Any property which is in the possession of any authorized agent of the System and which is not claimed within 1 year by the owner of the property or the owner’s authorized agent or representative must be disposed of by the System in the following manner:
1. Money may be forfeited to the System;
2. Personal property may be sold at public auction and the proceeds forfeited to the System; and
3. Any property not otherwise disposed of as provided in this section must be donated to a charitable institution.