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.
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.