Kansas says NCAA must send state $1.8M
Kansas says NCAA must send state $1.8MPublished August 7, 2000
The NCAA may be forced to send the state of Kansas more than $1.8 million, mostly in unclaimed Final Four ticket deposits, left over from when the organization was headquartered in Overland Park, Kan.
Under Kansas law, businesses are required to give unclaimed property to the state until the owners can be found.
"We knew that they must have had some unclaimed property," said Kevin Yowell, a spokesman for the state treasurer. "Most businesses do. So we sent letters in 1997, 1998 and again last year requesting that these funds be returned, but we never got an answer."
The treasurer sent auditors to the NCAA in January to find out how much money was owed. The NCAA moved to Indianapolis in 1999.
According to the auditors' report, the NCAA had about $1.1 million in unclaimed property between 1985 and 1995. Nearly all the money came from Final Four ticket deposits that could not be returned because of invalid addresses.
Late last month, the state treasurer sent a letter to the NCAA requesting that more than $1.8 million be turned over to the state. That figure included about $700,000 in interest and penalty charges.
"It was an oversight," said NCAA spokesman Wally Renfro. NCAA officials plan to return the money but say the total figure should be less than $475,000.
The NCAA says the difference in dollar figures will have to be ironed out before any money changes hands.
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