Unclaimed Property History of Missouris Unclaimed Property Law

Unclaimed Property History of Missouris Unclaimed Property Law

Unclaimed Property History of Missouris Unclaimed Property Law 48th State to pass the law House Bill 1088 1984 original legislation House Bill 566 1993 - Moved to Treasurers Office House Bill 1510 July 2, 1998 Abandonment

period changed from 7 years to 5 years Senate Bill 1248 2002 Merged Escheat fund into Abandoned Fund What Is Unclaimed Property?

MONEY Financial Instruments Financial Obligations Safe Deposit Boxes are the only tangible items covered by the statutes. Why Report Abandoned Property? Its the Law

Primary Purpose is to Protect an Owners Assets Held in perpetuity for claimants by the State of Missouri Claiming Property Governmental Entities Search our online database at www.showmemoney.com

Register names using our online email notification system at www.showmemoney.com Check all names and derivatives of names commonly used by your entity. Claiming Property Public Relations Issue Does not look good if the media states that your

district is not cashing its checks. Claiming Property Personal Search names for yourself, family, friends neighbors at www.showmemoney.com Register names using our online email notification system at www.showmemoney.com

Forward located accounts via email to people that you find accounts for using our unclaimed property notification function. Unclaimed Property Overview: Returned a record 120,632 accounts totaling $36.3 million in FY11. Largest amount returned was $6.1 million to one individual.

Over $85 million was reported in FY12. Currently hold over $700 million in unclaimed assets in more than 4.5 million owner accounts. The average return is $300. 1 in 10 Missourians has Unclaimed Property. Major Reporting Requirements of the Law Identify Unclaimed Property

Perform Due Diligence prior to reporting the property Report and Remit Unclaimed Property Where to find Unclaimed Property Outstanding check listings Dormant account listings Unidentified remittances

Abandonment Rules All intangible property that is held, issued or owing in the ordinary course of a holders business that has remained unclaimed by the owner for more than 5 years after it becomes payable or distributable is presumed abandoned. (3 years for governmental entities)

Dormancy Periods 5 years most all intangible property 3 years state agencies, political subdivision, local government entities 7 years - money orders 15 years - travelers checks 1 year - court bonds 2 years - dissolution of business

Cross Referencing Accounts Accounts are only reportable if the account has no activity and has lost contact. Cross Reference Accounts. For Example: If a payroll check has gone uncashed check to see if the payee is still employed or is receiving retirement benefits. Use that address to reestablish contact.

Due Diligence - What is it? An attempt to locate the rightful owner of the property prior to reporting the property to the state Due Diligence - What is required? Mailing a letter to the last known address for property with a value over $50 Notice sent first class mail within twelve

months prior to reporting Envelope must be marked Return Service Requested Due Diligence Requirements (continued) Efforts must be reasonable and necessary diligence as is consistent with good business practice, allow time for owner to respond Notices and letters sent in the ordinary course

of business, first class and Return Service Requested regarding unclaimed property satisfy the requirements Reporting Unclaimed Property Where do you send the report? State of rightful owners last known address If no address exists on record, State of Holders Corporate Domicile

Reciprocity reporting Reporting Dates School Districts Report due November 1, using a June 30 cut off Dos and Don'ts of Reporting Unclaimed Property Include Owner Detail

Names and last known address of owners Identifying information social security number date of birth account number Amounts due owner New in 2012 Online holder data entry

function Methods to Verify the owner is Lost Customer service telephone calls Review telephone directories for address information Perform inquiries via credit rating services and the internet

ITEMS TO DOUBLE CHECK Be as complete as possible when filling out the report form Make sure report is complete Perform Due Diligence Ensure report format matches states requirements Report & Remit by the report due date

Missouris Unclaimed Property Holder Report Available via the internet in both forms: www.showmemoney.com Manual New in 2012 Online holder data entry function Electronic Reporting is requested if reporting over 50 owners

Electronic Reporting is required if granted a filing extension Unclaimed Property Holder Input System: Registration Page Adding New Report

Adding Properties to a Report Adding Owner Information Submitting Report Finalizing Report

NAUPA National Association of Unclaimed Property Administrators Promote the exchange of property and information between states Promote a better overall understanding of Unclaimed Property web site - www.unclaimed.org

CONTACT INFORMATION Missouri State Treasurer Clint Zweifel Division of Unclaimed Property Post Office Box 1272 Jefferson City, MO 65102-1272 Site: www.showmemoney.com Email: [email protected] UNCLAIMED


Buildings names PTO names Booster names How are checks written to you? School Districts Unclaimed Property

Consider all your accounts: General Operating/Accounts Payable Payroll Bond issue accounts Flexible Spending Accounts checks written by Provider Self-Insured Insurance Accounts checks written by Provider

Avoiding Unclaimed Property Review your outstanding check lists frequently Quarterly Annually as part of YE Procedures Allows you to reissue checks which eliminates

reporting Avoiding Unclaimed Property Other Benefits: No outstanding payroll-related checks

403b/457 checks Garnishment checks Retirement Taxes Easier to contact vendor Have physical paperwork

Avoiding Unclaimed Property Other Benefits Maybe not really unclaimed property item/service was cancelled and vendor told teacher they would not cash the check. Unclaimed Property Tips

Do NOT re-use vendor numbers! Consider checks without addresses Athletic Officials Presenters Unclaimed Property Resources

Sources to find contact information Former Employees Human Resources Separate database from vendor file Retired Educators Association PSRS/PEERS

Paying for insurance Building that originated the check What to Expect How much is the check? What was the check for? When was the check issued? Why didnt you contact me before?

Its your fault I didnt cash my check. Same names occur. You will also hear . . .

That is when I moved I divorced I had a death in the family My daughter was married Some other life event What Information to

Include? Your contact name, phone number & address I received a letter without a return address

Check Number Date of Check Amount of the Check

Invoice Number What Information to Include?

Options to: Reissue Check Donate the Check Amount Change Address or Last Name Documentation required if name change or death

PROVIDE DUE DATE Timing November 1- the deadline to submit to the

State Send letters in August Sept / Oct to reissue checks

Oct to enter unclaimed property holders in the States system and submit by Nov. 1 QUESTIONS?

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