Two checks written by my church in 2015 have not been cashed and are assumed lost. Since I can't track down the payees, I want to remove these checks from our records so they no longer show up as uncleared. Any suggestions for how best to do this?
If the payees do not cash them, you must turn the check amounts over to the state as "unclaimed property" after the passage of a certain amount of time. If you don't, you will be guilty of breaking "escheatment" rules. These rules vary from state to state. Here is a website that provides the rules in all 50 states: bizfilings.com/toolkit/sbg/finance/basic-accounting/unclaimed-property.
—Frank Sommerville, CPA, attorney, and editorial advisor for Church Finance Today
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