City College of San Francisco could net $1.1 million in unclaimed credits if former students don’t step forward by June 25 to claim their money.
While cash-strapped community college officials would be happy to keep the money to help plug their own budget gap, they are required by law to seek out the nearly 16,000 former students who never collected reimbursements for dropped classes and other cash left in their school accounts.
Some of the accounts date back to 1999, and many of the students have likely moved multiple times. So the college placed an advertisement in The San Francisco Examiner on Monday, and it is keeping phone lines open.
“It’s just required cleanup,” said Peter Goldstein, vice chancellor of finance and administration. “I think we’ve been a little behind.”
If the students, a few of whom are owed more than $2,000, don’t come forward by June 25, the money will revert to the college on June 30.
“The money will go right into supporting instruction at City College,” Goldstein said.
The state cut more than $17 million from City College’s $190 million budget this year, and college officials expect to lose even more next year due to the dire financial situation at the state level.
While more than $1 million is significant, Goldstein cautioned that the cash would not exactly be a windfall. Each year, he said, the college has to write off as much as $500,000 when students fail to pay their tuition.
“It goes both ways,” he said.