Do you need to file unclaimed funds reports?

By: Chandra Reau, Staff Accountant

The answer is yes if you are a business owner in Ohio. The Department of Commerce requires a report each year even if you have no funds to submit.  Consider  and review the following when preparing to file a report:  

·         Are there checks a year or two old that were never cashed?

·         Is there a payroll check written to an employee or former employee $50 or more?

·         Do you have credit balances for customers?  Are any of these checks 3 years old or more?  You may need to review these.

·         Do you have expense checks or reimbursement checks that were never cashed?

Some exemptions exist – business to business checks or payroll checks less than $50.00 for example. The dormancy period varies depending on the nature of the funds.  If you think you have some checks that may qualify, there are procedures to follow to notify these individuals.  Review the filing instructions for unclaimed funds on the Department of Commerce website for details.  The FAQs and filing instructions will provide you with information to keep you and your business in compliance.

These reports are due on November first each year.  If Holbrook & Manter can assist in this process, please contact us now.