All businesses that operate in the State of Ohio or hold funds due to Ohio residents are required to file an Annual Report of Unclaimed Funds. The reporting deadline is November 1st. What classifies as an “Unclaimed Fund”? Unclaimed funds are all intangible property, which is unclaimed by its owner(s) for a specific period of time, such as savings accounts, checking accounts, unclaimed wages, dividends, credit balances and many other types of outstanding checks and balances payable. Even if you have nothing to report, a “Negative” or zero report is required to be filed each year. The penalty for failing to report unclaimed funds (or underreporting) include civil penalties of $200.00/day and/or a criminal penalty of up to $500.00/day. The company may also have to pay interest at a rate up to 2% per month on the balance of unclaimed funds due.
For more information and forms, please visit the Ohio Division of Unclaimed Funds website at www.com.ohio.gov/unfd/
~Lori Davis, CPP