Unclaimed Property Reporting

Ohio Businesses are Required to File a Yearly Report

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

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


For detailed information on reporting Unclaimed Property, please visit the Ohio Department of Commerce unclaimed property page at https://com.ohio.gov/dvisions-and-programs/unclaimed-funds/report-funds.




Frequently Asked Questions

What types of property should I look for?

Checks you've issued, but never cashed by the recipient: Wages greater than $50, Patient Refunds and Patient account balances never used nor returned to the patient.


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.business.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.



The Reporting Process

Step 1: Review records to identify dormant accounts of $50 or more.


Review your accounts receivable report to identify patients with a credit on their account as of 06/30/23. 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).


Exemptions

  • Payroll checks less than $50.00
  • 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, nonrefunded overcharges, discounts, refunds, and rebates.

Step 2: Mail a Notice of Unclaimed Funds (Form OUF-8).


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.



Notices for amounts under $50 are not required.


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


Notice of Unclaimed Funds

Step 3: Compile information for report and submit with payment.


When reporting property valued at $50 or more, you should include the following information (if available): 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. 


Property valued at less than $50 may be reported in aggregate. Owner details are not reported; however, you should 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.


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.

Need assistance filing your report?

Complete and return the Questionnaire (linked below) by October 1, 2023.

Links to Additional Resources


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