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Ohio Unclaimed Funds

Attn:      All Business Clients
What:    The Annual Report of Unclaimed Funds
For:       The period ended June 30, 2011
When:   Review your accounting records by September 30, 2011
It is time to review your accounting records and file the 2011 Annual Report of Unclaimed Funds.  According to the Ohio Revised Code, "accounts become unclaimed when, over a specified period of time there has been no activity, and the holder of the funds cannot locate the owner".
  • Look for checks that did not clear the bank, including those for wages, salaries and commissions (outstanding checks that are at least one year old as of June 30, 2011.)
  • Review accounts receivable for outstanding credits and customer overpayments.  To review other examples of unclaimed funds or for more information, visit www.com.state.oh.us/unfd.
If a diligent search shows that your company is not holding any unclaimed funds, you must file a Negative (NONE) report using the OUF-1 Unclaimed Funds Reporting Form.  To report your company's unclaimed funds on-line or file a Negative (NONE) report, log in to the Ohio Business Gateway (OBG) at www.business.ohio.gov. On-line help & support, tutorials and telephone support are available from the OBG website.  The  Unclaimed Funds Report is due November 1, 2011.  You may also contact us for assistance. 

 

If you have unclaimed funds, visit www.com.state.oh.us/unfd/ click "How do I Report Unclaimed Funds".  There is a mailing requirement to the last known owner of amounts over $50 that needs to take place before the report is filed. 

 

Please contact us if you have questions or if you would like us to prepare the report for you.
Sincerely,

 

Angle, Zaebst & Associates

 

 

 

 

 

 

 

 

 

 
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Each entity or individual's situation is unique and should be analyzed based upon all of the laws and regulations that exist at the time of a decision. Although we try to send current and accurate information, laws change and can be complex. The information presented in this e-mail should not be construed as legal, tax or accounting advice. You should consult with Angle, Zaebst & Associates CPA's or other professionals familiar with your particular situation for advice concerning specific tax or other matters before making any decision.