Unclaimed Property Holder Reporting
Now is the time to begin reviewing your accounts receivables for reporting unclaimed property. We have put together a simplified guide to help as you begin the process.

Click here for a Reporting Checklist; and for detailed information on reporting Unclaimed Property please visit Virginia Treasury’s Unclaimed Property Program page at  https://www.vamoneysearch.org/Report .
Analyze your books & records for unclaimed property as defined by the state & dormancy period.
Payroll checks should be reported after one year.
Checks issued 07/01/18 – 06/30/19

Patient account balances (for non-active accounts) and uncashed refund checks should be reported after five years.
Checks/Account Balances issued 07/01/14 – 06/30/15
 Step 2: 
Attempt to locate the owners by sending a due diligence notice.
Notice must be sent no more than 120 days or less than 60 days prior to the 11/01 reporting deadline.

Notices for amounts under $100 are not required.
Prepare your report.
All amounts must be remitted to the state.

AGGREGATE: Items under $100 may be reported as one figure by stating the total number of items and amount being remitted (example: 20 items less than $100 each totaling – $1,600.00). Should you report in this manner, you will be required to provide verification of the report year and amount remitted when the owner makes a claim. You are encouraged to attach a detailed listing of owners that make up the aggregate amount. PLEASE PLACE AN AGGREGATE DETAIL LIST AT THE END OF THE REPORT!

If known, have the following information available when reporting: Owners full name, last known address, social security number (SSN) or federal tax identification number (FEIN), date of last activity on account.

Reporting less than 25 properties? Complete forms AP-1 and AP-2.

Reporting 25 or more properties? Visit the following website for free software: https://www.vamoneysearch.org/Report/Reporting-Process/preparation/Morethan25 .
Submit payment.
Complete Form AP-1 and submit with payment to:

Division of Unclaimed Property
P O Box 2478
Richmond, VA 23218-2478
Negative Reports are not required!
If you have no unclaimed funds to report, you are not required to file.
We are here to help!
Our office will conduct a review of your records for any checks marked “Void” in our system. If we identify any applicable voids, the list will be sent to you no later than July 10th to compare to your records. Be sure to confirm these were not reissued or credited to the patient’s account.

We are happy to assist you in meeting your filing requirements. 
If you would like CUAK to assist with filing your Unclaimed Property Report, please complete and return the questionnaire to smartin@cu-cpa.com before October 1, 2020.