J, Di, N8, B3, C, B1, Gma, Gaarbacca : ), Mike
Legacy of Federal Control
3 years ago
Thursday, April 29, 2010
Tuesday, April 27, 2010
Escheatment
Escheatment is when property (money) is sent to the state for safekeeping, held in trust, because the original owners/claimants can't be found or checks go unclaimed.
One of our county departments couldn't get a city to take a $150 check (long story) starting in 1995. So after reviewing controls many times in this county department, we convinced them in 2006 they really had to escheat the money to the state.
We did another review yesterday. The check to the STATE never cleared.
So how do you escheat another check to the state because the money was never "claimed?" We've gotten a good laugh out of this one.
Note: we know the City's current finance manager, who changed jobs from the county, so we think the county department can work with her to finally take a check and clear the original transaction completely.
One of our county departments couldn't get a city to take a $150 check (long story) starting in 1995. So after reviewing controls many times in this county department, we convinced them in 2006 they really had to escheat the money to the state.
We did another review yesterday. The check to the STATE never cleared.
So how do you escheat another check to the state because the money was never "claimed?" We've gotten a good laugh out of this one.
Note: we know the City's current finance manager, who changed jobs from the county, so we think the county department can work with her to finally take a check and clear the original transaction completely.
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