Companies that are located in, do business in, or owe unclaimed funds to, Ohio residents are required to file an Annual Report of Unclaimed Funds (Report) whether or not they have unclaimed funds to remit. The negative reporting requirement is per section 1301:10-3-03, of the Ohio Administrative Rules. The Report is due by November 1, for accounts dormant as of the preceding June 30, for all entities except life insurance companies. Reports from life insurance companies are due by May 1, for accounts dormant as of the preceding December 31.
CPAs or Attorneys that are in private practice are required to file an Annual Report of Unclaimed Funds. CPAs and Attorneys not in private practice do not have to file separately from the firms for which they work. IRC 501(C)(3) hospitals and political subdivisions are exempt from filing the Report.
Companies that are located in, do business in or owe unclaimed funds to Ohio residents can now login and upload a NAUPA II file and ACH transfer the payment of unclaimed funds due, or file a Negative Unclaimed Funds Report, using OBG Electronic Filing. The company would create the NAUPA II file using their third party software, or the HRS-Pro application available free from the Division of Unclaimed funds website, and provide any required ACH payment information. OBG Electronic Filing sends the NAUPA II file and payment information directly to the Ohio Division of Unclaimed Funds and provides the company with a confirmation of the filing.
The NAUPA II Standard Electronic Reporting file format allows for multiple reports for one or more companies to be submitted in a single file. Companies may upload one single company or multiple company and/or report NAUPA file per session and make a single ACH transfer to the ODUCF for the balance due.
Filing a Negative Unclaimed Funds Report is even easier. Once the Contact Person has logged in they can file a Negative Unclaimed Funds Report with four (4) mouse clicks and provide a confirmation of the filing. OBG Electronic Filing will archive the unclaimed funds reports filed by the company and provide a view/print option for previously filed reports complete with confirmation number. The uploaded NAUPA II file is not retained by OBG Electronic Filing so the company should keep a copy for five (5) years, or until they are audited, to meet statutory record retention requirements. The company should also retain the following:
ACH Debit – The filing company, or its' agent, must initiate an ACH credit payment directly with the company's bank. You will need the following information when making you payment the company's routing number, checking account number and the total amount of unclaimed funds to be remitted. You must remit funds at the time the Report is filed. A NAUPA II file may be uploaded without making an ACH payment. The NAUPA file will be retained for ten (10) days from the date of upload to allow time to complete the filing by making an ACH payment for the balance of unclaimed funds due. If you fail to login and make the payment before the expiration of the ten (10) day file holding period the uploaded file will be discarded and the filing process would need to be re-started from the beginning. In order for the report to be valid, The Ohio Division of Unclaimed Funds requires remittance of the unclaimed funds balance due at the time a company submits its Annual Report of Unclaimed Funds.
OBG Electronic Filing and the ODUCF are ready to provide help and support. OBG Electronic Filing provides assistance here, and the ODUCF website provides additional information regarding Chapter 169, ORC, the Ohio Unclaimed Funds Law and the Annual Report of Unclaimed Funds booklet provides detailed information and instructions regarding identifying and reporting unclaimed funds both using the paper forms and electronically. OBG Electronic Filing users may also call OBG Electronic Filing's help line at 1-866-OHIO-GOV (1-866-644-6468) for assistance with the online application. Online help is also available to companies during the filing process.