such sale is held.

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

Campus Chief Financial Officers' will develop necessary procedures and documentation requirements to assure compliance with these regulations.

 

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

Approved: March 23, 2011

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.

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
  • Title 5 - Sections 42375 California Code of Regulations
  • Title 5 - Section 42376 California Code of Regulations

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

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