The News Herald (Willoughby, OH)
Unclaimed funds: A treasure may be awaiting you
The Ohio Treasury wants Ohioans to recover money that is rightfully theirs. Every year 200,000 Ohioans lose track of their funds. They either put money in financial institutions and forget about it, or simply cannot track it in their records. This could be a deposit with a utility, or unclaimed insurance proceeds. Whatever the case the State of Ohio may have money waiting for you to claim.
The Ohio Department of Commerce, Division of Unclaimed Funds exists to protect money lost by Ohioans in various financial institutions, find the people the money belongs to, and then return it as quickly as possible. More than $1 billion currently is in the custody of the Division of Unclaimed Funds. The Ohio Treasury makes Ohioans aware of the Division of Unclaimed Funds, so that they get back money rightfully theirs.
A good place to start your search is at com.ohio. gov/unfd/. If you identify an item you believe is yours, you then initiate the claim process by filling out a claim form that is on the website and mailing it to the Ohio Division of Unclaimed Funds, 77 S. High Street 20th Floor, Columbus, OH 43215-6108. This is a lengthy process which may require 120 days. You may need to provide verification that the funds belong to you. Amounts over $1,000 must be notarized. If you are claiming the funds for a deceased owner, a copy of the death certificate must be provided.
If you are not the actual owner of the account the process of claiming becomes more involved. My grandmother has funds out on the site and I cannot claim them as I do not have the proper information. I have tried to get other family members, but I am not sure they have the proper death certificates, wills and other necessary documentation.
The State of Ohio receives these funds and the detail behind them through the annual filing requirement for all businesses. Businesses, financial institutions and other entities that maintain account balances, write checks or hold funds in escrow for another person or persons, must file an Annual Report of Unclaimed Funds even if they have no unclaimed funds to report. The annual report is due by November 1, for accounts dormant as of the preceding June 30, for all entities except life insurance companies. Annual reports from life insurance companies are due by May 1, for accounts dormant as of the preceding December 31.
Organizations are required to report the following information for accounts with identifiable owners and a balance greater than or equal to $50: full name and last known address of the owner, social security number if available, account number, amount, date of last transaction, nature of the funds and the owner’s relationship to the account. Provide the account number, amount and date of last transaction for accounts with a balance greater than $50 with an unknown name and address. Provide the owner’s name, account number, amount and date of last transaction for accounts with a balance greater than $50 with an unknown address. Applicable accounts less than $50 are reported as aggregate totals. Companies must maintain a list of the accounts and balances that make up the aggregate total in order to provide account verification if the owner makes a claim.
Unclaimed accounts should be closed out and listed with the state. A check for the total of all of a business’ unclaimed funds should be sent to the state. This allows the entity to remove the unclaimed funds from their books. Certificates for unclaimed stocks should be issued to the Ohio Division of Unclaimed Funds.
So, businesses need to make sure that they file this Unclaimed Funds Report by the November 1 deadline. Likewise, it would be wise for each of you to check out the unclaimed funds website to see if there may be a windfall waiting you!
Paul Pahoresky is a partner in the accounting firm of JLP CPAs, which was named to the FastTrack 50 for the second consecutive year as one of the fastest growing businesses in Lake and Geauga Counties. He can be reached at 440974-1040x14 or at paul@ jlpcpas.com. Consult your tax advisor for your specific situation for additional information and guidance on these topics.