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Town of Los Altos Hills – Administrative Services Department Unclaimed and Uncashed Check Policy & Procedures 26379 Fremont Road Los Altos Hills, CA 94022 I.PURPOSE The purpose of the unclaimed and uncashed check policy is to establish the process for disposition by the accounting department of unclaimed and uncashed checks. As a matter of policy, the Town attempts to contact payees of unclaimed and uncashed checks in order to promote good internal control standards. II.DEFINITIONS A.Outstanding Check: Any check that has not cleared the bank, been canceled, or written off. Outstanding checks include both uncashed and unclaimed checks. B.Uncashed Check: A check mailed or delivered to the payee that has not been cashed. C.Unclaimed Check: A check held by Town for issuance or delivery to the payee, including checks mailed to a payee that were returned to the Town. D.Unclaimed Funds: Money or funds disbursed that remain in the City Treasury or in the official custody of City officers for three (3) years or more without a claim being filed by the legal owner(s). Common sources include accounts payable, payroll, vendor payments, customer refunds. III. POLICY It is the policy of the Town of Los Altos Hills to properly account for unclaimed funds in a manner which follows Government Code Sections 50050 through 50056. Unclaimed funds, excluding restitution to victims, that remain unclaimed for at least three (3) years will become the property of the Town of Los Altos Hills after the procedures identified herein have been followed. The Town is required to comply with the requirements of the unclaimed property laws and regulations. Those duties vested by Government Code Sections 50050 through 50056 in the Town Treasurer are hereby transferred to the Town Finance Director or other designee as stated in this policy. This policy outlines the procedures to be followed regarding outstanding checks. Resolution 31-20 Page 2