Category: holder education

Lost + Found: Records in New York and Missouri, Oregon Holder Seminar

New York Sets Unclaimed Property Reunification Record . . .  — According to an article in the Auburn Citizen, the New York State Office of Unclaimed Funds returned a record $347 million in unclaimed property during fiscal year 2012-13.  Lest anyone think that the job at OUF is complete, the same article notes that New York still has $12.5 billion in funds waiting to be claimed.

. . . As Does Missouri (Again) — Missouri State Treasurer (and Escheatable guest) Clint Zweifel recently announced that his office also broke the state reunification record by returning more than $39 million in the past year.  The record wasn’t very old – it was broken by the State Treasury last year.

Oregon Holding Holder Education Seminars — All summer, the Oregon Department of State Lands will be hosting holder education seminars for reporters of unclaimed property.  According to the DSL’s website, the half-day seminars will include an overview of the law, determining when and how to report unclaimed property, how to conduct due diligence, and more.  A complete schedule of events is available at the DSL’s website.

Upcoming UPPO Events: Holders’ Seminar and (Non-Delaware) VDA Seminar

The Unclaimed Property Professionals’ Organization, the premiere trade group for holders of unclaimed property is holding its next Holders’ Seminar on August 14-15 in Chicago, Illinois.  The Holders’ Seminar features a wealth of information on unclaimed property topics, and features both “beginner” and “intermediate” educational tracks.  More information can be found on the UPPO website, here.

For those of you who can’t make the trip to Chicago, on July 25th, UPPO is hosting a webinar on “VDAs: Everything but Delaware.”  Although the “First-Staters” out there may be loathe to admit it, there are other states out there.  (Really, they have flags and state birds, and everything).  For those of you with questions about voluntary disclosure and amnesty arrangements in places other than Delaware, UPPO has you covered.  Registration information can be found here

Wisconsin State Treasury Taking Steps to Increase "Unclaimed Property Awareness"

According to a post on the blog of Wisconsin State Treasurer Kurt Schuller, the Treasury is undertaking various efforts to get Badger State holders “on board the compliance train.”  In particular, the Unclaimed Property Unit has published the 2011 Holder Reporting Guide and has sent postcards to over 13,000 Wisconsin businesses.

Later this year, the Unclaimed Property Unit plans to post a variety of educational videos, and to host compliance webinars.  For more information or to express interest in these offerings, check out the Treasurer’s blog or the Unclaimed Property Unit’s homepage.

West Virginia Treasurer to Offer Holder Workshop

West Virginia’s (and many other states’) unclaimed property reporting and remittance date is upcoming on October 31st.  If any unclaimed property holders have reporting questions, the West Virginia Treasury Department has answers.  In particular, the Treasurer’s Office is hosting an Unclaimed Property Holder Workshop on October 12 in South Charleston, West Virginia. 

Have your last-minute questions answered.  Details for the workshop can be found on the Treasury’s website.

Washington State Offers Holder Workshops

Throughout the year, the Washington Department of Revenue offers a variety of educational workshops for holders of unclaimed property.  The workshops are designed to increase holder awareness of unclaimed property requirements in an effort to make the process easier for holders (and to make sure that the state gets to take custody of all the money to which its entitled).  Currently, the state has announced plans to offer three separate workshops (descriptions taken verbatim from DoR website):

Unclaimed Property Basics 101

This free workshop provides reporting basics for accounting employees new to unclaimed property or anyone who would like to refresh their knowledge of this specialized area. Topics include:

    • History of unclaimed property
    • Purpose and benefits of the Act
    • Common property types
    • Dormancy periods
    • Due diligence requirements and tips
    • Preparing your report – when, where, and how
    • Common reporting and remitting errors
    • Electronic reporting
    • Developing an effective unclaimed property accounting system

Unclaimed Property for Financial Institutions
This free workshop covers subjects of interest to the banking community such as:

  • Property types and issues unique to financial institutions
  • Aging and controlling inactive customer accounts
  • Inactivity charges and ceasing interest
  • Time Certificates, IRAs, Keoghs and Special Designation Accounts
  • Positive owner contact and notifying owners of account changes
  • Abandoned safe deposit boxes
  • Audit process

…and, just to show that the state wants all holders to be report and remit appropriately…

Unclaimed Property for Government Agencies
This free workshop covers subjects unique to government agencies. State, county, city, and quasi-municipal organizations are encouraged to attend. Topics include:

  • Property types and issues unique to government agencies
  • What to report and what to remit
  • Exemptions from reporting
  • Unredeemed bonds and interest payments
  • Gift certificates and safe keeping items
  • Records retention and liability for “reported only” property
  • Customer credits
  • Unidentified receipts
  • Audit Process

As the descriptions indicate, these workshops are offered free of charge to the holder community.  Information regarding the dates, times and locations of these seminars can be found at the Department of Revenue website.

Pennsylvania Unclaimed Property Webinar on Thursday

As part of its holder education efforts, the Pennsylvania Bureau of Unclaimed Property is hosting a one-hour webinar this Thursday, October 7th at 2:00 pm.  The event, hosted by the Philadelphia Legal Intelligencer, is titled “Unclaimed Property Compliance: Managing Your Risk & Responsibility”, and is recommended for attorney, accountants, CFOs, holders compliance professionals, and, of course, those responsible for unclaimed property reporting.

Also, as a reminder, Pennsylvania is offering an amnesty program until October 31 for holders that missed the April 15 reporting deadline, or those who have never reported unclaimed property at all.  Additional information can be found at the website of the Pennsylvania Treasury Bureau of Unclaimed Property.