Unclaimed Funds Policy

Vancouver Community College (VCC; the College) is a public funded institution that is committed to responsible financial management which includes delivering monetary funds to its rightful owner.

This policy and its related procedures set the guidelines for managing unclaimed property and replacements in a consistent, fair and transparent manner.

This policy applies to all students, employees and vendors of the College, and any other individuals/organizations associated with and/or working behalf of the College.

1. The College will make reasonable efforts to contact and return unclaimed funds to the rightful owner.


2. The College will maintain a listing of unclaimed funds reflecting the name, value and original date of issue.


3. All employees, students and vendors are responsible for updating their current information with the College including address and banking details.

Unclaimed Funds

Any payment in the form of a cheque or electronic funds issued by the College that remains uncashed or unpresented after six (6) months, including but not limited to wages, vendor payments, and student refunds.

Vendor

A seller that contributes goods or services.

Write-off

A cancellation from an account of a bad debt or worthless asset. For Unclaimed Funds, this is done after six (6) years.

• Financial Responsibility and Accountability (115)
• Procurement (130)
• Tuition and Fees (310)
• Tuition and Fee Refund (311)

• Unclaimed Property Act, SBC 1999, c 48


• CPA Canada Handbook