The Internet has made not only accessibility to information easier and faster, but accessibility to money as well. A Web site with increased traffic over the last few months, www.unclaimed.org, has links to most states’ departments of commerce, including the Ohio Department of Commerce.
Visitors to the site can immediately access information on any unclaimed funds in their or their family’s names, then click on a form to request those funds.
In Ohio, funds belonging to some 200,000 people are turned over to the state each year, according to the Ohio Department of Commerce.
Since 1968, businesses have been required to report any unclaimed funds on their books. The most common types include payroll or expense reimbursement checks, accounts receivable credits or checks, security deposits and pension account balances. The problem with this requirement, though, is that many companies have never actually filed the report, says Jeffrey Dimos, an accountant with Bruner Cox, with offices in Canton and Akron.
Historically, the state has not enforced this law, and generally has not pursued or penalized nonfilers. This year, however, The Ohio Department of Commerce has subcontracted to agencies and private organizations in order to expand its audit effort and enforce penalties for noncompliance.
Ohio businesses were required to file a report to the Ohio Department of Commerce Division of Unclaimed Funds by Nov. 1, whether or not they possess unclaimed funds. The department recently extended the deadline to Dec. 31. The only businesses exempt from reporting are some hospitals and government offices.
Even if you do not have unclaimed funds on your books, you are required to file. For accounts of $50 or more, a notice must be sent to the owner at his or her last know address before reporting to the state.
“Basically, it’s a chance for people to step forward without getting themselves into trouble,” says Bill Teets of the Department of Commerce. “The thought is that there are people out there who are fearful of repercussions.”
Businesses which meet the extended Dec. 31 deadline will be exempt from penalties and interest. The extension only applies to funds reportable to Ohio, not other states. The Ohio Department of Commerce is requiring that a written request for the extension be filed, but “if they don’t give us one [an extension request], they will still be free from penalties and interest,” one commerce department staff told SBN on the condition of anonymity.
Noncompliance penalties can add up to $500 per day, plus 2 percent of the balance of the unclaimed funds, says Dimos. But he adds that the increased stringency of the law will also make it easier for business to claim funds they might be owed.
How to reach: The Ohio Department of Commerce Division of Unclaimed Funds, (614) 466-4433; Bruner Cox (330), 376-0100
Connie Swenson ([email protected]) is editor of SBN.
