Some parishes have received a notification from the Minnesota Department of Commerce regarding reporting unclaimed property. The notification informs the parish to self-report any unclaimed property to avoid an on-site audit.For a parish, what is Unclaimed Property? These are Accounts Payable or Payroll checks that were issued over a year ago, but not cashed by the Vendor or Employee.Typically, parishes will review their bank reconciliation report and identify those checks that have not cleared the bank periodically. Oftentimes, this periodic review will correspond with the bank’s check cashing policy (i.e. bank will not cash a check over 90 days old). The parish normally reaches out to the Vendor or Employee to see if the check has been lost, and will offer a replacement check if this is the case.However if the parish is unable to contact the vendor or employee who has not cashed the check, and there remains uncashed checks over a year old, go to the State of Minnesota Commerce Department for additional information and follow the steps to report this unclaimed property.If the parish does not have any uncashed vendor or employee checks over one year old, there is no annual reporting requirement.If the parish receives a notification from the Minnesota Department of Commerce, go to Unclaimed Property Self Audit no later than November 1st, even if the parish does not have any unclaimed property to report.
We also recommend that each parish search the Minnesota Unclaimed Property database to determine if the state is holding any unclaimed funds belonging to your parish. A recent search revealed that several parishes within the Archdiocese have unclaimed property listed. When conducting your search, use various iterations of your parish’s name, such as “St John the Baptist,” “Saint John the Baptist,” “St John,” or “Saint John,” to ensure a comprehensive search. Reclaiming these funds can provide additional resources for your parish’s ministries.
