Most nonprofits, whether they know it or not, have the potential to generate unclaimed property and the associated obligations that come with it.
Unclaimed property is a dormant or unclaimed financial item that your business owes to another business or individual. A lot of times these include uncashed checks (including payroll), inactive savings accounts, life insurance proceeds, customer overpayments and even unused gift certificates. In short, these items must be given to the owner or turned over to the state. Unclaimed property can have some expensive consequences if not handled correctly, so it’s important to understand how property can qualify as unclaimed, and what steps your business may need to take to deal with it. Learn more about unclaimed property by reading the full article here.