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:
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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 |
Reaport |
Annual |
What Property Should Be Reported |
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Example |
Unpaid Wages (MS01) |
Trust Property (TR01) |
Vendor Checks (CK13) |
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Dormancy Period |
One Year |
Three Years |
Five Years |
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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 |
6/30/00 or earlier |
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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?
All holders of the following types of property need to treat such property as specified below:
* Securities (including Mutual Funds & Stocks)
When remitting stocks or shares:
1) Report only the owner’s name, number of shares per owner and the stock issue name on Form B per the form instructions- do not enter any share valuation amount
2) If certified, transfer or re-register the stocks or shares to the name of Colorado & CO (see below for entire name and address)
3) Attach a copy of the confirmation statement to the report
4) If transferring electronically, see instruction below for Depository Trust Company.
If the shares are held in book entry use the address and account numbers listed under Depository Trust Company. Fax a list of the securities you will be transferring to ACS at 617-722-9660, then transfer to DTC. Attach a copy of the confirmation statement to the report showing the transfer or re-registration is complete.
DRP Accounts or Mutual Funds may be transferred using the information provided below. First, fax a list of the securities to ACS at 617-722-9660, then transfer the securities. When transfer is complete, send a copy of the statement to show the completed transfer and the account balances.
*Registered Bonds and Debentures
When remitting bonds/debentures report only the owner’s name, number of shares or units, stock, or a bond issue name and the coupon or bond number on Form B as per instructions and re-register the shares/units to Colorado & Co, fax a list of the securities you will be transferring to ACS at 617-722-9660, then transfer to Depository Trust Company as follows. Attach a copy of the confirmation statement to the report.
Certificated Shares |
DRP |
| Colorado & CO #33-1059621 Mellon Security Trust Company 120 Broadway 13th Floor Teller Window New York, NY 10271 Attn: Mike Visone |
Colorado & CO c/o ACS-UP Clearinghouse 260 Franklin St 11th Floor Boston, MA 02110 EIN #33-1059621 (Send Statement) |
Depository Trust Company |
Mutual Funds |
| Colorado & CO DTC #0954 Accnt#: AUZF0176702 Agent Bank #: 26017 |
MAC &Co Accnt #: #AUZF0176702PO Box 3198 Pittsburgh, PA 15230-3198 Tax ID #: 25-1536944 |
Please fax for confirmation of delivery 48 hours in advance to: 617-722-9660 - Attn: Vilka
* 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.)
* 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 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:
Department of Treasury
Unclaimed Property Division
140 State Capitol
Denver, CO 80203
* 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.
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
ELECTRONIC 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)