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Where do I find unclaimed property? It is rare for any
organization NOT to have unclaimed property because unclaimed property results
from normal business operations. The following are some general areas where
unclaimed property may be found:
- Stale outstanding checks - checks written represent an attempt to
pay a valid obligation. If a check does not clear the bank, the underlying
liability is unclaimed property if it cannot be restored to the payee.
- Liabilities written off to an income or other account - if valid
obligations have been written off to an income or expense account in the
past, they must be reinstated and reported as unclaimed property.
- Other stale liabilities in the general ledger - these are recorded
obligations for which no check was issued. Examples are customer deposits or
overpayments, account's receivable overpayments, unidentified receipts or
dividends payable.
- Securities and related property held by agents - many shareholders
fail to cash dividend checks. Also, there are unexchanged/undelivered shares
that occur from splits and mergers.
What must happen before I report the unclaimed property to the Division of
Unclaimed Property?
If the owner is due $50 or more, an attempt to locate the owner, known as due
diligence, must be performed before remitting the property. A letter detailing
the amount due the owner and requesting a positive confirmation from the owner
should be sent to the owners last known address or new address if one is
available. Other reasonable means of contact can be used in place of the letter.
Are there minimum amounts that don't need to be reported? No. The
State of Missouri, Division of Unclaimed Property does not have the authority to
establish any minimal amounts. There is nothing too small that does not require
reporting. However, amounts due an owner that total less than $50 for the owner
may be reported in aggregate. That is, the amounts due owners that are less than
$50 may be summed and reported as one aggregate for that property type. Since
our goal is to return the property to the rightful owner, if detail is
available, we encourage you to report it. Owner detail should be retained by the
holder for at least 5 years after the dormancy period.
Who must report abandoned property? Any entity doing business in
the State of Missouri or doing business with individuals in the State of
Missouri. This includes, but is not limited to, banks, credit unions, utility
companies, wholesalers, retailers, manufactures, governmental entities,
insurance companies, public corporations, public authorities, and estates &
trusts.
What are the dormancy periods for unclaimed property? 5 years -
all types of property except:
- State Agencies, Political Subdivisions, Government Entities - 3 years
- Court bonds - 1 year
- Dissolution or liquidation of business - 2 years
- Money orders - 7 years
- Travelers checks - 15 years
- Demutualization, Rehabilitation, Reorganizations of insurance companies -
2 years
How long should records relating to unclaimed property be kept? As
per Chapter 447.539.9, records containing owner level detail should be kept for
a period of not less than five years subsequent to reporting the property to the
state. For property with a seven year dormancy period, detail records should be
kept at least 12 years.
What if I don't have detail records documenting whom the property belongs
to? When owner level detail is not available for the unclaimed property,
report the amounts as owner unknown.
What if I don't have records documenting abandoned property? If
records have not been kept relating to unclaimed property then the abandoned
property amount to report must be estimated using Generally Accepted Accounting
Principles. Please contact our office for assistance on calculating the
abandoned property amount when records do not exist.
When do I report the abandoned property? Reporting dates are:
November 1, using a June 30 cut off - all holders except Life Insurance
Companies
May 1, using a December 31 cut off - LIFE INSURANCE ONLY
How do I submit security transfers?
1. Fax pre-notification of electronic transfers of securities to our custodian
at:
Central Bank Investments
ATTN: Ginni Weavers
Fax #: (573) 634-1359
(Include: Issue Name, Number of shares, Date of Transfer, Contact Name, Contact
Phone Number)
2. For transfer details please send e-mail to: Security
Transfers
3. Register Physical Securities as follows:
Office of the Missouri State Treasurer
Unclaimed Property Division
PO Box 1272
Jefferson City, MO 65102-1272
FEIN: 43-1645862
How can I get an Unclaimed Property Report Form? To obtain a
Missouri Unclaimed Property Report Form, download the text version below or
contact the Division of Unclaimed Property at P.O. Box 1272, Jefferson City,
Missouri 65102-1272 or via Email.
If you've previously reported unclaimed property to Missouri, you may already be
on the annual mailing list. Those on the mailing list will automatically receive
reminder postcard in the early fall. Insurance companies on the list will
receive their postcards in the early spring.
Alternatively, holders may choose to design their own report containing all
of the required information (subject to Division approval), or they may choose
to report via diskette. Holders can download Missouri's Holder Reporting System
program (HRS) or obtain the nationally accepted NAUPA format from the Wagers
& Associates Incorporated web site at www.wagers.net
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Rich Text Format
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Unclaimed
Property Report Form
NOTE: The rich text format version of the report may not open correctly if you have Quick View Plus installed. |
***PLEASE NOTE THAT PAGE 7, SECTION B OF THIS FILE REQUIRES LEGAL SIZE
PAPER.
Where should I go if I would like to learn more about Unclaimed Property
Statutes and Laws? www.moga.state.mo.us/STATUTES/C447.htm
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