Thursday, December 18, 2014

Bit of a windfall for Pa. universities

State universities get $91,000 in unclaimed property returned; other state universities are also in line to get money if they seek it.

Bit of a windfall for Pa. universities

Pennsylvania’s state universities got a bit of a windfall - operative word is bit - through the state’s unclaimed property program over the last few years.

Since January 2009, the 14 universities including Cheyney and West Chester received a total $91,000 in money that they didn’t know they had until State Treasurer Rob McCord and his “Return Team” stepped in.

What’s more, other universities around the Commonwealth are in line to collect another $262,000 if they seek the money owed to them, the treasurer’s office said. Granted, it’s only a small slice of the $2.2 billion in unclaimed property that exists in Pennsylvania.

“Even if it is not a huge sum, it is money that belongs back in the budgets of these institutions,” McCord said in a press statement. “We have returned more than $91,000 to our state system universities since January 2009, but we want to return more. I urge higher education leaders to visit www.patreasury.gov to find out if we are holding any property for them.”

Here’s a list of the local colleges and the sums, however, tiny that they can collect.

Bryn Mawr College - under $100

Bucks County Community College Bookstore - under $100

Cabrini College - $600

Chestnut Hill College - $100

College of Osteopathic Medicine of Philadelphia - under $100

Community College of Philadelphia - $1,700

Delaware County Community College - $700

Delaware Valley College - $2,500

Gratz College - $8,000

Gwynedd Mercy College - $1,500

Harcum College - $500

Haverford College - $900

Jefferson Medical College - $6,000

Montgomery County Community College - $1,000

Moore College of Art & Design - under $100

Neumann University - $200

Rosemont College - $3,600

Swarthmore College - $8,000

Ursinus College - under $100

Valley Forge Christian College - under $100

Arcadia University - $1,200

Drexel University - $3,000

Eastern University - under $100

La Salle University - $1,000

Philadelphia University - $1,200

St. Joseph's University - $17,000

Temple University - $23,000

University of the Arts - $1,000

University of the Sciences - $8,000

Villanova University - $4,000

Widener University - $300

Of the 14 state universities that received money, Cheyney University, which faces a $14 million deficit, got the largest share — $42,829, according to the treasurer’s office. West Chester wasn’t far behind with $14,499. Nine other universities split the rest.

The most common types of unclaimed property, according to the treasurer’s office, are: money from abandoned bank accounts, certificates of deposit, forgotten stocks, uncashed checks and refunds/rebates. Checks often get mailed to incorrect addresses, and the money sits dormant for years, McCord’s office said.

For more information, call 1-800-222-2046, Monday through Friday, 7:30 a.m. to 4:30 p.m.

Susan Snyder
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CampusInq provides higher education news about colleges and universities throughout the Philadelphia region and beyond. Look here for breaking news stories, features and newsy nuggets that might or might not appear in the print version of the Inquirer.

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