North Carolina law requires unclaimed property holders to report and remit unclaimed property on an annual basis after a dormancy period has been met. All companies and institutions operating in the state must examine their books and records each year to determine if they have unclaimed property. Reports and payments are due November 1, 2013 for unclaimed property held June 30, 2013. Many companies are unaware of this responsibility. Holders of unclaimed property who fail to comply can be subject to penalties.
Unclaimed property consists of tangible and intangible property that has been abandoned including, but not limited to, wages, refunds, and uncashed/outstanding checks. For items $50 and greater, the law requires written notices to be sent to the owner’s last known address informing them that property is being held. The notice must be sent not more than 120 or less than 60 days from the reporting due date, with August 15 being the recommended notice date. Now is the time to examine your books and records to determine if you are subject to these requirements.
Forms and additional resources can be found by at www.NCCash.com under the link for Holder Education and Reporting. Also, please feel free to contact our office with questions or for assistance.