Bush said in a radio interview on "The Dan Patrick Show" Wednesday morning that he personally sent the trophy to the Trust, which confirmed the news in the early afternoon to the DP show.
Tim Henning, a New York-based spokesman for the Trust, told ESPNLosAngeles.com via phone later on Wednesday that Bush returned the trophy "some time" ago.
"The Heisman Trust has it in their possession," Henning said.
In December 2005, USC received one copy of the trophy and Bush received one. When NCAA sanctions against the school were announced in June 2010, implicating Bush and his family, USC was asked to completely disassociate itself from the star running back.
The Trojans then returned their copy of the trophy in August, removed his jersey from the L.A. Memorial Coliseum and took out everything bearing his name from Heritage Hall. The next month, Bush announced he'd decided to "forfeit" his title of Heisman winner and indicated he'd be returning his trophy, but he ended up keeping it into 2012.
Bush was banned from campus as part of the NCAA penalties against him, but he said in the interview with Patrick that he has no desire to visit the USC campus and meet with the current football players and coaches.
"I haven't wanted to go back," Bush said. "I don't feel like that's an issue. Even if it was, I wouldn't go back."
USC coach Lane Kiffin said he spoke to Bush as recently as last week and would welcome Bush back if circumstances were different.
"Definitely," Kiffin said. "I don't think that anybody's ever questioned the way that Reggie worked, the way that he practiced, the way that he prepared. He was one of the best practice players that we've ever had. There's some similarities between him and Marqise Lee as far as their focus and their attention and their on-the-field actions."
USC athletic director Pat Haden has said Bush called him after the initial sanctions announcement to apologize for the problems he's caused for the Trojans.
Pedro Moura covers USC for ESPNLosAngeles.com