FAQ's
Reporting Property:
- Who is required to report unclaimed property?
- Why do corporations have to report unclaimed property?
- How do I report?
- When do I report?
- What is due diligence?
- What if I have no unclaimed property?
- Can I be audited and penalties imposed?
- What are the filing requirements for an annual report?
- How does a holder file a report?
- Can I see the wording of the Utah Unclaimed Property Act?
- What if I submitted a property in error?
- Are safe deposit boxes reported the same way other property is reported?
- When are safe deposit box contents due to your office?
- How do I report securities and mutual funds?
- Are gift cards or gift certificates reportable?
Reporting Property:
Who is required to report unclaimed property?
If your legal entity is a business association (corporation, partnership, etc.), governmental agency, or nonprofit you are probably required to file annual reports of unclaimed property.
Why do corporations have to report unclaimed property?
Unclaimed property laws were enacted to prevent holders of unclaimed property from taking citizens unclaimed property and recognizing it as business income. This law gives the state an opportunity to return money to its rightful owners and provides Utah citizens with a single source, the Office of the Utah State Treasurer, Unclaimed Property Division for unclaimed property that has been reported by holders from Utah and around the nation.
How do I report?
The Office of the Utah State Treasurer Unclaimed Property Division requires online reporting. Report property electronically in 3 easy steps:
- Create your NAUPA formatted report usingUPExchange (HDE files no longer accepted)
- Submit your report via the Website
- Submit your payment
- Online payment
- Physical check payable to Utah State Treasurer Include your FEIN on check and mail to: Utah Unclaimed Property
PO Box 142321
Salt Lake City, UT 84114-2321
When do I report?
Utah has a November 1 annual reporting deadline.
What is due diligence?
1. Must be performed not more than one hundred eighty (180) days prior to report for submission — After May 5, but no later than September 5, Due diligence must be performed no more than one hundred eighty (180) days, or no less than sixty (60) days, prior to the filing of the report.
2. Mail notifications must be sent to property owners by first class mail or better at their last known address.
Electronic mail communication is an acceptable form of communication for due diligence
What if I have no unclaimed property?
“Negative” or “Zero” annual reports reflecting that no unclaimed property is held by the holder or business enterprise are not statutorily required
Can I be audited and penalties imposed?
Yes. The Unclaimed Property Act does provide for interest, penalties and fees, when warranted from an audit or non-compliance
What are the filing requirements for an annual report?
Utah’s reporting period is yearly and the dormancy periods are calculated as of June 30th. Annual reports containing property reportable as of June 30th are to be remitted by November 1st. See our holder booklet for dormancy periods. (Most are 3 years)
How does a holder file a report?
Holders are required to file reports electronically. Manual entry reports can be completed via website. HDE files (HRS program) no longer accepted.
Can I see the wording of the Utah Unclaimed Property Act?
What if I submitted a property in error?
If you submitted property in error, you can submit a request for reimbursement of the property. Click here for the reimbursement form.
Are safe deposit boxes reported the same way other property is reported?
Yes. They are reported in the same manner however, we request the safe deposit box report to be separate from your regular annual report.
When are safe deposit box contents due to your office?
Tangible property held in a safe deposit box or other safekeeping depository shall be delivered to the State of Utah not later than thirty (30) days after the date the report describing the property is filed.
Safekeeping Delivery Unclaimed Property Division
168 N. 1950 W. Ste 102
Salt Lake City, UT 84116
How do I report securities and mutual funds?
Please visit the securities registration page
- Non-freely transferable securities are no longer reportable.
- “Non-freely transferable security” includes a worthless security
- Utah no longer accepts fractional shares. Dividends must be paid in cash.
Are gift cards or gift certificates reportable?
True gift cards and gift certificates are exempt. However, if the card is registered with a name and a Utah address and is redeemable for cash then it is reportable.