Unclaimed Property
History of Missouri’s
Unclaimed Property Law
• 48th State to pass the law
• House Bill 1088 – 1984 – original legislation
• House Bill 566 – 1993 - Moved to Treasurer’s
Office
• House Bill 1510 – July 2, 1998 – Abandonment
period changed from 7 years to 5 years
• Senate Bill 1248 – 2002 – Merged Escheat
fund into Abandoned Fund
What Is Unclaimed Property?
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MONEY
Financial Instruments
Financial Obligations
Safe Deposit Boxes are the only tangible items
covered by the statutes.
Why Report Abandoned Property?
• It’s the Law
• Primary Purpose is to Protect an Owner’s
Assets
• Held in perpetuity for claimants by the State
of Missouri
Claiming Property
Governmental Entities
• Search our online database at
www.showmemoney.com
• Register names using our online email
notification system at
www.showmemoney.com
• Check all names and derivatives of names
commonly used by your entity.
Claiming Property
• Public Relations Issue
– Does not look good if the media states that your
district is not cashing its checks.
Claiming Property
Personal
• Search names for yourself, family, friends
neighbors at www.showmemoney.com
• Register names using our online email
notification system at
www.showmemoney.com
• Forward located accounts via email to people
that you find accounts for using our unclaimed
property notification function.
Unclaimed Property Overview:
• Returned a record 120,632 accounts totaling
$36.3 million in FY11.
• Largest amount returned was $6.1 million to one
individual.
• Over $85 million was reported in FY12.
• Currently hold over $700 million in unclaimed
assets in more than 4.5 million owner accounts.
• The average return is $300.
• 1 in 10 Missourians has Unclaimed Property.
Major Reporting
Requirements of the Law
• Identify Unclaimed Property
• Perform Due Diligence prior to reporting the
property
• Report and Remit Unclaimed Property
Where to find Unclaimed Property
• Outstanding check listings
• Dormant account listings
• Unidentified remittances
Abandonment Rules
• All intangible property that is held, issued or
owing in the ordinary course of a holder’s
business that has remained unclaimed by the
owner for more than 5 years after it becomes
payable or distributable is presumed
abandoned. (3 years for governmental
entities)
Dormancy Periods
• 5 years most all intangible property
• 3 years – state agencies, political subdivision,
local government entities
• 7 years - money orders
• 15 years - travelers checks
• 1 year - court bonds
• 2 years - dissolution of business
Cross Referencing Accounts
• Accounts are only reportable if the account
has no activity and has lost contact.
• Cross Reference Accounts. For Example:
If a payroll check has gone uncashed check
to see if the payee is still employed or is
receiving retirement benefits. Use that
address to reestablish contact.
Due Diligence - What is it?
• An attempt to locate the rightful owner of the
property prior to reporting the property to the
state
Due Diligence - What is required?
• Mailing a letter to the last known address for
property with a value over $50
• Notice sent first class mail within twelve
months prior to reporting
• Envelope must be marked “Return Service
Requested”
Due Diligence Requirements
(continued)
• Efforts must be “reasonable and necessary
diligence as is consistent with good business
practice”, allow time for owner to respond
• Notices and letters sent in the ordinary course
of business, first class and “Return Service
Requested” regarding unclaimed property
satisfy the requirements
Reporting Unclaimed Property
• Where do you send the report?
– State of rightful owner’s last known address
– If no address exists on record, State of Holder’s
Corporate Domicile
– Reciprocity reporting
Reporting Dates
• School Districts
– Report due November 1, using a June 30 cut off
Do’s and Don'ts of Reporting
Unclaimed Property
• Include Owner Detail
– Names and last known address of owners
– Identifying information
• social security number
• date of birth
• account number
– Amounts due owner
• New in 2012 – Online holder data entry
function
Methods to Verify the owner is “Lost”
• Customer service telephone calls
• Review telephone directories for address
information
• Perform inquiries via credit rating services and
the internet
ITEMS TO DOUBLE CHECK
• Be as complete as possible when filling out
the report form
• Make sure report is complete
• Perform Due Diligence
• Ensure report format matches state’s
requirements
• Report & Remit by the report due date
Missouri’s Unclaimed Property
Holder Report
• Available via the internet in both forms:
www.showmemoney.com
– Manual
– New in 2012 – Online holder data entry function
• Electronic Reporting is requested if reporting
over 50 owners
• Electronic Reporting is required if granted a
filing extension
Unclaimed Property
Holder Input System:
Registration Page
Adding New Report
Adding Properties to a Report
Adding Owner Information
Submitting Report
Finalizing Report
NAUPA
• National Association of Unclaimed Property
Administrators
• Promote the exchange of property and
information between states
• Promote a better overall understanding of
Unclaimed Property
• web site - www.unclaimed.org
CONTACT INFORMATION
Missouri State Treasurer Clint Zweifel
Division of Unclaimed Property
Post Office Box 1272
Jefferson City, MO 65102-1272
Site: www.showmemoney.com
Email: scott.harper@treasurer.mo.gov
TIPS
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Look for property by:
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District name
Buildings’ names
PTO names
Booster names
How are checks written to you?
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Consider all your accounts:
General Operating/Accounts Payable
Payroll
Bond issue accounts
Flexible Spending Accounts – checks written by
Provider
◦ Self-Insured Insurance Accounts – checks written by
Provider
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Review your outstanding check lists
frequently
◦ Quarterly
◦ Annually as part of YE Procedures
◦ Allows you to reissue checks which eliminates
reporting
Other Benefits:
◦ No outstanding payroll-related checks
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403b/457 checks
Garnishment checks
Retirement
Taxes
◦ Easier to contact vendor
◦ Have physical paperwork
Other Benefits
◦ Maybe not really unclaimed property – item/service
was cancelled and vendor told teacher they “would
not cash the check.”
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Do NOT re-use vendor numbers!
Consider checks without addresses
◦ Athletic Officials
◦ Presenters
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Sources to find contact information
◦ Former Employees
 Human Resources
 Separate database from vendor file
 Retired Educators Association
 PSRS/PEERS
 Paying for insurance
◦ Building that originated the check
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How much is the check?
What was the check for?
When was the check issued?
Why didn’t you contact me before?
◦ “It’s your fault I didn’t cash my check.”
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Same names occur.
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That is when
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I moved
I divorced
I had a death in the family
My daughter was married
Some other life event
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Your contact name, phone number & address
◦ I received a letter without a return address
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Check Number
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Date of Check
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Amount of the Check
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Invoice Number
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Options to:
◦ Reissue Check
◦ Donate the Check Amount
◦ Change Address or Last Name
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Documentation required if name change or
death
PROVIDE DUE DATE
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November 1- the deadline to submit to the
State
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Send letters in August
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Sept / Oct to reissue checks
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Oct to enter unclaimed property holders in
the State’s system and submit by Nov. 1