September 30, 2014
The deadline to file your Ohio Annual Report of Unclaimed Funds is November 1st. You should have received a large post card from the Ohio Department of Commerce Division of Unclaimed Funds. If you received this post card you are on record and need to file.
If you have not already filed the return and require our assistance in the preparation of the Annual Report, please complete the Unclaimed Funds Questionnaire and return the document to our office by October 15th to allow ample time for processing. There will be a charge of $75.00 for the service.
Visit the Ohio website regarding the Unclaimed Funds reporting for a detailed description – www.com.ohio.gov/unfd
The following is a basic refresher course about the Ohio Unclaimed Funds Requirements:
Ohio Businesses that maintain account balances, write checks or hold funds in escrow for another person(s) must file an unclaimed funds report annually. Unclaimed funds are all intangible property that has remained unclaimed (dormant) by its owner for a specific period of time (one, three or five years). The intangible property may include unclaimed wages, credit balances, and any type of outstanding check.
Example: Payroll checks are dormant after one year. As of June 30, 2014, for the 2013 reporting year, uncashed payroll checks issued on or before June 30, 2013 would be dormant. Checks do not have to be in the possession of the company to be dormant. Dormant checks would include all outstanding checks that meet dormancy requirements as well as those returned to the company by the post office or not picked up by the employee.
Effective September 14, 2000, unclaimed funds resulting from any payment or credit due to a business association from a business association representing sums payable to suppliers or for services rendered and sums received by a business association from a business association for the sale of tangible goods or services performed became exempt from unclaimed funds reporting requirements. A business is not required to report unclaimed Vendor/Supplier checks for the 2005 reporting year.
Zero reports are required. If a diligent search has shown that the company is not holding any unclaimed funds, you must file a Negative (NONE) Report using the OUF-1 Unclaimed Funds Reporting Form. A penalty of $100.00 per day can be assessed for not filing a report. Additionally, civil and criminal penalties of up to $500.00 per day plus interest may be imposed.
If you have any questions, please call our Pickerington office at (614) 837-8291.