Unclaimed Property - 271-0130-16

Description of Agency

Unclaimed property is property in an entity’s custody that belongs to someone else and has gone unclaimed beyond the dormancy period (three years for most property). Every business or government agency holding unclaimed property belonging to someone whose last known address is in Michigan must report this property. Michigan’s Unclaimed Property Program is administered by the Department of Treasury and it serves as the State’s central depository for abandoned and unclaimed property. The State Treasurer acts as custodian of the property on behalf of the owner and never takes ownership of it. Unclaimed Property contracts for audits of holders to ensure that they are forwarding their unclaimed property to the State. These contractors provide monthly status reports to Treasury on audits in progress. To claim this property, the claimant must provide Treasury with proof of ownership. During the claim process, Treasury utilizes available information provided (such as social security numbers, last-known address, property descriptions, and account or check numbers) to verify ownership.

Audit Objectives

    1. To assess the sufficiency of Unclaimed Property’s efforts to validate the accuracy of information received.

    2. To assess the sufficiency of Unclaimed Property’s efforts to monitor contractors that provide auditing and financial services.


Timing

Estimated Release Date: April 2017


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