Is a college Lost & Found office responsible for materials turned in to them that are then "stolen" or misplaced?

First of all this answer does not create an attorney/client relationship.  I am a S.C. board certified internist and attorney.  This is a type of bailment called a gratituous bailment as the college did not benefit in any way from operating a lost and found.  The duty of care is lower in a gratitous bailment than in a baliment by contract where the duty of care is of a higher standard as the bailor and the bailee have been mutually benefitted from the contract.  In your case this there was no contract as you lost something, making the bailment a gratitous type of bailment.  If the college can show it used ordinary care in handling what was turned in you are out of luck.  The burden is on you to show that ordinary care of a reasonable person was not taken by the college leading to your property being stolen or misplaced.  If you can prove that, go for it.  If not, my advice would be to drop the matter.  If you had entrusted your watch, for example, to a jewler to be repaired, then the burden on you would be less, as there would have been a contract; and if the jewler did not take security measures to protect its premises, and your watch were stolen then you would have a much better case as that is a non-gratitous bailment.  I hope I have explained this in a manner in which you understand. Regards, Michael G. Sribnick, M.D., J.D. Attorney at Law Owner of Michael G. Sribnick, M.D., J.D., LLC www.michaelsribnicklaw.com