Office of the Treasurer: Walker R. Stapleton

The Great Colorado Payback
General Reporting Information

THE UNCLAIMED PROPERTY ACT - CRS 38-13-101/134

WHAT IS UNCLAIMED PROPERTY?

Unclaimed property is tangible or intangible property that has had no activity for a specific period of time. Generally the dormancy period is five years. Unclaimed property is reportable in all 50 states and in some Canadian provinces.

Unclaimed property includes, but is not limited to:

  • savings accounts
  • checking accounts
  • uncashed checks/drafts
  • stocks/other securities
  • mutual funds
  • uncashed dividends
  • overpaid accounts
  • customer overpayments
  • traveler’s check

 

 

  • proceeds from insurance policies, endowments and annuities
  • safe deposit box contents
  • security and cash deposits
  • credit memos
  • gift certificates
  • lay-away accounts
  • credit balances

 

 

  • wages/payroll
  • oil and gas royalties and interest payments
  • unused airline tickets
  • money orders
  • moneys distributable from trusts
  • uncashed insurance claim payments, premium refunds and commissions
  • safekeeping items



WHO IS REQUIRED TO REPORT UNCLAIMED PROPERTY?

1. All types of companies including banks, financial institutions and business entities (legally referred to as business associations), except dog and horse racetracks (CRS 38-13-108.8);

2. Public institutions including courts, municipalities, governmental subdivisions/agencies, public corporations or authorities;

3. Non-profit entities, hospitals, utilities, estates, trusts, or any other legal or commercial entity.

4. You must review your records each year for outstanding unclaimed property. If you have no unclaimed property you need not file a report, however, you should update your address and contact changes regularly.

Please note: Most business do have unclaimed property.

Special Small Business Provision: A business association having fewer than $500,000 in annual gross receipts is not required to file a report annually until the aggregate value of the unclaimed property it is holding exceeds $3,500, or a single property of at least $250 becomes reportable. CRS 38-13-110 (4)(E)

IF THIS IS YOUR FIRST REPORT

Holders reporting for the first time should consult the Unclaimed Property Law, particularly Sections 38-13-103, 38-13-104, 38-13-112. If you have any questions please call this office at 303-866-6070, or 800-825-2111 for further instructions.

WHEN IS THE REPORT DUE?

The annual report and remittance due date is NOVEMBER 1. (Exception: Life Insurance Companies report and remit May 1).

DUE DILIGENCE

The Law requires businesses to try to locate the owner.

Not more than 120 days before filing the unclaimed property report, for property in the amount of $50.00 or more, the holder shall send written notice to the apparent owner’s last known address stating that property is being held and may be turned over to the State Treasury. Please refer to the law for specific requirements. CRS 38-13-110(5). This is referred to as DUE DILIGENCE.

WHAT HAPPENS IF YOU DON’T FILE ?

A person who fails to deliver property within the time prescribed by the Law, or who willfully fails to submit a report, (zero, or negative reports are not required), or perform other duties is subject to interest and/or penalties as set out in CRS 38-13-127.

FILING A REPORT

Good faith compliance requires you to review your records annually to identify any unclaimed property. Refer to the PROPERTY CODE/DESCRIPTION CODE list. If you determine, after thoroughly reviewing your records, that you have no unclaimed property a negative or zero report may still be filed, but is not required (CRS 38-13-110). However, filing a negative report, or simply sending an “information update” when you have a change of address or other important changes is a good idea. This update allows the Treasury to keep you informed of changes in the law and provide you with the latest annual reporting information.

If you do have property please continue reading through the reporting information.

RECORD RETENTION

Property owners may contact you to claim abandoned property. Good records will help you to establish if the owner has a legitimate claim, provide proof of prior payment, and provide a paper trail. We also may need to contact you to verify the ownership of property reported to us. You must retain copies of reports and supporting financial records for five (5) years after the property becomes reportable. Your records must indicate the date of last activity or contact with the owners of property, as well as the last known address, if available. (CRS 38-13-124)

WHAT REPORTING FORMS NEED TO BE FILED?

If you have NO unclaimed property to report:

If, upon reasonable review of your records, you determine in good faith that you have no unclaimed property to report, no report is required. However, address and/or contact changes should be updated regularly.

If you do have unclaimed property to report:

If you determine that you are holding unclaimed property, you must complete Form A & Form B (See instructions for completing Form A & Form B), or use NAUPA compliance software from a company such as Wagers & Associates, Inc.

Incomplete Reporting:

Please check your Forms A & B before mailing to ensure that all requested information has been provided.

Incomplete reports may be returned for additional information, and/or deemed non-compliant with the unclaimed property statutes.

* Paperless Reporting: First time Holder reports must include all of the information on Form A. Electronic Reports are accepted via disk or encrypted email. Please visit the Wagers.net web site for free reporting software.

WHAT PERIOD OF TIME DOES THE REPORT COVER?

Please report any property that has become dormant in the annual reporting period ending on June 30 of the current reporting year as well as any additional property that became dormant in an earlier period if not yet reported. For Life Insurance reports, the property would have become dormant in the period ending December 31 of the prior year. Please follow these examples if you are unsure about the dormancy period.

Types of
Business

Report
Due Date

Annual
Reporting
Period

What Property Should Be Reported
 
Example
Unpaid Wages (MS01)
Trust Property (TR01)
Vendor Checks (CK13)
Dormancy
Period
One Year
Three Years
Five Years
Life Insurance
5/1/2006
1/1/05 to 12/31/05
Transaction date or date of last activity
12/31/04 or earlier
12/31/02 or earlier
12/31/00 or earlier
All Others
11/1/2005
7/1/04 to 6/30/05
6/30/04 or
earlier

6/30/02 or
earlier

6/30/00 or
earlier

DO SMALL AMOUNTS OF UNCLAIMED PROPERTY NEED TO BE REPORTED?

All unclaimed property must be reported regardless of amount or value, with the exception of small businesses (see small business provision) CRS 38-13-110 (4)(E). For ease in reporting, unclaimed accounts or property valued at fewer than $25.00 may be reported by property type in the aggregate. Combine accounts fewer than $25.00 by property type and enter a single total. You may not take a deduction when reporting in the aggregate.

Example: If the company has 123 uncashed checks totaling $1,700.00, Form B would have the following entry:

4. Property Code
...
7. Owner
Name
...
9. Date of Last
Trans
10. Amount
Reported
...
12. Total Amount
Remitted
CK05
Aggregate
1/10/1999
$1700.00
$1700.00

Note: Submit with your report a list of the owners of the aggregated funds and the amount of each item. This list must include the owner’s name, address if known, and the amount due. The list must be maintained with your detailed records for 5 years (CRS 38-13-124). This information will be used for follow up when items are claimed by owners.

ALLOWABLE DEDUCTION

Except for aggregated amounts, you may, by law, voluntarily deduct and retain from each item remitted 2% of the value of the property you are remitting, or $25.00, whichever is less (L). For some types of property you may deduct and retain 2% or $25.00, whichever is more (M). Please refer to Property Code/Property Description & Dormancy Period Chart for eligible property types. The amount deducted from each item cannot exceed the amount due the owner. For instance, if the amount due the owner is $10.00, you cannot retain $25.00, the amount you would retain is $10.00.

Note: Holders may not retain the allowable deduction for properties associated with states other than Colorado.

Also note: Safe-Deposit/Safekeeping items are not eligible for deductions under this provision.

DO PROPERTIES FOR UNKNOWN OWNERS NEED TO BE REPORTED?

All unclaimed property should be reported whether or not the identity of the owner is known. If no owner name is available, enter “UNKNOWN” in column 7, the “Last Name” field on Form B.

REPORTING FOR AND IN OTHER STATES

If you are a business incorporated in Colorado, you can report to Colorado incidental amounts of unclaimed property owned by those with addresses in other states. The Colorado Unclaimed Property Division will forward the names and property of out-of-state owners to the appropriate states. Generally, Holders should report Unclaimed Property directly to Colorado when the last known address of the apparent owner is in Colorado.

Note: Holders may not retain the allowable deduction for properties associated with states other than Colorado.

Holders may report and remit unclaimed property having a last known address in Colorado to another state only if the amount of unclaimed property is “incidental”. Incidental in this case means five (5) or fewer items. The Holder must file an information report each year to notify this office of the amount of Colorado property and the state to which it is being reported. A copy of the page(s) of the unclaimed property report to the other state showing the details of Colorado owners and their property should be attached to the information report.

ARE THERE ANY SPECIAL CLASSES OF PROPERTY THAT NEED TO BE TREATED DIFFERENTLY?

Reporting and Delivery of Securities Property

When reporting securities, please remember that your report is not complete until you provide evidence of the property being transferred into the ownership of the state. The required evidence depends on the type of security and how it will be delivered to our custodian on behalf of the state.

Any holder that reports securities, but delivers cash from the liquidation of those securities shall be out of compliance with the Colorado Unclaimed Property Act, and the report rejected. Additionally, any changes to the original security must be reported so that the report reflects what will actually be delivered.

Reports must reflect exactly what will be delivered to the Treasury’s custodian.

Two days prior to delivery, you MUST email a list of intent to deliver to upch.custody@xerox.com. The list should include, cusip#, Security Name, Share Amount, Broker’s DTC # and if applicable account number at the fund for Mutual Fund Securities.


All DTC eligible shares MUST be deposited through DTC or DWAC (if not DTC participant) as follows:

Nominee Name:
Colorado & Co
FEIN# 33-1059621
DTC Participant # 0954
Agent Bank # 26017
Account # AUZF0176702

Register Book Entry Shares/ DRP/Direct Registration Shares (DRS) as follows:

Primary Address where statements/checks should be mailed:

Nominee Name:
Colorado & Co
FEIN# 33-1059621
Xerox Business Services LLC
100 Hancock Street 10th Floor
North Quincy MA, 02171

Secondary address for statements/copy of checks:
State of Colorado
Unclaimed Property Division
1580 Logan Street, Ste 850
Denver, CO, 80203

A confirmation statement showing Colorado & Co as the owner of the shares must accompany your Report of Unclaimed Property for your report to be considered complete.

Please note: Please reinvest dividends earned on DRP accounts.


Register and deliver Physical Certificates ONLY for non-DTC eligible shares as follows:

Certificates must be registered as shown below, the original certificate sent to our custodian at the address listed below and a photocopy of the certificate should be delivered with your report – DO NOT deliver the original certificate to the State of Colorado with your report.

Please be advised that certificates registered incorrectly will be returned to you for re-registration and your report will be considered incomplete.

Only one certificate must be delivered for each security position reported. Copies of the certificates or a list of the certificates including security name, cusip number, share amount and certificate number should be faxed to 617-722-9660 Attn. Loreta Pengo, 48 hours prior to delivery.

Nominee Name:
Colorado & Co
FEIN# 33-1059621
Attn. Mike Visone
Mellon Security Trust Company
One Wall Street 3rd floor Receive Window C
New York, NY 10271

Open End Mutual Fund accounts held for the state of Colorado should be registered in the name of MAC & Co as described below.

ACS will provide account numbers for all mutual funds that will be transferred to the state’s account. Please contact Mary Lao at 617-722-9656 to obtain account numbers 48 hours prior to attempting delivery.

If the fund chooses to establish new account numbers and register mutual funds as indicated below, please ensure to provide a detailed list 48 hours in advance to upch.custody@xerox.com. This list should contain cusip number, name of the fund, share amount and the account number at the fund.

When funds are registered to MAC & Co, please make sure that interested party statements are sent to:

Xerox Business Services LLC
100 Hancock Street, 10th Floor
Quincy, MA 02171
Attn Mutual Fund Operations

and also to State of Colorado, Unclaimed Property Division:

MAC & CO-Account AUZF0176702
State of Colorado
Mutual Fund Operation
Po box 3198
Pittsburgh, PA 15230-3198
Account # AUZF0176702
FEIN# 23-6019000

DISTRIBUTION OPTIONS

INCOME DIVIDENDS & CAPTIAL GAINS SHOULD BE REINVESTED

Closed End Mutual Fund accounts held for the state of Colorado should be registered in the name of:

Colorado & Co,
TIN 33-1059621
c/o Xerox Business Services LLC,
100 Hancock Street, 10th Floor
Quincy, MA 02171.

DISTRIBUTION OPTIONS

INCOME DIVIDENDS & CAPTIAL GAINS SHOULD BE REINVESTED

DELIVERY OF FOREIGN SECURITIES:
When attempting to deliver foreign securities, please contact Loreta Pengo at 617-371-9934 to obtain delivery instructions and account information.

FEDERAL RESERVE BOOK ELIGIBLE SECURITIES DELIVERY INSTRUCTIONS

Reserve Bank of New York
ABA# 0210-0001-8
BK of NYC/TRUST –
FBO - State of Colorado; Account # AUZF0176702

Per Rule 1.5.18, holders who have liquidated securities must report the number of shares that will be delivered to the Treasury’s custody. A report with a discrepancy between the number of reported shares and the delivered shares will be rejected as incomplete and out of compliance with the terms of the Colorado Unclaimed Property Act.

* Securities-Related Cash

Securities related cash such as cash-in-lieu, dividends, liquidation proceeds, cash for fractional shares, matured principal, registered security and bond interest should be reported and remitted on Form B per the instructions. (Bearer bond interest should include coupon number, issue name, and date the interest is payable.)

* Non Transferrable Securities

Please provide a reason for each security’s non-transferable status. Contact Loreta Pengo at ACS (loreta.pengo@xerox.com or 617-371-9934) to confirm that the shares cannot be transferred. Non Transferrable Securities should be put into the Holder’s house account for the state of Colorado with the below registration:

Colorado & Co,
Xerox Business Services LLC,
100 Hancock Street, 10th Floor
TAX ID: 33-1059621

* Safekeeping Items

Safekeeping items (excluding safe deposit box contents) may be items you are holding as a service for a customer, or as collateral on a paid up loan, stock certificates, insurance policies, deeds, wills, or tangible items such as a ring or silver tea service. Report these items on Form B, per the instructions, but do not value the items. Deliver safekeeping items with your report that is due November 1 (exception: Life Insurance Companies: Due May 1).

* Safe Deposit Box Contents

Safe deposit boxes for which the rent expired five (5) or more years ago should be listed on your Report of Unclaimed Property (Form B), do not value the items. Contact our office for detailed instructions for inventory, packaging and delivery of unclaimed or abandoned safe deposit box contents.

DO NOT SEND SAFE DEPOSIT CONTENTS UNTIL THEY ARE REQUESTED BY THE TREASURY.

Upon request, deliver boxes to:

Colorado Department of Treasury
Unclaimed Property Division
Room 140 State Capitol
200 E. Colfax Ave
Denver, CO 80203-1722

* Utility Deposits

Unclaimed deposits held by electric, gas, and steam utilities must be reported and paid to the Colorado Energy Assistance Foundation (CEAF) in accordance with C.R.S. 40-8.5-106. Cooperative electric associations, as defined in C.R.S. 40-9.5-102, must notify CEAF if they elect to report under C.R.S. 40-8.5-106 and pay the CEAF. Other abandoned property that may be reportable to the Treasury under C.R.S. 38-13-107.1 such as wages, unrefunded overcharges, vendor payments, stocks and dividends are listed on the Property Code/Property Description Chart, check for the appropriate code, or call our office for clarification.

HOW ARE REFUNDS AND REIMBURSEMENTS HANDLED?

* Reimbursements

If you have already reported and remitted unclaimed property and an owner demands immediate payment of an unclaimed amount, or your company chooses to pay the customer, you may pay the owner and obtain a reimbursement form from the Unclaimed Property Division by doing the following:

1. Pay the owner. It is advisable to always check with the Treasury before you pay an owner to be sure the Treasury has not already paid the owner.

2. Complete the Holder Reimbursement Form.

3. Attach proof of payment for each owner you paid. If owner was paid by a check, please enclose/attach a copy of the cancelled check. If the owner’s account was reactivated, please provide proof of account reactivation; reactivated accounts must show that the owner can access the account.

* Refunds

If you have overpaid your remittance due to accounting errors or reporting property that was not abandoned you may obtain a Refund. Simply write a letter to the Holder Compliance Section of the Unclaimed Property Division explaining how the error was made, and attach supporting documentation.

Reimbursements and Refunds are important to us and receive priority.

FILING SUMMARY - TO PREPARE YOUR REPORT PLEASE FOLLOW THESE STEPS:

1. Review your accounting records for outstanding property, including but not limited to those properties listed on the Property Code/Property Description & Dormancy Period Chart.

2. Determine the dormancy period of such property using the Property Code/Property Description & Dormancy Period Chart.

3. Identify individual items that must be reported as unclaimed property based on the date upon which the property became payable, distributable, redeemable, or demandable, including unpaid liabilities such as uncashed checks which have been written off in prior years.

4. Complete Forms A & B to report and remit property that you have determined as either dormant or abandoned.

5. Make your check payable to: Colorado Department of Treasury or contact our office regarding electronic fund transfer (EFT) and automated clearing house (ACH) information.

6. Send completed report, (including the signed Form A) along with your check for the amount of unclaimed property identified to:

Colorado Department of Treasury
Unclaimed Property Division
1580 Logan Street, Suite 500
Denver, CO 80203

FEELING OVERWHELMED? HOLDER ASSISTANCE CAN HELP

Our holder assistance program is designed to educate and inform holders of their reporting requirements. Our services are free and we will be glad to assist you through:

1. Telephone assistance -We will answer your calls and guide you through the unclaimed property reporting form.

2. Office Visit- Our staff will meet with company personnel for one or two hours to explain our program, answer your questions, and help you complete the forms.

3. On-site assistance - More involved than an office visit. We will provide guidance and assistance to holders as you prepare your initial report and assist you to develop a system to identify, track and report unclaimed property in the future.

4. Seminars- We also will provide seminars to large companies and trade groups.

INSTRUCTIONS FOR COMPLETING FORM A:

1. Enter the name and address of your institution, company, business or agency, or place the address label from the manual on the form. This will enable the Treasury to properly record your report and any new information.

2. Enter your Federal Employer’s Tax Identification Number, or the equivalent identification number for your fund, trust, agency or company.

3. Enter the state of incorporation or principal place of business and the date of incorporation or date the business was started.

4. Check the boxes applicable to your business based on the last fiscal year.

5. Check the box that best describes the primary activity of your company.

6. If you have reported previously under a different name or Federal Employer’s Tax Identification number, please list on the form or include separate pages.

7. Enter contact persons, phone numbers, fax numbers and mailing address.

8. If you reported Colorado unclaimed property to another state, please indicate name of state.

9. The following must be completed by a duly authorized officer of the company:

  • Oath
  • Total number of pages (including Form A)
  • Total dollar amount remitted
  • Total number of shares remitted (Attach confirmation of shares transferred into Colorado & CO)
  • Date
  • Signature
  • Title
  • Telephone Number

10. Make check payable to: Colorado Department of Treasury Send your completed report, with your check and safekeeping items if appropriate, (not safe deposit contents) to:

Colorado Department of Treasury
Unclaimed Property Division
1580 Logan Street, Suite 500
Denver, CO 80203
Phone 303-866-6070, or Toll Free 800-825-2111
Fax 303-866-6154

INSTRUCTIONS FOR COMPLETING FORM B:

1. Enter the name of your institution, company, business, or agency.

2. Number all the pages of your report, for example: 1 of 4, 2 of 4, 3 of 4, 4 of 4

3. Check the appropriate boxes for period covered.

4. Enter the property code from the Property Code/Property Description & Dormancy Period Chart.

5. Enter the property description such as: policy or check number, cusip number, safe deposit box number. Indicate the type of property, for example, interest, loan, overpayment, premium refund, CD interest, royalty, refund, etc.

6. Indicate if this items is currently earning interest for the owner. Enter Y if yes, N if no.

7. Clearly enter the owner’s name as it appears on the account, Last name, First name Middle name or initial, Owners should be listed alphabetically by last name. If multiple owners, include all names and indicate type of account, for example:

AND, OR, CUSTODIAN, TRUST, TRUSTEE, OWNER, BENEFICIARY, UGMA, ITF, etc.

Enter “unknown” if the identity of the owner is unavailable.

Enter the address: street, city, state, and zip code

8. Enter the owner’s Social Security Number or Federal Employer’s Tax Identification Number.

9. Date of last transaction or the date the property became payable, redeemable, distributable, or returnable” is the last date when activity occurred in the account according to your books. For example, the date a CD, bond, or other liability first matured or became payable, distributable, redeemable, or returnable, the date of issuance of a dividend, wage or official check, or the date of last customer contact on a deposit account.

10. The total dollar amount or value due to the owner including all additions such as interest and all deductions such as service charges (provided they are based on enforceable written contracts).

11. You may by law deduct and retain from each item remitted, 2% of the value of the property you are remitting or $25, whichever is less (L). For some types of property you may deduct and retain 2% or $25, whichever is more (M). Please refer to the Property Code/Property Description & Dormancy Period Chart, on the back of Form A. The amount retained cannot exceed the amount due the owner. For instance, if the amount due the owner is $9.10, you cannot retain $25.00, the amount you would retain is $9.10.

11a. Enter L or M. (L=less, M=More)

11b. Enter amount deducted (Do not take a deduction for out of state property)

12. The amount in Column 10, less 11b. This is the amount of money payable to the Colorado Department of Treasury.

The column cannot have a negative total.

13. Enter the page totals of columns 10, 11b, and 12.

14. On the last page enter the grand totals of Columns 10, 11b, and 12.

15. Make check payable to: Colorado Department of Treasury.

16. Send completed report, (including the signed Form A) along with your check for the amount of unclaimed property identified to:

Colorado Department of Treasury
Unclaimed Property Division
1580 Logan Street, Suite 500
Denver, CO 80203
Phone 303-866-6070, or Toll Free 800-825-2111
Fax 303-866-6154

COMMON ERRORS IN REPORTS

  • Schedule A is not signed or signed by someone who is not an officer.
  • Reports do not add or the amount remitted does not equal the amount reported.
  • Stocks and bonds are not re-registered properly and transferred to the Depository Trust Company.
  • The amount deducted exceeds the amount of the item.
  • Holders do not provide enough information for us to identify the owner. Please provide as much information as possible regarding property turned over.
  • Property codes are not filled in.
  • Amounts under $25 are retained by the company and not reported.
  • Companies do not notify us when their name or contact person changes.
  • Deductions taken incorrectly on out of state property.
  • Deduction taken on aggregate entrie

ELECTRONICS REPORTING/PAPERLESS REPORTING

  • Filing your annual unclaimed property report electronically is now easier than ever before.
  • Electronic reporting costs less than sending paper reports.
  • Electronic reports are more accurate as they require no data entry.
  • Reports can be submitted on disk or via e-mail.
  • We strongly encourage the use of the standard NAUPA format.

To obtain the holder reporting software, go to Wagers.net.

Download the holder reporting software to your computer and install it. When you are done entering information, follow the instructions to create a floppy disk. Send the disk, form A, and your check to the Great Colorado Payback. The data file may be submitted by e-mail to ensure delivery.

For information, or technical assistance on any of the above, call Holder Assistance at 303-866-6070 for specific setup requirements and assistance.

Holder Reporting Software (Wagers.net)
Report of Unclaimed Property - Form A (PDF)
Report of Unclaimed Property - Form B (PDF)
Property Code/Property Description & Dormancy Period (PDF)
Unclaimed Property Act (Full Text)