Voluntary Disclosure Agreement (VDA)

Holders are required to report unclaimed property to the state each year. If your business has never reported unclaimed property, or simply missed a deadline to report property when it was due, the Voluntary Disclosure Agreement allows eligible businesses and organizations an opportunity to report past-due property without incurring penalties.


Eligibility:

To participate in the Voluntary Disclosure Agreement, a holder must meet the following criteria:

  • The Holder is not currently under audit by our office or one of our contracted auditors.
  • The Holder has not been notified of an upcoming audit by our office or one of our contracted auditors.
  • The Holder is a first-time participant in the program. This provision is waived if the property type is new or associated with the merger or acquisition of a new company.

Requirements:

In addition to submitting the report, holders participating in a voluntary disclosure agreement must also provide:

  • A complete chart of accounts for the business
  • Procedures used to determine the unclaimed property due including the types of property reviewed, the date the records were reviewed and techniques used to estimate unclaimed property liability.
  • If estimations were used, estimated calculations for review and approval of the Unclaimed Property Program and a signed affidavit by an officer of the company, stating that estimation was required due to unavailable or inadequate records.

To request participation in the Voluntary Disclosure Agreement, the Holder must complete, sign, date and return the VDA form to the State of Utah Unclaimed Property division. Once received, the State will review the application to make sure the Holder is eligible. Once approved, the State will sign and date the VDA form and return it to the Holder. You may submit your request by email to holders@utah.gov. Please be sure to include the name of the business, the federal tax id, mailing address, contact person’s name, email address and phone number.