Unclaimed Property - Outline for Reporting

Guidelines for Reporting Unclaimed Property

Begin your review process now to determine if you are holding reportable property.

Need a refresher? See below for FAQs & links to your state's program.

Step 1: Review records to identify unclaimed property.

Review your accounts receivable report to identify patients with a credit on their account as of 06/30/25. 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).

We can assist with identifying voided checks. Email Sarah at smartin@ka-cpa.com before

June 30th to request this special project (not included in monthly retainer).

Step 2: July - September 2025 - Send written notice to property owner.

Notice of Unclaimed Funds

Not required for amounts under $50.

You must provide a self‐addressed stamped envelope with the due diligence mailing.

Allow a minimum of thirty (30) days for the owner or beneficiary to respond to the notice prior to reporting their funds as unclaimed.

Contact from the owner of the funds discussing the account is sufficient to reset the dormancy period.

Business to Business (see Ohio Revised Code, Section 169.01) Any payment or credit due to a business association from a business association representing sums payable to suppliers, or payment for services rendered, in the course of business, including, but not limited to, checks or memoranda, overpayments, unidentified remittances, non-refunded overcharges, discounts, refunds, and rebates.

Step 3: By November 1, 2025 - Prepare & submit your report. Make payment.

There are multiple reporting options based on choice of payment method.

Click here for more information.

Companies with more than fifty (50) unclaimed accounts are encouraged to file an electronic report 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.

The following information is needed (if available): Owners full name, last known address, check numbers with amounts and dates, date of last activity or contact with owner, social security number (SSN) or federal tax identification number (FEIN).

Property valued at less than $50 may be reported in aggregate. For these, owner details are not reported; however, you should keep a detailed listing for your records.

Frequently Asked Questions

What is Unclaimed Property?

Unclaimed property consists of tangible and intangible property that has been abandoned

for one to five years and includes refunds, wages, bank accounts, utility deposits, insurance policy proceeds, and more.

Examples of property you'll need to report.

Checks you've issued but were never cashed by the recipient; for example: payroll or patient refunds. Also, patient account balances never used nor returned to the patient.

How long should unclaimed property be dormant before it is reported to the state?

That depends on which type of property it is. See Step 1 below for the dormancy periods for your 3 most common property types. For additional property types, please see "Dormancy Chart" link for more information.

What if I have nothing to report!?

You are required to file a zero on what is called a "Negative Report."

File online via the Ohio Business Gateway, www.gateway.ohio.gov.

What if I don't file?

You may be selected for an audit and could be assessed fines and/or penalties.

What if I have been in business over a year and have never filed?

The Ohio Department of Commerce, Division of Unclaimed Funds offers a Voluntary Compliance Agreement (VCA) for companies or holders of unclaimed property that was not reported in past reporting cycles and would like to become compliant with the Ohio Unclaimed Funds law. In exchange for voluntary compliance through an executed VCA, the Division will agree to forgo the right to assess penalties and interest outlined in the law.

For detailed information:

Visit the OH Department of Commerce website at https://com.ohio.gov/dvisions-and-programs/unclaimed-funds/report-funds.

Can Kaucher & Associates file on my behalf?

Complete and return the Questionnaire (linked below) by October 1, 2025.

Questionnaire