Fayetteville Policies and Procedures  319.1

Outstanding Checks

The original PDF version of this policy is linked from the revised date below.

University of Arkansas checks are issued by the Treasurer’s Office on the primary University of Arkansas bank accounts, which are reconciled monthly by the Financial Affairs Office.

Custodians of petty cash/imprest funds may also maintain bank accounts and issue checks, when approved by the Treasurer. Outstanding check lists are maintained for the primary checking accounts by the Financial Affairs Office. Petty cash/imprest fund custodians are responsible for maintaining outstanding check lists for their respective accounts.

Checks having the status of “outstanding” (not cleared by the bank or canceled, stopped, or voided by the University) remain on their respective outstanding lists until such time as they are removed under the following guidelines.

Primary University of Arkansas bank accounts:
The Financial Affairs Office conducts an aging review of the primary University of Arkansas bank accounts as often as necessary for compliance with unclaimed property regulations. Due diligence procedures as outlined by the State are followed for those checks falling under the unclaimed property guidelines. If an outstanding check for federal student aid is not received or negotiated, the funds are returned to the federal program. If no request for reissue or cancellation is made for all other checks, the checks are remitted to the State Auditor as unclaimed property.

Imprest/petty cash funds:
The Financial Management and Analysis Office conducts an aging review of the imprest and petty cash bank accounts as often as necessary for compliance with unclaimed property regulations. Due diligence procedures as outlined by the State are followed for those checks falling under the unclaimed property guidelines. If no request for reissue or cancellation is made, the checks are remitted to the State Auditor as unclaimed property.

Reformatted for Web April 3, 2014
Revised December 5, 2011
Revised January 3, 2008
Revised May 1, 2004
July 1, 2003