Massachusetts Unclaimed Property Reporting …

1 1 Massachusetts Unclaimed Property Reporting guidelines 2017 2 Table of Contents MAJOR CHANGES IN 2017 .. 3 Reporting guidelines .. 4 Who Must Report .. 4 What to Report .. 4 Reporting Deadlines .. 5 GENERAL Reporting FAQs .. 5 HOW TO REPORT AND REMIT Unclaimed Property .. 10 DUE DILIGENCE .. 12 HOW TO FILE ONLINE .. 13 NEGATIVE REPORTS .. 13 REMITTING Property .. 14 Delivery of Cash .. 14 Delivery of 14 Delivery of Mutual Funds .. 15 TANGIBLE Property .. 16 Property TYPE CODES .. 18 MGL Chapter 200A - Disposition of Unclaimed Property .

2 20 Unclaimed Property Regulations .. 21 Massachusetts Gift Certificate Law .. 37 Gift Certificates .. 37 Merchandise Credits .. 38 FORMS .. 39 CONTACT INFORMATION .. 40 3 MAJOR CHANGES IN 2017 TO Reporting Unclaimed Property All Reports must be filed in the NAUPA II format. All reports should be mailed to the following address: commonwealth of Massachusetts State Treasurers Office Unclaimed Property Division One Ashburton Place, 12th Floor Boston, MA 02108 Reports submitted online do not require any paperwork. Negative reports must be filed online.

3 Our ability to edit report information is limited. If there is incorrect information on a report, it is the Holder s responsibility to provide a corrected file. 4 Reporting guidelines Reporting guidelines The Massachusetts Unclaimed Property Law ( 200A) requires business entities and others to review their records each year to determine whether they are in the possession of any Unclaimed funds, securities or other Property which is reportable under Chapter 200A and to make an annual report of their findings. Who Must Report Banking and Financial Organizations including any bank, trust company, savings bank, safe deposit company, private banker, savings and loan association, credit union, and cooperative bank.

4 Both state and federally chartered institutions are required to report. All Business Associations, wherever located, domiciled or incorporated, such as a corporation, joint stock company, business trust, partnership, cooperative or other association for business purposes of two or more individuals, whether or not for profit, are required to report. Other Legal Entities including governments, political subdivisions, public authorities, public corporations, estates, trusts or any other legal or commercial entity including nonprofit organizations are required to report.

5 Please be advised that this is not an exhaustive list of all entities required to report Unclaimed Property . What to Report In general, you must report any debt or obligation which has gone unpaid, or security that has remained undelivered for three or more years after the date the owner should have received it or was entitled to claim it. All such Property that you owe to a Massachusetts resident or corporation must be reported. If you are a Massachusetts corporation or a resident of Massachusetts , you must also report all Property for which you have no last known address of the owner, and all Property where the last known address is a foreign country.

6 5 Reporting Deadlines Holder Type For Period Ending Due Diligence Report & Remittance Due All Holders (Except Life Insurers) June 30th On or before September 1st November 1st Life Insurers December 31st On or before March 1st May 1st Tangible Property June 30th On or before September 1st May 1st June 30th (Following Year) Tangible Property : Under 960 CMR (1) (a), any tangible Property eligible for Reporting must be received by June 30th. In accordance, please schedule deliveries between May 1st and June 30th in addition to submitting a completed AP-1 Form.

7 Please contact the Tangible Department at 617-367-0400 or GENERAL Reporting FAQs Who must report Unclaimed Property ? All holders must report. A holder is any legal or commercial entity which is holding Property that is considered Unclaimed and subject to the state's custody as Unclaimed Property under the Unclaimed Property Act. This would include business associations, government entities, public corporations, public authorities, estates, trusts, or two or more persons having a joint or common interest. Does a company have to report prior obligations that have been reversed to an expense account, taken to income, or otherwise been written off?

8 Yes, past obligations that have been written off or taken to income are reportable. The Unclaimed Property Act prevents businesses from circumventing the Unclaimed Property process by making a private escheat. Is there a minimum amount that is reportable? No. The Act does not provide an exemption based on a minimum amount. 6 How do I file for an extension? In order to file for an extension for up to 60 days, please complete the fillable PDF form, Unclaimed Property Filing Extension Request and email it to the Reporting Department at prior to the Reporting deadline.

9 Please include the reason the extension is necessary. This form can be located in the Forms tab, in the ABOUT dropdown menu. What is the dollar threshold which requires payment by EFT? The Division requires all holders remitting Unclaimed Property over $10, to remit by Electronic Funds Transfer (EFT). Holders remitting amounts less than $10, are also encouraged to use the EFT method. What is the banking information to send the EFT in payment of the report? In order to remit by EFT holders are required to complete and submit the Authorization Agreement for Electronic Funds Transfer annually to the Unclaimed Property Division for approval.

10 A fillable pdf of the Authorization Agreement for Electronic Funds Transfer can be found on our forms page. After filling out the form, save your changes and e-mail the completed copy of the form to The Division will then reply and you will receive a return e-mail with our banking instructions. *Be sure to indicate your intended method of transfer (Wire or ACH Credit) as the instructions are different. Make Checks Payable to: The commonwealth of Massachusetts . Do you accept an Excel spreadsheet for the report? No. All reports must be in the NAUPA II format.