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.

For detailed information on Unclaimed Property please visit the Ohio Department of Commerce unclaimed property page at   https://www.com.ohio.gov/unfd/HolderInformation.aspx .
Step 1: 
Analyze your books & records to identify dormant accounts.
Review your accounts receivable report to identify any patients with a credit on their account as of 06/30/20. If they are not an active client or if treatment has not been scheduled then you should send them a Notice of Unclaimed Funds (see Step 2).
Step 2: 
Attempt to locate the owners by sending a Notice of Unclaimed Funds (Form OUF-8).
Allow a minimum of thirty (30) days for the owner or beneficiary to respond to the notice prior to reporting their funds as unclaimed

Notices for amounts under $50 are not required.
Step 3: 
Compile information for report and submit with payment.
Companies are required to report the following information for accounts with identifiable owners and a balance greater than or equal to $50.00: full name & 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. 

Applicable accounts less than $50.00 are reported as aggregate totals by Nature of Funds Code, no owner or address information is necessary. 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. A copy of the list of accounts can be included with the report.

The Division encourages companies with more than fifty (50) unclaimed accounts to file an electronic report on CD-ROM or DVD in NAUPA Standard Electronic File Format or by using the HRS Pro - Holder Reporting System that may be accessed below. This electronic file can then be uploaded via the Ohio Business Gateway.

To report by paper, complete the applicable forms contained in the Unclaimed Annual Report Booklet (link below).
Negative Reports are required!
OR FILE ONLINE THROUGH OHIO BUSINESS GATEWAY
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 30th 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.