FREQUENTLY ASKED QUESTIONS FOR HOLDERS
Who must file an Annual Report of Unclaimed Funds?
All businesses that are located and/or operate in the State of Ohio, or hold funds due to Ohio residents, are required to file an Annual Report of Unclaimed Funds. The only entities exempt from reporting are political subdivisions of the State, and Internal Revenue Code 501(c)(3) tax exempt hospitals.
CPAs or Attorneys, who are in private practice, are required to file an Annual Report of Unclaimed Funds. CPAs and Attorneys, who are not in private practice, do not have to file separately from the firms for which they work.
What types of accounts can become reportable unclaimed funds and when do they become dormant?
Unclaimed funds are all intangible property, which is unclaimed by its owner(s) for a specific period of time, such as savings accounts, checking accounts, unclaimed wages, dividends, credit balances and many other types of outstanding checks and balances payable. A detailed list of accounts that are reportable as unclaimed funds, dormancy periods and Nature of Funds Code is available on page 28 in the Annual Report of Unclaimed Funds Forms, Instructions and Information (error in opening) booklet.
Are any types of accounts exempt from unclaimed funds reporting requirements?
Yes, there are three types of accounts that are exempt from the unclaimed funds reporting in Ohio. They are:
Payroll Checks less than $50.00, Gift Certificates redeemable for merchandise, and Business to Business Exemption.
The Business to Business Exemption
exempts amounts paid to or overpayments received from a company as the result of the receipt or issuance of an invoice.
See the Annual Report of Unclaimed Funds Forms, Instructions and Information booklet
for more information about accounts that are exempt from Ohio’s unclaimed funds reporting requirements.
What are Ohio's unclaimed funds reporting deadlines?
The State’s annual unclaimed funds reporting deadline for all companies, with the exception of Life Insurance companies, is November 1. The reporting deadline for Life Insurance companies is May 1.
Can my company get an extension if we need more time to file our unclaimed funds report?
Yes, companies can obtain up to an additional 120 days to file their unclaimed funds report by completing the Online Annual Report Extension
form. The extension of time is automatic upon filing and you will receive an email confirmation of the extension.
Is a negative report of unclaimed funds required?
If a diligent search has shown that the company is not holding any unclaimed funds or if all dormant accounts are eliminated as a result of the company’s research and due-diligence mailing of the OUF-8 Notice of Unclaimed Funds, they must file a Negative (NONE) Report. The Negative (NONE) Report may be filed either using the OUF-1 Annual Report of
Unclaimed Funds form or electronically through the Ohio Business Gateway
. See the Annual Unclaimed Funds Review Guidelines on pages 4-7 in the Annual Report of Unclaimed Funds Forms, Instructions and Information
booklet for more information about filing a Negative (NONE) Report. The negative reporting requirement is required by section 1301:10-3-03(B) of the Ohio Administrative Code.
Is there a minimum dollar amount to be remitted?
There is no minimum reportable dollar amount for unclaimed accounts, except for payroll checks less than $50.00 which are not reportable unclaimed funds.
What is Ohio’s aggregate reporting limit?
Companies that file electronically may submit the owner and account information for accounts with a balance of less than $50.00 which will be uploaded to the State’s master file of unclaimed funds.
If a paper report is filed with the State, applicable accounts with balances of less than $50.00 must be reported as an aggregate total.
Can unclaimed funds be reported early?
Section 169.11, of the Revised Code, allows for the early reporting of unclaimed funds. The company must comply with the due diligence mailing requirement and reporting requirements of section 169.03 O.R.C. See pages 4-7 in the Annual Report of Unclaimed Funds Forms, Instructions and Information
booklet for more information.
Can companies report unclaimed funds electronically?
Companies that would like to file their Annual Report of Unclaimed Funds electronically to report unclaimed funds have three (3) options.
The HRS Pro-Holder Reporting System is a user-friendly Windows based application that will run on a personal computer and requires the user to have administrative rights. The software is free for download from the Division’s website.
Th second option is the UPExchange which is a web application created by Eagle TM used for creating and submitting unclaimed property reports in the NAUPA II Electronic Reporting Standard. It’s accessible from anywhere, with any standard Web browser, and with no software to install or maintain. All Data is stored on UPExchange servers. The UPExchange hosting provider is certified as SAS70 Type 2 Compliant. This is the same level of security used for on-line banking. UPExchange uses VeriSign Extended Validation (EV) SSL Certificates which meet the highest standard of Internet security.
Once you have logged into the UPExchange website
, you can sign up for FREE webinars to learn more about the software. There are also self-running tutorials with audio that provide step-by-step instructions on how to use the UPExchange to file an unclaimed funds report.
Lastly, to accommodate companies with a mainframe system and those using a third party vendor to file their Annual Report of Unclaimed Funds, the State accepts reports submitted in NAUPA II Standard Electronic File Format. The State will accept electronic reports submitted in either of the above formats output to CD-Rom or uploaded through the Ohio Business Gateway
. (See the following question for additional information regarding unclaimed funds Internet reporting.)
Please see Electronic Reporting Options on page 1 in the Annual Report of Unclaimed Funds Forms, Instructions and Information
booklet for instructions for downloading the HRS Pro application
, HRS Pro User’s Manual
, HRS Pro How To Guide
or NAUPA II Standard File Format
Can companies file their Annual Report of Unclaimed Funds via the Internet?
The Division, in conjunction with the Ohio Business Gateway (OBG )
, offers companies the option to file their Annual Report of Unclaimed Funds on-line. If your company currently files reports with other State agencies through the OBG, you may use your existing Username and Password to login and file. First-time users will have to register their company with the OBG prior to filing. Companies may report unclaimed funds on-line through the OBG by uploading a NAUPA II Standard Electronic File
and paying the balance due to the State via Automated Clearing House (ACH) Debit Transfer. To report your company’s unclaimed funds on-line, or file a Negative (NONE) report, login to the OBG at www.business.ohio.gov
. On-line help & support, tutorials and telephone support are available from the OBG website.
Who do I make the check (certificate) out to?
The check for the remittance of unclaimed funds should be made payable to the Ohio Department of Commerce, Division of Unclaimed Funds.
Securities, other than those from safe deposit box contents, must be remitted in the name of the Ohio Department of Commerce, Division of Unclaimed Funds. Stock certificates from safe deposit boxes or other safekeeping repository are reportable as is.
What happens if a company does not report?
For failing to report unclaimed funds or underreporting unclaimed funds, the company may incur civil penalties of $200.00 per day and/or a criminal penalty of up to $500.00 a day. The company may also have to pay interest at a rate up to 2% per month on the balance of unclaimed funds due.