Unclaimed Property is a financial asset owed to an individual or business. Property is considered unclaimed when there has been no owner contact for a specified period of time, usually between 1 and 3 years.
When efforts by the holder to locate the owner fail, the funds must be turned over to the Department of Revenue who is then responsible for safeguarding the funds, attempting to locate the owners, publicizing the names of apparent owners who cannot be located otherwise, and returning the assets to the owners as they come forward.
| How did Senate Bill 1003 amend the Arizona Unclaimed Property Act?
On, November 23, 2009, Governor Janice K. Brewer signed Senate Bill 1003 into law. The bill, effective immediately, amended several of the abandonment periods (also known as “dormancy periods”) enumerated in the Arizona Unclaimed Property Act, Arizona Revised Statutes (A.R.S.) § 44-302.
| Can holders report early?
Holders may report property prior to normal abandonment by requesting permission to the Unclaimed Property Unit. In your request, provide the reason you would like to report the property early.
| How do I get an extension?
Fax or email a request with the following:
- Company name
- Holder # or if not known provide company FEIN
- Reason for extension
- Length of extension needed
| What is the Department of Revenue's Federal ID number (FEIN)?
| How should securities be registered?
| What is your mailing address?
For regular delivery:
Arizona Department of Revenue
Unclaimed Property Unit
P.O. Box 29026
Phoenix , Az 85038
Courier Delivery only:
Arizona Department of Revenue
Unclaimed Property Unit
1600 W Monroe Division Code: 10
Phoenix , AZ 85007
| Do holders have to report if there is nothing to report?
A negative report is not required, but some Holders elect to file a report each year.
If you received a report form and believe you will not need to report in the future, you can request to have your account removed from the mailing list. To submit your request, use our “Contact us” button and select “Reporting Unit”.
| Do holders need to report small amounts of unclaimed property even when the cost of research and reporting exceeds the property value?
Yes, all unclaimed property should be reported. Below are some tips that may reduce costs.
- For small credits or outstanding checks, it is as easy to transfer them to a liability account as an income account.
- Transfer unclaimed property "candidates" to an unclaimed property liability account to simplify research and reporting. If you have a specific issue, contact our staff.
| Can I send all the money to your state or do I need to report unclaimed property to each state?
If you are incorporated in Arizona you may include incidental property reportable to other states on our report unless the other state directs otherwise. Any property due to owners with a last known address in California must be reported directly to California no matter how many names or the value. If you are incorporated in another state, you may report Arizona’s incidental property via that state.
Incidental property is defined as ten or fewer properties, totaling $1,000 or less, which belong to a state other than the state to which the properties were remitted.
- You must follow each state’s abandonment periods even if you are reporting the funds through our state. We will pass along other state's property based on the owner's address you report.
- If you are already reporting to multiple states, you should request permission from the other to report via our state.
| If the holder cannot find the owners, how will the state be able to locate them?
- The Department advertises in local newspapers statewide
- Our staff uses a variety of techniques to locate owners using internet databases
- Website: missingmoney.com
| We paid an owner funds that were reported to your office. How do we get our money back?
Send proof of repayment such as a copy of a cancelled check or a statement signed by the owner acknowledging receipt of the funds.
| We reported property to you in error? How do we get our money back?
To reclaim the funds send a written explanation requesting the funds be returned to your company. The request must include:
- The items that were reported in error (year reported, owner names reported, and the amount for each owner).
- An explanation as to why the funds should have not been reported.
| Do you accept the new NAUPA format?
| Can I send you my report via email?
Not at this time. Reports contain confidential information about owners and we have not developed a secure method to accept electronic transmission.
| We discovered "past due" property and would like to report it without penalty. Does your office accept voluntary disclosure agreements?
| How do I obtain a Holder Reporting Number?
A Holder Reporting Number is assigned once we receive your first report. To get a holder reporting number prior to submitting your report, please request a holder number from our office via email. In your email include your business name, FEIN, and mailing address.
| What category code do I use?
Use the code you believe best describes the funds you are reporting to our office. The code description is printed on claim forms and helps the owner understand what was lost and what proof they will need to provide.
| What happens if I file late?
Your company may be subject to late payment interest and other civil penalties.
Interest for late filing is charged from the date the property was due until paid. Generally, if you find and correct a reporting discrepancy on your own, we will not assess penalties and interest.
Civil penalties for intentionally failing to report include: 100% penalty for the value of the property not reported $100 per day for each day the report is withheld up to $5,000.
Employees responsible for filing reports who knowingly withhold reports may be prosecuted and subject to a fine of $1000 plus one year in jail.
| How long do I have to keep my report and working file after I report?
You should keep a copy of your unclaimed property report and the working file for five years after you file. Other than that, follow your normal record retention requirements.
| We mailed out a check to a customer and it came back undeliverable. Do we report the incorrect address or just list it as unknown?
Report the last known address, even if it is undeliverable. We use the address to establish the owner's claim to the property.