COMPTROLLER'S SEAL STATE OF CONNECTICUT

STATE OF CONNECTICUT

NANCY WYMAN
COMPTROLLER
OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775
MARK OJAKIAN
DEPUTY COMPTROLLER

MEMORANDUM NO. 2008-09

April 4, 2008

TO THE HEADS OF ALL STATE AGENCIES

Attention:    Chief Administrative and Fiscal Officers, and Business Managers
Subject:    Revised Procedure Affecting Trustee Accounts

I. PURPOSE

To notify agencies of a change to an existing accounting procedure in the Accounting Procedures Manual for Activity and Welfare Funds.

II. AUTHORITY

Sections 4-52 through 4-56 of the Connecticut General Statutes.

III. GENERAL INFORMATION

The change to the Accounting Procedures Manual for Activity and Welfare Funds is to section IV.D.5 "Outstanding Checks." Under the previous procedure, if a check was still outstanding after six months, a reverse entry was made to the checking account, and the funds accounted for under "unclaimed funds" for three years. Funds that remained unclaimed after three years were reversed back into the original account.

Under the new procedure, agencies must report unclaimed funds to the Office of the State Treasurer, Unclaimed Property Division when the funds have remained unclaimed for three years after the date of issue of the check. This procedure is applicable to all trustee accounts. The new procedure is effective for checks issued on or after January 1, 2008.

Agencies must transfer the unclaimed assets to the Office of the State Treasurer as unclaimed property. Instructions and forms for entities to file unclaimed property are available on the Unclaimed Property Division's website, www.state.ct.us/ott/aboutucp.htm. Information about due diligence letters can be found on this website. Assets must be reported by March 31 of the calendar year following the calendar year in which the property is presumed abandoned.

IV. QUESTIONS

Questions regarding this memorandum may be directed to the Fiscal Policy Division of the Office of the State Comptroller at (860) 702-3440.

Questions regarding the reporting process for unclaimed property may be submitted to the Office of the State Treasurer at marge.supple@ct.gov.

NANCY WYMAN
STATE COMPTROLLER

NW:CH

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