BUSINESS AND SUPPORT SERVICES
The State Comptroller and the Coordinating Board jointly shall prescribe and periodically update a uniform system of financial accounting and reporting for institutions of higher education, including definitions of the elements of cost on the basis of which appropriations shall be made and financial records shall be maintained. The Coordinating Board may require institutions to report additional financial information as the Coordinating Board considers necessary. The accounts of Navarro College shall be maintained and audited in accordance with the approved reporting system.
COLLECTION OF DELINQUENT OBLIGATIONS
A third party collection company is used to attempt collection of returned checks for up to 90 days. If the third party is unsuccessful in collection payment the check is returned to the College at which time the necessary paper work will be completed and turn the check over to the District Attorney’s Office.
This section applies to unclaimed property (outstanding checks) that has been abandoned by the owner for a period of time ranging from one year to 15 years. The College adheres to Title 6 of the Texas Property Code which governs the State of Texas Unclaimed Property Program
To prevent unclaimed property, the outstanding checks are reviewed monthly and those over 60 days old are added to the unclaimed property log to attempt phone contact. These calls are documented.
When the outstanding checks are within one year away from the reporting period, the College sends letters to the recipient’s with unclaimed property over the current state limit of $250.00.
As of March 1 of each year, it is determined which unclaimed property will need to be reported to the State of Texas. The determination is based on:
- The property has remained unclaimed for at least three years (one year if wages).
- The owner has not communicated, in writing or otherwise, regarding the property during the abandonment period.
The filing due date is July 1st of each year. As part of this filing, the unclaimed funds are remitted to the State Comptroller and removed from the Colleges accounting records.
Approved: October 2, 2015